The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-06-09

Though severely shocked by the
news on Monday that the great En-
pire Builder of the Northwest had
passed into the great beyond, the
stock market had prepared so care
fully for this announcement that Mr..
Hills death was without important
influence as a market factor. That
group of railroad shares commonly
known as the Hill stocks have
therefore been unaffected by the final
exit of the master mind which built
up the marvellous system on which
they are based neither can it be said
that any artificial stimulus has been
necessary to support the market"
The reason for this is obvious. In
these days there is decreasing ten
dency for the large and influential
business organizations OF the country
to depend upon one single individual
for their direction and guidance. Mod
ern business has come to realize the
Importance of organization. so that its
activities may be perpetuated despite
the loss of one or more Of its rccog-
niZed leaders. In time, therefore, big
business organizations lose the per-
sonal equation and receive public rec
IGNITION not because of their relation
to men ad families but because of the
service which they perform for the
community they are supposed to
serve. Had the death of Mr.. Hill oc-
Cured in 1901, when the great fight
for the control of the Northwestern
railroads almost precipitated mar
ket riot, and actually did bring on
mild panic in the speculative markets,
it is not easy to estimate the tremen-
dous damage which such an event
would have precipitated.
For years Mr.. Hill had been gradu-
ally retiring from the management
of the railroads and other business
systems in which he had been SO
prominent a factor, and laying upon
other shoulders the responsibility OF
perpetuating and charging the organ
ization which he had created. Having
given evidence so frequently of prac-
ticability in his business career, there
is slight reason to believe that import
ant readjustments will follow closely
his death. Financial interests in New
York acknowledge frankly their loss
of such a clear thinker and entirely
practical business adviser, evidence
of which is contained in the short
statement furnished for publication by
]. P. Morgan on Monday, in part as
follows: "Mr. Hill commanded the re-
spect and admiration of all for his
great constructive and executive abl-
ity and fine integrity of character,
which made him one of the strongest
men of his generation. His friendship
and kindness to my father and myself
through many years make me feel his
loss keenly."
Money
Money market conditions at the
present time seem to indicate that
the predictions made few months
ago by influential bankers of the Mid
die West are about to be realized.
Not only in New York City, but in the
important interior monetary centers,
hardening tendency in money rates
is noted, based upon the decreasing
supply of surplus funds and the more
active demand for loans.
On Saturday of last week, the New
York Clearing House banks held in
to only $64, oo5, $50 above the legal re-
quirement; on March first their ex-
cess reserve was $l37 ,520,444, and on
J
first OF 1915, the New York banks had
on deposit $l82. 273,l20 more than the
legal requirements called for, and on
January Is of last year an excess of
$l43,727, 020. When we consider the
further fact that in the eighteen
months under comparison, the depos-
its have expanded also sixty per cent,
we have better conception of the
increasing call for capital from Amer
lean business.
Reports from the Northwest and
Middle West confirm the hardening
tendency of the money market, with a
scaling up of borrowing rates not i'm
probable. Up until now the country
banks have been full of money, and
have had large balances in reserve
banks. They now need their reserves,
as the harvest is only forty-hve days
distant. When the shipment of money
begins, rates will be higher. Many
industrial concerns finance their own
needs from surplus funds, but their
excess funds have been absorbed on
account of the increased cost of oper-
alton caused by increases i'll the cost
of labor and materials. They are now
coming to banks to borrow The last
call of the Comptroller of the Cur
rency will doubtless show falling
eff in the unused resources of the
National banks.
Taxes and Government Revenue.
1t is announced from Washington
that the Democratic members of the
House Ways and Means Committee
will now begin the task of framing a
measure which will provide the Gov