Daily capital journal. (Salem, Oregon) 1903-1919, 1915-05-13

oeen checked, and this has been
potcut factor in augmenting public say.
lngs, ont of which all investments must
he made
ltome trade improves very slowly.
confidence is wen maintained, and. If
anything, shows further strengthen.
lng, Industries stimulated by war eoc.
tracts are Of course exceedingly active.
and prosperity of this character. thouph
temporary, is welcome while it lasts.
It's chiet danger is that it may be tho
oaSiS OF excessive speculation. The
steel trade is in much better condition
than at the opening of the year, though
new orders are coming in moec slowly
than expected, Our textile trades arc
IN fair condition. Demand for cotton
goods mas improved somewhat. and
prices are steady to firm Wooden
goods have been aided materially bv
war contracts. The importation of tex.
tiles has ben checked by war, cousc.
quently the reduction in the tariff haa
not nad its anticipated effect, A move.
'neht, however, is already under way
Tor revision of the toxtile schedules.
particularly those which were most So,
Nerely cut, In the building trades
there has been n partial revival of ne.
uNitN although this division of indus.
try is still running below normal. Busi.
ness is at its best in the western grain
belt. In the solth there is still mora or
less slugglShncss owing to tne unsatis.
factory position of cotton. American
railroads. appear to be doing fairly we'll.
the net earnings for March on M roads
bemg SiL)OOOOO, against $lS.50O,O 900
the year before, There is gool reason
TO nope that subsequent statements may
De more satisfactory. Attention is now
oelng turned TO crop prospects. The
season is a late one, but indirntions
point to a full acreage fda all rrons
except cotton. 1t is practically certain
mat the war will cause larpe demand
tor American food products for somo
time to come. To that extent our fnrn
ers can depend upon liberal export de.
/ mand at profitable prices. The lefi.
cheney In cotton in the south will bo
more IMAM compensated for by the
variety OF other products grown. Tac
wheat outlook is flattcring and some
authorities are estimating that this
/ country VIII prulucc crop nppronch
ing billion bushels, compared with
| N9l0OOO 600 bushels last year. The no.
/ lleultural outlook IN this country ig nh
mat could be reasonably desired So.
TOO, rs the mineral outlook. There ia
I an enormos demand for copper. The
| demand for iron is bound to ncrcasc.
ana so also is that of coal and mnny
OF inc minor minerals. Tine general OK.
port trade has been slowing down some.
whal, owing to the close or the season
IN grain and cotton, and on imports
nave been showing partial revival.
lhe excess Of exports will, therefore.
run upon q small scale, despite Of war
shipments, until the autumn reyiycs the
| demand Tor wheat and cotton,
The money situation is as satisfac.
| ."y as could he expected circumstances
| considered Funds are plentiful 10 GOOD
uorioWers, the commercial demands be.
ing comparatively light, There has
hccn q considerable expansion in loan,
owing TO financial operations, and th,
new iederal reserve law has materially
increased the available resources uf tbo
banks, The one danger at present TO
De studlously avoided is an 0ycroxpon.
sion Of credit and consequent danger.
Gus initiation. This stage has not vet
been rcachcr but II is very potent
danger which should be kept constantly
IN view, Gold imports have been re
neYed despite the fact that we now
nave moro gold tnan we need. This
movement must be attributed larpely
To shipments Of war materials aud food.
itutis If these continue Europe may
send MS securities, rather than gold,
| eespeclally rs the supply in the Ban, of
England is steadily increasing. As re-.
nealcdly Indicated tho outlook Ia for
2 good trading market, because enough
'lirrng events aro going ON to make
siHgnalion impossible. The war is NilI
q serious problem and may be- prolonged
uncertainty, HENRY GLEWS