Daily capital journal. (Salem, Oregon) 1903-1919, 1915-07-28
How VIII BelHgerents Pay?
Is Problem Bothering Financlers

ye.tor. are not entirely familiar and
the handling Of this problem success
fully will require tho greatest prudence
|and the most skilltui foresight. The
best and most natural adjustment would
be- a gradual return of American secur-
ties from abroad, which investors here
would doubtless absorb and which for
eign holders could realize upon to bet
ter advantage than upon their home in
yestments, for which there is only an
Indifferent outside market. A further
return Of American securities here
wplI do no harm We have plenty Of
funds % invest: but the owners are
shy Of new projects, and inclined more
10 shares OF well established concerns
whose market values have been sus
tanned ia spite Of present adverse cir.
sumstanccs. There is no doubt about
one fact, and that is, American stocks,
railroad or industrial Of the better
class are now the most desirable and
most substantial Of any in the world 3
markets. Our growing resources, fin
auaial, industrial and commercial, as.
well as our freedom and distance from
European distributions cntite them to
preference above all others
Home conditions are generally salts
factory The crop outlook is particu
Iarly so Some deterioration has taken
place. as usual in the summer months,
and more may follow; but a bumper
grain rrnp is now almost within reach
and the American farmer is practically
sure Of good demand and good prices
for all food products. which mean an
other season Of prosperity The south
is naturally disturbed over the cotton
outlook, possibly more so than neces.
saty. War has unayodably derangcd
the cotton market, an il has many other
staple commodities, II is the south :
main product, and the restrictions i'm.
posed upon il by Great Britain have
very naturally created irritation. But
such Inconvenience are unavoidable
under the circumstances and the Brit
ish government has in numerous in.
stances given evidence of desire to
interfere with American commerce as.
little as possible; especially in not put.
ting cotton on the cOntraband list II.
is impossible to escape the derange.
ments Of the war; and az long as the
sea is kept open we cannot make ser.
iOus or very effective complaint. A
tremendous wastage of cotton is going
on in the battle fields Of Europe-not
to speak Of the amount used in making
explosives, which ia estimated at from
one TO one and one.half million bales
and later on there viii inevitably be .
heavy demand for the staple to fill the
y0d now being created. The steel
trade is very active, chiefly. of course,
the result Of war munition orders.
Prices are rising, and this great indus. |.
try is certainly enjoying more prosper .
lty than for several years The dry
goods trade shows decided improve. /
ment, many buyers being in this mar.
kct who are placing liberal orders for
the new season 5 cotton fabrics
On the stock Exchange there has.
been a fair degrca Of activity. and
prices continue TO fluriuatc. as thew
must while our relations with Germany
and MrNir0 rUntinur n such critical
state The war stocks lead all ad. ..
yaucr,, and these shares now consti.
lul' the satisfactory side Of this mar.
Nel Much depends upon the outcome
d" our negotiation, with Germany.
which, for the time being. are am uuse,
Ting factor l.ufavorahle dividend nm.
murs aud the spread of labor troubles
must also Doc regarded as disturbing i'm.
i|UUuHus Tho gtuptinu Lp,,,,,r