The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-04-07
New York. April |. 1916.

to absorb the heavy assortment of Sc
curity offerings which are daily and
weekly poured into the market seems
to increase instead of decrease, and
each new commitment, no matter how
large, appears to be too limited to
meet the keen demands of investors.
The new $75,00O.0O0 Canadian loan
which was marketed by the Morgan
syndicate last week is a good illustra-
ton of this point. The bonds were
offered at public subscription, the
books to be open on Friday at 10 a.
n. and closed on Monday of this week.
Subscriptions poured in at such rate,
however, that on Saturday noon it was
fiet essary to call halt, and the sub
scription lists were. Immediately
closed. @
The same IS tue OF the Chesapeake
& Ohio Railroad Company bond issue
in the amount of $46,l 600, which
was ouitkly oversubscribed as soon as
the hoois were open. New York City
munic;pa,s and the Anglo-French six
per cents have been in such active de-
nard that the prices have moved up
ward from two to four points in
single week. This would not be con-
sidered a very wide fiuctuation for a
stick issue. but for a seasoned invest
ment security it represents rather
unusual appreciation for such a short
period, and proves beyond question
the fact that there is still much sur
plus cash awaiting investment.
Another period of uncertainty and
inaction has apparently set in in the
stock market, and the public interest
in these speculative channels has been
waning. This may be due to large
extent TO the renewed possibilities of
friction with Germany because of the
sinking of more merchant ships but in
any case the professional traders have
had things very much to themselves
in the recent sessions. Hence it is
all the more difficult to correctly esti-
mate the technical position of the
stock market, or to diagnose the
symptoms either for rise or fall
Market experts say that the recent &C
tivity of the bear element has re-
suited in a very heavy short interest
and that in order to cover these
Shorts" considerable buying will have
to be done. The logical effect of this
buying will be to send prices upward
and, if this hypothesis should prove to
be correct. the bulls will rule the mar.
ket in the immediate future. The po-
sition of the market, however. is one
that calls for conservatism. and STOCK
Exchange leaders are $50 advising theil
clients.
Recent trade reports have been very
favorable, railroad traffic heavy, ane
many of the February official return!
have been much better than expected
Cooper and zinc metals have beer
going steadily higher both in Londoi
and in New York, and the more i'm
portant metal stocks have been oc
cupying much more prominent posi-
ton in the speculative list.
The annual report of the American
Zinc company, submitted to the stock
holders this week, disclosed net profit
of $5,2o3,87 as compared with scant
profits and actual deficits in previou
years Bondholders have converte
their bonds into stocks and PRACTICAL
all outstanding notes were paid off S
the company's financial position
very strong and it has cash enough o
hand to wipe out its small floatin
debts. Its net profits are equal t
$27.4l share on its outstanding cap
tai stocks. The directors intend t
put the company in strong finance;
position instead of paying big div
dends that they may not be able I
sustain after the war is over. Tn
same conservative policy. adopted b
the directors of other mining propel
ties, has met with the unqualified al
proval of the stockholders and hi
proved more profitable than the gral
all policy which so often brings prem
ture exhaustion to a property whic
would be exceedingly producti'
through cultivation. :
Imports into the United States al
steadily increasing and were SO p
cent larger for January of this yes
than for January of 1915. according
statistics on foreign trade which ha'
just been published by the Depar
ment of Commerce.
That notable change in the natu
of the foreign commerce of the cou
Z. try is shown by the figures, whi'
record marked increases in the il