Daily capital journal. (Salem, Oregon) 1903-1919, 1917-03-22
War Is Still Prime Factor
in Business and Politics

fair adjustment Of the labor demands
from the railroads might be met by ihc
men agreeing to accept n nine.h0ur day,
with extra pay for overtime. A com
promise on this basis would give the
men increased pay and would make
it possible for the railroad officials to
adjust themselves to new situation.
The Extra Session.
An extra session of congress has been
called for April l6. Its possibilities for
good OF evil are tremendous. If con-
gress is TO be influenced by factional-
ism aud efforts to secure party advant-
age out OF the present international
crisis, its assembling will be misfor-
tune If, on the other hand real pa
| triotism prevails, and personal advance
ment or party ambitions are consistent
| ly subordinated 10 national interests,
then congress may be source Of
f strength and confidence. The call for
patriotic service and sacrifice should
be forthcoming as readily within the
/ walls of congress as without, and our
government should receive steadfast
{ support from both branches of the leg
islature in its foreign relations. This
is a time for sober thinking and sober
speaking; political pyroteehnics are not
wanted.
The stock market is operating under
a maze of conflicting conditions. The
possibilities of war with Germany have
seemingly been discounted. There are
few stocks for sale in any direction, al
though some temporary liquidation was
induced in the railroad shares by the
prospect of a strike and renewed for
eign selling. Outside of the strike stua-
tion, however, the condition of the rail
roads is favorable. The Russian revolu-
tion was also regarded as a favorable
development. A decision on the eonsti-
tutionality of the Adamson law is short-
ly expected. The railroads are still bur-
dened with traffic, which, however. by
means of improved organization they
are handling more efficiently Embar-
goes are being successfully relieved.
/ General business continues active and
, the outlook for its continuance is assur-
ing Industrial plants in all parts of
| the country are running full speed full
time. The steel trade is particularly
active, with no signs of slowing down.
Financial Affairs.
In fact all of the primary industries
| based upon mineral products show no
cessation of the abnormal activity en-
i ioyed for the past two years. Spring is
, close at hand. and with it we must ex.
tpect the usual widening of business en-
terprise, also the development of the
customary seasonal optimism; although
crop conditions thus far have not been
satisfactory. Monetary conditions are
/ entirely satisfactory, the financial COM
hninu = d.
/. meet any requirements of the American
government. A new French loan Of
Sl00,000,000 is to be brought out in this
5 market and there are rumors also of an
f important Italian loan. The British
+ government has announced another is
0 sue of $250,000,000, which however, will
r not be placed in this market The Bank
. OF England g proportion Of reserve tC
T liabilities has risen to 1860 per cent
4 against II per cent Il week ago. Near.
Y ly $57 100000 Of gold arrived this week
including $4l,000,000 received late Sat.
! urday from Canada, making the total
1 arrivals this year over $220,000 900 and
/ since January / 1915, 1860, 900. This
f huge accumulation of gold is powerful
stlmulant to credit and initiation.
Q The war appears to be on its last
n legs; its tottering steps are evidence
!. thereof. No sane nation on the Amer.
Q lcan continent will dare to stand for
frightfulness warfare on the seas, AZ
i. set forth in the recent orders issued
/. 1t Is evidently a forlorm hope and repre-
Y sents 4 final desperate effort through
4 the threat of sinking ships CARVING
d human beings without any provision
; made to save them. 1t is suggestive that
g the end Of the war is near. No repnb
d lican government on our South Anleri
I can continent will be false and de-
: praVed enough to place itself in posi-
Q ton to wage war against the United
0 states under such present conditions, sc
f we have nothing to fear from that guar
ter.
V HENRY CLEWS.