Daily capital journal. (Salem, Oregon) 1903-1919, 1917-05-10
MOBILIZATION OF NATIONS
Continued from page One.)


business as whole continues vary
active. April bank clcarings were ovsr
30 per cent heavier than a wear moo
part of this rise being dine IN bighnI
prices. la few lines there Il modesate .
slowing down, due 20 economy, 10 con.
ser'atism created by war, Also 10 great
'i caution m extending credit TO indus
if'eS working upon n highly inflated
nasis. In other lines. however. there
has been a pcrccptible speeding up and
more intense activity than nj any
time since the war. This is especially.
true OF the steel industry, where or.
ders are being placed right into l9ts
ana even 1919. The demand for steel
Tor munitions, railroad equipment. shin
building materials, etc. Is extremely
urgent aud heavy la copper. oil and
other industries there is also unrbeek
ed activity and no reaction In ,ipbt
demand Tar exceeding supply. Our lev.
ulc industries are also exceedingly busy
some mills being entirely oecnnied an
government contracts. while publir rou-
sumption has been only modernteIv
checked by high prices. As nm illustro
tion of business development. the Aprl
new interpretations i'm the eastern
states of concerns with capital of
Nluu'VoO or over aggregated $l3g 600
Uuu compared with S224 900 600 a ycnr
aGn' while the total from .lauunry Isl
aggregates TllG00O,0O0. as against
HN9N,ooouOO for the same period in
1910. In the state Of Delaware alone
new corporations with a capitalization
ul Nl,uoo,uuO or over, amounted 10 S3O6
'uO'ooU IN April. There has also been
extraordinary activity in petroleum
development, the total authorization
ot new capital since the first of .Ianu.
airy being estimated at S2l2.OOO 600. !
while since the beginning of the wnr
the total authorized new capital IN |
has field of industry has run M ia (
the enormous total of S75l .O00. 900 An. |
lthcr new md highly important field
'i development has been that of shin.
ping Inc new companies of that class
'rgahlzed during the last few months.
nave amounted 10 over S70.0000 900,
making q total Of SlS0,000, 900 since
he war began.
The one unsatisfactory feature TO be
noted is the food outlook. This country
undoubtedly faces a scarcity. espeeiai.
when the urgency of helping feed
'uI ailles rs considered. Last wear 5
hort crops, the backward season. ex-
lauSted reserves and the foreign de
nand, all combined create serious
ltuatlon. Efficient government repula I
ION viii, no doubt. be helpful in mod
rating the crisis, and present high
,rlccS should stimulate "A bio acreage.
hough the shortage of labor which
for the army will apgra- ,
ate eomphcate critical situation.
.ood economy is absolutely essential, !,
ut the largest possible output is the :
My solution possible, and il remains |
0 he seen whether government repula !
ION or high prices will prove the sur.
st cure Perhaps both will be neces }.
arF' For American farmers wear of
reat prosperity is ahead, since they I,
an count upon good prices for the
lrgeSt products within their utmost
each.
AS already indicated, one great con !.
'qucnre of the war has been a tre
1'ndous expansion Of the activities :,
nd power Of the government. These T.
ave not been confined to preparations :.
1 the army and navy or TO financing ?
he same, but have extended into the ~
equation shipping, the distribution =