Daily capital journal. (Salem, Oregon) 1903-1919, 1918-07-13
Financial Authority Sees On
ly Bright Side of War Out
look and Conditions

iUUh dIu OUiiuiliUilS
Now York, July l2-We enter tn
second half of the year under condition
generally hopeful, though highly cor
fusing and in some respects uncertain
The undertone of confidence, however
is still running strong; the military out
look heing decidedly encouraging. Ger
many's supreme effort has PRACTICAL,
failsd; since the allied armies have no
been divided, the British are not driv
en- into the sea, and Paris has mo-
fallen into the enemy's hands. Will.
the drive viii soon be renewed, thesC
contingencies are now less remote thar
at any time since the campaign be
gan, and the French and British are
confident Of holding their own. Driving
back the Austrians over the Piave af-
fordcd particular encouragement; not
orly by depressing Austrian morale and
raj sing the Italian, but also through
saving Italy's great industrial plain in
! the north; the loss of which would have
affected all the allies adversely. The
greatest encouragement of all, hover
from the American standpoint, is the
marvellous rapidity in perfecting plans
for our entrance into the war. There
are now over a million American sol
diers in France fully equipped. and by
January 1St, it is expected that we will
have approximately 100000 men in
the army. Submarines have proved a
failure, and the huge shipbuilding cam.
paign initiated by our government il
now being rapidly carried out. We cele-
brated the Fourth of July by launch
ing nearly one hundred ships ard four.
teen destroyers, aggregating about 500,-
600 tons, These are wonderful accom-
plishments, despite the criticisms show
cred upon the administration q few
months ago. We shall soon also be ship
ping aeroplanes on large scale In
dhstrial mobilization Of the steel in
dnstry is complete and the entire war
machinery of the country is running at
high pressure and with as little friction
as possible. America has certainly got,
ten its stride, and the American army
will soon enLghten Germany as to its
fighting capacity; so we may hope con-
fidently for the victory which our aid
will surely hasten.
But there is another aspect to the
situation that cannos .ys ignored. This
terrible war involves vast sacrifices of
llfe, blood and treasure, and the end is !
by no means yet i'll sight; for while !
the enemy may be weakening, still he |
Is not beaten, and since it is mat
ter of life and death for the military
autoeracy Of Germany, that party must
and will continue the war until con
luered by a shattering blow, which
VIII require even greater efforts by the
lilieS than any heretofore put forth. This |
country must, therefore, be prepared for
'tlll greater sacrifices, for heavier tax
IS for far more rigid economy and even
urther government regulation. Sad to
ay, II must also be prepared for
rowing casualty list. Price fixing and
ationlng orders are especial sources of
omplaint; nevertheless, such incidents
must he expected. and it should be ad.
led that they are usually cheerfullv
net, the policy of the government un.
ucstionably being to create as little
riction as possible.
The most encouraging business factor ,
the crop outlook, nature in this re. {
pcet having particularly favored the i
jnlted States. Aside from Slight dam |
ge to wheat, that crop still promises c
very heavy yield, probably the second t
lrgest on record, with the remote pos. t
lbllity of being a bumper crop. The |
arvcst of winter wheat, which is usual !
about two.thirds of the crop, is now i
'eli advanced, yielding excellent re @
llts, and should be completed during
MY The expected yiela is nearly c iii. n
on bushels, or about 5O,00O,000 more ?
ian last year; an ample supply for a
II allies as well as for ourselves.
Prices of finished products are very
gh, staples having considerably more
IAN doubled during the last twelve
ohths, while manufacturers are dis.
acted by strikes in one direction, pros h
gus OF government regulation and II
ice fixing in another, and an uncer fl
IN cotton outlook in sull another. Two
Idltional growing months are still m
ead of us, and August, if not July, is ff
ually month of more or less crop II,
terioration. The government has fix. R
the price Of copper at 26 cents a
Sc of 2la cents. This will assure tM al
pper companies continued profits 70, th
moderate period, wien the govern. 70
'nt probably considers good policy al is
mulus to a prolific source of publ, tn
venue. The same policy has apparently
en- exercised towards the steel indus. M
which provides the government to
tn very large amount Of revenue. ca
Our monetary affairs are being skill a
lily handled. The banks are to pur. ar
aSe every two weeks $3.50 900 900 Az tn
cent short term treasury notes un, op
0O,000,000 has been raised to.
.fds the next Liberty loan, which OF
u probably be that amount in oeto. be
r. During the fiscal year ending Juns ha
the United States government raised 80
oo0,o0OOO0 in taxes and $4,000 900 tn
tn
all the new war novels probably
nc have eXenllcd his HDark forast - tl