The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-05-12

neutral countries, Particularly SWltZer-
land, Holland, Norway, Sweden, Den
mark, Argentina, Brazil and Uruguay,
asking them to deposit such securities
with the Treasury as a means Of equal
izing the French exchange rates with
the United States. 1t is obvious that
these securities are to constitute the
collateral for the large French credit
that is under negotiation by French
banks with American banks. Appar-
emily the plan of the French Govern
ment is not to purchase outright the
securities in question, but to borrow
them in similar way to that of the
British Government in borrowing from
British holders of American securities
who do not feel they can sell outright.
The British Government pays COM
mission or rental of "a per cent in
addition to the normal returns that
the securities themselves furnish.
Wheat and Wheat Prices.
OF special importance not only to
the agricultural districts, but to the
country as a whole, is the outlook for
wheat production in the United States
uullllS LIN NOlillilS IN ANo
tional Chamber of Commerce, in spe-
cial bulletin just issued, reports that
there is approximately 20 per cent less
the same period last year. The total
excess of 450,0OO,0O0 bushels, COM
pared with 6OO,OOO,000 bushels last
year. With Europe at war, and con-
Stunning and destroying instead Of pro-
ducing, the price of wheat, and in fact
of all foedstuffs, during the next six
months is a most important considera-
ton for American business.
Should the European war continue,
the outlook, at least for the spring and
summer, is for comparatively high
prices in wheat, since at this writing
there does not seem any likelihood OF
the crop approaching the yield OF last
year, or probably. the yield OF the year
before. Should peace come, however,
and the Dardanelles be opened, releas-
ing what is generally thought to be
the accumulated surplus OF wheat IN
Russia, there will undoubtedly be
decline in price. What this decline
will be, how serious, can at present
only be matter of conjecture. but
any decline of moment in the price OF
wheat, particularly during the harvest
ing or afterward, when the wheat is
placed on the market, is bound to have
an unfavorable effect on the farmer,
and in all likelihood to induce him to
curtail free purchasing on his part.
Another factor in the situation is the
large surplus carried over from last
year. AS a rule, the farmer who is in
a position to hold his wheat will only
sell it when it reaches price in ac-
cordance with his ideas, and the great
majority of the farmers at this time
have the ability to carry their grain
for quite time if they wish. Should
it appear, however, with the coming OF
peace that the high price of wheat is
ended for the time being, it is more
than likely that large holdings will be
thrown upon the market, with the et-
feet of further lowering the price.
American Corporations Borrowing
Heavily.
American railroad and industrial
corporations have been doing some
heavy borrowing of late. During
April, according to the monthly tabu-
.lation of the Journal of Commerce. the
total borrowings were $22l ,598, 400,
compared with 53,622,OOO in April OF
last wear. For the four months end.
ing April 80. American railroads San and
industrial corporations borrowed $99Z,
5768OO, an increase of more than 81
per cent over last years records.
While a slight decrease is noted in
railroad financing. the corporations
more than make up the difference,
and their 1916 borrowings show IOo
per cent increase over the four months
period of last year. The following
table presents in detail the record for
new financing for the first four months
of 1916:
Railroads.
1916 1915 Change
Bonds 200
500, 543 800 $257,375,30O -$54,s3l 500
Mates