Daily capital journal. (Salem, Oregon) 1903-1919, 1919-03-08
Henry Clews Asserts That )p-
timism Rules In Financial
Circles.

New York, Mar. apparently the
financial district has been busy dis,
counting better conditions, which seem
to be approaching though not yet ac-
tually in sight. Beyond doubt, more
hopeful feeling has been slowly de-
veloping throughout the month of
February, expressing itseh IN an en-
larged investment buying of securities,
in partial recovery of confidence in
banking circles and in moderate re-
vival of enterprise. Men at the head Of
large industrial undertakings are grow
ing more and more optimistic, despite
present slackness and disturbing labor
outlook. Many new building projects are
likely to be soon launched should moth
ing prevent; commodity prices are fall
ing; economic law is gradually resuming
its sway the opposition to Federal own
ership of railroads, telegraphs and tele-
phones is increasing; in short, while
many serious problems and more or less
consequent disturbance are still ahead
of us, it is a well substantiated opinion
that the worst is sufficiently known
to be fairly measured, and that ere
long conditions must improve rather
than retrograde. Such beliefs seem to
be the basis Of the Improvement noted
during the last few weeks. Actually,
there has been little positive change
for. the better; and it would be easy for
the pessimist to point out where mat
ters may grow worse before they grow
better, notably in the matter of labor.
But fortunately for the country's pro-
gress Wall Street always inelines to-
make the best Of things, and to be
nationally optimistic whenever there
is opportunity; and undoubtedly it has
been busy diseounting the better times
to come as far as circumstances will
allow. Whether we are moving too fast
in this direction or not remains to be-
seen.
Congress has now adjourned, and
there is no prospect of an extra session
until possible May OF June. next. The
session just closed has been productive
Of little work commencing itself to
the better Judgment of the nation, and
the new. Revenue bill occupied the bulk
Of its valuable time. That piece of
legislation will go down into history as
one of the most complicated, oppressive
and unpopular measures of taxation
ever conceived Since the war ended
no sincere or effectual attempt has
been made to cut down unnecessary ex-
penses and stop wanton waste; hence
the necessity of increasing instead of |
the huge burden of taxa
ton, which cripples industry and un-
blocks industrial recovery
1t the expense of labor and capital
alike. The old congress proved itself |
me of the most unsatisfactory on rec
,rd. What the new congress will do can
lot be forecast. The house majority is
opposed to the president;
)ut Mr.. Wilson has so enormously en-
lanced his prestige through his merit |
'sious labors for the League of Nations
hat he may be able to continue his
sway over the course of af-
airs at Washington during the remand
n of his term. Whatever criticisms !
ire shewered upon some of Mr.. Will
on s policies and actions, he has GER
ainly placed the United States among
he very first of great nations; and this |
$ work of incalculable value in the
,reat future that is before us. 1t is to
,e hoped that partisanship will not
,e allowed to weaken the wonderful
influence which America has gained
mongst other nations under Mr. Will
on's skillful leadership in foreign af-'
airs.
Public opinion now realizes that the
have not had fair play, that
hey have been the victims of preju-
ice and political hostility, and that the
ervice under government control has
retrograded in quality while
ests have increased enormously. Some
dvantage has of course resulted from
overnment interference, such as uni
led operations; but there is growing de-
ire to regain the former benefits Of
rivate management lost under the pre-
ant regime. There is also belief that
nsiness improvement will stimulate
ross earnings, and aid in overcoming
he heavy loss in net earnings last year
esulting from the abnormal increases in
fages. There is still another element
a railroad values; and that is the alb
anee of initiation in this class of in
A similar situation prevails