Daily capital journal. (Salem, Oregon) 1903-1919, 1918-04-10
OUTLOOK IS
Continued from page one)

wen as continuing financial aid to our
allies. Indeed the marvel is the facll-
ity with which the United States takes
on all these applications, proving that
our financial are much larg-
er than sven dreamed of. The first
year of war has cost the United States
nine billions, of which more than half
went to our allies, one third to our
own army, one tenth to the navy, and
one fifteenth to- shipbuilding. One sixth
of this amount was raised by taxation,
the balance from liberty bonds.
Industries More Active
In some departments industry has
become more active with the opening
Of spring, and the improvement in
transportation. The increase in pig
iron production is very striking, the
March output being 3,213,000 tons,
against 2,3I9,0 0 tons in February.
This increase was largely due to reeov-
cry from the deadlock in transpOrta-
ton which occurred during the severe
weather of February. Shipbuilding has
also been speeded up with greater in
tensity, 20 that the April output of
ships and munitions should also be
heavier. Our textile trades are fully 0c-
eupied, chiefly upon army work and
at profitable prices. Food products are
active and growers are securing hand
some returns. This is true of all agri-
cultural produce. Cotton touched an
other top record, SO cents, while west
ern farmers are now looking toward
$3.50 wheat. Meats are high though not
scarce. Crop advices are very favor
able thus far, and the April winter
wheat report will show a considerable
Improvement in conditions compared
with last yea The necessity for con-
servation Of flour is still pressing ow-
ing to poor quality of last years crop
but the flour administrator authority
for the statement that this years
wheat crop promises $780, 900, 900 to
$4,000, 900 bushels against $50, 000,-
goo bushels last year. The dullest in
in the country is probably that
of building, because of high costs of
labor and materials; also owing to dis
position of the government to diseOur-
age any important new construction,
in consequence of which a scarcity of
housing room is developing. February
railroad returns, which reflected bad
weather, are particularly poor, Penn
.sylvania reporting a deficit of nearly
81, 600, 900 during January and Feb
.ruary. Other railroad returns for these
months were relatively poor. March re-
ports ae expected to show decided i'm
povemeent owing to recovery of traf-
fc and increase of rates allowed by
the interstate commerce commission
What with the restoration CT traffic,
the advance in rates and the govern
ment guarantee of dividends on the
last three years basis, the railroads
would seem to have little or nothing
to fear for some time to come.
Stock Market Strong
The stock market behaves well; very
well considering the strain and diver
sion of war. Activity is limited; yet
there is a confident undertone, and all
setbaeks are followed by prompt re
coveries. Prices respond much. more
readily to good news than 10 bad news
There is a decided disposition to re-
sisG bad news, evidently part of the
confident war spirit. Stocks appear to
be concentrated in strong hands, spec
ulative holdings being remarkably
light. Good railroad shares are selling
low considering the returns offered
ahd improved general conditions
Bonds are inactive, while short term