The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-01-28
New York, Jan. p, 1916.

upon the stock and investment mar
kets this year than for many years.
Whether this may be attributed to the
rising cost of living or to lack of in
terest in the financial markets is a
matter on which there is difference of
opinion; but it is safe to say that both
influences have been present to a more
or less extent Whatever may be the
cause, the customary JANUARY raise"
has not yet materialized, and the aver
age price of the "statiscaT' stocks
has declined since the middle of De-
cember.
In every survey of the stock mar
extremely important factor, which
is exerting continually increasing in
huence on the range of prices. This
is the active liquidation of American
stocks by European investors. Every
incoming mail steamer is bringing in
heavy quantities of American stocks
and bonds, with instructions to sell at
current quotations. This is largely
the result of the British mobilization
plan, many British subjects being un-
willing to tie up their inve stments in
the permanent possession of the Gov
ornamental authorities. not knowing
how great may be their need of funds
before another year has passed. Any
estimate of the quantity OF such Sc
curities shipped over here would be
only guesswork, but it is generally
recognized that the present liquidation
has been the heaviest since the war
began. Reports are current also of a
steady selling of American stocks and
bonds through Amsterdam, not only
for the Dutch account, but for the
German account as we'll, though it is
believed that the total amount of Ger
man liquidation has been negligent.
On the whole, the stock market
seems to be in a good position for
bear campaign. The time is now ap-
preaching when number of the new
industrials which have been famous
for the skyrocketing tendencies must
give an accounting to their new stock
holders; in other words. must an
nounce their policies with regard tt
dividend payments. If their earnings
are as large as they have been report
ed to be, there should be no difficulty
in stepping over into the dividend
class; and while there is not the
slightest obligation on the part of the
directors to change their policies in
this respect, their action pro or con
will affect very vitality the attitude of
investors. The directors of the United
States Steel Corporation will hold a
meeting on Tuesday of next week, and
it is expected that some action will
be taken with reference to a dividend
on the common stock Should their
decision be unfavorable, the bears
will have an additional weapon for
their attack upon the market, and
while support will no doubt be fur
nished in influential quarters, the new
American shareholders will be inclin-
ed to sell Just as the British share
holders are now doing. This may pre-
cipitate the combined domestic and
foreign selling movement referred to
in last weeks review, though it is
most unlikely that there will be any
thing to fear from such a movement
at this time.
February Maturities.
WfGke the interest and dividend dis
bursements in the last two or three
months have been we'll ahead of sim
liar periods last year, the February
payments will show a marked decrease
from last years record. According to
the reliable statistics compiled by the
Journal of Commerce, the aggregate
of bond and note issues of the leading
railroad and industrial corporations OF
this country maturing in February is
$36,826, 400, against $5077870O the
previous month and $57,Oo8, 783 in Feb
ruary, 1915 The maturing indebted
ness of railroad companies for Feb
ruary amounts to $30,180,2O0, leaving
"a balance of $6646,200 for industrial
concerns to liauidate.
The maturities for February com.
pare with similar figures for the pre-
ceding month and for February o.
last wear as follows;
SUMMARY OF MATURITIES.
Feb. 1916, Railroad bonds S 7,50O,00(
Jan 1916. Railroad bonds -. o,05o.00(
Feb. 1915, Railroad bonds. l4,1o175l
Feb. 1916, Railroad notes 49, 22,6S0, 20l
Jan. 1916. Railroad notes. 26.2o4,00'
Feb, 1915, Railroad notes. l6,S7o,S3,
Feb. 1916 Industrial bonds l,6O0,O0l
Jan. 1916. industrial bonds. 6,72S,70l
Feb. 1915, industrial bonds 2,N70Ot
Feb. 1916. industrial notes. s,O46, 2U
Jan. 1916, industrial notes. S,700W
Feb. 1915. industrial notes. 23,6s02 O
Total Feb. 1910, ................S36, $50 4tN
Total. Jan. 1910, ..............,. S0,7zS,z0
Total Feb. 1915, ...."........:,Ss7 ,WS,/S
The largest item in tho list OF Feb
ruary maturities is the Chicago. Roe
Island & Pacifc's short term issue
amounting to S.S25OO0, Other i'm
portant items are: Seahoard Air Lin
$6.OOOOO0 bonds. Southern railwa
$s,000,O00 notes, Minneapolis 4 s
Louis $2,s00,O00 notes, Detroit Unite
Railways $2000.000 notes, Washing
ton Water Power $3,S36OO0 notes.
Investments.
The strong and active tendencies /
the bond market have been unatfecte
by the reaction in the stock marke
and investment bankers report tha
their business is limited, not by tn
demands of investors, but by tn
dearth of new issues to supply the
expanding needs, Their shelves hay
long ago been scraped to find suft
c;ont n,,,t;ty nf Drime inVeStm crli