The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-04-04

vork March 2o.-The past
new been for the most part
Iwe,;dav week on the stock exchanges,
i iinodnced in the first part by tne Guy ;
ih naI welcome and tribute 10 the gai-
io roy Twenty-seventh DIVISION. ana IN
ian latter part by the growing cloaas
lie uncertainty and distress over OH
o. put sections of continental Europe.
l Ta cav that great DISAPPOINTMENT
10 s n America and elsewhere over
exl''I lack of progress at the peace
the sa iasn is putting the matter
corr .her mildly, and the reactionafy
I Isand Of many securities may be d.
Ie ..,u traced to this cause. The ten
rec. .y has been toward lower prices,
deh es;.llw in steel, petroleum and
automobile stocks. -,
The recent announcement OF the de-
.ss il the price of steel would be
elea comforting to many lines OF
nv: were it not considered in the
,I. of numerous advances OF the
hsnt; period, and the looping OFT
ws * To 81 per ton in steel prices is
OF ~ large when taken in considera-
ttion of percentages. In the case OF
steel bars, shapes, plates and lew
other basic products, the minimum
mutations established last week are
ahout 18 per cent lower than the
ar;ces in application when the arms
ice was signed. Rails at W per ton
of standard section stand 10 per cent
below their maximum war period
quotation, and it is in the rail market
w. future buying by the carriers is
.~nected to make its initial appear
emre under the new price schedule.
Z. l. estimated in steel trade that at
is,st 100000 tons of rails are needed
co. replacement demands and such ex-
.srs;ons as the railroad administra-
t;on had in mind before congress ad-
The significant part of the new ar
r,noement is that a friendly con-
sn;racv" of big and little manufac-
tprers with the consent OF govern
ment officials, could meet at Wash
;noton and establish minimum prices
fo1 the peace-time period. Thus anti
trust legislation, and the direful pen
allies attached thereto, are being
ignored for the time being. in con-
trast with popular opinion, when it
was popular to SOAK the trusts" and
the harder the better Much of the
immediate history of the steel mar
ket will depend upon the railroads,
which are the largest users OF steel
products. and which now, in their
financial embarrassment, are in great
need Of steel equipment.
Foreign Exchange Situation.
The effect of the casting adrift Of
the foreign exchange markets from
the official and benevolent support Of
government buying has been more
than a temporary furry in exchange
rates and the action of the French
British and Italian governments If
"unpegging" foreign exchange bids
fair to be the most important event
thus far in the progress toward read
justment in finance and business.
As an accompaniment to the violen
eruption of the worlds financial me
chansm at the outbreak of the war
exchange of London and Paris fluct
uated wildly and for considerable
period is was not possible to secure
exchange on the principal countrie
of Europe at any price. Even afte
the first shock of the conflict hat
pdooCu, dIu OiiINidl PiINolN Jus
ness relationships resumed with Eng
land and France, it was with TIL
greatest difficulty. and at extremel,
unstable rates that exchange could b
secured in this country; in othe
words. that an instrument for settling
business transactions could be found
In this contingency the French an
British governments "pegged" TIL
market by appointing official agent
in this country to purchase all the ex
change offered and to agree to SCI
all the exchange required, at mini
mum rate and for three years thi
government support of the market ha
prevented loss and confusion to bus
ness men on both sides of the ocear
But while the market in sterlinl
francs and lire has been on an artif
cial basis, the methods of the Frenc