Daily capital journal. (Salem, Oregon) 1903-1919, 1915-04-21

l. New YORK, ApIll ~ l'i"'
Old-time activity has returned TO the
stock exchange and million-shares days
are no longer a novelty. From time to
time the favorable changes in under
living factors in the stock market
have been pointed out in THESE au,
vices. AS -he business world adJusted
itself to new conditions, as the final
outcome of the colossal struggle IN Eu-
rope became more apparent, as rear
disappeared and calm judgment rear
lied that on this side Of the Atlantic
the worst of the storm was over, con,
fidence began to assert itself more ana
more freely until at last it developed
into surprising Outburst of specula'
tiOn. This characteristic rebound from
extreme depression to extraordinary
buoyancy may seem remarkable, but is
only in accordance with precedent,
since one extreme invariably follows
another in due course fotime. Recent
developments connected with the war
really started the present rise Inc
frightful waste of life and wealth
which is still going on must of course
have a permanently injurious effect
upon the social and economic welfare
of the world at large.
Nevertheless, there is sense OF re-
lief that the end is now foreshadowed
and the dawn of peace naturally I'M
parts new life, new hope and fresh con-
fidence.
SO far as the stock market is con
cerned, it was the war group of stocks
which led the advance. A number Of
our great. industrial establishments are
employed on large and profitable for
eign contracts. Concerns equipped
with facilities for turning out ord
nance and ammunition have been par
ticularly fortunate and these led the
rise. Some automobile manufacturers
have also secured enormous contracts
from Europe, about $4,000 American
cars and motor trucks having already
been shipped abroad with thousands
more to follow. Clothing and food pro
ducers have also been enjoying very
profitable contracts All such activi-
ties are having their effect upon bus
mess and speculation. They may not
be permanent factors, yet while they
last they are very powerful and are
the prime movers in the present up
ward movement. They have also
brought into the speculative arena an
entirely new set of operators who have
been largely responsible for the recent
activities and manipulations, Unavoid-
ably the sensational advance in the war
group shares affected the entire mark
et 1t certainly awakened the invest
ing public in general to a realization
Of the improvement which for several
weeks past has been developing. so 81
lently as to almost escape general OBJ
eTvation. Confidence was sleeping aud
a shock of some sort was necessary to
shake off the lethargy produced by the
onslaughts of war. Under the circum-
stances, therefore, it is pertinent to
again call attention to the forces of
silent recupcration which have been at
work outside of the war group; the lat
ter being the class which should be set
apart by themselves and judged strict.
ly by the profits secured or likely to
be secured from the war. This group
in reality is relatively small, and a due
sense of proportion should assist in
drawing attention to home conditions,
which hcnceforth must be a more i'm.
portant influence for the reason that
the war has already exerted its worst
effects upon American values.
BY far the most important undorly.
ing improvement at home is the chang.
ed political attitude toward big busi'
ness. ROdicalism has received a se'
we're check in the United States. AT
one time it conspicuously discouraged
enterprise and interferred with legiti.
mate business, thus proving one Of the