Daily capital journal. (Salem, Oregon) 1903-1919, 1914-09-16

the corn crop is making good progress
and is well up to the average, although
not record making one. The same may
be said of the minor crops and in all
instances there is the same favorable
feature of high prices. Cotton unfor-
tunately is necessarily depressed by the /
war and must await the resumption OF /
business abroad before it can be ex'
pected 10 move with normal freedom.
But the agricultural outlook as whole
is an excellent One-a tact that should
not be lost sight of in any analysis OF
conditions that are likely TO attend the
formal reopening OF stock Exchange
business.
/ Even should the war be carried on for
an extended period there are tavoring
,eatures that are worthy of eonsidera'
ton. >The first shock of the conflict
has been experienced. Worldwide et-
.orts in governmental as well as bank
ing circles are in progress looking to
Lac resumption of business. There is
now slight reason to expect the de-
struction of commerce by hostile ships
as the seas have been cleared by the
, ,leets of the allies. Thus the transpOr'
.ation problem for exports and imports
of merchandise has been very largely
solved and efforts are now being cen
erred on the problem of providing the
: financial facilities necessary for free
/ movement of foreign trade. When the
. latter has been accomplished a Ions
/. stride will nave been made in the direc
b. lion of reducing the interference OF
n the European conflict with Stock EX
I change business.
. In brief, the general situation ma,
|. be said TO be working out favorably TO
9 a re,umption OF business on the New
n York Stock Exchange ON the basis o
IS afety and profit. The date when busi
# ness shall De officially resumed ca
IS very properly be left to the manager
a. of the New York Stock Exchange, VIII
10 may be depended upon TO authorize
a. resumption of business the very m'
n. mcnt that the grave considerations tina
n are prime factors in the general situi
70 rion will permit. A feature clcarl
needed in the work of construction
4. the confidence Of investors in Il
N soundness of securities. Railroad exec
nj tives have this week had conferen'
.. with President Wilson on the necessi'
N. of securing additional revenue if the
os are to perform the obligations eXpect'
as of them in the direction Of furnishil
as adequate transportation facilities +
,aI .he country S proper development, II
ON railroads in the nature of things mu
ny. make constant demands for new capt.
So. ,xtoue;ons Rut they cannot Ohta
nd this capital unless they can show
or. sound condition financially and tn
,le encourage investors to purchase secl
,et ties on fair basis. 1t is to be hOp'
mo- therefore. that the president and int
,od state commerce commissioners VIII r.
,os ogpiZe the necessities of the railroa
al. and permit proper profits to be deril
,de from the transportation of merehandl
81. Prosperity among the transportat
lines will soon spread to other ind
,ad tries. They are, for instance, by
a,o the largest customers of the steel mi
blv Hence any ability to buy new mater
has for extensions or improvements co
'ses hardly tail to be reflected in the st
yin trade. Railroad prosperity spells
,rn. eral prosperity for the country
,icb should be encouraged by all who h
nil, anv influence however great or SIN
nca The eastern roads obtain partial re
am in the recent rate decision. But
't,o relief was not sufficient. More She
,eat be granted to include the railroad
and uation as a whole.
a. anu " HENRY CLEW'