The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-04-14
Business and Finances

774,lOO, notes $63,S14,O0O, stocks $4,-
$4,000. The industrial corporations
for March issued $58, 1921 900 in bonds,
SlO,790,OOO in notes and 1921, 500 in
stocks, total OF $12l ,4O8,S0O. The
increase for March 1916 over March
1918 in these two divisions alone was
$2l7, 320,80O.
Stock Market.
The new financial preparations now
contemplated both by the Allies and
the Central Empires, indicating that
the war is to be prolonged well into
another year, has fired the magma
ton of the operators in war stocks"
and some of the leaders in this class
were subjected to heavy fluctuations
In the early part OF the week. If their
ascent was speedy, their descent was
also in the same manner. for the pro-
ttessionals have found that the public
investors are not so easily enthused
over the war stocks. The news this
week, both from Europe and from
Mexico, was somewhat confusing, the
recent developments in Holland add
ing a new element which may or
may not have decisive bearing upon
the outcome of the European struggle.
At such times the stock market is
governed either by special influences
that may apply to small group of
stocks, or even to one only, or to the
manipulation of professional traders.
The operation for quick profits quickly
puts an end to an advance while re-
buying for short sellers" puts an end
to a reaction. Thus, when great
events are foreshadowed, it is difficult
if not impossible to formulate any cor
rect estimate as to their effect upon
the market, and anybidy's guess is
as good as his neighbours.
Public investment is increasingly in
the form of the dividend-paying rail
roads and industrials, and the demand
tor bonds continues on scale that
most investment bankers declare to
be unprecedented. No matter how
heavy have been the demands of
American corporations for new f.
nances, the resources of American in
dividuals and financial organizations
have been equal to these demands
New loans will be needed on an ever
increasing scale in future. the expan-
slve policies of the railroads in par
ticular calling for very heavy expendi-
lures. Money, however, is very plen-
tiful at relatively easy rates, notwith-
standing the large field from which
investors may choose their securities.
One of the features of the bond
market during the past week has been
the steady advance in the value of
Anglo-French war bonds. These inter
national securities, which could have
N
lowest price at which they have ever
been sold, touched 95zs on Saturday,
thus duplicating the high record price
of the year reached on January 8. The
present movement started when the
bonds were selling around o4H and
has been signalized by heavy trading.
When the advance began it was gen
orally attributed to peace reports.
These have not been verified, but yet
the upward movement under heavy
demand continues. Bond men now
say that peace talk had less to do with
the recovery than buying based pure
ly on investment principles. Inves-
tors, they contend, realized more fully
than before that the Anglo-French
bonds offer better returns than the
| majority of others and have acted on
| this realization. Even at the closing
price last week they yielded per cent
| on the investment. Few other bonds
OF equal security. it is argued, are
available.
Southern Prosperity.
Evidences are increasing of the
steady improvement of basic condi-
tons in the Southern territory. Ac-
/ RI hay
policy of diversified farming has i'm
pressed upon Southern planters the
| error of one-crop farming, so that con-
ditions throughout the cotton belt are
today more hopeful than they have
been at any time for decade. The
South has long, been spending less
than it earned, at the same time max
ing Roadway in the production oil
much that it for years had been. forced
to buy in the East and West Cotton
consumed during February amounted
to 54O,7ll bales, as against 3,301
bales in that month last year. Many
of the Southern roads are making a
better showing than they did. While
receipts at Southern ports have been
relatively small as compared with last
| year, owing to the meagrc ocean ship
ping facilities, there has been de.
cidcd Improvement in sentiment, with
a marked increase in local building
operations. With better warehouse
facilities and united action toward en-.
abling the farmers to finance Their
crop in more businesslike way, pro.
gressive improvements in condition.
may be expected Southern resort.
have had highly prosperous season
Reports from the agents of tht