The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-03-28

n.
Ne" stock market during the past
week indicate that the active inves.
ment demand for seasoned secuii'lGs
hos practically reached ITS limit. II
~ true that the volume OF business IS
iii large, the average daii turnover
s ~. near the million-share marx;
put operations are now highly speciai,
;sad and are distinctly professional
- zone II is conceded that in many
nssnects the recent rise in market
l as;ass has quite fully discounted what
p ar favorable developments the next
ss'., months may provide in general
t tna,c;ai and industrial development.
The is seen especially in the market
- ra;lroad securities, where pur-
nb.ses are limited in amount, and
where fluctuations are written in small
sections first one and then the other.
similar situation may be seen in the
lees speculative industrial issues,
mich with their regular dividend
oavments, are kept at or near an in
yestment basis. There is compare
,;velv limited number of industrial Sc
curities the prices of which are direct
Nv dependent upon changing industrial
Conditions, and they vary in quota
lions as the daily news developments
are favorable or adverse. !,
The monthly statements OF railroad
earnings are accepted as an accurate
barometer of trade and industry. Re-
oorts by the Interstate Commerce
Commission for January show that
the carriers failed to earn the equiva-
lent of the standard return guaranteed
n them by the Railroad Administra-
t;on by a margin of about S., OO0,OOO.
Inasmuch as all wage increases for
railway employees counted in the jan
uary return and traffic was still SUI
fering from the slump which followed
the slackening of the war goods ship
ments, the net income of the future
months should reflect whatever inn
provement occurs in industry. The
state of business generally promises
to bear the primary influence for
either bringing the railroads through
the year on even terms with the
rental contracts or with another de-
ficit for taxpayers to make good.
Money and Business.
No particular strain was evident in
the money market during the income
tax paying period. In fact it has been
surprising that a direct weekly turn
over of 100000 shares of stock could
have been financed at the same time
that income taxes had to be met, while
call money rates remained little un-
der the minimum of preceding weeks
The current slackness Of many lines Of
industry has resulted in lessening Of
the demand for funds in these particu
lar directions, and consequent accu
mutation of loanable funds at New
York and other leading centers. Tht
reports of several industrial incor
porations in recent weeks have dis
closed large cash holdings as well al
stable totals of funds out on call.
Good progress in business readjust
ment is now being made all over th'
country, the chief drawback being tn,
curtailment of many lines of retail
trade. Many concerns are now trying
to solve the problem of getting rid o
stocks of goods they had on hah'
when the armistice was signed, ant
they are awaiting more favorabl
prices before laying in a new suppl
of goods, and thus the hand-to-moutl
policy is quite generally adopted.
NeecssiO1is III prices Oh many Coiii
modites are beginning to appear, and
in anticipation of further recession:
the attitude of buyers continues to b
marked by conservation. Many pre-
ducers are operating at small profit
because of the continuation of hig
manufacturing costs and the necessit
OF quoting goods at lower than pre-
vailing prices.
In a statement for the press recent
given by the head Of the Standard o
20. the keynote was an optimisti
prediction for the future of industri;
conditions in the United States eth
situation which confronts u.s." sal
Mr. Teagle in the statement referre
10, is an actual shortage of goods an
surprisingly sound mercantile cred
position There is a surplus of SON
Few war commodities, the manufa'
lure OF which was necessarily matt
tanned at the peak until peace WI
absolutely assured, but generally u
world is short Of goods, and pc
sonally feel that all forms of lah'
VIII be soon requisitioned to provi,
mem or course, the country whiS
In position to place large numbe
OF men on the land under condition
winch insure their quick transition
the status Of producers Is in pr