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About Daily capital journal. (Salem, Or.) 1903-1919 | View Entire Issue (Sept. 23, 1916)
THE DAILY CAPITAL JOURNAL, SALEM, OREGON, SATURDAY. SEPT. 23, 1916. C sWmi ST OSX rr(2'V I BOSS'WUSX SWEET SONG OF mtomatlonal Cartoon Ca., .N. jgr I OsyX- Z?7f STENOGRAPHERS Why Not U Columbia QUALITY Carbons? Mads in Oregon 100 Copies Guaranteed frost Each Sheet. Ooltmbla Cuban Pacer Mff . Oo. 3rd A Broadway, Portland, Ore. NEW HOUSTON HOTEL Sixth and .Everett streets, Port land, Ore., 4 blocks from Union Station. Vnder new manage ment. All . rooms newly deco rated. SPECIAL SATES BY WEEK OB MONTH. Rates: BOc, 73c, $1, $1.50 per day Journal Wunt Ads Get Results. ft. S. MUST PLAN TO RAISE MORE WHEAT f.C f 3f 1915 fiftfcfri "i S WHEAT VlELD I -wheat yield.' T ,i ! VWPoql P TO I J, - bu. M 1.50 v . IWfSY il-- PR,CE,:1 -'tWst Situation After War Ends Discussed by Financier New York, Sept. 10. Tlie f iiuiiiciul. plies of munitions must continue to markets have presented unmistakable! leave r ports, to such of the belligcr- vi mm ii iisi-u ilium: interest and ents ns imiii arrmun. r..r t,m.,,.i.i;.. nn .......I. 1 .1. :.. At.- J! I i . .. .. ... .1 lnwu. in inis way tnere is not Iikclv to be a The settlement of the railroad freight and be moved along; with per atrike prevented what would have ishable food products. With the ad probably been a serious shortage inljustment of the situation, such ap next year'B wheat crop, with result- j peals were) unnecessary and fertilizer inR higher prices for Hour and bread, (shipment are now gome; forward in according; to experts who have com-1 plenty of time for use this fall on the piled statistics showing wnat wouiu winter wneui crop, have been the results upon the na tional food sunnlv if the fall ship. menu of fertilisers for the winter In Germany, fertilizers are eiven preference over all other kinds of freight with the exception of food wheat crop had not been possible on products and war munitions for the account of the strike. soldiers at the front It is because Already America faces a wheat Ol uermanys attitude toward tne. hortafreof nearly half a billion bush-1 production of large yields and to els over last year a production, which ' even greater attention to the use of has caused prices to soar and which 1 f ertilieers than ever, since the beirin will probably mean higher prices1 ning of the war, that the Teutons than ever for wheat and flour before 'have been able to withstand the rig- next year's crop is harvested. W ith out fertilisers, next year's yields would be decreased from eight to ten bushels per acre on approximately ten million acres. The estimate is based upon the finding of the In diana Experiment Station and other experiments throughout the country, where differences of eight bushels orous blockade and demonstrate that their country has been able to pro duce enough food products to make them self-supporting. As much fer tilizer is used in Germany as in the entire United States, with over seven timed as much land under cultivation. Census reports issued by the D- nd over per acre have been found in 1 partment of Commerce show that the favor of wheat that has been riven i United States in 1914 used 49.8 per i average application of fertilizer. Organizations of farmers, granges. agricultural papers and other agen cies concerned with the prosperity of cent more fertilizers than in 1SG9. Of this amount, more than half was 1...- rrk.. : i I cunipit'iv it-riuixvrs. auv uicrcaso eies concerned witn the prosperity or. . me ubb oi lerimzers 10 ins extent oi the farmers wore preparing to appeal almost tuty per cent in rive years in to the railroad presidents, the Inter- dicates how American farmers are. state Commeree Commission ond setting about to increase their yields President Wilson, to ask that f er- and profit from the high prices being Jilizerj be considered as preferred paid for farm, product SIKH" participation this week both in the di rect ion of investment nnil speculative operations. For several weeks there mis been evidence of a broadening Tendency, nut the nnmpilinte incentiv for the period of enthusiasm that has so distinctly developed seems to have nceii tile definite result of the Jliiiue election, mis result in many cpiarters is interpreted and accepted us a respon sible forecast of the success in No vember of the political party identi fied with the advocacy of n protective tariff, I'ndor current conditions the tariff prospects may be expected to ex orcise an important bearing on the price level of securities of our great industrial combinations. Since the war began there have boon piienoinenul in creases in our export trade not nlone in the torm of munitions, but also ot peace exports to neutral countries that lormerly were served by one or more of the present belligerents. All will concede that when peace is restored there is to be intense activity display ed by foreign manufacturers in the di rection of re establishing themselves in former markets. This is a development that increased tariff rates at home can hardly be expected to chock. Presum ably our manufacturers, finding their export business assailed then will en deavor to conceutrate more freely on domestic business. They become in this way more susceptible to tariff protec tion. In this light the results nt the polls in Maine last Monday have been ac cepted quite widely as n favoring mar ket influence. In addition, industrial securities have been sustained by evi dence of a growing belief that recent interpretations that the war will end in the near future have been to some extent modified. Publie officials in the entente countries are to some extent responsible for this elinnse since they have been advising against overconfi deuce a n probable forerunner of dis appointment. If it unfortunately should! prove that tne tact tuat war still is to claim hundreds of thousands of addi tional victims it will mean that sup- sudden termination of the foreign or ders for American made supplies such as has been so greatly feared and to smiie exreiii discounted m stoek ex change circles. While not disposed to underrate the imortaiice of such coneededly adverse influences as the unrest in labor that is so nationwide nt the present time, ami is exemplified by the recent eight hour railroad legislation and the cur rent troubles in the local traction field, largo market interests arc inclined to base their transactions os developments of a larger character. There seems roa- since the beginning of May, that it is , uiuiiiv oi sccuricies wuicii are TO oe borrowed from their holders by the British treasury, not purchased outright is to be used as collateral for loans. Our own center is the most natural one to which the British treasury would turn. Hence, to be successful these is sues must be made attractive to Ameri can investors. If the collateral be en tirely composed of .foreign securities, the results may hardly be expected to e as lavorauie as it, as in the ease with the recent loan, a good siirinkling or nign grade American investments be included. Jt seems reasonable to suppose, therefore, that the British of ficials will be disposed to continue to hold a large supply of our securities for use in the preparation of this class of mixed collateral. It was on this basis that the probabilities do not seem to favor further important sales by for eign holders of American securities. (old from the British treasury is flowing Into New York so actively. lose to ifWOO.OOO.OOO having arrived Pale, SaJow Cheeks !lir.'hiit:te.bk,5Kl Is impoverished and that the stomach Isnnt pimpics, sanownessordull Tell the Need Of prop. Iways eyes all son to believe, for instance, that so far as direct sales are concerned, the foreign liunidation of American securi ties resulting from the war has in a broad sense been virtually completed. Floating supplies abroad oE stocks were freely disposed of during the Balkan wars. Whatever roiriaiucd of them came bacK quite freely when the larger war, which has been so appropriately styled the war of F.urope, began. After' the floating supplies had been sold, invest ment holdings in flreat Britain, which was the largest foreign holder of our securities, were first forced out by in ventions to deposit them with the gov ernment (on attractive terms) and fin ally by imposing an arbitrary and heavy tax on the incomes derived by holders from such securities as tlie gov ernment desired should be deposited. Hence it seems reasonable to believe that private holdings abroad have in a difficult to realize the object unless it be a matter of prudence to have it here as a safeguard against the aeci dents of war. Or it may be sent here tor its ettect upon the domestic money situation as well as upon the stabiliza tion of the sterling exchange. Hold is in such active supply that it is not needed on any basis of nearlv normal demands. The 2iO.OOO.OOU represent ed by the proceeds of the latest British loan, nave become available and are so far as their buying power is con eerned, the equivalent of gold. The gold, however, will unquestionably as sure a continuance of easy money con ditions on this side of the Atlantic conditions that are especially necessary to British" finance at the present mo ment. British short term borrowing has assumed such large proportions (there are, for instnnrc, no less than m)l),0UU,0U0 lbs. m short term treasury large sense either been sold outright! bills outstanding) that some more per or deposited with the British and ; manent form of borrowing must sooner trench governments, for the French or later oe entered upon, such tor NO HALF HEARTED Preparedness will i) If you expect to conquer a spell of INDIGESTION DYSPEPSIA OB MALARIA BE WELL PEEPARED TRY HOSTETTER'S Stomach Bitters areasury made similar demands upon its natioi.ais. There undoubtedly is a large volume of American securities still in the custody of the British treas ury. Tiiese, however, are not likely to be sold since they have a greater value if used as collateral for American loans. The recent 'Jj0,000,000 British loan is an example in this respect. In that transaction collateral having a market value of $300,000,000 was deposited to secure the $250,000,000 issue, thus pro viding a margin of 20 per cent. Of the eollatecal one third or $100,000,000, con sisted of Americau investment securi ties, which at once removed that im portant amount from the probability of sale within the two year period covered by the loan. Meanwhile it is under stood that the loan transaction In ques tion was merely the first of a series of similar ones. The British chancel lor has extended the original mobiliza tion scheme by applying it to bonds of neutral Kuropean and South American countries that are in the possession of British investors. The total value of English holdings of the specific secur ities wnose deposit thus has been in vi ted is understood to be about $3, stance as a new long term war loan. It would not be in keeping with their skillful financial management of the war if the English authorities were to otter such a long term loan on a Lon don money situation indicated by a 6 per cent Bank of England rate." But if ratss are lowered the English treas ury is at once confronted with the fact that American financial institutions and individuals who have on deposit in London at lucrative rates large sums will, not unnaturally, withdraw these funds in the event of rates at home proving equally as attractive. Such a withdrawal of funds could hardly fail to iufluence unfavorably the sterling exchange and create an undesirable sit uation. Hence if rates in London are to be lowered the present difference that exists between London and New York rates must in some measure be maintained. In these circumstances the phenomenal importation of gold that is taking place would not be as difficult to understand, especially when it is re called that under the new federal re serve banking law banks are obliged to carry a reserve of only 18 per cent against deposits, as against - per cent T5 . . X tooS, ?"1 Their mild and thorough actioVquickly ia me swn of blemishes, improve the circulation and help the digestion. Every woman should know the comfort, and experience the help of ieechafn's Fills virtually formerly thus making the loaning ability of the "nuns upon gold as reserve sixfold against fourfold as was the case. Trade and industrial conditions con nine active. Leading steel authorities have been quoted in newspaper inter views as declaring thu situation mmru. edentedly active and as expectin a full i continuance of current conditions fori at least many months to come. Bank I exchanges bear out these ontimisHn! .-.iii-uiriiis. ror tne month of Tints thy CAPSULES re superior to uium of Copaiba, Cutxos or InjtctioM.indN RELIEFS In (MIBt) 24 HC'JnS the same dieeaiet with out Inconvenience. SofiS by all drufftHttt, bortunities fnr nlurt niiorn ts-ai Tkaa in nearly all American center, hiuV;,;:. : !T,'" " aovm ". important fmaa- ord totals have been established the1 lulcre"s recently nave been heavy ,,i ,i .:. : ,,D" "ea' buyers and are inc ne,l tn minnnrt th comparing; market l I total tor the entire count ry "Uil u .cur llgo. SUOWIllL! nil lncrtna.. of 38 per cent, while for the eight months of the calendar rear 1H1U a gain of 41 per cent over Iir. is shown and 441... ,,er C011t over lj)U The general trend of testunnnv i. ,..,;... ed iu the latest reports of railroad on. mgs. as compared with the first six i months of 191S gross earnings of Ainer-j I nan roads for the first half of lulil in. I creased no less than ;'.lN,012.000, equiv-II alent to 23 per cent, while the net "earn-' I nigs increased lb-li,ir.l,OuO, or 4" per1 1 eeut. Our country unquestioual.lv isjl passing through a period of inflation I that seems destined to increno .,k. .T Mautially before the final check comes. I The foreign liquidation seems to have! I neen responsin.e for some measure of'X me iauure or securities to join fullv in this admitted inflation. Th rent wave of enthusiasm suggests op- HENRY CLEWS. WAS MAY CAUSE A REVIVAL OF WAYSIDE SHRINES IN FRANCE AND ENGLAND London, Sept. 23. The war may cause a revival of way side shrines and wayside pray er. Churchmen are clamoring for road shrines since the Tommies have taken to praying before them in France. This has long been done in Russia, but it is a custom long dead nmone the English. Try the Journal Classified Ads. 000,000,000. Mamfestly such a huge under the former national banking law, Kfl home atmosphere with exquisite lasting fragrance ed. pinaud:s ulac llvf Vert, winner of highest international; E? a V.8 fragrant as thelivin Lilac blossom. A celebrated connoisseur said : "I don't see how U'UC remarkable perfume or 7S cent,ToltSe"-3 7 ,h c?nui" 8 it H wonderful value TnH. rrtA 9 KNAUD'S LILAC. Aa W 'iZH: rfuet Und J" testing bottU. WriU today FABTU3MIE ED. PINAUD. Dcpt M EdTpKAIT) HdfcNewS