The Caldwell tribune., 1916-06-16

profits of the worlds biggest copper
companies in 1873, what with mod
crate production and high costs of
those days, did not even nearly ap-
proach the tremendous profits of the
copper companies of today For in
stance, Utah Copper and Kennecott
Copper Companies are paying divi-
dends at a rate of over $l6,0OO,0O0
per annum, each. Calumet & Hecla,
in its prime in 1873, paid 100000
in dividends that year This sum is
exceeded by all six copper companies
of the leaders The average price of
zinc in the first six months of 1916 ap-
proximately l6Hc per pound, breaks
all records in the history of the world,
and is more than double the maximum
price of zinc for any six months to
1915. All the companies have been,
and are, earning profits greatly in ex-
cess of the munihcent dividends paid.
Money and Business.
The hardening of the money mar
ket, predictions of which have been
repeatedly made in this review, is
now an actual condition, and on Tues
day of this week call money was
loaned in New York at the highest
price since the latter part of 1914.
The long period of easy money" that
has been such a remarkable feature of
the war period appears to be nearing
its end, and the banking institutions
will in future have less cause for
complaint over the abundance of idle
funds which do not even pay for
storage. Less than three weeks ago
short term funds were offered at 2
per cent, and there have been infre-
quent periods since January first
when the rate rose above 3 per cent.
At a per cent, the rate at which
loans were made this week, the high
water mark has been reached and the
Suggestion made that the supplies of
loanable funds are running low. Con-
sidering this fact in its relation to the
enormously increasing resources OF
the banking institutions Q3,838 mill
ions in the National banks alone),
gives emphasis to the new note OF
national prosperity which has been
sounded throughout the land. Per-
haps the most gratifying feature OF
the financial situation has been the
return home" of the many choice
American securities formerly held by
European investors, and, in conse'
quence, the future payment of inter.
est and dividend disbursements tc
home investors instead of to inves
tors on the other side of the Atlantic
| Present indications are that the
funds of American banking institu
tions will be in much heavier demant
than they have been since the begin
ming of the war; for in addition tc
the regular requirements of the hom'
agricultural. trade and industrial ac
, tivities, there is in sight foreign
demand of much importance. Nego
tiations, it is understood, are nearing
! completion for a large French loan o
-, credit: a Russian credit also is unde
negotiations; China is in the marke
for a substantial amount. and Eng
land through its banks fully expect
: TO become heavy borrower in New
a York
Reports from various lines of busi
!ness continue In very optimlstl
ltone, and there seems to be note 9
y general satisfaction from bushes
e Leaders in all sections. Labor is prot
3 Iitablv employed and enj Dying man
: lluxuries in addition to heaping dir
S .ner pail. Particularly good report
d are now received from the West an
o Middle West, which territory is sal
n to be hopeful, cheerful and prosper
: Gus. 1t is doing large business, a
e though the sensational ADVANCE;
h steel prices has led to a slight fallin
= off in the demand for some product
: This. however, is something of RI
e lief, since most of the mills al
= booked so far ahead that it would /
: difficult for them to take additions
s. orders, except in cases where d.
IS ferred deliveries could be arrange
t. Some of the important jobbing hous'
i are doing the largest business tn
a. they have done at any time since II
5 war began. ,.,,>,o
al w. S. COUSINS.