The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-09-15
New York. Sent Q 1914

Alter the Labor-day interruption the
stock market lost no time in settling
down to business, and as a result Of
the first days trading one million
shares of stock changed hands. The
market has had its full of important
news and developments to digest, and
this accounts for the rather disorderly
or irregular manner in which some
of the speculative leaders have been
conducting themselves. While the
railroad shares have been fairly
steady, they have not been able to
pick up the momentum that has been
SO characteristic of their industrial
brethren.
There is no doubt but that traders
have experienced a keen sense of re-
lief that the labor troubles which have
so seriously threatened in the railroad
world have not resulted in the COM
plete tie-up of the nations transporta-
ton facilities. Nevertheless, Wall
Street believes that the business in
terests of the country are unanimous
in their disapproval of the method by
which this settlement" was obtained:
and that the railroads will make good
use of every available legal process
before finally surrendering their right
to an impartial arbitration of the
labor dispute. Should the constitu-
tionality of the eight-hour law be sue
cessfully attacked, no doubt there
will be repetition of the dispute, but
precedent will close the door to at
least one method of solution. For the
present, however, it is the conserva-
tive view that the probable cost of
the eight-hour law will not embarrass
the stronger roads, and should the
freight business continue as at pres
ent, and with the added possibility of
an increase in carrying rates, all the
roads will be able to stand UP under
the additional burdens Meanwhile
confidence is being expressed in the
skill and wisdom of the railroad man
ayers, who will doubtless find ways
of rearranging schedules so as to re-
duce expenditures in pivotal points
The marine" stocks, reference to
which has already been made in this
the stage, and on heavy trading are
making new records daily Thus the
preferred stock, which in 1914 could
be purchased for $500 share, was il
eager demand this week at $4,000
The rise in the stock this week has
been due to the expectation that with
the company soon out of the hands
of receivers, the directors will proceed
with the formulation of plan for the
funding of the back dividends on the
preferred stock. That such a plar
would be worked out has been as
sumed in Well Street ever since it wa.
decided that the old company shoulo
be re-established in possession of the
property, the common and preferred
stock remaining undisturbed and the
bonds being paid off. The move mad,
in court this week looking to the lift
count for the impetuosity with which
the stock has been bid for recently
Domestic Acceptances.
The recent amendment to the Fed
eral Reserve Law are highly import
ant in their relation to the bushes
community; but the one which will
most intimately touch local bushes
practice is that which legalizes thu
domestic acceptance. 1t is remark
able that this most convenient anC
practical business process, so widel!
in use in Europe, has thus far beer
prohibited in this country Two year
ago, when the banking laws of tn
State of New York were revised b.
the Van Tuyl Commission, the domes
tic acceptance was made part of tn
legal banking practice of the Emplr
State, and in a very short time IT
success was clearly demonstrated
BY this process bank which Nigh
be unable to extend accommodation t.
local business concern could, by
guarantee of credit, enable it to pro
cure accommodation elsewhere. l,
other words, instead of lending it
funds, it lends its credit By extend
ing this privilege to National banks
the credit facilities of the whole coun
try will be proportionately extended
So far as we know, only one, othe
state, Georgia, has legalized the do
mestic acceptance for the state bank
ing institutions. The development G
the market so far has resulted in tn
division of acceptances into two mai
classes, the first being bankers &C
ceptances, which are eligible for re
discount at the Federal reserve bank
or which the Federal reserve bank