The North Dakota economy faced serious challenges during the 1920s. The state relied heavily on agriculture, which had boomed during World War I. But when the war ended, demand dropped suddenly and dramatically. Many farmers had invested in new equipment during the boom years, only to see their income fall as European agriculture recovered. As markets for North Dakota’s crops shrank, farm foreclosures increased. Farmers who had borrowed against their land to expand now found those debts coming due.
Farmers weren’t the only ones affected. The downturn contributed to a decline in population, as many residents moved to cities or left the state altogether. Nearly every part of North Dakota’s economy began to contract, and to many, the state seemed to be on uncertain ground.
But not everyone agreed. Robert W. Stewart, chairman of the board of Standard Oil, had a very different view. On this date in 1926, newspapers reported on his tour of North Dakota. Based in Chicago, Stewart often traveled to review company operations across the country. On this trip, he led fellow board members on visits to company offices in Minot and Fargo.
Stewart was full of praise. He spoke enthusiastically about North Dakota’s progress and painted a bright picture of its future. He described North Dakotans as thrifty and industrious people living in a land of promise, where hard work was rewarded. “We saw evidences of progress and prosperity on every hand,” he said, expressing confidence that the Great Plains would remain strong and prosperous.
In hindsight, Stewart’s optimism proved overly generous. Within a few years, North Dakotans would face the devastating effects of the Dust Bowl and the Great Depression. Stewart himself would encounter unexpected challenges. He was eventually forced out of his powerful position at Standard Oil by his rival, John D. Rockefeller.
Even so, Stewart remains recognized as one of the most influential producers and marketers of gasoline in his era.
Dakota Datebook written by Dr. Carole Butcher
Sources:
- Bismarck Tribune. “Col. Stewart Finds West in Good Shape.” Bismarck ND. 4/20/1920. Page 1.
- Heraldsburg Tribune. “Col. Stewart Loses Fight with John D. to Retain Position.” Heraldsburg CA. 3/8/1929. Page 1.
- Coe College. “Coe College History: Robert Wright Stewart.” https://public.coe.edu/historyweb/alumni_stewart_robert.htmAccessed 4/5/2026.
