Daily capital journal. (Salem, Oregon) 1903-1919, 1914-11-25
HENRY CLEWS' WEEKLY
FINANCIAL LETTER

New York, Nov. 2l-Evidenccs OF
progress are multiplying daily. Tue
Federal bank has made a good stnrt:
the New York stock Exchange viii
soon open for bond dealings; the Got
ton Exchange has already rcopcnod
successfully. Exchanges in various
parts Of the country nrc also resum-
ing; our foreign trade shows remark.
able recupcration; sterling exchange Ia
almost back to normal, the gold pool
is being closed out; the cOttcn pool is
now hardly necessary; money is fairly
abundant and easy, and commercial pa.
lper is in decidedly better demand. xvi
IDENTIFY the credit and financial machin.
cry of the United States, which was
so thoroughly dislocated by the war. il
rapidly and surely returning to normal
conditions. Our banks and bankers
have at least put into practice the the.
orics which they professcd-that tho
way TO resume is to resume.
In nearly all quarters whore inita.
tive must begin, there IL distinctly
more hopeful spirit. This has been en-.
couragcd, net only by the developments
referred to above but also by the re-.
pPated declaration Of President Wilson
that business needs u rest from dis.
turbing legislation. From the presi.
dents recent uttcrances It is snfe to
hope that there will be Il cessation
Legislative attacks upon business.
There is also ore other rcsocct in
which Mr.. Wilson recent remarks are
| significant, and that is his insistencC q
upon fair play to the railroads. The
President evidently realizes the very
critical position Of the railroads arising
from unavoidable increases in cxpendi.
lures, decreases In revenue. plus pcrsis
tent repressivc and prciudiccd rcgla.
tion, Thus far government regulation
es practiced by the present Interstate
Commerce Commission has proved tu
say the least disappointing. II is griev.
ously crippling the railroads and con.
sequcntly depriving the public Of fu.
cilitiea which they sorcly need, Under
private management there was no lack
Of facilities In fuct they were usual.
ly offered in advance In order to de-
yclop traffic That is now impossible
under the present starvation policy OF
the Interstate Commerce Commission
which is anything but iudicinl body
and seems bent on diacounging priyntt
enterprise in the rpilroad world. Al
least that is the. effect Of its present
attitude, and there iR no wonder that
the cty II being raised for it's abolish
mcnt. Someone has said TINT wc "a,
burning the railroad candle nj both
ends, II might be- added that we ar.
, burning II in the middle also.
IN other directions the svnptoms OF
rcvlvng confidence are ulso fortunate
3 ~ multiplying rhc great steel indus
try is siill exceedingly dull, running
considerably less than so per cent oi
conacity but there is q better inapin
for pig iron and indications Of renew
cd interest among buyers owing To fur
thcr cuts In prices. Oar great tcHtil,
trades urc In better condition than 4
month ngo, the cotton industry bcnc
.. fitting from improved linanciul coudi
tions aud the gradual clearing of Nh,
cotton situation In the wooden indus
, try there is considerable activity II
certain directions owing to the pncin,
; Of largo orders for cloth and under
wear fee foreign armies. At the Yves
business is in fair condition In spite o
, recent scthacks md this is particular
/ y tue IN the grain belt where bil
! crops aud good prices nre cycrtinl
p their fun stimulus The South is nn
q turally much depressed by chpnp cot
!. ton but ns the Financing OF the larg
n surplus crop becomes less difficult am
demand improves, depression win bc
/. come less ocutc aud the necessity fo
g creating q big cotton pool will be- lee
i and less urgent. The less artiflcia