The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-03-17
New York March IL. 1916.

New York. March IL, 1916.
Active interests in the stock market
now feel the necessity of keeping as
well posted upon the activities in the
trenches in Flanders as upon the daiIv
record OF the Congressional bodies at
Washington. Since in each instance
the problems which are interjected
arise from the European conflict. we
may logically conclude the war situa-
ton IS the most important and most
effective influence in the security mar
kets. This conclusion may very easily
be yerihed by observing the daily
course Of the stock market which is
apparently oblivious to the expanding
records OF domestic commerce and re-
lies tor its stimulus upon the head
lines in the war news division of the
daily newspapers. This is, of course.
an exaggerated view of the matter and
does not always hold true; but in the
majority of cases war developments
may be expected to WELD the heaviest
influence upon the price movements of
the stock market. Then again, a ses-
sion OF Congress is always to be con-
sidered as bear factor in speculative
markets; but it is all the more so
when politicians interject domestic
and political prejudices into the con-
sideration of imDortant international
relations. This is the contingency that
is facing the market today, and which
IS almost entirely responsible for the
apathy of public investors in their re-
lation to the speculative securities.
A feature of the market which, in
recent weeks has become quite con-
spicuous, has been the marked de-
crease in foreign selling of our secu-
rites. This may be accounted for,
insofar as London is concerned, in the
announced policy of the British Treas
ury to corral all the American securi-
ties that are not tightly held down in
preparation for future financing in
which American capital is expected to
play a prominent part. Despite the
numerous denials by our largest in
ternational banking houses, it is COM
mon knowledge that the presence Of
Mr.. Morgan and other prominent
American bankers in London is con-
cerned directly with this new financ-
ing, the details of which will probably
not be announced until May first, at
which time the new fiscal year of the
British Treasury begins. London ca
bles report that the continued discus
sion of the next war loan which is al
ready leading to some preparatory re-
alization on securities has been respon-
sible for the unusual dullness in that
quarter. All British investment stocks
have shown a reactionary tendency,
with a distinct pause in the demand
for speculative purchases. British in
vestors are keenly interested in the
policy of President Wilson in regard
to the German submarine controversy,
the outcome of which is of incalcula-
BILE moment to British shipping in
vestments.
The statement of the British Minis
ter of Munitions this week relative to
the insignificant part played by. Amer
lean war supplies in recent fighting
will doubtless be received with SUR
prise by many on this side who have
had exaggerated ideas in this respect.
Mr.. Lloyd George said that American
manufacturers had not supplied one.
tenth of the shells that had been fired
by the British and that not single
American shell had been used by the
French gunners. While the object OF
this statement was to demonstrate the
present and growing efficiency OF The
French and British munition plants
II also minimizes the possibilities for
the enormous profits which are sup,
posed to accrue from this class oil
trade with the European fighting ma
tons. On the other hand. 1t leave:
at no great disadvantage in the matter
of Establishments in our industrial ano
commercial organizations should tht
war speedily terminate.
Plenty OF Work for New Capital.
According to the reliable statistics
compiled by the Journal OF Commerce
the amount of corporate financing Il
steadily and consistently increasing
the capital issues for the month o.