Daily capital journal. (Salem, Oregon) 1903-1919, 1915-04-16
Anticipated Strength of Stocks
Fully Realized, Says Henry Clews

course would tend to keep down the
big foreign credit balance here and en-.
courage more normal conditions in for.
eign exchange. At the same time the
latest reports from Washington show
that during the week ending April 3
our exports increased $51 100000, while
the imports decreased $35,000,00O. leav.
ing trade balance for the week alone
Of over $2l,O00,000 1t is known also
that orders have been placed in this
country for fully million tons of stcl
products for export, which at fair
valuation would approximate about
$30,000,0O0. Heavy shipments in war
materials are Forthcoming, and these
figures will have to enter into the in.
terrational trade account. Another i'm.
portant item which will have to be con.
sidered is the annual remittance for
tourists, usually estimated at about
S200,000,000. ThisSsum will not be sent
abroad this year, but will remain at
home. much of it to be distributed
among American roads, hotels and sum.
mer resorts.
Further evidences are coming to the
surface that American railroad affairs
have turned the corner for the better.
Quite number of instances prove that
earnings are making better reports and
net results are more promising. This
is true both as to some of the Eastern
properties and also as to lines running
through the SOUTH which were tempo
rarily crippled by the backward cotton
movement. The western roads have
been materially aided by agricultural
prosperity, and the transcontuental
roads expect to benefit by the large
travel which the Pacific coast exhi,
bition will attract this year, The cf.
feet OF the Panama canal upon the
transcontinental roads has not vet been
very marked, II has caused some loss
Of traffic, which however is expected
go be regained in other ways portic.
ularly by local development of Pacific
trade. American railroads are facing
serious problems, not the least being
the high rates of interest which will
have to be paid for all new financing:
this is result of the billions being Dor.
rowed by European belligermts The
Interstate Commerce Commission will
have to take these facts into consider.
alton in their treatment of the rail
roads.
The crop outlook is now beginning
to he factor of Importance. The gov,
ernment has given out report of the
condition of winter wheat ut SS.S as
against SS.3 in December and $50 n
year ago. There has been, however. a
large increase in the acreage not only
in the grain belt, but also in the south
A reduction in the cotton acreage is
anticipated, reliable estimates ranging
from 10 to Is per cent below last year.
General trade is quiet, but now that
spring has fairly come, there is reason
to look for Improvement; in fact. the
latest reports show that the turn in the
current has already begun In this con.
nection the recent large dry goods fail.
ures reflect conditions which belong to
the past. The belief in early peace.
the improved financial situation, the
recent buoyancy in the stock market,
the more reasonable attitude of legis.
lation towards business, all tend to in.
spire confidence in the future. Many
persons have overlooked the fact that
n number of industries are reaping alb.
normal profits from war contracts.
Our farming classes are also very pros.
porous The steel trade future is more
promising. Each day the belief that
We have turned the corner and are on