Daily capital journal. (Salem, Oregon) 1903-1919, 1919-04-12
Henry Clews Says That Best
News From Paris Not
Featured
New York Anil S. 1o1a

Nv" IVA. APAh . 1915
In spite Of confusion financial con
ditiOns have shown some Improvement
during the past week. The coming of
spring invariably has a stimulating eff
feet upon business, and this may con
duee to optimism; but such an influ.
ence is strictly limited, and the pres
ent undertOne of confidence is based
upon something more tangible than the
mere shifting Of seasons. The doings
at Paris must be elaSSed as one Of the
most important factors. True, surface
news has not been developed favor
ably, and vexatious delays are occur
ring with a persistency that ineites con
siderable irritation. Much of the in
formation given to the press, however,
is apparently superficial, and dwells
chiefly upon what is abnormal and
threatening often emitting what is real
ly assured. Public opinion the world
over is becoming inpatient at delay,
and those in charge Of negotiations are
not blind to these protests, for both
the peace treaty and the league of. ma
tions are probably nearer accomplish
ment than is generally supposed. When
some of the present bitches are remov-
ed agreements will be reached more
rapidly. Of course, the all important
object is peace; a peace confirmed by
mutual acceptance of terms. This is
more pressing than the league of ma
tons. Then the unhappy peoples o.
Europe can return to WORK. partially
forget their sorrows and hasten the re-
turn to normal conditions. The sooner
commerce and industry are allowed to
resume their natural channels. the bet
ter for the whole world. That is the
only cure for bolshevism, as well as
the many other isms that are upsetting
nation after nation. Force "a be
necessary in some instances to restore
order; but the chief needs of humanity
are an increased production and a bet
ter distribution of food, clothing. shell
ter and communication, all of which
have been largely destroyed or derang-
ed by war.
From now on the victory loan will
loom larger and larger in national af-
fairs. There is no doubt that the loan
will be a success will prove a good
snort term investment, yielding an at
traetlve return 10 tne buyer' 1t should
exert niue II any erect upon the mon
ey market, as nearly $4,000, 600 900 Of
treasury certificates have already been
sold which can be turned IN for the
new bonds, To that extent the new
bond issue has been largely discounted;
put the more these bonds are taken up
by the puolc the less wlll be the pur-
den upon the banks whose resources
VIII then be eorrespondlngly free to
take care OF regular business require
ments. 1t IS OF the utmost Importance
that these bonds be as widely distrlb-
uted as possible not merely as a mat
ter of public porcy, but also as a mat
ter Of aiding the restoration OF Dusl-
ness to more normal conditions. The
most significant feature OF the money
market was the prompt oversubserip'
ton for the $3OO,OOO, 0OO war finance
corporation bonds. THESE were issued
on a 3 per cent basis, and show what
"'S"' " NNINN'Nu ~
victory loan was also placed upon bus
mess terms. There is evidently a large
amount of capital awaiting investment
providing the terms are satisfactory.
II is to be hoped the administration at
Washington Will disregard political con
siderations' and make the rate upon
the new loan sufficiently liberal to IN
sure its success. Other nations have
met market conditions IN such trans
actions, and a similar policy should be
followed for prudential reasons by the
United States.
General trade is fairly active, and
the readJustment to peace conditions
goes steadily on. There are stu many
uncertainties to DC raced, particularly
adjustments in prices and IN the rela-
tons with labor. The conflicting fore
es are very strong The entire puohe
IS interested IN a lower cost OF living,
which al be accomplished only by
lower prices. But lower prices cannot
be accomplished under rising wages
and shorter hours. Producers are IRE
quently cutting prices at first hand,
particularly in the textile and metals
erally unwilling to make corresponding