Daily capital journal. (Salem, Oregon) 1903-1919, 1915-12-04

ment Of great foreign trade. This
is substantial and practically evil
dence of whittier we are going. There
are but two things more necessary for
securing bigger market for American
manufacturers, and that is the coop
Grafton of the American investor and
American labor; both of which can be
had if intelligently reasoned with and
led. That trade follows the loan is
automatic; which means that in order
to sell our merchandise we must he
prepared, not only to give credit, but
to actually invest abroad. This is
new but absolutely necessary depart.
ure for the American investor, and he
may require both education and ex-
perience before venturing. Although
the large and quicker profits obtained
at home will always command a large
degree of preference, the rewards of
many home enterprises are settling
down TO more moderate and stable lin
its, and foreign fields begin to offer
larger opportunities and larger profits
than in the past, especially in view of
the impaired ability of Europe to sup.
ply many Of these requirements. Fur
ther the help of American labor must
also be invited for our labor is more
interested than any other party in
finding a profitable market for its
products. In order to conquer foreign
markets labor must recognize the ne
cessity of meeting foreign competition,
and will have to learn that it cannot
impose prohibitive burdens in the form
Of excessive wages and oppressive reg
ulations, except to its own disadvan.
tage. American labor already possess
es good start owing to plants, meth
DDS and organizations which are often
superior to any Of those abroad. If
each division Of industry will but do
its share, there will be no doubt about
success in our gaining a position in the
worlds markets commensurate with
our skill and ability.
The halt in speculation which began
three weeks ago was prolonged through
this week by the holidays, by devel-
opments in the Balkans, by feeling
that the war stocks had more than dis.
counted their future, and by the conse-
quent bearishness of some of the lead
ing traders. The undertone Of the mar.
ket has, however, unquestionably i'm
proved through liquidation and the test
thus applied to values. Towards the
end of the week there was more ag.
gressive buying, and good stocks found
ready support As to fundamental con.
ditions, the outlook continues favorable
and trade revival seems to be making
further progress, especially in the steel
and textile industries; enterprise is re-
covering; railroad earnings show bet.
ter results, both gross and net; money
is easy and plentiful; gold continues to
come in freely from abroad; sterling
exchange is still advancing, and good
investment demand prevails for ali do
sirable issues. December dividend
payments will be $l47000,000, or &c.
100000 more than last year. Next
week congress opens, and its drift will
be watched with intense interest. The
war is sure to make its impress upon
congress during the session and as pre-.
viously said, problems pertaining to
revenue, preparedness, shipping, tariff,
etc, promise to occupy first attention
In view Of the approach Of a presiden.
tial year, it may be session filled
with much and perhaps excited discus
sion, but little real action beyoni
what is necessary.
HENRY CLEWS.