The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-04-18

New York, April II. l9l9.-The for
ward movement of industrial stocks in
the principal trading centers OF the
country has been gaining Roadway
since the fact has been definitely es-
tablished that actual peace will usher
in a period of the greatest prosperity
that the giant corporations OF TINS
country have ever known, Despite
surface disturbances, men OF large al
fairs and surprising vision are IN com
plete accord as to the wonderful IN.
dustrial prospects OF the United
States, and the realization OF these
prospects will be reflected in a better
scale of wages for American work
men. and, from the standpoint of in.
vestment, a higher market valuation OF
the securities which represent the
fractional ownership of American cor
porations and industrial organiza-
tons.
Thousands of investors in every
part of the country have been waiting
for the opportunities which are, ap-
parently, about to be presented to
them at this time, and the general in
terest in high class investments is
perceptibly on the increase.
Stock exchange leaders are OF the
opinion, however, that public inter
est in high grade industrial stocks
would be still greater were it possible
to stabilize the rate of the dividend
paid by some of the leaders in this
class. so that investors could count
with some degree of certainty upon
their expected income from this
source. In the case Of United States
Steel common, for example, it is
pointed out that the dividend has been
allowed to swing from high of IL
Der cent to as low as zero. Follow
ing is the dividend record Of what
should be considered the leading in
dustrial investment security of the
country: In 1901. 81 per cent was
paid; in 1902. 4 per cent; 1908. 3H pei
cent; in 1904 and 1905 the dividend
was passed; in 1906, ~ per cent wa:
paid; in 1907 and 1908, 2 per cent; If
1909, 2M per cent; in 1910, 5H pei
cent; in 1911, 1912 and 1918, S pei
cent; in 1914, AZ per cent; in 1915 thu
dividend was passed and nothing pait
until March, 1916, when a 7 per cen
rate was inaugurated In 1917 anc
most of 1918 the dividend with extra
amounted to II per cent rate. Ther
in December, 1918, the rate was drop
ped to the equivalent of IS per cent
and in March, 1919, to that of 9 pc
cent per annum. The rate of the mex
quarterly dividend is now matte
of active speculation.
In the period under review, TIL,
market price of Steel common ha
fluctuated from a low of 8w in 100.
to high of 1865 in 1917, and thu
established its record of being, insteac
of a sound and conservative invest
ment stock, highly speculative issue
unsafe for the average investor. 0
course, values determine prices, Blu
the maintenance of stabilized divi
dend would help materially in takin!
the country's premier industrial Sc
curitv from the ranks of the mos
highly speculative shares and increas
its general popularity.
Fifth Victory Loan
While awaiting final details con
corning the fifth war loan, it nigh
not be out of place to consider vari
Gus phases of the loan which are no
commonly known to the people ii
general, or if known, are not takel
into consideration in their conception
of what was understood to be the las
phase of war financing.
1t should first be considered tina
the fifth loan must be for a sum great
ly in excess of five billion dollars, o
it cannot possibly be the last of tn
series of popular war issues. AS in al
preceding periods, while awaiting in
come from the war loans, the govern
ment has issued its treasury certifi
Gates in anticipation, and these Ger
tificates have been purchasd by tn
banking institutions at slightly highe
than the war loan rates. The last is
sue of these certificates, in the sum c
$sO0,000000. makes the total amour
now outstanding $500 OOOO Cor