The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-07-16
New York, July 10, 1915.

New York, July 10, 1915.
1t is now generally recognized that
the task of readjustment in financial
markets, begun under such discourage
ing circumstances just one year ago.
has been brought to a successful is
sue, mainly through the skill and the
courage of American fnanciers, sup
ported and encouraged by the leaders
OF American industry and commerce.
In the last six months, especially. i'm
Portant contributions have been made
toward the solution of perplexing f.
nanclal problems and the sequel to the
whole story is that New York has at
tanned supremacy among the interna-
uonal monetary centerS. Comparison
OF financial conditions with those thar
prevailed on January first emphasize
these excellent improvements, many
OF which seemed impossible of ac-
complshment earlier in the year.
Trading in stocks and securities can
now be accomplished with entire free
dom from cumbersome restrictions,
and in the majority of cases at rates
which net the investor the highest
rate of earnings that his funds have
ever produced
Money is now in good supply all
over the country, and no legitimate
enterprise which can offer proper Sc
curity need be restricted in its opera
tion,. or even in its program Of ex-
PanSlon, because of lack of funds. On
January hrst the surplus reserve of
the New York City banking institu-
tons was $ol $780, 200, an unprecedent-
edly high Inquire in itself; to day it is
little more than twice that amount,
r
reduction in the near future. Last
week over $270,OOO,OOO was paid to
American investors in the shape of in
terest and dividend disbursements.
large proportion of which represents
the semi-annual interest on railroad
and industrial bonds due July |. This |
money will gradually find its way back
into investment channels, and a por-
ton may be redeposited in our bank |
ing institutions, by that amount in
creasing our available cash resources
The great demand for the so-called |
war Stocks" due to the increased |
earnings of industrial concerns that
have been converted into temporary |
arsenals, has caused Some of these |
issues to double or treble in price in
few months. Reports from the Stock
Exchange show that the increased
activity in stocks has been running
concurrently with an advance in price,
the average for twenty-five industrials
representing rise of about eight
points and for twenty-five railroad
stocks of little over two points.
The recent extraordinary increase
in activity and production in the steel
industry has been an important fea-
ture in the commercial situation. The
United States Steel Corporation, for
example, which was operating at only
3I.8 per cent of efficiency in the early
part OF the year, is now reported as
operating at practically full capacity.
1t is noteworthy that the steel cor
poration has not participated to any
extent in the war orders that are
hooding this country, though Indirect
~ that class of business is undoubted-
ly responsible for a great deal of the
activity.
Missouri Pacific
One of the big problems of the f.
district has been the reorgani-
zation of the Missouri Pacific, the
plans for which were announced after
he closing of the market on Tuesday.
There has been unanimity of agree ,
nent among the various protective
representing the bond /