The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-10-22
New York, Oct. 10. 1915.

New DIRK, OCt. 10. lSlo.
These are busy days in Wall Street
Activity is again the watchword, and
there is no room for anybody who
cannot quickly adapt himself to his
own particular task and do his duty
with precision and dispatch. Whether
or not we agree with Tom Lawson
that the present movement in the
stock market is the most "frenzied
speculation of history" certain it is
that the big commission houses have
in recent week been swamped with
buying and selling orders on an un-
precedented scale, while market tav-
orites have run up and down the
board at the rate Of from 10 to lOO
points in a single week. While to the
war stocks" have been attributed the
main responsibility for the tremen-
dous boom in stock speculation, it is
gratifying to note that the standard
railroad issues and dividend-indus-
trials have shared in the public de-
mand for sterling investments. Many
of the wiseacres are already predict
ing the direful calamity that will sure
ly follow the collapse of the present
speculative tendency; while others,
cognizant of the increasing prestige of
the United States and the consequent
increase in the value of her commerce
ial organizations, are as sincerely con-
WINGED that the new market prices of
leading stocks are consistent win ii;1,t me
productive capacity 81 the industries
-2fffth~ they represent.
In order to consider this question
from an intelligent standpoint, let us
Al. Fnr Nto
tremendous demand for speculative
securities. OF course, it goes without
saying that first and foremost is the
question of redundant money. Mostly
everybody of means has at this time
a good supply of ready money the
natural tendency of which is to find
its way into speculative channels.
But this is not the most important
consideration. Wall Street is after all
one of the important barometers by
which we may safely measure the in
dustrial and financial conditions of
the country. When the country is de-
pressed financially, the stock market
is the first to reflect that depression.
When business is eXuberant and
and ready to give expression to the
ny
these standards, the present stock
market conditions are amply justified.
Never before has the United States
produced such marvellous crops, to be
marketed at such excellent prices
never have our steel mills and fac
tories been under such pressure as to
day and never has there been such a
small percentage of unemployment
among the steel workers; never has
there been such a demand for our
products, both raw material and man.
ufactured articles, among the nations
of the world; never has the foreign
trade balance" been so highly in oul
favor; never have we so greatly re
duced our indebtedness to foreign in
vestors, and assumed the position of :
creditor, instead of a debtor, among
the nations of the world.
These are the factors that compe
the upward movement of stocks, anC
at the same time furnish the necessary
capital for those who desire to pla!
their favorites And while it woulC
be folly to attribute this general prin
ciple to any particular stock-whicl
indeed might recede while its neigh
Dor displays an upward tendency
is entirely logical to look for a com
paratively higher price level in all tn,
standard induStrials and railroad is