Daily capital journal. (Salem, Oregon) 1903-1919, 1910-12-27

EXISTING
CONDITIONS
WALL STREET BANKERS ARE or
TIMIsTIC AND SEE BETTER
CONDITIONS IN STORE FOR THE
AMERICAN PEOPLE.


far away the bottom is. Wall street
always studies this problem, at such
times as this, acutely. To forecast
II means millions to the investor and
the semi-inyestor. Wall Street is
studying the problem now and care
fully recording all observations. To
begin at the beginning, II the high
cost of living is at the base OF the
trouble, there are encouraging lndi-
cations, in some lines, of falling
prices. Next, national economy has
set in to some extent, reflected per-
haps in the swing upward of export
figures and downward, of imports.
These figures, II favorable for a given
period, also indicate the effect Of
lowering prices, that is, If exports in
crease appreciably It means that in
the worlds markets we have been
able to bid low Observation-Disclosures
in competition with the worlds offer
ings.
This is happily indicated in the
November figures OF foreign trade.
Assuredly we make things enough
and raise things enough to always
command a large credit over the in
ternational counter, but II our honey
bees turn to eating up gluttonously
their own honey, IL American extra
vagance makes artificial American
prices so high that the feoign hives
furnish them cheaper to the world,
we are cut OFF In the delirium of
waste, and Europe and the Antipodes
will not buy. That is what has been
happening for perhaps year, and the
indications of our foreign trade show
happily that at least the tendency has
ceased. Our working bees have be-
come sober and there never was
great garden of flowers more glor-
iously stuffed with honey than Amer
lea with natural resources, II we only
will not waste them.
Foreign Trade Favorable.
Does any one, not directly inter-
ested, ever read the dry old figures
of the country's foreign trade volun-
tarily. And yet they sre the fash
light of the ocean steamer, revealing
far ahead the open course or the
breakers booming. against the rocks.
And for the month Of November
1910, just past. they show the mer-
chandlse exports to have been the |
highest ever recorded for November
in the history OF the country-the
highest for November months all the
way back since we began to be a
nation; and only $1,SOO,OOO smaller
than October OF this year. which was
the banner high month of any month
In Americas records.
Imports. too. have decreased from
the figures OF November year ago
about 10 millions, but are higher than
those Of any other November except
1909. Nevertheless, they are short of
the months exports by nearly &c.,
O00, 0,000-a satisfactory balance OF
trade in our favor TO that extent.
Ten years ago, in Novem-
ber, 1900, we imported. .$65, 200, 900
This November, just double 1S0, 1000. 900
In November. 1900, we ex-
ported. ...............1 .135, ,000, 900
This Nov, the figures are. 100000, 900
Ten years ago 76 million people ex-
ported In November twice as much as
they bought abroad-100 per cent ex-
cess This November 92 millions OF
people exported half more than
they bought. so per cent OF excess
but this result may represent more
things imported TO make larger assets
Tor the nation and not wholly, more
non-producing Injuries.
Al any rate. this foreign trade state
nent shows tremendous activity, with
he drift In the right direction. II we
only had sound currency and
business government located fifty
miles away from the political cob
webs of Washington, we might con-
idently expect uninterrupted and
gradually increasing prosperity, for
1ears ahead.
Outlook.
What are we to expect for the next
'earY
Every day OF slackening trade
means reduction OF current supplies
n factory and store throughout the
II individual and corporate
md railroad industries are not buy
ng, they are consuming and bringing
nearer the time when they must buy
n volume, And the, crop has fur
lished 5000 millions more OF wealth
o bay with.
SO that. underneath the important
problems which obstruct progress
md await settlement. We have this
'ast moving trade gradually righting
Is own conditions. with profits small
md economies pressing ON individ-
lals. making life less pleasant, breed
ngof course discomfort. but all
he time working out the cure. Poll
los furnish no help In these cifcam-