The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-11-03
THE S'TEAD[NESS
OF BUSINESS
Continued From Page one.

Continued From Page One.
Building operations for September
totaled $1,000 DO. 900 for 100 cities com
pared with 100000, 10000 last year and
$67,000,0 GOO for September, 1911. These
hgures do not include New York city,
In which September permits were only
$1,000, 600 as compared to more than
$l4,000,0 900 for the same month last
year. For the year to date, building
permits in 100 cities outside Of New
York have been $1,000, 900 greater than
last year n $751; 00, 900 greater than
the year before.
During September, there occurred
1908 business failures with total liza
bilities of $21, 900, 900 compared with
1924 failures in September, 1912, with
liabilities. amounting to over SIG, 000,-
600. These reports on the total num-
Der and amount of business failures
would prove misleading to business
men were 1t not explained that each
year the facilities for the collecting Of
this information are improved and
failures are included in this years re-
port which might easily have been
wholly overlooked a year ago or five
years ago. 1t is probable that the ac-
tual number of failures this year has
been little, If any, greater than for the
same period of 1912, although the fig
ures compiled show q larger number
Of business casualties.
Our foreign trade situation Is SO
satisfactory that it needs no comment,
We are piling up q, handsome credit
balance abroad every, month throcgh
our tremendous exports and, as has
been indicated in these reports, the
flow Of gold a started in our direc-
ton n the movement Of gold should
be in our favor for the remainder Of
he year. -. .. ...
The production of gold in the
T~ransvaal has not yet returned to~nor-
NAL, the result Of the July labor trou-
bles being still apparent and the num-
Der Of men at work being much small
er than usual. Unless there is a re-
sumption of full operations this
month, the gold production for the en-
tire world will be less this year than
last which will tend toward a decrease
in commodity prices.
The average price of commodities
is the highest since May, a fraction
lower h a e ago, although higher
than for any previous October. The
present high level was reached for the
first time in April, 1912, and except for
slight up and down movements, has
been maintained since.
Preliminary reports show railroad
gross earnings for August one-tenth
of 1 per cent above August, 1912. For
the first eight months of the year,
these same roads showed an increase
of 8 per cent in gross earnings. July
showed a gain of S per ent in gross
and a decrease of 5 per cent in net.
The August net report, when available,
will probably show a somewhat sim
liar condition. Gross earnings con-
tinue satisfactory and idle cars are
practically nil but few OF the leading
lines have been able to show a pro-
p~ortionate gain in net. earnings. The
new freight schedules of the eastern
roads, showing an average increase of
about S per cent on all shipments, ex-
cepts coal, grain, etc., will receive con-
sideration at the hands of the Inter
state Commerce Commission during
the coming month. The commission
has retained the services of Mr.. Bran
deiS of Boston to advise with it after
hearing the arguments of counsel for
the railroads. The contention Of the
railroads is that the cost of materials
they use is higher, the average wage
is higher and freight rates lower, han
formerly. All of this is true, but it re-
mains for the commission to decide
whether the railroads are entitled to
additional gross revenue per ton mile
or whether the same result can be ac-
complished by further curtailments
and economies by the, railroads them
selves. If these economies are to d.
rectly affect safety and service, the
public will oppose them instead Of op-
posing the increased rates whieh the
the railroads claim, they need and
must have in order to increase the eff
ffciency of the service and pay the in
| +n,oe owl Iss5o-I. S 800
standing securities. In the last anal
ysis, the public at large pays all the
freight and the same public owns the
railroads securities. A careful COM
parison Of Interstate rates with intra-
state rates would indicate to the lay
man that intra-state rates are appre-
ciably higher in proportion to the
service rendered than are the rates
charged ON Interstate shipments. A
general reimbursement of freight rates
would benefit the entire country could
1t be accomplished and would at the
same time benefit the, railroads and
their owners. The railroads also in
sist that they are entitled to $15,O O0,-
600 more from the government fol
carrying the mails than they are being
paid because of the tremendous addi-
ton to mail tonnage brought about
by parcel post. ~ s
Steel consumption continues heavy
and nearly all orders are for imme-
date shipment. Bookings are being
requisitioned at a rapid rate and ship
ments are up to normal. New book
ings are small and prices are sag
ging although actual reductions are OF
no consequence as yet. r..
The pig iron market is dull and
prices are soft. Some demand fol-
electrolytic copper is appearing, the
visible supply is small, and prices
show a. slight advancing tendency.
The average price of a selected list
of high grade bonds is nearly five
points below a year ago, while our Sc
lected stock list shows an average
quotation Of twenty-eight points be-
fraction above this date in 1907 and
stock prices are twenty points above
quotations at that time.
Receipts of butter and cheese al
leading markets for the past few
weeks have been less than last year
while egg receipts are heavier. Leath-
er of all grades is scarce and prices
higher, although buying is only fol
immediate consumption, Hides are
firm to a shade higher.
Although one underwear factory is
closed and gives tariff reduction as the
reason, most OF the factories are full
of orders and ON are working over
time to make shipments on time. Both
underwear and hosiery makers aver
age two weeks behind their orders
Shipments of wool to the market are
far below last year: The market is
dull because the mills are waiting fol
lower prices.
The Cotton Ginners' association re-
ports 100000 bales ginned to Oct. IL