The Caldwell tribune. [volume], October 08, 1915, Image 2

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

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business and Finance
Bv W. S. Cou «in». Editor The Amrrican Banker
New York City, Oct. 2, 1915. .
The successful flotation of the
Allies' loan and the aggressive cam
paign of the French and British arm
ies in the western theatre of war have
been held responsible for a tremend
ous demand for securities on the New
York Stock Exchange. Trading on
the opening days of the week reached
record proportions, for the equivalent
of which it is necessary to look back
four years. Not since September of
1911 have we any record of market
conditions such as prevailed on Tues
day of this week, when the stock tran
actions reached the enormous total of
1,800,000 shares, in addition to bond
sales of more than $6,000,000. The
market haS been particularly partial to
the "war stocks," and it has not been
unusual for some of the favored issues
to rise from 6 to 25 points in a single
session. The financial district is filled
with rumors of projected or expected
organizations, reorganizations and
consolidations, giving a fantastic valu
ation to sccuritics that have hither-to
been of little or no significance, and
stimulating speculation to an unwar
ranted degree. In many instances
these stocks have made good the pre
dictions of their admirers, and have
delivered a substantial reward to
those who have been wise enough—
or lucky enough—to manipulate them
properly. Spectacular jumps in the
leading war stocks have this week at
tracted attention from the standard in
dustrial and railroad issues, while
heavy profit-taking has contributed
largely to the factors that would force
the market to lower levels.
There was no abatement of the en
thusiasm of the bulls on Wednesday
and Thursday, and the official tabula
tion makes the aggregate of stock
transactions, in the first four days of
the week, over six million shares. Wall
Street's vision refuses to see anything
on the commercial horizon but that
which is to substantially add to the in
ternational prestige of the United
States, and therefore feels justified in
raising the valuation of the securities
which in reality are the evidence of
her industrial activity. Not all whp
seek the financial markets do so for
momentary speculation, for a vast
number, doubtless a majority, are
satisfied to place their surplus in legi
timate enterprises which offer a rea
sonable dividend.
It is not to be inferred, moreover,
that the attention of investors is en
tirely absorbed in the stock market.
Investment bankers report an increas
ing demand for high grade bonfV>.
Two evidences of the great ability of
the American investor to absorb these
investment offerings is to be found
in the announcement of the syndicate
through which the latest issue of $43,
000,000 New York City bonds were
marketed to the effect that the bonds
had been taken; and in the rapid ab
sorption of all the American securities
that have been released from Europ
ean ownership. America, in fact, has
convinced the world that she has
reached her financial majority, and
that in future she will be much less
dependent upon the financial re
sources of foreign investors.
Investment bankers also report that
the market for outstanding United
States Government issues in no way
reflects, as yet, any influence due to
the probable issuance of new U. S.
bonds. It is the merest speculation as
to the actual time when the Adminis
(tHE HATTER TILL» THI QOOP out MfclOH WW n » «TT«*')
f we FOR A LID (r *ETT>BUSV 1HIÏ
(J UST UKg THE OUIXjESM J
VfRY BUT I CAN EHJOy A LfTYLK
OF THE REAL TOBACCO CHEW
WHILE WORKING— AHO NO ONI
NJV
n
"VX/'HEN a fellow wants to
* * bacco satisfaction and finds
how he can get it, it's natural
for him to put the other fellows
next to the Real Tobacco Chew,
because a little chew satisfies.
Tobacco satisfaction is what he is
looking for—the smaller the chew it
takes, the better it suits him.
A little chew of pure, rich, mellow tobacco—seasoned
and sweetened just enough—cuts out so much of the
grinding and spitting.
j O
€
ASK YOUR OEALEP FOP W'B CUT
CHEWING TOBACCO.IT IS THE NEW
REAL TOBACCO CHEW-CUT LONG SHRED.
Take less than one-quarter the old size chew. It
will be more satisfying than a mouthful of ordinary
tobacco. Just take a nibble of it until you find the
strength chew that suits you, then see bow easily and
evenly the real tobacco taste comes, how it satisfies,
bow much less you have to spit, how few chews you take to be tobaooo
satisfied. That's why it is Tit Real Tobacco Chew. That's why it oosts
less in the end.
The taste of pure, rich tobacco docs not need tobe covered up. An
exocss of licorice and sweetening makes you spit too much.
One small chew takes the place of two big
chews of the old kind.
((Notice bow Ute salt brings
oat the rieb tobacco taste.»
WETMAN-BRUT0N COMPANY, 50 Union Square, New York Ctj
tration may take action in this matter.
Not until next year is there any
threatening prospect of a new issue
appearing which Congress would have
to define and authorize. In the mean
time, the Secretary of the Treasury is
only confronted with the nece&sity of
providing for the regular expenditures
in the face of the constant deficit. The
natural means of replenishing the
working balance would be to sell any
part of the already authorized and un
sold balance of $240,000,000 U. S.
Panama 3s, or $200,000,000 one-year 3
per cent Certificates of Indebtedness.
Daily developments will determine the
Secretary on this point, based upon
the amount of receipts needed to meet
disbursements. There is no indica
tion, however, that a sale of Certi
ficates or Panamä 3s is contemplated.
The entire problem will undoubtedly
be submitted to Congress next De
cember, at which time it may be con
sidered politically expedient and pre
ferable to levy some additional or new
form of taxes, or revise the tariff, in
stead of increasing the National debt
for the sole purpose of replenishing
the Treasury for expenditures already
incurred.
Anglo-French Loan.
The official statements issued on
Tuesday by members of the Anglo
French Financial Commission indicate
that a complete agreement has been
arrived at with regard to the credit
loan to be arranged for the English
and French governments. According
to Baron Reading, the discussion be
tween the Anglo-French financial mis
sion and the American bankers have
resulted in the formation of a definite
plan for a loan to the British and
French governments to be issued in
this country on a broad and popular
basis. The proceeds of the loan will
be employed exclusively in America
for the purpose of making the rate of
exchange more stable, thereby help
ing to maintain the volume of Ameri
can exports. The plan contemplates
the issue of $500,000,000 five-year 5 per
cent bonds, constituting a direct joint
and several obligation of the British
and French governments, as regards
both capital and interest. No other
external loan has been issued by either
of these governments apart from
notes of the French treasury to
limited amount, maturing in the next
six months. The bonds will be re
payable at the end of five years vor
convertable, at the option of the hold
er, into 4 x /i per cent bonds of the two
governments, repayable not earlier
than fifteen years and not later than
twenty-five years from the present
time by the two governments jointly
and severally. The bonds will be is
sued to the public at 98, yielding ap
proximately per cent to the inves
tor. The work of offering this loan
will be carried out by a syndicate
which Messrs. J. P. Morgan & Co.,
and a large group of American bank
ers and financial houses will at once
set about to form. Such group will
include representatives throughout the
country and all members of the syndi
cate will be on precisely the same
footing. This syndicate, whose busi
ness it will be to arrange that every
ïnvestor shall have opportunity to
subscribe to the issue, will contract
to purchase the loan from the two
governments at 96. This means that
the British government must pay at
least six per cent for the American
loan, taking into consideration the
A WORD FOR MOTHERS
It is a grave mistake for mothers to neg
lect their aches and pains and suffer w
silence—this only leads to chronic sick
ness and often shortens life.
If your work is tiring; if your nerves «re
excitable; if you feel languid, weary or
depressed, you should know that Scott's
Emulsion overcomes just such conditions.
It possesses in concentrated form the
very elements to invigorate the blood,
strengthen the tissues, nourish the nerves
and build strength.
Scott 's is strengthening thousands of
mothers— and will help you. No alcohol.
Scott & Bowne. Bloom field. N. I.
total expense involved in the trinsac
tion and the fact that they will re
ceive four points below par net for
the issue. The Commissioners have
gone to Chicago for the week, though
it is understood in an informal, and
not in an official capacity.
It is freely asserted by men of fin
ancial responsibility and authority
that at le»«t 60 per cent of the loan,
or $300,000,000, will be absorbed by
New York City banks and individuals.
More than one-third of this amount
has already been definitely pledged by
individual investors of great wealth.
Fifty banks, National, State, and trust
companies, have already joined the
banking group, and the list is not vet
complete, inasmuch as every institu
tion able to meet the requirements is
asked to participate. No minimum of
subscription has been placed upon the
syndicate membership, for the reason
that such liberality has been shown in
the subscription to the loan that no
minimum will be deemed necessary.
The governing committee of the Stock
Exchange has decided that in the
event the Anglo-French bonds are
listed on the Stock Exchange, the rate
of commissions shall be a matter of
private contract between broker and
client This places the bonds in the
same category as United States gov
ernment and municipal bonds which
are not covered by the commissions
rule of one-eighth of one per cent
each way. Judging from the senti
ment of the country which poured in
to the financial district this week, it
is thought that it will not take more
than a week to organize the syndicate
and make ready for the formal agree
ment which is to bind France and
England and the financiers of the
United States. The enabling Acts to
be passed by Parliament and the
French Chamber of Deputies will go
through, it is expected, within two
days after a suspension of the rules
as to readings.
Business and Industry.
Figures made public by the Bureau
of Foreign and Domestic Commerce,
Department of Commerce, show that
for the first time in the nation's his
tory exports exceeded $3,000,000,000
in value for a twelve-month period.
For the twelve months ending with
August 31, 1915, exports from the
United States aggregated $3,035,033,
280, against $2,280,185,791 in a like
period one year ago Twelve months'
imports of merchandise totaled $1,
669,698,934, compared with $1,906,651,
515 last year. The month of August
showed exports valued at $261,975,711
against $110,367,494 in August, 1914,
an increase of $151,608,277 or 137 per
cent. August imports totaled $141,
729,638, against $129,767,890 in Aug
ust, 1914, a gain of $11,961,748, or 9
per cent. Thus, August trade this
year shows an export balance of $120,
246,133, as compared with an import
balance in August, 1914, or $19,400,
396, a favorable change of $139,646,
529.
The aggregate foreign commerce of
the United States in the year ending
with August, 1915, the first year of
the European war, was, including mer
chandise, gold and silver, $5,129,715,
002, against $4,480,304.760 in the vear
immediately preceding the war. The
net increase of $649,410.242 for the
year included a gain of $754,847,489 in
exports of merchandise and of $189,
749,922 in imports of gold and silver
and a decrease of $236,958,581 in im
ports of merchandise and of $58,223,
588 in exports of gold and silver.—W,
S. Cousins, Editor, The American
Banker, N. Y.
CEREAL EXPORTS WOULD
DECREASE BUT FOR WAR
Had our exportations of corn, wheat
and flour to the belligerent nations of
Europe, and to those European coun
tries which depend on other sources
for those products in normal times
remained at the mark set in 1913, un
der Republican law, the total ex
ports of this country for the fiscal
year 1915 would have fallen short of
the record set in 1913 by about $9,000,
000, notwithstanding the tremendous
demand of the Allied Powers for all
other munitions of war from the U. S.
Without the gain made in exportation
of breadstuffs, alone, for the nine
months, September, 1914, to June
1915. the "war order" months, over a
similar period. September, 1912, to
June, 1913, under Republican law. the
total exports for the whole year 1915
would have fallen short of the 1913
record by $13,000,000.
Taking the second statement first
Our exports of breadstuffs for the 10
months period September. 1912 to
June, 1913 amounted to $196,000,000 in
round nnmhers. For the same period
1913-1914, nine months under Demo
cratic law. they amounted to $120,
000,000, a falling aff of nearly 40 per
cent^for the periods named. For a
like period, 1914-1915, when we were
supplying food to the countries at
war, they jumped to $512,700,000. Our
total exportations for the fiscal year
1915. exceeded those of 1913 bv $303.
000,000. The gain in breadstuffs, 1915
over 1913, was $316,000,000, but we
lost on other exports.
The total value of our corn, wheat
and flour exported in 1913 was about
$171.000,000. In 1914. under Demo
cratic law, it fell to $149 000,000 and
in 1915 it rose to $467,600,000. Con
sidering those countries which drew
most heavily on the United States for
these three foodstuffs during the war
period of 1915. We exported to Bel
gium, France, Italy, the Netherlands.
Great Britain, other European coun
tries, and Canada, wheat to the value
of $321,000.000. To these same coun
tries in 1913 our wheat exports
amounted to $70,000,000. To the
Netherlands, Great Britain and other
European countries in 1915 we export
ed flour to the value of $66,000,000.
To these same countries in 1913 our
flour exports amounted to about $20,
000,000. To Denmark and the Neth
erlands in 1915 we exported corn to
the value of $22,000,000. In 1913 our
corn exports to these two countries
were valued at $7,000,000. So that of
these three products, to the countries
named, we exported in 1915 to the
value of $409,000,000 compared with
$97,000,000 in' 1913, a difference of
$312,000,000 due to the war.
The total value of all exports for the
fiscal year 1915 was $2,768,000,000. For
1913 it was $2,465,000,000, which was
something over $101,000,000 more than
we exported in 1914 under the first
year of the Democratic tariff law, and
$303,000,000 less than the 1915 period.
So it will be seen that corn, wheat and
flour alone more than accounted for
this increase. It is a pretty good
showing for the American farmer,
but Mr. Redfield has no reason to pat
himself on the back unless he started'
the war.
Again, there are many other items
to be considered in accounting for
this huge export trade. The figures
of the Department of Commerce very
plainly show that on all exports which
would properly come under the cate
gory of munitions of war, we gained
between $800,000,000 and $1,000,000,
000 for the ten months period Sept.
1914 to June 1915, over the similar
period 1913-1914.
The administration has press-agent
ed that phrase "a billion dollar trade
balance" all over the country, but if
people will stop to consider that our
exports for 1915 with all the great
manufacturing nations at war exceed
ed those for 1913 by only $303,000,000
—more than the entire amount of
which sum came from the soil, it may
pave the way for a little serious
thought ctn what is going to happen
when the war is over and we face a
desperate competition with Europe,
we being armed with nothing but the
Underwood tariff law.
LYCEUM ATTRACTIONS
For the Season of 191!f-16
Are Announced.
MUSIC AN] LECTURES
Array of Talent Which Is Scheduled to
Appear Here at Intervals Through
out the Winter.
An annual Lyceum entertainment
course Is now regarded as practically
indispensable in nearly 15,000 Ameri
can communities, and the number is
increasing with each year.
Some one has truly said that a Ly
ceum attraction, even though it failed
to raise a higher standard In the com
munity, at least never lowered an ex
isting standard or in any way left
a deleterious effect. This cannot be
said ot. many other kinds of amuse
ment and entertainment.
What the winter's entertainments
and lectures are t (A be in each com
munty Is usually looked for at this
time of the year. The course here this
year will be made up of the following
attractions:
For the first number this year, we
are so fortunate as to have the Or
phean Musical Club. Mr. Williams is
first tenor, and saxaphone; Mr. Den
nis, second tenor and mellophone; Mr.
Crumbacker, baritone, cornet, and also
does comic and dramatic impersonat
ing;- Mr. Henry is basso and trombone
and in addition will entertain the au
dience with some rapid-fire cartoon
work. The entire company are artists
in their different lines. We can be
speak for them a splendid entertain
ment. Remember at the Huree, Fri
day evening, 8:15.
WHAT KANSAS WOMEN CAN DO
Kansas is the Women's Free State.
When women find their status in the
other states confining their inalienable
rights, let them try the Sunflower
state. Here are some of the things
woman can do legally in Kansas:
Can take back her maiden name
after her husband dies, without legal
process or legislative act.
Can keep her own name when she
is married.
Can persuade her husband to take
her name and give up] his family name,
if she does not like it.
Can keep her maiden name, and her
husband can keep his name.
Can retain her maiden name for
business transactions and use her hus
band's name for social affairs.
If wife does not like cither name,
she can take a name that suits her
better.
A woman can wear men's clothing
without restriction, except that she
must not pose as a man.
She can vote at every election.
She can hold any office in the state
and run for Congress.
In other words, a woman in Kansas
can do anything, almost, a man can
do, and somethings he can't.
It is not surprising that young men
go in for football. A man may
achieve prominence in football with
out having it said of him that his
wife "made" him.
The extenuating circumstances is
that the husband who is "henpecked"
never knows it.
CASTOR IA
For Infant« and Children.
The Kind You Hue Always Bought
Bears the
Signature
Q
A Message
for you—
From Headquarters!
New
Post Toasties
for Breakfast.
A delicious food—different from or
dinary "corn flakes.'' Each flake has a
body and firmness—does't mush down,
but keeps crisp when cream is added.
New Post Toasties are the tender
meats of white Indian Corn, skillfully
cooked, daintily seasoned, and toasted to
an appetziing golden-brown. They come
to you oven-fresh, in tight-sealed, wax
wrapped packages—ready to eat with
cream, milk or fruit.
New Post Toasties
■the Superior Corn Flakes
Your grocer has them now.
o°
Iff
Mill
U-S-Treasuiy at Washington IX/
C.No greater element of safety sur
rounds the vast sums contained in
the vaults of this beautiful building
than surrounds the money deposited
with us by our small army of de
positors.
CL Your money placed in our bands is
not only in safe Keeping, but tt is in
creasing in volume without effort on «
your part. It is providing the compe
tence that will be needed for old age
or the "rainy day" that should be
anticipated.
C.The saving habit is a producer of
self-reliance, of business indepen
dence, of freedom from anxiety.
C. We offer the people of this community
every inducement to save that is
consistent with safe banhing.
* C. Start a banh. account with us today.
First National Bank
CALDWELL, IDAHO
Imogene Wattleigh wears so much
scenery when she comes down town
that strangers often mistake her for
a musical comedy.
rhe strawberry appears to excel
the blackberry in this respect: it does
not kfow on a cob.
I lie longest Y »nr» .forui appendix
in the world was yielded by an actor
In what particular line do you excel.
When a man is caught with st'>1f'j
fruit the other men stand around an
criticise its quality.
Lake Erio produces more fi*h
the »quarr mle than any other body
of water in the world.