The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-09-19

ON a reduced scale this week, &C
counted for to some extent by the
festive spirit introduced by the return
Of General Pershing, and the closing
Of the stock exchange on Wednesday.
Wall street has always displayed much
enthusiasm over anything connected
with the war, and the return to Ameri-
can shores OF the great hero and lead
er of the American doughboys was too
important an event to miss participa-
tion in the holiday schedule for which
Wall street has become justly famous.
But further than this, the speculative
community has not been disposed tc
enter into new commitments on either
side of the market, SO long as such
grave uncertainties prevail in the gem
eral labor and business situation
Not withstanding that several divis-
ions of organized labor have promised
support to the presidents program OF
bringing all parties together in con-
ference, there is evident dissatisfaction
and unrest in labor ranks generally,
and the attitude of the managers OF
the steel corporation in refusing to
recognize or to negotiate with union
labor has contributed great deal to
this spirit of unrest.
Industrial Stocks Active.
Industrial stocks were actively bid
up this week as the outcome OF NUM-
her of particularly favorable economic
developments. Technical market.con-
ditions, including the heavy short in
terests that has been Grated in the in
dustrials. also figured prominently in
the advance. The fact that the pur--
chasing movement was accelerated
after reports of the labor conference
at Washington had been spread and
dipested. shows that the labor situa-
ton is a continuing factor OF much
influence upon the market.
The condition of the United States
Steel order books, which presumably
reflects to the position of other conf
panies, shows that the workmen are in
the midst Of period of active en-
ployment, which lays greater stress
than at any other time since thhe arm
istice was signed on the probability
of a serious shortage of hands to meet
the business offered. The corporation
reported this week that bookings in
creased $4,000 tons during August.
A total of 100000 tons of orders on
August 81 was 100000 tons more
than on May 81, when they were at
their lowest point of the period OF de-
cline. Within the last week, It is un-
derstood. the railroad administration
began to allocate among producers
contracts for 100000 tons of rails, and
the feeling prevails in steel manutac-
turing circles that substantial ton
mage of railroad material will be
coming along shortly. Steel finishing
mills are increasing their operations
foreign buying of equipment and semi
finished products is being extended In
way which is encouraging to pro-
ducers, although it is felt that the ad-
verse exchange rates are initiating
against receipts of many large orders
Belgian Credit.
Belgium will probably be the frs
of the European countries to obtain al
important credit in this country since
the seasonal dizziness, accentuated D,
the disturbing influence of the Plumt
plan, labor unrest and cost-of-livinf
agitation, settled upon the investment
market. The amount of the credi
now under negotiation and expected
to take the form of bond issue OF
fered to American investors is $50,
100000, the proceeds of the loan 70 b.
used for purchasing materials her
which Belgium requires for the re
Mobilization of her industries and TO
foodstuffs. Details as to the rate AM
maturity being considered could no
be ascertained yesterday, but tn
bonds will probably bear 6 per cen
coupon rate and be offered at dis
count. !.
Discussions leading up to this credi
have been under way between the Bel
gian government and the regular Bel
gian group of banking interests VIZ
tually since the expiration OF tn
Paine-W Weber option last July. In
understanding now prevailing is tina
the negotiations were progressing fav
orably and that results might b
looked for in the relatively near fu
ture.
Exchange and Foreign Trade.
The movements of the exchange
are decidedly against foreign countrie
and there is now little doubt that tn
English pound will decline to- fou
dollars, or possibly below that figur
This decline is beginning to have
noticeable effect upon our expos
trade; and will become more seriou
If the movement is not soon arrestet
No agreement seems possible as
the best method to pursue in order
solve the exchange problem, but it
of sufficient magnitude to admit OF IN
application of number of desirabl
remedies. While the sale of foreig
securities to American investors Is d.
sirable and necessary, many banker
are of the opinion that without govern
ment cooperation in the form OF dire'
loans to foreign customers, no sol,
tion of the problem can be found, TIL
president Of the American Bankers a!
sociation, in an address last weel
stated that in his opinion the goveri
ment should Immediately advance a
additional billion dollars to rejuvena'
foreign trade movements.
The governments trade bulleti
shows that during July England pu