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About Daily capital journal. (Salem, Or.) 1903-1919 | View Entire Issue (May 29, 1919)
THE DAILY CAPITAL JOURNAL, SALEM, OREGON, THURSDAY, MAY 29. 1919. PAGE HIRED ALL NEW TODAY !frHE:-!How Do You W am: You A Story of People You Love to Meet MADGE ' : KENNEDY : She Was a "Regular" Girlin 0 "DAUGHTER OF MINE" FATTY ARBUCEE Special Sunday Geraldine Farrar in "SHADOWS" Ye Liberty Business Outlook Bright, Is Financial Expert's Opinion New York, May 24. The president 's fnemuge to congress wag satisfactory as a whole. To the business community she remarks that particularly pleased (were those favoring the return of the laUrpads to their owners. Mr, Wilson, during tho remaiuder of his term, will doubt Ions pursue a conservative poli ty, doing . wJiat he can to aid recon struction, and not initiate new or strik ing mebsuros that would invite conflict with a republrean congress which he ettnnot control. The new session prom ises to s1 consiilerivble necessary leg islation accomplished, and iittle new important. husinos. There may be a IfTeat deal of factional controversy, es pecially on conduet of tho war, and be ta use of an approaching presidential campaign, but much of this will be for politival pursues, There is much room for tax reform and economy, tho, light signs of cither at presont. Germany 'g Outlook Oennany shies hard nt the peace treaty. Some slight modifications may fce allowed, and despite delay she will sign 4t. I'rotests are useless and will ot bo seriously considered coining from a nation that would have sniore- J d in-finitcly harsher terms had tho al lies been the vanquished parties. Tho sooner Oennany acquiesces the sooner will the barriers against her be remov ed and her industries allowed to ro lume. Very considerable quantities of raw materials will promptly cress the Oeruian borders, though no very exten sive commerce elan b expeeted until quieter political and industrial Condi tions are -restored. German 'factroies have not ibeen injured as in France and Belgium; but her looses in skilled lo- ibor have been great, coal and iron will be Isss accessible, and her supplies of nuaiiy raw matermls are of course com pletely exhausted. Months will ie- re quired before industrial Germapy ean secure a fair start, or-xport goods to any important extent. Break In Foreign Exchange Foreign exchange again mado sen satioanl declines particularly franca and lire, which touched low records. Jhis is accounted for by the, abnormal conditions of foreign trade and the huge disparity between exports and im ports. The necessity for averting a cris'g iby some concerted action led to efforts toward formation of power ful bunking pool with which to stabil ize foreign exchange and assist in fi- Xew York. Vav Liberty bond -quotation! today; SH'a, S9.50, off .04; first 4 "a, 93.60; 'second 4 a, 94.SS, up. 02; first 4'4V 5.90. off .02; second 8J.20. off .10; third 4 Vs. 95.90, off .0; fourth 4U , 95.46, up .04; Victory 44 'a, Sr9.92, off .06. naaeiivg our enormous exports to Eu rope, wlwea must eontmae lor some ttuie to come. The conditions of our export trade ere strikingly abnormal. The total of exports for April was 715,0"fl.OO(, an increase of, $100,0000. .KK over the erevioo high record. It was also 110.000,000 above the pre vious month. Compared with the same month last year, they were $214,000, tX)0 larger. These figures left an ex cesa' of exports over import! of $442, 000,000 in April, against $221,000,000, year ago. For the ten months of the fiscal year exports were 5,70!5,0O0, 000. an increase of $12,lHKi,(KtO over lflS, and imports reached onlv $2, 474.t"0.K".. an increase of $112,000, 000. These figures left an excess of ex ports for the ten months of $3,231, 000,000, against 2,531.000.000 last year .No wonder the exchange market is de moralized. Such abnormal conditions require unusual precautionary f eat uient. Foreign indebtedness is growing at a tremendous rate; aud If in order to place Europe upon its foet, further credits are to be granted, they must ibe placed under the control of skilled banking experts. Fortunately our gov ernment has shut down upon giving for oign credits, and applicants are now coming to domestic bankers, who are ibetter judges than any government of ficials. Kurope needs and must have tho food and raw materials which we have to' spare; and the soundest way, of securing payment is to encourage industrial rehabilitation, so that we may receive payment in commodities rather than in instrument of credit, which only postpone settlement. Monetary Condition 1 Somewhat easier conditions at pres ent exist In the money market, owing mainly to a favorable tanking posi tion ami relief of pressure incidi-utal to floating of the liberty loan. The government, however, is by no means out of the money market. Federal ex penses continue upon an enormous sculo and there is little indication of early retrenchment. Heavy taxes and continuous borrowing in the form of short term treasury certificate! are ex pected for another year, at least. This means heavy demands upon tho banks. To pressure from this quarter must be added tho probability of great indus trial and business activity. Our crops will require very unusual sums fori their handling. New enterprises and urgent foreign borrowing will also have to ibe satisfied; When all these unpre cedented and extraordinary require ments nro" considered, also that prico inflation diminishes 'banking power, it will be recognized that easy money is not likely to be permanent and that later on funds will command good rates and may be less abundant than now. ' A Brilliant Future ' Despite somewhat lessened activity, stock exchange transactions continue j largely in excess of a million shares daily. Owing chiefly to unsettling ru- I mors arising from delay in a peace set- ! Moment, with Germany, the buying ' movement hesitated, and more or lees profit taking followed. Liquidation, however, was confined to a few special ties among the industrial, in which speculation has been upon a hvovy scale. Oils and shipping issues suffered the most severely. Whether the reac tion has run its course or not, remains to ibe seen, and the selling rflovcment mm it 7i Pv f W r YOUNG MEN arc very apt to be very particular about such things but none of them are as careful as BISHOP9 S- Copyright 1919 Hart Schaftner & Man WHY DO MEN COME TO US? BECAUSE THEY FEEL that we . give them "more" than other stores; "more" style; "more" value; "more" service. Isn't that what you are af ter? THERE IS NOTHING like the waist seam, and the double and sin gle breasted models; they are "live ones." THEY ARE MADE of the famous "Virgin Wool," that means that it is direct from the sheep into your suit and has not been used in other clothes several times. IT MEANS MUCH to you, that Bishop never turns his back on an opportunity to be of service to you. our satisfaction with every pur chase is guaranteed. YOU WILL FIND styles here that are very popular both for the Busi ness Man and for the College Man that wants "up to the minute" stuff. BISHOP'S READY TAILORED Clothes and Hart Schaffner & Marx Suits are here. , $33, $40, $13, $30 Every Family in Marion and Polk Counties a Patron. Salem Woolen NHIS Store b ) H m Swk IllSJIIIIIWi' ...... Mi, ..Hie'.,,,,. iiii!rl s h :Pi;MMiiiiiiiiiiiiti'inliiih ,. .,.' .1 llli. nl I iiiihlllii 1 1 ill 1 It 1 1- -"-ft i ill HP W, iiti Wl!S!!i'li! M M i 111 i l.i I'llililij W k Tl l - . - .. -i -a , ; t ....... t., . & b. a.ii V, M ir7 tiiiiiiMiitiiiiii iiiiililiiiliil! ilHi l;i ii' ill:Mii:y- J 41 liiiiiiisiiiiir 'Itllliiiiiiiillliiiiililiiillliliilllllllilil1' .iliii"' "-".....iumhii WWW III! U I I" I ,t .Ilk 'i '"I f .,....i,....--- , y V i ' ' ' X 1 ' I ) V; ( 1 ,.;n,,r::, , 3 B.i. BMttti t C ttl!""""lllt'"" jjlil'1' TALK about smokes, Prince Alberf is geared to a joyhandout standard that just lavishes smokehappiness on every man game enough to make a bee line for a tidy red tin and a jimmy pipe old or new! . Get it straight that what you've hankered for in - pipe or cigarette makin's smokes youH find aplenty in P. A. That's because P A. has the quality I You can't any more make Prince Albert bite your tongue or parch your throat than you can make a horse drink when he's off the water! Bite and parch are cut out by our exclusive patented process! You just lay back like a regular fellow and puff to beat the cards and wonder why in samhill you didn't nail a section in the P. A. smokepasture longer than you care to remember, back! Bay Princa Afoert mrywhtr tobacco i told. Toppy red bag, tidy rd fins. kimtUome potmd mmd had pound tin httnudonmnd that cinwr, practical pound cryttal glut hmmudor math t pott go mowrnw top that kpo th tobacco in tnch ptrftct condition. R. J. Reynolds Tobacco Co., Winston-Salem, N. C OTHERS V y Reduce your doctor's L A bi" by keeping on hand 'YOUR BODYGUARD"9 20. 60'7T.2( Vicifs has not hits far developed any. intrin sic weakness. A a rule stocks are held with miifh cdtifi deuce. Amnnff the re cent Diuyerg are a number of wealthy iuilividiuils in the west, who tenacious ly hold very optimistic opinions re Kardinjj. the future. These stubbornly decline to he frightened out of their newly acquired holdijiKS. A nut incon siderable number of strong buyers also refuse to sell because unwilling to turn1 over bo. lmrire a portion of their prof its to the federal tax collector. Tho effect of withholding such from the market miturally increases ; ment, with real estate closely follow its general stren(th, though creating ; ing. We may not like these develop a new element of uncertainty. Thatijnients, but we cannot help them. They the market displays an astonishingly 1 accm to resemble some of tho other so strong undertone is beyond dispute, rial of .psychological phenomena which1 Nothing like it has been seen in a gen- cannot ibe arrested but must run thoie eration. We are truly in a period of .course until exhausted. Apparently tho extraordinary condition's, which pror ' present rise In values, whether of com duce corresponding actions and ren-1 modifies, securities or wages, must con tions. After the violent erases and de-Mimic until buying power is exhausted, DALLAS NEWS. pression caused by war, peace inevit ably (brings new hopes as well as vig orous and sometimes unrensoninj op timism. In this coniitrv, which has lost: (Cnpitnl Journal hpeeial rjcrviie.) Diillns, Or., May Mrs. Willi Ht inoii ton of Hover was a guest the first of the week at tho home of her mother, Mrs. Alice I. IVtnpxey, 0u Washington street. Mrs. Mury Sibley of Kuiifield, Illinois arrived in this city Fridi.y fir a sum- liner's visit at the home of her on, John securities, : are now taking their share in the move-1 K. Hibley. Mrs. Hibley visited her. some nine years ngo and since that time lias noticed many improvements in the appearance of the city. i Miits Helen Martin was an over Hun duy visitor with friends in Iho Cnpitnl city. C. C. Dempscy, a former member of the 40th. division, returned to his home hero rtetuplay from France wnere te has lirin stationed for the piiHt nine iiioiitln. Mr. Hi imi.s. y vu forini rly a menibcr of Troop 0, Oregon cavalry at l'ui timid. Mr. nnil Mrs. (leovge !oliikn of Ah land are in 1'ullun the guests of relulives anil friends. bin riff and Mis. John W. Orr and Dr. and Mrs. V. (.'. Htnats spent Hu'idny niai Mill ( ily fishing for salmon. ! C. Ij. Cridcr left Monday morning for n short biiHiness trip to the metropolis. Mrs. Lillian Mnrxliull has returned fiom the slate convention of t'oinmer hlie condition not yet in sight, Hay and Sunshine In detail we find the business Ni'r'Vi ... Vfj' J - we fiiil the ousiiiess out- nM and profited most bv the war, i lnok verv eucouruging. Drv goods mer- extremes of this nature have the freest j chants Tcport an active .liimini'. rut play in tho world. We liave .plenty of tons ami wixilen goods are sliidily lid food, minerals and other raw materials ; vnncin?. A better tone prevails in the which Europe sadly needs. Holding as steel industry, and mill managers are we do a great surplus of all these vital' looking forward to an early increase necessities, we cannot help if we would,(f orders. Kxport .buwnens fur steel has the big profits from their sale. Uur mrt iii-cn up to expectations hut onh-rs prosperity for a year or moro ahead is for railroad material are confidently assure as anything innrtsl can be. In- jcxpected as soon as congress more flation cannot 1e avoided under such , clearly makes know n its intentions- economic, eoniBiions a exist t(odayJ i Kailroad men are looking forward to cial club secretaries at The Italics. ommodities, labor and creilut are l-;the restoration of their properties ami ' reports a verv intoresting meeting. ready highly inflated, ana securities tietter transMrtation eQiulitions next 'fall sim winter when the ciroet or OLD SOL HELPS That extra hour of daylight mean! millions of dollars to ths Victory Gardeners ssys the National Wu Garden Commission. m in n :i feit:i tfiTs, I'-istii CHARLIE CHAPUN The one and only, in "Shoulder Anns" BLIGH THEATRE TODAY AND TOMORROW ! profitable harvest arc realised. In the , nil industry there is trcmemHius ai tiv iity, sccompsnied by signs of unheal thy speculation in new and untried i s:iei. Copper mines are expecting a turn for the better; and the coal in dustry is benefiting from general in I diottrinl activity. In shipping our growth is bcyoiwd si,v d reams ever dreamt: thanks to Germany's enial tdunder, which Hirtunlly trannferredi her tonnage to the I'nited Mtates. This induttrv is new to us and not yet upon a normal or steady -H -is; but in view of the world's scsreitv of tonnage and! the great dciclopmciit of new mark , lets and new trs'isrortntion routes large j I returns ste sure 1 for many monlh to come. j 8o far ss the to k market is con-1 cerned mK-h activitv end frwinent re- ! lclint,. mrr tn b cx.K cte.l: tint if 1hl , ,"',"' old sdage of "making bay while the I sort shines" ever applies, it will be during the year 10 19. j lit. MiV ti-fc-Vt.-s. J. K. Yoakum, a prominent business man of I'errvilale, was U I'allus vmilor the first of the week. Frank Barrett, auditor of Iho Moun tain Mates Power company with head quarters at Albany, was a I'lillu visitor Monday. Mr. tnd Mrs. Frank Mavbee have din powd of their prnprrtv in this city and will pave this week for Centrnlia, Wash inkton, to muke their future home. After 21 year. continuous service with tho Ked row n Flouring mills, at AHumy. A. W. Iiiwersox has resigned tite position of manager. The Pendleton water rommisnioi ha dei idcd tr let a contract for an exten sion of its svs-tcm l llMl fret into the mountains 'to add to tho city's water Word is received at Yakima that ths Indian appropriation bill carrying tVi'V") for the Wspato irrigiition pro- Thre masked 011 obtained 100 from six loggers In the t'ednr lke I";; i.imi ni-sr North Mend late riatiir- day niht. The canals of the Wapato project supplyying water for the Yakima rei ervation are now carrying ItUil) ari feet, the largest delivery of water sines the project started. Beeneatin em forayear ssys K?vcr tire 31 iOASTIES Corn Flakes I j'-ct has fiwj the house.