Daily capital journal. (Salem, Oregon) 1903-1919, 1916-03-08
Domestic and Foreign
Politics Dominate Business

100000 in new railroad issues OF stocks
and bonds, tae applications for new
railroad capital being materially re-
strained by the return of choice Ameri-
can securities from abroad.
Conditions More Normal.
Our foreign trade is gradually return
ing to more normal conditions through
declining export movement and larg-
er imports. The exports for January
amunted to $33j, 1903, a decline of
$l7,000,000 since December, compared
with $267 7,SOl,37O a year ago. Both
weekly and monthly exports have lately
been running upon a smaller scale,
chiefly owing to lessened shipments of
munitions, breadstuffs and other raw
materials. The largest gains have been
in exports of manufactured products.
Imports have lately shown gratifying
increases, the total for January being
S1S4 100000, an increase of $4,000
600. This is the highest January on
record, and compares with $l22 ,000,0 600
year ago and $lj7000,000 in 1913.
The increase in imports was mainly of
raw materials and nOn-dutiable goods.
As result the excess of imports was
less embarrassing, and tends to improve
the foreign exchange situation. Sc
curities are still being returned on a
considerable scale from abroad, but the
movement is less pronounced than a
| few weeks ago. OF course the influx
of British holdings must be expected
to continue as long as liquidation re-
sulting from the war requires. The
selling, however, is under control of the
British government, which for reasons
of self-interest finds it imprudent t
overstrain the buying power of thi'
market. Many high grade American Sc
curities have been offered at unusua
prices, and American buyers find op
portunities for procuring high grade
home issues At attractive prices.
Our railroads continue pressed will
traffic, the handling Of which is ham
pered by difficulty in finding Oceal
tonnage for export trade. Easter
trunk lines are still cOngested by thu
large number of loaded ears awaiting
release. General trade is active, and ;
large distribution is reported in tex
tiles, food products and general neces
, sites. Some improvement can be re
DOIltkl III lut ldDOI Oulluuhy tuNllNdAAOh
being that threatened disputes betweel
the cal and railroad labor and their EN-
ployers will be adjusted without seriOu
controversy.
Money continues abundant at reas
enable rates despite expectations to tn
contrary. The local bond market j
fairly active, and prices are well sus
tanned by GOOD investment demand
More or less interest is excited concern
ing heavy impending foreign loans
These are 4 factor which must be TAX
en- into consideration for some month
to come, and it is estimated that a
least five billions may be placed befOr
the summer months and considerabl
portion of these applications is likely t
be allotted to the United States.
The future of the market is involve
in much uncertainty. As stated abOv
nome conditions are entirely satisfa(
tory and Justify ample confidence, bu
, the possibilities of home politics an
the danger of foreign complications ar
constantly present, and must cOntinu
to remain the controlling factor in \
financial operations, which can be cor
, Quoted only upon a day to day basis.
HENRY CLEWS.