Daily capital journal. (Salem, Oregon) 1903-1919, 1915-07-14

factory crop OutlOO.. q frl. lia'.
sy supply aud special activity % '-'
-raei trade.
Th.. week the tendency Of prices ol
the stock Exchange was Ho"'"a' '''
partly owing to liquidation c2AH.. .y
with the British war loan, anN IaI'.L f.
owing 20 tle appreheusIons ilg'asl, ven. ~
|grr relations With Germany anu A'4'.'.
1.-THE decline was accelerated 10y '"''
selling and renewed activity o. lA'
/ bear side. Some OF orr railroad 'Aa'e'
were also affected u1farOabiY ny poor .
Iauiugs; southern rod. feeling thI' in'
/ fIreHce more than others OWING 10 HI. .
Unfinished movement OF cotton f'-.'''"-
from the war Foreigi selling was oil
|e0ur,e npcessitated by preparation TOT
/ the huge British war loan the s.he a"' F..
terms Of which are already ih.'-''''' .
Subscription, aggregated over '''.'''.
|DUJ The specially attractive term, o'. .
campaigning this loan are explained oN .
|tnr previous issue not being odiilah' .
uaer,-. Hence an increase OF induce .
mrnt, % investors who had been hol'l. .
ling off awaiting concessions by tHe
government. A portion Of obi, oiief.
ing may possibly be placed DO this mar
bet. but the takings will not Dee large
land are likely to be confined 10 ie"
big financial institutions, as American
investor. are not likely 90 take readily
20 foreign securities at the present time,
British bonds, especially one OF two.
year notes, would be more readily an
80 bed. Some other means OF setting
European debts will have 70 be- found
than our subscriptions 70 long term ior..
.r.gu loans; and the urgent necessity OF
protecting sterling exchange rates VIII
compel European BANKERS 10 resort 10
other devices for protecting national
credit, and this at no distant date. IL
has already been proposed that foreign
banker, should make liberal collateral
loan. IN foreign holders Of American
securities and then transfer such loans
.tO 'hi. side. I'm effect this would mean
that American bankers were accepting
foreign holding, as collateral for loans
m,de on this market How far this
|wiII alleviate trying situation remains
10 be seen But European obligations
'u this market are reaching such an
, amazing sum that il is doubtful If this
means will entirely satisfy lu some
, form or another we shall probably be
. Obliged 20 give Europe extensive credit,
IUutNl time and more normal conditions
have been attained iu which 10 tacIl.
, .tntu - settlement.
u those of ultra.ortImistic tendencies
d .Uayr micrrstiuated the duration and
A., the appalling consequences of this war,
b .It follow, they have also undprr.tmut.
. Hd Its financial effects An early end
r ing rs not yet in sight The allies are
, -u|. preparing on gigantic scale tOI
1 thr.r supreme effort, which has not yet
been attempted Next autumn the
art win probably find one side MA
D, .feralN weakened u, continuous super
. human struggle, while the other ha
been strengthened by prolonged prep
. .1ufUU A, for the end that .aunU
7 hp expected until ono side or tar o,hr
s thoroughly exhausted The hest rs
innate, are chat the struggle will .ls
Europe FROM flNNuO,OJuluu to s-O
' .ONIulOuUu yearly until the tiusI
. Such terr,l.. waste cannot but pro
p. ilunily affect the world 's capital man
NnD aud the adjustment of values {
'' thr,' abnormal conditions Is still pr,
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