The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-07-18

unwise to attempt to lessen conf
dence.
There has been during the war De-
rloo gradual return to this country
OF American securities held by for
elgn investors, and the prominent in
dustrial concerns which keep close
tabs o ntheir stockholders find an
ever-lncreasing percentage of their
shares being held at home. The Uni
ted States Steel Corporation, which
was popular European investment.
has now only 100000 shares, or less
tnan IL per cent, among foreign in
vestors. The most pronounced decline
IN foreign holdings has been in Hol-
land, where there are less than half
as many as in 1914. Holland, how
ever lis the largest foreign holder of
steel common.
Foreign Government Financing.
Arrangements have been completed
by our bankers for loans to two of
the foreign governments, and fur
Their activity along this line will be
dependent somewhat upon the re-
Spouse to the offering of the new
bonds on the part of the investing
public.
The Canadian government, which
has an issue of $l0O, 1000 600 notes COM
ing due on August l, has received a
new loan of %5,000,o0O of 5K per
cent bonds in two year and ten year
notes, all of which will be used for
refunding purposes. 1t is presumed
that the Canadians will be able to take
care of the remaining $z5,ooo,ooo. The
bonds are offered on a specially at
trar a1S
cent to the investor.
Negotiations have also been con-
cluded for the extension of $lO,-
UOO,OOO banking credit to the Czecho-
Slovakian government, the rate paid
being reported at between 7 and 8
per cent. Pending the evolution of
broad national program for financ-
inf Europe there are a number of
other countries likely to receive credit,
the next in order. Judging by the
status of negotiations, being Den
mark. Finland and Poland are also
in the market, while several French
industrial credits, designed to tide
that country over the period before
the larger program is approved, are
stated to be under discussion. Bank
ers estimate that negotiations cover
ing credits aggregating $lOO,OOO,OOO
are under way here, with prospect of
maturing within the near future. The
banks would prefer to defer action
until national scheme is devised, but
as that seems likely to be long de-
layed, it is recognized that some cred
it's will probably have to be granted.
Bund experts have expressed the view
that the investment market for any
considerable volume of new financing
is temporarily flat, and the bonds
which offer the best inducements will
be most likely of absorption.
Stimulus to New Business.
During the month of June over 700
charters were filed under the laws of
the principal states for corporations
with an authorized capital of 100000
and over. Involving total of over
billion and a quarter dollars, this
breaks all previous records in the his
tory of the country for over two de-
cades, and accentuates the striking
recovery in business and industry and
the optimistic sentiment in respect to
the future"
The tremendous increase in bust
ness corporations as represented by
this output of new charters furnishes
convincing proof of the wonderful
strides that have been made in bust
ness revival since the signing of the
armistice. 1t represents, also, increas-
ing business prospects for the banding
institutions for the enormous volume
of manufacturing and exporting which
will be the direct outcome of these
new corpodations, will require the
services of the bankers on a greater
scale than at any time in our history.
But in this respect we are well pre-
pared, as evidenced by an official
statement sent out from the comp
troller's office last week He &C
counts only for the national banks,
which during the war period have
made the largest increase of bank
ing resources in their history, but
state banks evidently have the same
record to disclose. The records show
that increase in the national bank re-
sources since the call of August g
1918, six years ago, has been nearly
ten billion dollars, and are now in
excess of twenty-one billion dollars
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