Daily capital journal. (Salem, Oregon) 1903-1919, 1918-05-09
Business and Financial Pros
poets Are Generally Good
His Conclusion

New York May 9.--The Liberty Loal
proved a handsome success. 1t was heav
lily oversubseribed and the number o.
subscribers reached nearly l3, 600, 1000, o.
considerably more than one-tenth of oul
total population. The best feature OF
the loan was not the oversubseription
but its ex ,ra~ordinarily wide distribu
tion among the public. Earlier loans de
pended much more largely upon large
individual subscribers and financial in.
stitutions. Too great a proportion of the
earlier issues was taken by wealthy in.
t~erests, and by the banks whose func-
tons are best performed when their re-
sources are kept fluid and moi tied up
In large blocks of securities, howsoever
sound they may be. From every stand
point it is desirable that the Liberty
Loan be widely distributed, such a pol
icy being sound financially and wise
politically. Recognition Of this fact by
the banks and big lending institutions
partly explained the temporary hardness
of subscriptions, which however came in
with a rush during the last two days.
The whole result is decidedly stimulat.
ing. 1t proves that our people are arous-
ed to the gravity Of the war, that they
are ready to freely give in heir moral
aud financial support, and that the
country has unbounded financial re.
sources for pushing the struggle to a
successful conclusion. 1t is also slim
ulating to the men who go to the front
and German military leaders must be
dull indeed If s,hey fail to recognize
that America has come into the war
with the determination Of preserving
freedom and destroying militarism
What will Germany's present leaders
think of President Wilson'S request
that he be given power to draf. an
unlimited army, and to raise an appro-
priation Of $4,000, 000, 000a
The week jus ended has ben an en-.
couraging one for the allies, the great
German drive having, like its predeces.
sors, ended in exhaustion and failure
Of its supreme object. The enemy gain.
ed ground at %ruinous loss Of men which
will count for nothing in the end; while
the allies saved men tremendously, and
that in the final results will moan vic
tory. 1t is now quite evident that the
allies will be able to hold the line until
the Americans come up in force, and
1t is a foregone conclusion ,hat the en-.
envy will. not be able to force a de-
cision until this takes place. The enemy
must soon realize that his defeat is in.
evitable, that his victories are empty
and that his tragic sacrifice Of life
is useless. To continue ME wal may de-.
fer the collapse; but thu longer the
delay, the greater the penalty for Ger.
many.
The month of May begins with a sat
tsfactory business outlook. AT this sea.
son crop problems come to the front,
and khis year they arc Of far and great.
or importance than usual. Fortunately
there Is no prospect of a food shortageI
in this country. For this statement we
have the assurance Of our able food
administrator, Mr.. Hoover himself, than
whom there could DO no moro reliable
authority. He confirms the opinion al.
ready expressed that the outlook is for
q big wheat crop, possibly 900, 000, 900
bushels. The outlook for an abundance
OF food is fortunately not confined to
wheat. Other grains are doing well, and
Vie same is true of fruits and vegetables
for which the conditions have thus far
been favorable. Our animal products
ngxt year are also likely to show q ma.
terial Increase. Good prices are insur.
ing large production, and in many eases
distributors are carrying over liberal
supplies from last year; this factor be.
ing largely attributable to the home
garden campaign a year ago, also to
'she growing habit of economy and thrift
by government propaganda,
Our cotton outlook Is encouraging, the
acreage being estimated at about 5 per
cent more than last year, which under
existing conditions suggests q crop Of
about 10000 900 bales. Taking INTO con.
ion the surplus left over from
last year, there is no fear of a scarcity
Of this staple during the coming season
has had a remarkable break, and
the decline should help solve the prob
Of our manufacturing interests. 1t
will also check the agitation for price
which was being pushed with
sigor. The steel indus ny is somewhat
.eranged by the necessity for concen. /,
upon essential products, leav-
ing the non.cssentials to the future,
is an insistent demand for steel
plates and other materials for II al
hes, Great B%riioin, France and Japan. ,
In view Of the fact that the war threat J
ems TO be continued with growing in. !
it Is quite probable that a con.
siderable period may elapse before the
production Of non,esscm ials is resum.
ID. One notable example of the demand
foi essentials Is the placing by the gov. y
.gnment Of d 500, 1000, 900 order for To-. .
'omotives with two leading manufac. J
turers. Enough of these engines are to
ready in order to avoid a deficiency !
motive power, which had so much :
20 do with the breakdown Of our rail. g
'oad sys km last winter. This order also Q
supplements that recently placed for !.
Freight cars, valued at nearly
300, 600, 900, which win doubly insure
70 against a repetition of the coal short.
ICE.
The effect Of war upon new capital is.
ues is very striking, as might be ex. :
'ected when the government was en-. !
leayoring to gather in all the available !.
unds for the Liberty Loan. In April :
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