Daily capital journal. (Salem, Oregon) 1903-1919, 1918-10-21
DENTIST
Oh. F. L. UTTER, DEN 1T, ROOMS
4l3-414 Bank of Commerce building,

months, either thru allied successes or
Germany's collapse. On the other hand
allied advances into Germany will prob
ably meet with increasing difficulties
as resistance hardens and the distance
for allied transportation increases. We
must therefore continue to beware Of
overconfidenee.
While the loan is not going as rap
idly as desired, it will unquestionahly
be success at the end. Several causes
contribute to delay, such as peace talk,
influenza, taxes, holding back by large
subscribers, etc. These hindrances, how.
ever, viii gradually disappear; and in
the last few days of the campaign the
big subscribers, banks and great cor.
porations, combined, may be depended
upon to carry the loan over the top. But
dependence should not bear too heavily
upon these sources. If the banks are
overcrowded with bonds, a correspond
ing restriction Of commercial credit
must be expected; something which no
intelligent business man wants in these
active times. As for wealthy individ-
uaIs, they have subscribed with patriot
ic liberality in spite Of the heavy taxes
imposed upon this class. 1t is one Of
the great purposes Of the administra.
tion to make this a popular loan in
the truest sense; since the more widely
the burden is distributed the more cas-
lily will it be carried The last loan had
17,000,000 subscribers; this loan should
have not less than $4,000, 900. Such re-
suit can easily be obtained if our peo-
pie will only make real voluntary sac
rifices, which hitherto have been con
fined to the comparatively few. Some
are spending more than ever in their
lives; not few are spending just as
much, while those, who are voluntarily
practicing economy, are relatively
small factor in our whole population
Sacrifices have indeed been literally
made by SOME classes; yet there arc
millions Of people in the United States
who, if they would simply economic
moderately, or practice a little addi
tional self-denial through stopping un.
necessary expenses, to the extent of a
small percentage of their income
would create heavy subscription
to the loan. To the many new slogans
for the bond issue, at least one should
be added; that. is. " Economics; econo
mize; econbmy will win the war;
As already said, there is no doubt, but
that the loan will be success, for the
reason that the banks and other great
financial institutions stand loyalty be
hind the government Nevertheless
for the good of all concerned, the
bond issue should not bear so heavily
in the last named quarter, but should
receive the widest possible public sup
port. ~
The busines outlook is encouraging
but ii is quite evident, that we have
already entered into the period Of
commercial readjustment; that as re
suit considerable irregularity must b.
expected with temporary depression II
certain industries; but it should be re
called that, while commodities, credit
and other divisions of industry have
undergone very considerable initiation
securities have generally declined ant
have not shared in the general advance
movement. There is no doubt that Sc
curities are relatively speaking, cheap
! having been held down by the enormous
pressure upon the worlds money mar
kets. When the latter ceases, as it viii
( when the stupendous wastage Of cap
ital ends, the eafect must be beneficia
| to holders Of all well established an(
high grade investments. Commodity
markets are in a much less stable po
sition than securities. Prices arc un
doubtedly inflated for reasons well un
derstood. With the best of intentions
the government has utterly failed tt
prevent high prices by means Of price
fixing; in fact, in many instances, thu
government has been important factol
in the advance. 1t has, however, sue
cecded in restraining undue and dan
gerous speculation The advance il
commodities has already reached leve
whore rumblings of public protest arr
growing louder and more significant
At present there is nothing in sight Il
stop tnls rise except inc eSnehihk "
purchasing power, which cannot be ia
| distant. Broadly speaking, there is NJ
real scarcity Of food products. The mum
lber Of food animals in the country i
imuch larger than before the war. Ou
Ifo,M crops generally are also ample
yet prices soar and soar to dizzie
/ heights than ever. The advance in com
modify prices Is partly due to the scar
city; partly to high wages Of labor, am
partly to increased costs Of production
adm distribution. The rise, however, i
somewhat due to psychological reasons
and is to considerable degree the re
/, suit Of nonresistancc by the public.
/ HENRY CLEWS.