Daily capital journal. (Salem, Oregon) 1903-1919, 1916-02-12
Conflicting Conditions
Influence Stock Market

New York, Feb. 5.-(Special) Tile
stock market is still laborng under q
series of highly conflicting conditions
the war Of course affecting every move
ment Peace and prosperity at home
rule quotations at one moment; at an
other war and ruin abroad control. Be
tween the two sets of influences no set
tied foundation can be found, no re
liable plans made; the only course left
being to take things as they are day
by day.
Home affairs are eminently satisfae
tory; politics and international rela
tions. Were there no restraints this
country would probably be in the midst
of boom never equaled in extent OF
intensity. Undoubtedly it is good fol
us that some restraints do exist. be.
cause they will save us from the reac.
tlOn that otherwise would be inevitable
We may therefore view the future with
relative confidence, assured of business
activity and prosperity, until the some.
what distant period of reodmstment ar.
rives which must come after the war.
Since peace and the momentous
changes which will follow, are not vet
in sight, we must still be largely af-
fected by conditions at home, which
as just said are highly favorable in
contrast with those abroad. The big
harvest and high prices for all our ag.
ricultural products are making farm
ers of the west and south wonderful.
ly prosperous Our mines are busy and
obtaining high prices for their products.
coal perhaps being the only important
exception. Our steel plants as every
one knows are turning out the largest
product on record at abnormally high
prices, being often sold more than six
months ahead Our cotton and woolcn
mills are likewise enjoying greater ac-
tivity and good prices; so too are our
boot and shoe factories. automobile
plants, chemical industries, etc. The
building trades are experiencing n most
pronounced recovery, and the revival
Of enterprise in general is emphasized
by the record Of new interpretations
in the eastern states which amounted
TO over s330,000,000 in January This
was the largest total for n single month
in many years, and 500 per cent greater
than in January year ago. The graft.
flying feature Of this showing wns that
the larger proportion of new iucorpora.
tions was purely domestic in character
and not in connection with furnishing
war supplies, although that was an i'm.
portant factor, Accompanying these
movements there has been a general In.
crease Of wages in the basic industries;
advances Of 10 per cent having been
often voluntarily granted This means
a large increase Of purchasing power
among the masses plenty Of emnlov.
ment for labor and relative avoidance
Of serious labor troubles. The only
threats in this direction are the de.
mands of miners in the coal regions
which will have to be faced next spring.
and those Of the railroad men which
have already been broachcd, As for
the railroads their position has been
much improved by the revival in traffic
and the better rates which many lines
are now receiving. Traffic is heavy,
gross earnings correspondmgly large
and net results encouraging The result
is that current dividends are likely TO
be maintained, u few may be increased,
as the roads are now better enabled to
make increased outlays for equipment
and roadbed. Vast outuys are still
necessary, however for Improvement