The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-07-02
New York, June 20, 1915.

New York, June 70, 1915.
The New York stock market has
again been forced to its old position
of lethargy and inactivity with the
general investor conspicuous for his
absence and the professional opera
tor working overtime to keep up ap-
pearances. Not once in the past two
weeks has the total turnover on the
Stock Exchange exceeded 100000
shares, and on more than one occas-
ion its has been less than 100000
shares. The fact is that people with
funds to invest are now insisting upon
securities which are devoid of the
speculative features, and which offer
a reasonable return on the investment
commensurate with safety and solid
ity. While fortunes have been made
in the stock market in recent months
ii is also true that serious losses have
been incurred, and that the experien-
ces of some of the prominent specu-
. lators have been unpleasant in the ex-
IRENE.
During the dull days" in the stock
market. the demand for good bonds
has been accumulated, and in recent
weeks the most noteworthy phase of
the financial district has been the i'm
proveneht in the tone of the bond
market Indeed, the continued de-
mand for good bonds is an indication
that the present will prove to be
good time for the financing of those
enterprises which can offer security
OF the highest grade. Circum stances
have served to leave the current bust
ness on the Exchange largely in the
hands of habitual traders, and in their
case the recent tendency has been to
limit the movement of prices to rela-
lively narrow limits. The fundamen-
tai conditions are such that a great
majority look hopefully to the future
OF the security market, but there are
enough restrictive influences to in
duce caution among the marjority of
those whose buying accounted for the
rise in prices which preceded the sink
ing of the Lusitania.
These considerations do not apply
IN the same degree to the bond mar
ket, although they, Of course, exert
some influence there, and it has come
about that bond dealers are finding
encouragement in the responses which
they are now meeting from investors.
Apart from the demand from individ-
udlS WHO nave IunQS 10 invest IMAM
cial institutions are put under incen-
tive to invest in bonds by the abnor-
mally low rates for money both on
call and on time. The tendency of
late has been toward increased ease
rather than toward any hardening of
rates, and this has increased the pres
sure upon financial institutions for the
employment of their funds elsewhere
than in the collateral market. Scarce
ly day has passed recently without
its announcement of the receipt of a
further installment of gold, and each
such arrival tends to emphasize the
ease in money. That is factor which
almost certainly will make itself felt
in the stock market, but its most
immediate infunece so far as securi-
ties go is in the bond market.
1t has therefore been considered a
most opportune time for New York
to test the long-term loan market, and
on Tuesday next the Comptroller will
open bids for $1,000O00 worth of
AZ per cent city bonds, of which $40
100000 are to run for fifty years
straight maturity, and $25,0OOO0O are
to mature serially in one to fifteen
years. The sale in general is to fund
approximately $650O0,0O0 outstanding
corporate stock notes, 100000 of
which were included in the sale of