Daily capital journal. (Salem, Oregon) 1903-1919, 1914-03-18
Germany, Great Britain and Other
Countries Show Signs of Depres-
sion Along Commercial Lines.
WIDESPREAD UNCERTAINTY
CAUSES DELAY IN PRoGRAE
Railroad Situation Is Far From Salts
factory and Unfriendly Attitude of
Congress Is Resented.
BY HENRY CLEWS.
UNITED PRESS LEASED WIRE I

still the ruling spirit in business circles.
This is not only true of the United
States, but of all of the great CONNER.
cial nations. Germany continues in the
midst of reactionary period. Sect.
rites there are declining; railroad re.
ceipts are falling; imports are shrink.
ing, and industrial reaction is general.
In Great Britain there are also signs of
commercial recession; the volume Of
shipping is decreasing, and efforts are
being made to lay up large amount of
tonnage off vessels in order to check
the decline in freight rates. The more
important British and German steam.
ship lines are still paying good divi.
dends; but these represent past condi.
tions, and it is doubtful il the shipping
profits of either nation in 1914 win
equal those of 1913, because Of the tend.
ency toward contraction in their foreign
trade.
At home there are reactionary symp.
toms, though it is doubtful IL these have
been so severe as in Europe In Janu.
ary and February the total clearings in
the United States were estimated at
$29, ,116,O00, decrease of less than
per cent compared with the same
period last year The largest percentage
of decrease was in the New England
states, to per cent. In the other
geographical sections the falling off
was about the average named. In
New York City the shrinkage was only
per cent. In Philadelphia less than
2 per cent; in Pittsburg, 10 per cent;
in Boston, nearly 10 per cont; in Chi.
cago and st. Louis less than per
cent, while New Orleans showed a
gain Of 10 per cent. These figures in.
dicate that there has been no general
contraction of business in the United
States Of Importance. Railroad earn.
ings, it is true, have been unsatisfact-
ory, the January total being about s
per cent less than a year ago, while
in February the losses have been some
what heavier, largely owing to the
interruption of traffic from storms.
Western railroad officials, however, are
by no means pessimistit On the con
trary, they are expecting a steady i'm
provement in business with and follow.
ing the coming Of spring. Our foreign
trade is only fairly well sustained In
January our exports were about $2O4,-
100000, a decrease of $23,OOO,OOO CON.
pared with last year; while our imports
aggregated only $l54,OOO,OOO, a decrease
of about $9OOO,OOO. This left an ox.
cess Of exports approximating $5O,OOO,'
900, as against an excess Of $6i, ,000,0J0
a year ago. Our foreign trade has Of
course been temporarily affected by
tariff changes and diminishing exports
Of foodstuffs.
Widespread Uncertainty,
That the much desired recovery in
business is slow in materializing is due
to widespread uncertainty. Next TO
the worldwide economic reaction and
our own readjustment to new legal re.
quirements the Mexican problem is Of
large Importance. There is no doubt
that the prevailing sentiment in this
country is against any armed interrr.
Lion in tho affairs OF Mexico. Never.
theless II is recognized that the long
period Of irritation, produced by at.
tacks upon American and foreign per.
sons and property for which this gov.
ernment may be held responsible, is
producing a dangerous situationj and in
the present state Of public opinion n
relatively small spark might start n
eonflagraton.
Our railroad situation continues OK.
ceedingly unsatisfactory A number Of
trunk lines have rcported very dis
rouragng gross and net returns for the
past two or thrco months. Revenue
are falling away, while expenses stead.
Ily rise. The necessity for some com
pensation in the matter Of increased
rates to meet increased charges is b."
coming more and moro insistent, aud
the seemingly prejudiccd attitude Of
the interstate commerce commission Is
stimulating the rising tide Of criticism
The forced reduction Of express ratc'
was q symptom Of this prejudice. The
efforts to pass u new series Of anti
trust bills are also diBcouraging TO new
enterprise and initiative which in tuu
aggravate the reacuonary tendenclei
! in business. The unfriendly attitud,
Of congress TO business and large cor
porate interests in general romans one
Of the most depressing features in th'
! situation. Protests from successf :
J business men Of high character appoa
I To have little or no effect upon th
! national legislature. Success sees t,
J be regarded as a crimo. II Is high tim
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