The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-05-16
Business and Finances
BY w. S. Cousins. Editor American Benker

New York, May 10.-In any pro-
...cted bull movement in the stock
.nartet. it invariably happens that a
"n,all number of the so-called market
i.aders are the first to be affected by
sorward rush of bullish sentim emf;
Ind these leaders may as rule be Sc
iected from a group or classification
which enjoys the largest measure of
"nhl;c. favor for the time being AS
r. bull movement advances. however,
s we division of the market receives
The consideration which it justly
deserves by reason of either special or
General developments in the various
Industries of the country.
For the past three months the for
yard movement in the stock market
has been confined almost exclusively
to the in ustrialgand oil groups, based
mon the actual and potential i'm
proyem ent in the outlook of the giant
Industrial enterprises OF the country,
and 10 the wonderful development of
the new and proven oil fields of the
south and middle west. Coincident
With the acceieration of the trading
in these groups r of stocks and the
making Of nesx high records almost
weekly in different sections of the
stock list, there has been a general
IMPROVEMENT in business and in the
outlook for the future.
During the past two weeks the rail-
road stocks have come into their own,
more particularly those of the stand
Ard rails which have not heretofore
shared in the feverish upbidding of
certain of the low priced shares based
uoon the possible development of oil
production on their properties. Trad
inc in this department is characteriz-
ed by healthier and more substantial
tome than has been evident since the
turn of the year. Some of the more
important y inactive railroad stocki
which have not been traded in ex.
tensiyely. have come to. the front, and
there is evidence that many of these
issues are sensitive to the new buying
demand. The general advance by
these shares is attributed to reports
OF an earlier session of Congress than
has heretofore been expected.
Some of our economic experts are
now predicting downward trend in
commodity prices and coincidentally
like trend in the prices of industrial
stocks. Due to Sterilization" OF
prices during the war it was not pos
sible in many commodities for the law
of supply and demand to function
properly, and for many lines of bust
ness the policies put into practice by
the government completely upset all
calculations. Soon after the signing
of the armistice there was tendency
to decline in commodity prices, and
while there still exists some hest
fancy in buying, there has been an ad.
vance in some lines over the highest
price during the war. The official in
dex shows that the prices of food rose
2 per cent in March and are now Il
points above last year on an average
Of u articles.
Sooner or later the world, including
the United States, will have to pay FOL
the destruction of wealth and re
sources and such payment will entail
a period of liquidation and depression
But such period of liquidation
which will include labor, is far off. A
present there is an increasing foreign
ports are exceedingly in value ever
lHc nlBn fcVct OF thc wal uCHdHu
With the existence of this demand
and with no prospect for a decreas'
in the price of labor, it is hardly pos
sible to expect downward trend il
commodity prices.
Financial Features
Evidences have multiplied durin,
the progress of the Victory Loan cam
paigu that american money is in lib
eral supply forshigh grade.investment
and theltotal of subscriptions to tn
Victory notes during the first 18 day
Of the campaign has not Representa-
the country's ability to absorb tn
four and a half billion dollar issu.
Secretary Glass telegram to the news
papers expressing apprehension cor
corning the Victory Loan must there
fore be interpreted in terms of tn
fear of anafhx On the mart Of th