Capital journal. (Salem, Or.) 1919-1980, 1919-12-12
neIFWS ADVOCATES
CONSERVATIVE Buying
As PAPER POLICY

york, Dec. f2.--rhe opehihs =,
new ass accompanied by the nsuai :, !
Of co's ,essage from the presioen. :,
sPecia' ,ars,aa by the annual report OIL :
snd of the treasury has cone
the seo 81 change the financial out :.
very i,au -,ng, the past week inasmuch .
lock o'.A Ae.;dant had nothing to say
As tno tbe railways. the Mexican
either % or the peace treaty. those
sdtua'lo hoping for light IN some
who snase directions nave Deen
one Q, - aafer their expectations sthi
further. u, o,,tvook Unsettled.
.,.ro,v little help has been re-
- nv the market Dy tne nems Nv s.,,,
.,,ne the coal strike win has
o ns fire. Production OF Goa, ns nas
hAne reduced to 40 per cent 70 oo os pe
bee.' ormal and this shortage mas
cent .na reinstitution Of coal restric-
lea " .v;th corresponding hmita'ion
no"'' ,,,dustry in many airec'ton''
upon conditions throughout the
BUSINESS - 70 the close Of Novemoei
coah''s arable. the federal reserve
were .st,np the activity OF trace d
Deaiu while manufacturing an
Vrtation have, on the Wno,'
us"'p III, occupied Nevertheless VI
Oeol Oe.,.',oussrise of prices ana tne uAAi
ceht'noo onnected Herewith seem
culues go. 80 q reduction in buyir
,,over. which may proous p..;,,n a,
o,;,,itv in both manuIac.u,ins , :,
s.a;I;nr. This, coupled WIN .rie -
esto,nties concerning tne ~
situation, have created an
uaa ohere of uncertainty in Dusih'
a,os which extended TO the ,in'
u cn.'o r,nnity and has operateo
4 r ..,nt Greater recovery in price.
restrlSs .;nued Money Stringency'
for call money have reacl
N"'oe ,,c,, lower level; the mdi
sois CO.. as it goes. is GOOD
u'a o,,a not be mistaken. II
ne. ..-.,, understood that any uh
s.,,,,tv ON the part Of borrowers
..ca IN speculative operaioh'
.',,as would be followed by an
..asa ADVANCE in rates Ther
therefore nothing IN 'no
,,.er the opinions aifeaoy oNpi
i, this circular concernans .no -.
"a costs of call money 70 oe oNr,
g.. some time to come Inc uoo
-.a.rve percentage OF the ieuo. :
90 system which was repo,'o
sI.,,har 40 as little more Una
,t has again called attenti
so,t that the available resour'
soaaral reserve system are
.s.,dea,v lower basis than mere
staaa Of recovering under
. c.ence Of the contraction po,ru' M
..rart,v grown weaker. IA
] ..:.,o IN reserves may be expiai
A2 ..;o,,s ways, but the faet =
q ,h,t II IL present and tnatho -
,;cu ia sufficient to alter tn1 :"
n ,,,e available funds to Pc nau
.. raner are steadily snr
= outlook and Prospects,
"a corsarvatiye buying appears
tse appropriate policy for son .
In come. Bank accommooa, !,
,roueh reasonable wnen app'
.re limited, is restricted -
ard sudden changes IN ra.o
salt in high costs Tor can =
!. auv moment Broad comh.s.
vslying heavy carrying enc.
therefore to be avoided WhI.
"a suecu,ative securities are SUI
TOO many elements OF oouD. ;.
u much encouragement. a
period in the market Jasllns
weeks during which inses'
H buyers in general would 90 !"
canton, is indicated. Wmle
eral outlook is slowly HIP.
the country is undoupteois -
~ Il to recovery, still rough spo
occasionally encountefeo'
eious discrimination ~ aov,s W.
financial transactions. -
E whole, however, the situa'
cidediy better. r,v