Daily capital journal. (Salem, Oregon) 1903-1919, 1915-10-30

New YORK, Oct. 23,-Extfaorjinary
events are taking pace almost daily
which attrpct comparatively little at
tention. Evidently we are rapidly be-
coming accustomed to the abnormal aud
no longer shiver at every new distur.
bance or novel movement. Only a few
days ago the most remarkable gover1-
ment loan in history was placed In this
market, and $350,000,OUO out of the
SI90 100000 due was pad the first day
without exciting Il ripple in financial
circles. Since the beginning of the
current year we have imported about
$500, 100000 on gold, and much more
is coming. Our merchandise exports
again broke the record last week,
amounting to over $73,O00,OO0, or $i4,
100000 in excess Of imports for the
same period. Russia negotiated war
contract for $60,0O0,000, and Italy Of.
fered $25,000,00U Of notes for war pur.
poses. A new American preparedness
policy, costing fully $500,000,000 was
announced from Washington without
evoking any special interest. That
sucn movements and ideas as these can
come and 90 without disturbing our
serenity is ample proof Of economic
strength and sound mental equilibrium.
| To-day the whole business world is dc.
pending upon America for both sup
plies and credit, and these we are Civ
ing without stint, yet amply within the
lines of safety. Needless to say that
when the war is over and normal con.
ditions are restored, the United Stat3s
will be found to have made tremendous
progress us prime factor in the
world 's markets. While other nations
are retrogradng and exhausting them
selves in the wnsteful tragedy abroad,
the United States has forged ahead and
won position Of very first import
ance, which under new competitive con.
ditions aiter the war IL will have to
struggle to retain, but which ii Is not
likely TO lose
Foreign trade is still one Of the most
important factors In our commercial
and financial activities. Our imports
continue relatively light for the ob.
vious reason that Europe Is energies are
devoted to producing commodities 9th.
or than the luxurles which we are ac.
customed to buy abroad. Our export
trade, however, rs expanding at rapid
pace and must De expected to grow.
The export season for cotton and grain
is now on, and big shipments from the
United States aid Canada will Occu.
during the next f'w mouths, the finan.
cling OF which viii fall chiefly upon the
United Statea Shipments Of war mu.
nitions must also go forward moro free.
Ily az early contracts are completed.
The outlook then is for another auge
excess Of exports during the next iew
months th will far outweigh the re-.
cent tendency for Increased imp0rta.
Whether this will develop another cris'
is in forcigi exchange Or not, only
events can determine. Exchange al
ready sh ws signu of softcning under
the pressure OF commercial billsj but
with tho advantage OF last year 3 OK
pcricnce TO guido financial sentiment
it would seem as II injurious effects
such rs occurred last spring can be
safely guarded against by anticipation.
Great Britain Is again sending gold
payment, s50O00,000 having como by
Canada this week, with more 10 follow.
American securities held abroad have
also been sent here in large amounts, 30
that by one maa4 o or another her debts
arc being paid moro readily than for
cign commercial statistics suggest 70
the uninitinted. Nevertheless, Great
Britain and other countries will not un'
likely be obliged 20 seek further credits
In the United States, for tneir borrow
ing and our le ,dirg limits have by 10
means been reached. Besides II Is 10
our best interest 10 sell our surplus pro-
duets and accept payments on a time
basis when more immediate settle
ments are impossible. The arrivals Of
gold by the end Of the year will prob
ably reach 100000, bringing oui
stock Of the metal considerably ovei
az ,00O, 100000. This affords an I'm
gmense basis Of credit, which has been