The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-04-21
Business and Finances

estimated that 180,0O0,0OO pounds a |
or 2,lOOOOO,OOO pounds year,
is the rate Of refinery production,
ada, and South America. If this years |
outturn should reach this figure and
bring an average price of p cents,
which the British Government is be-
lieved to have paid, the copper COM
panies would receive the tremendous
sum of 1888, 2S0,0O for their years
work.
Marine Company Stockholders.
One of the most interesting and
most spectacular business rehabilita
tons of the war period is to be found
in the recent come back of the In
ternational Mercantile Marine Com
pany, which, though still in technical
receivership, is earning at rate more
than sufficient to discharge its obliga-
tons and leave a substantial equity for
both classes of stockholders. In Au-
gust, 1915, the company, being de-
clared to be unable to pay the interest
due on its bonds, was adjudged bank
rupt and receivers appointed by the
Federal Court in New Jersey. Protec
formed to look after the interests of
quently the holders of the preferred
and common stock were represented
by committees specially formed to
protect their investments. 1t was at
first proposed to levy an assessment
against the holders of the preferred
stock, but, after thorough investiga
ton, and in view of the extraordinary
increase in the earnings of the COM
pany, this plan was abandoned, and
since that time the main question has
been, not how much the stockholders
must pay, but how much they shall re-
ceive. Each months accumulation of
profits, while adding to the technical
difficulties of the various adjustment
committees, are continued source of
qualification to the parties whose in
terests are so directly affected
Some idea Of the appreciation in
market values may be obtained from
the fact that the preferred shares
which, in 1914, were quoted as low as
3. are now selling at Is, and the com
mon, which brought as low as IS in the
same year, are in active demand at
"a at the present time. The protective
committee for the common stockhold-
ers, in an elaborate statement widely
circulated this week, has outlined in
detail the extensive and highly profit,
able assets of the company, which dc
not depend upon wartime conditions
for their earning capacity, but tc
which the coming of peace will NEAR
new and better opportunities tor pro-
fit. In fact, the postwar prospect:
are considered to be the most attract
i've features of the present outlook.
Profit on Industry.
Up to date more than eighty Amer
lean industrial companies have hlet
reports of their 1915 business. Al
these official summaries indicate al
unusually prosperous year, SO pros
porous in fact, that there is an aver
age earning of 2036 per cent on thei
stock as against o.36 per cent in tn
preceding year. 1t might be suppose.
that there would scarcely be an equal
Nv liberal return in any future yeal
but of course, there is no telling wha
may happen.
Industrial experts anticipate tina
: 1916 will be duplicate OF its plrede
cessors through continuance OF wa
conditions. Of these concerns, sue
C; companies as F. w. Bliss, Bethlehem
j Steel, Cuban American Sugar, E. |. d
Pont de Nemours, General Motor
S WHY'S Overland, American Smut
n South Penn Oil, R. J. Reynolds Io
: bacco, General Chemical. United II
n dustrial Alcohol, National Carbon
! Goodrich Rubber, American Radiato
n United States Steel and America
y Coal Products reported the large'
S profits. The earnings of the La
n named concern for January and Eel
! ruary of this year were equal to tt
II full years per cent dividend on II
o preferred stock and per cent on tt
common.
t 1t is needless to remark that raj
n. road and industrial corporations ge,l
It erally are breaking all records in Il
d. matter of earnings. 1t would seer
g however, from present expert opinit
S that the present year will produce ne
II records.
n The booming effects Of war orde
ID upon industry have not been conhn'
e. to the United States. but exerci
rs an equally dominant influence IN t
G. Dominion of Canada. The annual I
is ports of industrial establishment
which are now appearing reflect I
: buoyant influence of war orders, Nc
withstanding this prosperity. its tru
have not yet been widely distribute
:. because most of the companies 81
y pended payments on preferred, sto
at the opening of the war and sol
even earlier so that obligations ha
= been piling up and this indebtedn'
~ must be met before holders OF co
mon stock can receive any considel
Of ton.
It AS the result of unexplained expi
~ sion during the past few years. M
= OF the corporations were heavily
debted to the banks which are NJ
insisting upon payment out OF the G.
rent profits. The war business
placed all these corporations IN
greatly strengthened position, Z
of the concerns which has prom
largely by the trend of events is :.
Steel Company of Canada, which !
combination Of steel plants in M,
treal, Toronto, Hamilton and OF
Canadian cities formed in 1910: /!
! needless to state that during the +