Daily capital journal. (Salem, Oregon) 1903-1919, 1919-05-10
Economy In National andState
Expenditures Needed --Clews

payer. The same experience has ~.
had in other lines; and whether in =.
reads, telcgraphs, shipping or otAe- A..
tivitics the results Of government s,.s,-
tion have SlSays been the same: infs-
Tor service and higher cost as eonna,aa
with private enterprise. Cireulnstan..'-
may have somewhat eompacasea =. -
periments; but the results wonld bnv,
been similar; and it is safe to say tbse
Soelaiisie movements such Us these A..
received a setback that will last To- !
long periJd.
satisfactory Business Conditions.
Tne business outlook, though spsttv
where cessation Of war orders ana hes,,1,
taAts interfere is upon the whole 80
assuring Taxes, which appropriate Sa
per 1nt of excess profits, diseouFso,
enterprise deprive merit of its iust re.
ward and stimulate extrayaganee in ov.
1ense accounts m order TO eyade tavo,
7ut there are enough eneourapr,.
lures to largely offset these drawbacks
ana 70 warrant sturdy eonfideuee in
the future. First Of these IA
The extraordinary Crop 0utlook.
Growing conditions have been wand,
tully favorable, and we are promise5 !,
wheat crop Of more than a billion hnsn-
els at. valuation of possibly $4,000.
Ooo'OOO. About $1,O0O,OOO,OOO Will ho
provided by the government ,n,,...a
taxation, as result of the fixed Dr'eo
agreement. Because Of the shortags -
wheat in Europe there will he n heoy,,
export movement at profitable prieos
Europe IS also short Of other foods that
We must supply; the destruction OF eat.
Tie by war necessitating heavy shin.
htnts OF meats and fats. which IA -
Dc explained is the main cause ,.. -,
nigh cost of food in the United gtotos
II Is estimated that the farm proapots
OF tins country will approach the an,,.
0ether unprecedented total Of $25.0 600.
VVO'4ii, compared with over S20.O00.
Voo'oOo, the actual expenditures an tha
war Tor ovtr Nhc ears. Truly the farm.
er is still the backbone Of the copntrv
cotton is sure 10 be largely expovte5 10
poth England and Germany; so t,.at tho
merchants IN the agricultural regions
are looking confidently for very ae.
tlNc and prosperous season. In Ranv
cases demand viii exceed supply, for NOT
iinirequently supplies are low OF shelves
bare. '''i'oS
signs Of Special Activity, v
Needless to say such conditions will
aauuu q.
oenei't cur '1dustrial plants; also the
raiiroads which must bring heavy Roads
OF produce to the seaboard and saYrv
naek all scit5 Of merchandise 10 satisfy
the wants of our prosperous ft.nepc. IN
inc east the retail trade in our great
eltics is exceptionally active, and manv
OF our large department stores nre soing
nlueh the heaviest business in their his.
Tory The revival in building and real
estate has already started. thouph its
progress has been retarded by high cost
OF labor and materials. The scarcity Of
housing and business space is, no o.-~ver.
rapidly approaching a famine, and relief
Ill some form will be imperative.
Steel Trade. Heatates.
Relative inactivity has fallen upon
the steel industry, chiefly owing TO diff
ferenccs which have arise in the price
railroads, contractors and
other big buyers having in consequence
heid aloof. The independent concerns
are running at about half capacity. and
me United States Steel corporation nc
ABOUT % per cent As soon as conflict.
ing interests have settled their differ.
'nees these orders will doubtless be re-
leased and the steel industry regain ns
snare of current activity. The labor
is also an important faetOrs,~
ana ln some circles the belief still holds
mat a start cannot be made until somo
Concessions in wages are efefeted. On
me other hand, removal Of restrictions
VI the English iron trade are expected
10 stimulate our export trade as & re-
'ult OF higher prices in the British steel
industry.
A Better Labor Outlook.
The labor situation at large is svn.e-
what more promising, liberal eonees-
Mons IN wages and shorter hours having
lIfeady been granted. There is no great
mount Of idle labor. Employers z1d
'mployos are showing a disposition TO
;et together, and consider each ocaer's
uifieulties. Agitators are becoming less
popular and more and more distrusted
'y such a desire q steady job. Bolsne.
.lsni makes no headway in the United
states, and is at last on the decline in
iussla. British labor has already as
umcd a more reasonable attituae snd
ur own win not unlikely follow suit.
Stock Market Irregularities.
Activity on the Stock Exchange was
checked by profit taking
'hirh restrained unrcasoning entnas
asm. In a number of the specAa.svs
md industrials the advance had been
xeessivo and not well distributed. Some
owing to the loss of war
rofits and the diminution of legitimate
fotits by heavy taxes, refused 10 sym
athize with the upward movement, and
his, too, checked unwisc speculative
rdor. There was good buying, how
YER Of the better class of Tnilroad
harsc, owing TO expectation that tho
ailroads would be returned to s@.ss
Wners in due time and that congress
7ould not fail to deal Justly with I'm
Recent devel 10 pinodts
gainst government ownership we're also
favorable feature. though not a mar
ct influence Of immediate Importance.
-Iter so prolonged an advance the stick
larket is naturally exposed 70 reas-
ions. Soft spots arc more nuueToas
nd the DISPARITY Of values eslas for
lreful discrimination in all purchases