The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-02-21

New York, Feb. 14-With light
trading, the stock market has been
maintaining a form tone generally.
During the past week there has been
a raction in the prices of stocks which
had been shaken down during the
previous period, and there is feeling
that most of the important industrial
stocks have already discounted every
unfavorable influence that could be
brought to bear upon them. The mar
ket is strongly in the hands OF the
professionals, the general public being
but little interested in the daily course
of stock prices, and the comparative
cast with which prices move forward
after periods Of pressure seems to
prove that substantial short interest
has been created in many lines
There was no further disposition to
sell the steel stocks after the publ
cation of the monthly report of the
u. S. Steel Corporation regarding the
amount of untitled orders on the
books of the corporation on January
1. A reduction of 6o4,SS4 tons was
announced, compared with a cut OF
ASST tons at the end of December
1918. Untitled orders on the books
of the corporation at the end of last
month amounted to 6,684, 286 tons
This figure is the smallest on record
since November &c. 1915 at which time
level of $780, So tons was reported
and shows more clearly than anything
else, in the opinion of leading. finan-
cial interests, the present dull con-
dition of the industry since open mar
ket conditions became effective on
January last The corporation is re-
porting production at approximately
go per cent of capacity. This alone
would tend to reduce the surplus Of
orders on the books of the corpora
ton. The total of untitled orders on
December 81, 1918, was 7,37e,152 tons
The largest amount of untitled orders
during the war period was realized in
April, 1917, when the total reached a
level of l2,1S3,O83 tons.
Corporation Maturities
Corporation maturities coming due
in the four months ending June 80
1919, according to the Wall Street
Journal, total $28o,o13 AGO., Railroad
issues falling due during the period in.
Dictated will not disturb the market tc
any great extent, as most of the large
items have already been provided for
The largest and most important item
in the railroad group, however, is New
York, New Haven & Hartford one
year per cent notes for SAC, o64 900
due April Is This loan was made
direct to the company by the Railroad
Administration under a provision that
it could be renewed for one year a,
the same rate of interest at the option
of the company. 1t is quite likely that
the company will renew the loan, with
the probability that the principal may
be reduced to some extent The Erie
Railroad Co., will have to provide fol-
$l5,000,OO0 secured 5 per cent notes
due April l.
Prices and Business.
The largest single factor in the bust.
ness situation is the effect produced
by the definite readjustment in the
prices of commodities. There is nc
doubt but that the process of revision
downward in the prices of cotton
goods, wool, steel, copper, lead, build
ing material has begun in earnest, and
it will be natural to look for hesitancy
in various lines of business until this
process has become a little farther
advanced.
Thus far the shrinkage in prices has
been mainly as between the wholesal-
er and the retailer, the ultimate con-
sumner having benefited in only few
lines, particularly foodstuffs. But it is
obvious that such readjustments as are
made "at the source" of commodity
prices must in due course find reflec-
ton in general decrease in retail
values.
If reductions in retail prices occur
simultaneously with, or prior to, the
reduction in wages which many con-
Germs claim to be imperative, a great
deal of hardship and dissatisfaction
will be avoided Some concerns are
heroically trying to smooth over the
transition period by reducing the
prices of their outputs while keeping
wages up, and they are consequently
making poor showing in their ne
income statements. This is~not, how
ever, an encouraging state of affair.
from the standpoint of the 'stockhold
ers, and, where the stock of such en-,
terprises are listed on the exchanges
quotations are bound to 60 downward
O's NoPPCi companies nave mel
their reduction in the price of copper
metal both by reducing dividends ant
by cutting wages. Other companies
have cut down their dividends but re.
fuse to lower the wage scales. Fo,
such the excess profit tax regulation.
will have no terrors.
1t is Tor these reasons that genera
business is inclined to a waiting atti
tude, especially in the production OF
new commodities and the buying O.
raw materials. All the important
trade bureaus report that, with {
downward readjustment of values ant
uncertainty as to cost and supplies o.
raw materials, business in many sec
tons OF the country is marking time