Daily capital journal. (Salem, Oregon) 1903-1919, 1918-01-11

note that less prejudiced feeling pre-
question seriously; and it is pleasing to
walls in the national legislature, and
that the question of dealing fairly with
the railroads is a necessary patriotic
service, if they are to do their impera-
tive duty toward winning the war. So
while the situation of the railroads is
at its worst, the prospects of relief were
never better than today.
President Wilson s message to con-
gress on the railroad problem was en-
inently sound and just. He stands for
the Capitalization of control which is es-
sential to winning the war; for equit-
able treatment Of all interests-labor,
users and owners-and for preservation
OF the railroad system IN Dotn Is pny.
sIcaI and tlnancIaI aspects. lie pointed
o..U lnc necessity 4or proper compen'
>truIon uL tilc rUt.usj tloV ACKNOWLEDGEMENT
tllat the government guarantee. Ael
0PN44I44A -oYonae oqut44 ~ lne average
"a the lHrce years enulng June 90, 11I"
Inc message Is an v4li4sntSneu uVuu-
444ont, At I5 uA1IIcu4. W See NOV
cong ess can uo UtlleInIsc tnan ttuop'
ais suggestions. Ii lne rc4d-Ieu Ies4s--l
,4On 10 LVttncOnilhSj IL VIII Instantly ar
rest the ueep euIlcnC Oh uIsIfusC @Alcl
was unuern4IllIng the LInanclaI IdurIc
ana caused sucn stdft4Ing snr1nAaSs
II ralItUad securities. rrosluenu WILSON
mas 4uslItuteu. Il raulcaI cnange III lne
p0puIar attItuue towaru unc raliroaus
,,4lcn VIII nave Inc eILecC U1 Restoring
confluence and sGrengtnenlng ranroau
crvuIU generahy.
1ne ttuVance III industrials was part
ly uue TO improvement III the ralIIOad
OUTLOOK, when viii nasCen much needed
outlayS Ior cars, locomotives and oIner
deferred improvements, Inc steel IN
uuslry also penetlUs IrGm the pressure
OF war contracts which impose ever
growing uemands upon tnaU industry.
Ine immense new snip tonnage III course
OF construction VIII De an additionally
important factor for months TO come.
Should the war come to close jearller
tnaH expected, the demand for steel
would break out in other quarters, not
ably in domestic building enterprises
help up by the war, ana III our foreign
trade which will take ON Aew life when
peace arrives.
General trade continues very active,
and prosperity is running at high tide
in the west and south. In the east there
is more or less slackening in spots, due
to economy and diversion necessltated
by war, the effects Of which are still
felt much more severely in the east
than elsewhere. The high prices for
wheat, cotton, and all agricultural pro
ducts are bringing an unusual degree
of prosperity TO the farmers; ana eff
forts to increase the national output III
1918 are everywhere evident. Wltn pros
poets of insufficient crops in other parts
OF the world our farmers seem sure of
big prices for all they can produce dur
ing the next harvest.
Easier money both in New York and
London are among the latest favorable
developments. Preparations will soon be
in orQer for the Third Liberty Loan
which is expected in February. Private
is consequently discouraged In
all directions, and success of the loan
need not be questioned. Postponement
of the government S antitrust suits III
several important industrial organlza-
tions had a stimulating effect. Another
favorable factor was the increasing
firmness Of government issues, domestic
and foreign, this doubtless being the
result of increasingly numerous peace
rumors.
At times the market showed some un-
steadlness OWING to protlt taking after
the recent advances; but the general un-
lertone exhibits much Improvement.
HENRY CLEWS