Daily capital journal. (Salem, Oregon) 1903-1919, 1915-04-29
Reconstruction Forces at Work
With Good Results, Says Clevs

owing to the stoppage of European tour.
list travel by the war, 1t is too early
to form any opinion of agricultural
prospects, but the situation is such as
to stimulate farmers into the largest
product possible; the liberal demand
and good prices for all food products
leaving the American farmer in de.
cidedly enviable position. For another
season he is reasonably certain Of gool
nome and foreign demands at satisfac.
tory prices.
The war continues to be vital factor
in our foreign trade. 1t caused heavy
losses during the first eight months,
such as $2l5 100000 in cotton, $500 H.
coo in iron and steel, $3S,000,O00 in
copper, $36,O00,000 in lumber prod.
ucts, $l6,0O0.000 in agricultural imple.
ments, etc These losses were partially
offset by gains of $246,00O,OOO in
breadstuffs, $30,000,000 in horses and
mules, $lS,OGO,0O0 in sugar, $l6O00,O 900
in leather, etc. We have now reached
a season when shipments in grain and
cotton are naturally light; but ship
monts of war materials on orders placed
more freely, and for the next few
months will prove highly important
factor in our international trade bal
ance. The Russian government alone
arranged for an order for SS3,000,0
worth Of war material this week
through Canadian concern, large
portion of which will be executed in the
United States The British and French
g0vernmentstare also ordering materials
upon very extensive scale; and Italy,
which has been a heavy buyer, is likely
TO largely increase her purchases should
she eventually come into the war, as
seems not improbable. The returns for
March showed decrease of $24,5OO,O 600
in imports and an increase Of $lll l,5OO,'
600 in exports; the latter amounting to
t299,000000, new high record for
March, The net result was an excess
Of exports for the month Of $l4l 1000.
600, which explains the $5,000,0O0 gold
imports on the way from France.
War has also been responsible for
the violent advances in certain group
Of stocks. War contracts are proverb'
tally profitable, and il is known that
some OF the concerns have secured high
ly advantageous orders. The result has
been violent speculation in certain
issues. There is no doubt that the
speculative spirit has broken out with
extraordinary energy, after long per-
iod Of repression. Thus far the rise
has been confined very largely to the
highly speculative issues The better
class OF indMstrials and railroads, wnich
have been comparatively neglected
have less spectacular but more en-
during prosperity in advance Of them,
and intending buyers of securities VIII
dc well to discriminate caretullq. me
widening activity evidenced by the
succession of million share days is synlp'
tomato of the approach Of better times
Wall Street is busily discountng future
peace and prosperity. The greatly IN
creased activity in bonds and high IN
vcstments is excellent testimony of re-
viving confidence. OF late careful IN
vcstors have been good buyers. our
monetary situation is satisfactory ana
while capital is likely to command hign
rates after while because Of reasons
well understood, there will be no @oN
of funds or credit to good borrowers
The new reserve system has Ereatl'
strengthened and increased the oapaelli
Of our banking system, and thc'gn
there is more or less initiation to oe
expected as result of general eonll'
tions, there is.as yet no danger IN sign'