Daily capital journal. (Salem, Oregon) 1903-1919, 1914-02-19
Otherwise Situation Was Satisfactory
and Values Were Uusually
Affected Favorably.
ExTREME EASE IN MONEY
REACHES ITS ELIMINATION
Firmer Tendency in West Although no
Return to Higher Rates Is Antici-
pated by Financier.
BY HENRY CLEws.
UNITED PRESS LEASED WIRE. i

New York, Feb. 19.--Liquidation was
again feature during the first halt
Of the week. A great deal Of this was
late profit-taking by over-confident
bulls whose courage failed when they
found that the January rise had cul-
minated. February is frequently a re.
dictionary period, and in this instance
the decilen was accelerated by distrust
Of the Mexican situation by foreign
selling by weakness in New York Cen
trail, by break in the oil stocks, by
unpleasant after-effects of the Rock
Island episode, by vote in the senate
for another New Haven investigation
and by prospect of suit between the
government and Southern Pacific over
the separation from Central Pacific.
The weeks business was also inter
rupted by the celebration Of Lincoln S
birthday, and this served to further
restrict business and restrain bullish
operations.
Some disappointment.
Apart from these tendencies the sit
uation was satisfactory, and influences
affecting values were generally of
favorable character There has been
some disappointment among those very
ntimistically inclined at the slowness
Of business recovery, but 1t is recog.
nized that considerable lost ground has
been recovered, that economic condi.
tions are generally sound and promis-
ing, and that should we be blessed
with another good harvest, the pros
poets are that the latter half Of 1914
will witness much wider activity than
tho first half. There is considerable
talk at present about the large number
Of unemployed in this city, Unfortu-
nately the number is greater than usu-
al. Yet it is proper to remember that
at this season the unemployed from
various parts of the country drift to
New York because they stand better
chance here than elsewhere Of receiv-
ing food and shelter from the numer.
Gus charitable organizations in this
city, II is also to be remembered that
the number Of unemployed at this sea-
son is always larger than at any other
period, because out.of.door work is
largely suspended, This year the pro
portion Of unemployed from this cause
is exceptionally heavy owing to slack
ness in the building trades; but in the
winter months work is always less
plentiful and the class Of labor most
affected usually receives higher wages
and thus has opportunity for preparing
for the time Of unemployment,
Trade Is Increasing,
Gradually but slowly trade is in
Creasing in volume. This is quite true
in tho steel trade in which the untitled
orders in January increased 33l 900
tons. The steel trade is as yet by no
means in an entirely satisfactory con
dition, the volume of business being
still much below normal and prices
low. Nevertheless, the tendency is dis
tinctly towards further Improvement
Another indication Of betterment was
a reduction Of 100000 pounds in the
domestic stocks of copper during Jan
uary. The monthly idle.car statement
also showed decrease Of 5000 cars
in January Railroad purchases have
been curtailed for months past, and II
is probable that their orders during the
last year or two Of rolling stock and
rails have fallen below the actual loss
through ordinary wear and tear Sheer
necessity will soon compel larger pur