Daily capital journal. (Salem, Oregon) 1903-1919, 1918-11-28
FlNANCIER CLEWS FINDS
GENERAL SITUATION BETTER

u armv ana from government work, now
that the necessity for munition making
| is endeo. Thousands more, who have
been securing wages beyond all expee
tation in regular industries, are also
Threatened With losing their jobs. Prob
ably uvsl >: these men have saved lit
Ito of their .,ar work wages, and they
will naturally be averse to accepting
lower pay elsewhere. If these changes
come gradually discomfort may be,
avoided, if they come suddenly and re-
employment is difficult, trouble may
ensue. The problem of finding en-
! pieyment for those who gave up their
johs for the sake of securing war wages
IS serious one, and should have the
earnest and early consideration of both
national and civil authorities. There
is no doubt plenty of work waiting for
workers; but the task of bringing jobs
and men together in these times of dis
location will be most difficult. From
nov on there will be less complaint as
to the scarcity of labor, yet there will
be no immediate surplus; nor is it like
ily that there will be any great reduc-
tion of wages, except in industries
which can no longer earn the exorbitant
profits, out Of which these excessive
wages came.
Stock exchange activity was reduced
ito minimum by restrictions of tho
Money Committee intended to check II,
fialion. For the same reason invest
ment purchases have been upon rela-
lively small scale, in spite of the re-
lviving tendency in this direction. Sales
were frequently confined to about half
la million shares daily, and the total
since January has been only 125 mil
lini shares, compared with 170 millions
at the same time last year. Bankers are
also restricting credit, and the govern
ment has been reluctant to discontinue
its control Of new issues through the
Capital Issues committee; so that stock
market activity is being discourags. /.
On all sides. Further weakness was ex.
hbited in both war and peace indus
trials; the price of 90 leading shares
having now fallen from 80 on October
10, the 1918 high point, to about 50 at
the present time. The 20 leading ra.l
road stocks have on the other hand
risen from 1921 on January Is, the
high point in 1918, to about 80 at the
present time. This advance has been
due to the fact that the railroads ar0
making an excellent record, it being
estimated by the interstate commerce.
commission the the government will re-
ceive over $51S,00O,0O0 net from opera
tion of the railroads during the nine
months ending October /. This means
the the governments loss at the end
ofthe year will be reduced to spuut
$780, 100000. Experiments in govern
ment operation are viewed with intense
interest and more or less distrust. Gov
ernlnent ownership Of public utilities
is becoming more and more of public
issue, the introduction in the senate
this week bill favoring government
ownership having intensified the ques-
ton. It can be safely stated, however
that there is little chance of its con-
summation. Public opinion is far from
ripe for such step, and political ten
dcncies show a decided drift against
these policies and disposition to en-
dure them only as war measures
As frequently pointed out in these
adv'ces uncertainty is not a ftvorapie
market factor. Besides this, as is well
known, it is handicapped at the present
time by loan restrictions which prevent
of 4o1