Daily capital journal. (Salem, Oregon) 1903-1919, 1915-06-09

Stool n Nfi"'oH' me United State
S'eei corporation is not a mononoly
a"r a llS competitors have been oroyiHS,
aasser as imam itself. The charge of waf
ered stock is offset by the lorgo " "a, a.
,es'lnehts IN plants made out of oorn
lngS, and the Tennessee Coal and frn, -
pl RIlcaaSe is not regarded as improner
;.. ine FORMER price.fixing policy Is crit
aolseu' s' out has already been abolished
ana control of this feature is referrod
10 the federal trade commission wbioI
is now coming into power. The whole
aeclsion is in line with recent dooia
ions by the supreme court in the ceIe.
Drated standard Oil and tobacco eases
ihe significance of this case goes far
beyond the United States Steel Cor.
poratlon, 1t is one more evidence tba+
reason has been read into the sherman
antitrust law and that particular men.
ace to business initiative has been no.
moved Monopoly is now under nroner
restraint, and that restraint viii M
longer be pushed to the point or nor.
aiyzlng business. The changed snirit
OF the public and the government 70.
waru pig business, to gether with these
recent court decisions, mark a new era
OF encouragement.
The Lusitania incident IS now on tbo
talr road to settlement. The best eyi.
dence is overwhelmingly against the re.
ports that she was an armed vessel
Inc statement that she was an auxil.
lary to the British navy is also untrue
Tor while the admiralty held an option
on the ship, yet as that option had NOT
been exercised, she could in no sense
be classed as belonging to the British
navy. Both legally and actually she
was nothing but peaceful merchant.
man acting fully within recognized law
and custom. When Germany learns the
true facts, as she undoubtedly will un.
Ter Ambassador Won Bernstorff g recent
arrangement with the president, the
way for final adjustment Of this yrob.
EN- should be comparatively easy,
Another satisfactory development Of
nc week has been n growing confidence
hat the American business community
s determined to tade as calm and
'heerful view of tn situation as DOS.
ible. President Wilson s announce.
nent regarding Mexico, although it
lainly suggests the possibility of inter.
ention, caused scarcely u ripple. A
ear ago such message from the White
louise would have severely shocked the !
hole financial fabric. Our relations ,
18th Germany for the last few weeks :
ave been seriously strained and full !
ugly possibilities Yet the whole a
'untry has maintained remarkable a
gree of calmness and self.restraint. ;
MS was not because the serious posi-. i
lities ahead of us were not realized. =
the contrary, they have been kecnly .
'preciated by press, public and gov. I,
alike. But fine confidence =,
As developed in the American people as ,
whole confidence in our own resourc. j,
and abilities, also in him who guides
le ship Of state, and above all, conf. g
,nce in the attitude Of justice and d
lmanity which America has assumed n
ward the warning nations of Europe. Ii
Keeping with this growing steadness n
temper, American business men are 4
'coming accustomed to hard knocks. n
heir nerves are strengthened Events 4
re measured more nearly at their real n
llue. Exaggerated fears are scorncd o
nd courage is rising, as the advantages n
our neutral position are recognized il
o also is the fact that this war must q
Irminutn ouI rnnnn.tr rvats.. .,....,..1
begin anew Many Of our most sa. h
lcious business leaders believe that G
merica has discounted the worst ef. Z,
cts Of the war, so far as concerns our.
Ives; and that while shocks are still
be expected because of the many re. i.
aiming uncertainties their effects will :.
Vt be severe or lasting. The call of the =
,rman Ambassador upon President =
ilson showed q mutual effort to pre-. =
rye pleasant international relations: =
ID this comparatively trivial incident X
rs sufficient to give the market quite
lift; indicating quicker responsive. HI
81 to good news than to bad I'm. "
however, the war remains ma
controlling factor, and whatever hap. a.
ms which proongs the war must be nr
pected to cast their shadows upon the 40
uation on this side Of the Atlantic n,
The ten months Of foreign trade end 30,
, April 30th left an excess Of exports ~,
er imports amounting TO over $751;, II
1000. Compared with q year ago this hs
4 an increase in the balance Of S377. ,,I
1000 brought about by an increase ,,.i
$40 100000 in exports and n de. "Ii
ase Of $l97900000 in imports This Va
lent arrangement Of our foreign .,a
de promises TO continue until the ~.
7 is over, and il is estimated that o."
twelve months Of the current fiscal az az
IT the excess Of exports will reach !,
,ut one billion dollars Means Of od. ~,
tment are already being actively dis wy wy
sed. To draw large sums Of gold NV
m Europe is both impossible and In :
,isahle under present conditions. Dan. a,i
Gus initiation here might easily fol. ~. a.,
. Adequate merchandise imports are Sa, ,"
ally impossible, although in the last so.,
weeks there has been a needed re- ,ba
cry in this direction. We shall prob Nr,
v be obliged 10 either gront cNten. VIII
credits or import securities Per I'm,
IA both cxpodicnts may be resorted
though neither is likely 10 be used -
ensiyely. Should We grant credits, -
purchases Of war supplies, that will M
= delay final payments. If we i'm M
securities, American rairoad shares II
be preferred TO any foreign govern.
Il issues We have already loaned
,nsiderablc sum--about s2O0,00O,O0O N
, foreign governments, especially 20
ada. France Argentina, Russia,
tzerland. Norway, etc These Dor
inps might easily have been en-
ed. but American lenders are not Es;Til
eager to grant accommodations in y
N d;Toctions The was II imposing a