The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1923-06-12

"A continuance of the present Low
prices to the producer of beef can onl,
result in growers abandoning the in
dustry. throwing on the market larg,
numbers OF breeding stock with tn,
inevitable consequence of a shortag,
in supply for years TO come and great
ly increased costs TO the consumer"
The Money Market.
The money market is about as il
was a month ago. with So to s5s pei
cent the range for time loans. The
commercial paper offerings are light
indicating that Notwithstanding the ac-
tivity in production and trade. now
sustained for a good many months
there is no pressure for credit. Prob
ably never before was so large a vol
ume of business handled with so small
a percentage OF borrowed capital The
banks are still carrying heavy holdings
of bonds TO keep their funds employed,
and the strength in the bond market of
late is a sign that they are not unload
ing.
There has been but little change in
the condition of either member banks
or reserve banks in the last two or
three months. and with the check that
has been given to the upward price
movement il appears that little change
is to be anticipated before fall The
trend of money was away from New
York in May.
Our Vanishing Export Balance
Throughout last year our balance of
exports over imports was a diminish
ing factor. and this tendency has con-
tinued until in the last two months for
which figures are available. March and
April. imports have exceeded exports
The excess in March was about 81 mil
lion dollars. in April about Sal .000.-
900. and for the first four months OF
1923 there was a net balance of I'M
ports over exports was about 80 mil
lion dollars.
Probably the most important influ-
ence in the reversal of the trade bal
ance has been the revival OF our do
mestic business. which naturally has
an increased demand for for
eign as we'll as domestic commodities
The increased activity in our indus
tries has caused larger importations
Of raw materials of foreign origin. and
importations of all classes has increas-
ed. On the other hand, there has not
been corresponding revival abroad
10 increase the demand for our pro-
ducts.
Our exports and imports in March |
N three years have been as follows:
lin millions of dollars)
1928 1922 1921
Exports ...--..-.....-341 $50 $50
Imports ....--.---398 $50 257l
The price level is higher in 1923. |
which would be one factor in the
showing, and the rising price level in
the United States no doubt has been
4 factor in changing the situation. In
the last six months, however, gold
prices have been rising abroad, and in
England now are rather higher than in
his country. in relation to the pre-
var level
European exchange rates have
hown no important changes of late.
sterling is higher than year ago. but
t about $4.62H is below quotations
cached last fall. when it passed $40.
Purchases of dollar exchange by the
British government for its payments
t Washington are a probable factor.
These purchases will run above lol
million dollars per year on the main
iebt. besides which is making pay
nents for silver bought under the
'ittman act. Exchange rates do not
Indicate that gold exports are immin-
mt. but the present trend of trade II
will cause them eventually.
Is has been often pointed out, an
Diverse trade balance is helpful in col
Getting our foreign claims; in fact, es-
entail thereto.
The similarity of business conditions
yer the world is illustrated by the
GLOWING extract taken from letter
rom Denmark written by the agricul-
ural correspondent of the London
lines. 1t reads almost as though it
night have been written from the :
United States.
Denmark has suffered with other
ountries in the financial stress of the