The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-12-09
RICH CONFIDENT
OF RAPID RETURN.
TO NORMAL LIFE
IN NORTH WEST
(By John H. Rich, Federal Reserve
Agent OF the Ninth District.)

Agent of the Ninth District.)
There is already evidence that the
cessation of hostilities under the arm
istice may be expected to early re-
fleet itself in improved traffic con-
ditions throughout the northwest.
There is some Improvement in the
car supply, and grain which has been
held back on the farms, because of
poor shipping facilities, and because
Of bad roads, is moving more freely
to the markets. Shippers are Begin
ming to give evidence that there will
be strong demand shortly for re-
turn to normal traffic conditions, and
that there will be heavy pressure
brought to bear from all quarters for
a restoration of the prompt and eff
cient service that formerly existed
in both freight and express trans
portation. While this may not come
rapidly, there are Indications that
there will be a steady improvement
proportionate to the lessened burden
upon the transportation system be-
cause of the movement of government
material and supplies. Out of many
conditions that viii result from the
progress toward a declaration Of
peace, this, at least, will be welcomed
by all who are obliged to rely on
transportation service. ..
Rapidly Take Up Slack.
Some slight labor reimbursement has
already occurred, and there is an inn
provement in the labor supply as
compared with 80 days ago. AS the
business of the northwest has not
been so largely that of war produc-
t. .kIz 80 Il a
country, there Is every probability
back, construction that has been de-
ferred, activities that have been sus-
pended because of the shortage Of
men, will afford opportunities for
employment that will rapidly take up
the slack. The principal products of
this territory will continue to be in
strong demand throughout all of 1919,
and there is no evidence in either
business or banking circles of any
apprehension as to conditions during
the coming year. The question is fire.
quently raised as to whether the dis
trict is in a position to offer satisfac-
tory employment to the many men
who have been called overseas or into
the camps, but it should be borne in
mind that the business Of this ter
ritory is increasing very rapidly, and
that production, both on the farms
and in the factories, has for number
of years past shown a. heavy annual
increase. The close of the war will
undoubtedly bring a period of active
development of the resources of these
states, and in district which Is for
tunate in not having suffered Q. Sc
we're dfslocation of It's ordinary activ-
tiles because of the war, and where
there has been substantial prosperity
there is every probability that there
will be satisfactory opportunities, not
only for all of those who are shortly
to return, but for labor forces that
have had steady employment since the
beginning of the war. Probably moth
ing more than a temporary period of
readjustment is TO be looked for.
Wildcat investments.
The coming of peace presents sew
eral new problems OF practical inn
portance, one of the most important
Of which is adequate protection for
the many thousands of people who
are not investors in the accepted
sense, but who have subscribed lib
orally TO the successive war loans.
While, exercising control over issues
Of securities for capital purposes in
order that current financing during
the war might not be incompatible
with the governments interest and
purposes, the capital issues committee
In Washington, and It's various branch
committees, have likewise exercised
control over a iniscellan-
eous assortment of security issues,
which may be classed in their ora
Ter as speculative, unsound, doubt
full, fraudulent and grossly fraudu-
lent, These run all the way from
promoted by men with a
sincere purpose, but of limited BUSH
ness Of which is to sell stock for
the benefit of the promoters. In
addition to enterprises selling stock,
bonds or securities of the usual and
forms, there have also
numerous enterprises Of
sering participating certificates,
memberships, and other devices, by
means of which they eSade both
state and national jurisdiction, while
1t the same time accomplishing the
purpose of taking substantial sums
IF money from investors.
Within the Ninth district, it is al
together probable that within the
asst two years investors have been
to part with not less than
rs, 600, 900 in exchange for various
Kinds of securities, from which there
S little hopeof return in the form
# profits or dividends, and in many
.ases not even a substantial pros
,ect of salvage through liquidation.