Daily capital journal. (Salem, Oregon) 1903-1919, 1915-07-08

can stocks became more and more eyl'.
dent. This was due mainly 10 A9lin4'
tion Of foreign holdings, rendered NEG
essary by preparations for 'he io'lh,
coming huge war loan IN London anu
also 10 aid payment Of Europe q
gantic war purchases in the Oli'e1
States For some time 10 come our
large excess Of exports over imports
ia likely 10 have a material eiiett upon
the International securities movement.
During the twelve mMths Just ciosed
our merchandise exports have e1eeeaed
imports by about ! 000,OO0OD', Dur.
ing the same period We have also iin-
ported over si25,000.O00 10 gold ho"
Far the unseen items IN the information
al account have gone towards hqmdat
ing Europe's Indebtedness, II - IN
possible TO say. Diminished femittane'
es Hn account Of dividends interest
freights, tourists, commissions ete.
would tend to materially eounteraci
this excess Of exports Nevertheless,
there Is every prospect that heavy
gfepOnderauce Of the latter VIII con
tinuc until the termination Of the war.
Orders for munitions BY European g""'
ernments 10 the extent Of about sl,-
900 10000 have already been received,
and more big contracts are in course
Of negotiation. The bulE Of these or
der, which are now being forwarded,
will probably be shipped during the
next twelve mmths That Europe viii
be able 10 increase her shipments Of
merchandise in payment ii exceedingly
| doubtful, because each belhgereut is
turning 50 large a part Of its energies
| 90 war The conditions are, therefore,
extremely favorable for a continued in.
tuK Of American securities IL is &C..
tlmated that the recorded holdings Of
American railroad shares in Euroge are
about $4,000, 100000 Of which more
than two.thirds represent bonds and
notes; but these figures do not in
rludc iudustrials, state and municipal
issues nor real estate or other forms
| Of investments. When il is remember
ed that this country creates new Sc
curties at the rate Of 81 .5OO.0 600 20
| $500 600, 600 per year. ~ even more,
some idea Of the investment capacity
Of the United State can be gained. 10
good years we have issued and alb.
sorhed $1,000, 100000 Of new railroad
securities alone without inconvenience
and 20 these figures must be added
many other forms Of investments not
really recorded W discovered.
/ While this country is not today en-
/ Joyug the same degree Of prosperit,
that it did three or four wears ago. il !,
nevertheless saving money freely be
cause business is fair in volume an,
economy has taken the place Of e1
irayagance in both business and prIvat,
expenditures. The chief source III er
traNagauce today is in government,
state and municipal enterprises.
source Of waste that calls loudly 10
restraint and greater efficiency Ther
ls no doubt large amount Of capita
'''Nlug good investments; anil. wit
confidence aud enterprise at home q,
labhshed, our ability o. take back
iau anSunt of foreign holdings f.
Nmeneaus Is unquestIonci nah proi
ability American investors will hay
% chance 20 huy some Of the gilt edp,
securities NV held by rich forsIr
holders ~ prices which viii WELD t6,
siderable profits after the war VIII,
conditions have become more norm,
\ more favorable opportunity Tor mi
. .hg BACK q considerable amount %
" american stocks could not be- eyr,.,,.
such a policy would strengthen fb
country financially and tnJustrfaII,
our foreign obligations would he Iiwi,
, l'h'1, aud Europe would be better an.
70 conduct 'he war by withdrawn
temporarily 10 least a portion of +.
invested capital ln the United stat,
rms doe, not mean that We shan r
. longer need foreign capital. or that "a
nave hs rrt reached the polpt Obs,
w VIII have gipIal tn l,rJ aL...'
u. W neg normal conditions ar, r,.ums.
''t 1e'e.Nmeut " our natural re.ogr.
,' ami OF out city and industrial a,
WIN require large Sums. much Brg.. ,
'''. Than We VIII be able 10 .omyrso
'' home. AZ no distant future v, ma
Asab Pee seeking foreign ssr,,,
q tht Rst Tfiy 49, ~ ~ ,.''e 's al'ln
% .haud before 5,S,S,. "nI,g s,' ON roe otbg
% We NAV I,,s 'po'ng' ao'l. my has ra9e
q 'yudBg nation. y, ,G, ouy ~ zoe ir'
INST '"' "''''' '' NOT ih
y rrrbap, the r,,, t..s...
b of tb, Wsr o,, & ,s' s,suiIl'ani ettsl
10 uH New Nork .,,y, II l,'.', i,".''r
.wu,ug Mst d, ~, ~. l'i ''Gi .oai
' capital I, .aursrl,.. w i'' wa
e las t,adsa., .Fsgf, o'eu,' rates
b .Wt should .r i5.t X, '"U,, S,,,.,, D' '''I ms
!. hu.H %, ua. A, 80. ,....' '..,' .' .''
f, ya.a, hr .ar.g5,,,",a "a' l.l''.'ag 70
20 world, uaa.g, In NV, .0 20
vast. sINuuuHuUsI .. .,,,''''..'..'
'.' DOLLAR, % tf,f sb,.h wy
.Hrrat EUur.sn Ma, H. ..., .' ".'' ,a
r on' ugtouu. sff-.,,. .'."+. ".i'
H...Eai .s.fr. ''k .'' ".I#
NUth waste InH..fH#