The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-11-26
Business and Finance
By W. S. cousins. Editor The American Banker

actions and should be as beneficial to
America as to the nations which for
the time being at least must occupy
the place of debtor nations. For the
next ten years or more the demands
for new capital, both for industrial
expansion and for the repairing of
the ravages of war, will be greater
than at any time in the history of the
world. This means that the prudent
investor will be able to exact a high
er and still higher rate of earnings
upon his capital in other words, an
increasing rate of interest upon bonds
and loans Already this tendency. is
being felt in the bond market. where
the keen demand for prime invest
ments is matter of much gratihca-
ton to the high grade bond dealers.
The president of the Investment
Bankers Association of America is
quoted as saying that the faith of
the American people in American Sc
curities is higher than at any time
previous, and that the heavy absorp-
ton of municipal, railroad and cor
poration issues may be confidently ex-
pected. The offerings of municipals
at the present time, he says, is entire
| ly inadequate to meet the demand,
and municipal officials have been com
plimenting themselves upon the spirit
ed bidding that has accompanied their
recent offerings. The prices of cor
poration bonds for some time past
show advances of from to 40 points,
without any apparent diminution in
the absorptive capacity of the mar
ket.
French and American Trade.
The French Financial Commission
crs who assisted in completing ar
engagements for the Anglo French
credit loan have returned to France;
but in their place have come six new
commissioners on a mission that
should be of great importance to the
business men of the United States.
This new party is known as the
French Industrial and Commercial
Commission, and is the official repre-
sentative of the government of the
| French Republic.
From informal statements of one
or more members of the commission,
it is inferred that their visit will
eventually lead to the placing of or
ders for two hundred million dollars
worth of American products, chiefly
machinery and mechanical devices for
reconstructing and undermining the
industrial plants that have been shat
tered by the war in Europe. But this
is only the beginning of a reciprocal
trade relationship which is expected
to assume enormous proportions as
time goes by.
Prior to the war, the French i'm
ported the greater portion OF their
structural iron and steel, industrial,
machinery and raw materials of all
kinds from Germany, but it is now
conceded that even after the close Of
the war such interchange of products
between these nations will be impos-
sible, and that the great friendship
that has grown up between the Unit
ed States and France will bring about
closer trade relationships after the
war.
1t is estimated that France annual
ly imported from Germany machinery
and industrial supplies to the amount
| of $l60,O00,000. This sum, with adj
ditions, will most probably find its
; way to the United States. On the
other hand, it is expected that Ameri
, can patronage will be more largely
, extended to French industries. and
this will be made possible by the fur
, nishing of superior goods at attrac'
tive prices. At least this is the claim
of the French commissioners, and We
5 should be willing to give them a tria
r in return for their purchases of Amer
/ lean products.
l The United States has built a grea
I reputation for making machinery o
S precision and reliability as a result O.
S the materials sent to France since thu
/ war;" said one of the commissioner
| this week, "and we are here to learI
:, what to buy and how best to buy i
Y and arrange close connections be
: tween the banks of the two countrie
e to aid in making the purchases. W.
J. want the cooperation of your indus
/ tries, your commerce and your banks
S to obtain that is our mission. In re
S turn we want the United States to bu
;. the manufactured output that til
e United States formerly purchased o
n Germany, our toys, for instance. w
e do not want to go into competition
v with you, the machinery we buy vii
L not be used for that purpose, but W
l. will ask you to buy from us goods tina
(. YOU do not manufacture here eXten
n sively and which formerly came iror
Y Germany. Our war with German
IS wilPnot end with the fighting. a trad
r war will follow"
n The New York Chamber of Com
h merce is arranging the itinerary {
n. the French Commissioners, and it
expected that they will pay visit I
l. the more important industrial center
is before starting on their homewar
l. journey. .o,,.,,c
IT Editor, The American Banke
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