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About Daily capital journal. (Salem, Or.) 1903-1919 | View Entire Issue (July 29, 1919)
PAGE 6IX THE DAILY CAPITAL JOURNAL, SALEM, OREGON, TUESDAY, JULY 29, 1019. Economic and Industrial World Confused By Score of Half-Baked Wild Ideas New York, July 2s The striking fae pin. building and other iudbsir.te are tor it the business outlook is the is- inevitable, aud i number of piaus are anted prosperity of the wheat Wit, re- running 7 per eeut of cattily uJ a-ultiug l'ruiu bumper rru and ibe our, which U more than at uuy time government guarantee of l-'.-u per bu- since the loss of war contracts. Build- hel; part of which conies out of tat i-ig i becoming mure and luoie aeiiva taxpayer pocket, and is thcrelure a owing to urgent demand for Housing shifting rather than production of and office room; "and the rail for nw Wealth. The outluvk for othei crops ia industrial plant ia only less urgent the., fair ai to yield; the chief disappoint- iniht l expected because c large part ment being eottSu, which will oe much of war construction O-i these iines it be below the noiuit-.l, or about il.lKW.OOO ing takes up by peace industries. (.'on bales. High price, however, will more diuons iu railroad traffic nit iuiprov thaa offset diminished output, M tha iuj,; he volume in he grain dirio Lav proapectt of unusual agricultural pros- ig already visibly increased. In racr lerity are undiuiined. The wneat crop ehnidiaing lines summer qimi tempo is roughtly valued at over 2,(W0,0O0,OW rariy prevails, but preparations are in and the entire harvest at over KO.OOO,- order for an active fall trade. Labor 000,000, which would go fur toward i well employed, despite the large uuin lueeting our national outlay for the wt-r. ber of nn-u back from the war. The Inierior merchants are stocking up with unemployed are few, and adwees from great redit eipansini oasiouad jndue many directions report a ataieiiy of more confidence, though high prices and help which is undoubtedly true. A eon great credit expansion occasionally in- sideruble uuuiber of alien laborers ar duce a desirable mixture of consent- returning to their native uuds, and ti.-ui. In the industrial field steel seems mure are eipectcd to follow, but not so t weupy leadership. Enlarged deinanas many as extreme estimates indicate. fr export, for railroads, for oil, ahlp- The outwurd movemeut is swollen by BETTER DEAD Lifa if a burden when 'the bodjr is racked with pain. Everything worriea and the victim becomes Respondent and downhearted, To bring backth sunshine talc GOLD MEDAL UIH'.!.! Tha national remedy of Holland (of ovar 300 years! It la an enamjr of all paina rs aalting from kidney, livsr and uric acid trouble All druggists, thrM aites. Lk lac It,. C.UI Mil mmt mmtmpt aa iautatm ) lipi 1 Here Thurs., Ft L, and Sat. YE LIBERTY those held back during the war. Tha certainty of securing better work anu wages here than in Kuroe wili, how ever, be a deterruut upon any exusive efflux. The high cost of food, clothing nnd shelter is hu important factor in the outbrcuks of unrest winch appear here aud there iu the form of strikes. 8ucU conditions are the Inevitable re suit of five destructive your siuh us the world never saw befoiv or ever linitgined possible. The oulv effectual curt for such a famine is mo.c ecor.omy and more product. Only on audi lines cau the world-wide vacuum be filled Vufortunately the world is turning its buck for the time being upon sane thinking and sound action. It ia still sorely contused by the multiplicity of half baked ideas; it prone to extiuva gance and unwilling to relieve the situo tiun by linger product or inoic work Inflation does not seem to lime run Its course bv any menus, and high prices coupled with Imperative reconst ruction insure prosperity for uianv iiioiiti.s if not several years ahead. As long ns the morement Is so bttilded as to prevent serines m ul iid just meiit and to preserve a fuirly normal bulimic In the various di visions of industry, there is little inune diate da-iger. 'onservative leadership will prolong the present wuvt of pros perity; while reckless expaiisiou wouli) bring it to a quick end. Geruuny'i Futurt. Oermany'a reauiiiption of trudc may be a rather slow affair, Iu the first pliice, German puichucs from the I'ui- ted States will be restricted lit first to sheer neeusaitiea, because of inability to I puy In n (Kids or goiil, Our purchases from Oerinniiy will for some time be I small because the hostile prejudice mining consumer miikes it huzardims and unprofitable to curry a slink of Herman wares. This applies to other countries een more than the 1'uited Htatea. One of the most serious ques tiuiis will be that of credit, though it is stated that a Iniiu of S.i to oU mil lions conl.l lie arranged at once, tier many, however, is facing difi'uult times culling for much hnrd work f,iul sncri fice. There is talk already tf passing tile Interest on her public debt, which if really done would amount to repudia tiun or confiscation, and serious em barrassment of many leading fiiiaiicinl institutions. There is, however, one compensation, even for licru.nny, i.uJ thnt is relief fiom the costly burden n finilitarism which finally wrecked the empire. That alone will nintennily aid the recoveiy of tlcrniaiiy when iter peo ple are ready to adapt themselves to the new conditions and Ideal winch domi nutn the world. Weakness In Foreign ExcuAiige. Foreign exi hniige continues unsettled 1,111,1 Bulk Klitrlin. n.rnin !... ....... . .......g HK4IIU ivhuiiu ,ui- lowest on record, and francs and other OXFORDS PUMPS OXFORDS PUMPS BLACK. WHITE OR . IAN Must go at once. If vou want to save from $1.00 to $2.00 per pair, don't delay, because we only have a few pair left. Nubuck Oxford $6.75 Nubuck Pumps $6.50 niack or Tan Kid Oxfords Choice $7.50 White Ostend $6.00-$1.73 Black or Brown Pumps $6.50-$7.50 Paris B ros. Vou can't smoke the bos then why buy it? t . Vou object to the hi2h cost of living. But some of yon forget it when you buy cigarettes. You pay for an expensive box, get fewer cigarettes, and pay a h&her price. That's poor business. If you bought that way for your em ployer, you wouldn't last very long. LORD SALISBURY TURKISH cig arette is the inevitable solution of the cigarette-buying problem, because you get 5 extra cigarettes instead of a box. It is the only high-grade TURKISH cigarette in the world that ell for at little money as Q 1 m TURKISH U cents for 10 cigarettes TnSJJ0? fr t!ie Iow Price U thal L0RD SALISBURY I UKJU5H cigarette is packed in the most inexpensive and the most attractive machine-made paper package instead of the expensive nand-made cardboard box. For these practical reasons v ft ii w i r jw hi if x i rx II II i itrr . i TURKISH CIGARETTE is inevitable f) t Guaranteed by .1 o which meant that if you don't like LORD SALISBURY Cigartttet you can get your money back fmm thi fterW. foreign, bill JiJ likewiw; tiie decline,' of course, being ilite ta (lie abnvrmai' cnmlitiuii uf our foreign trade. 1 hu tro-i nicmluiia ireiaiii of etpurlc and I he alow increase of imuurta bow few1 ayiiiutuina of alialing. Tlieic is at ) 11 in iirh ili.M'uaitioa about financing eiport! I r ii Je during the piencat euteit;u;icy, but' no aatiM'acturjr ilaa of adjust meut has' yet been reached. riurum iuul have' our food irodiicta and crude m.ucriuU, 1 or recount ruction will atoi ana tuaurncr revive, ror our own good aa nell as Hint of war turn Kurtipe we will be! obliged t J t'u& loasidoiablti ul uur aur-' jdm r.bnml oti credit, tia attempt at! supporting ateriuiK aeenia to be forth coming; Kritiah bankera, aa is tiieir cut loin, preferring natural law to artificial regulation. Ia ltndoa banking circles there is 1 disposition to allow atorllng eschange to fall ta order lo discourage iiiiihiiI.. and thus place Drit.tin export J trude on a better baais. The drop in; fianca naa also due to hear offerings' uf eiport bills. Kcsuuiptioa of trade with tieruiany o)iened the market tin j reiitiMiiaiks, which begun tracing on a of BV,!", ur rather worn ilian one-' third of parity. Monetary ReqiUrMuanla. It i eatiraateil thtt aearlc 4.000, OO.iwi) will he required to csirf our eiport balance oa credit foi t!ie next twelve months. , To this demand must! ! added the requirements of the treas ! 'ury, figured at about 'i,tHM,00V,OQ0.' I Then ronica the financing of aa active! limine trde at nigh prices, as well as' i the provision of new eapiUl for nofne! enterprises, which is aiire to be ery much, larger thsn ia ane yeji of oar history, fan a nl kow will cer nuincyl ntirki't meet all of these demands! Jahich though not ininiediatf at sure to nmke themsidves strongly fcit ia the not very ilu-it future? The financing- of our export trade has been one of the moat important problems requiring solu tion. Kigiiiug of the peace treaty; re moval of the embargo oa Germany, and lowering of freighta and a better sup ply of tonnage have also been important factors in the present crisis. If the fall in exchange continues it will bare the inevitable effect ef lessening foreign buying power and thus working against our exHirt trade. Already considerable foreign orders have been held buck ow ing to the wcakucss in stclinfc, which in directly will exert a restraining effect upon commodity prices here. Stock Market Condition. Conflicting circumstances Control the stock market and keep It in an extreme ly nctive though unsettled atale. The strength of the undertone seems undim inished, and the buying power also. (.hief of stimulants arc the great pros H'iity of the agricultural sections, and a consequent good outlook ia the Indus trial world. Our export trade is aiire to be enormous, despite the accompany ing difficulty of giving Kurope suffi cient credit. The railroad outlook is improving owing to the bettor tiaffic prospects, to the probability llint they will secure reasonably fair treatment from rongrcss, thnt when returned to their owners some form of foniensatinn for war losses wil) be permitted, and that rntcs may be advanced sufficient ly to at least pnrtlv compensate for the great increase iu operating eiwts impos ed bv hialicr waco and materials. Tub lie utilities also have a better outlook for similar reasons, which are better treatment by public authorities and per mission to fairly offset increased costs by adequate rates for service. The dis cussions oa the peace tretty at VaV infcton have little effect; beiag deem ed largely political. What i more to the point ia that the world is Bow oa a peace basis, and actrve prwduetioa has taken the place of five years of Intense destruction. That is the one great hope ful fact, and all other problems are chiefly those of adjust ment. These may be temporarily disquieting, but in the long run they mean better timea ahead. On the unsettling side of the stock market are the prospective strain upon the money market, the weakness of exchange and the increasing fre quency of strikes. The high inflation of credit and commodities is also ti mat ter receiving more attention in banari, circles. These are all -incidents natural to the reconstruction era in which we are now running full tide. Thero is no rCnaoii for loss of confidence, tnough there is reason for conservatism and in creasing discrimination in all financial transactions.. Sixty leading stoiks aver age about II) points higher than a year ago, a very low advance compared witk the rise ii commodities end wages. But in this group thirty industrials showed a gain of 30 points, while twenty rail roads advanced an average of only 6 points. The greatest need of disrinii uation, however is in some of the in dustrials. The chances favor a better market Inter on, with moie or less liqui dation in the interval. HKXBY'CL K TVS. It t COURT HOUSE NEWS Margaret M. Commoss has brought suit against V. E. Loose. She alleges that she baa a tile to lots 2 and 7 in block 3T of .Salem and that the defend ar.t is in possession and that he wrong fully withholds these lota from her. She: asks that he be ousted from possession and that he"pay her 100 damages for' holding tie property. To clear title to a cert&In 12-acro tract in the (jftritnn Pnartm ...if - " n ilui, uiDilltl, J. T. Cooper and wife ha-ra lSrAllfrlit mitt againit Henry E. Voorhic.1 and wife. ' fj.npittiiii auegea mat ceilain eon trncls tiit.ed in 1012 have lpn .. celled but that he defendent still pluim. some inteu st in the tract. They ask the court . i.r a confirmation of their title and a decree t!iat he defendants have nn interest or title in tlie land. j jd i ne case of L. -N. J-.rickjoa against 'Mary Erickson, the defendant naa filai t notice that she will appeal the aase to oi';un, tvun, id tuc urcrce OI Wl circuit court, the divorce was granted May 28, 1919. aud certaiu womiasorr notes, the property of E. N. Kricksoa 1 V . 1 J 1 . . r . r "vir iu oe uciu uy a irusiee lor sara. Erickson. To this she objects and ap peals to the supreme court. fu teady power A'X "Red Crown"- f,y s tTaightistilled,all. I st .2: "'.Xyi-X 1 refinery gasoline- L i r J "-s;i the feed Cron sign I before you fiU. Gasoline of Quality - R. H. CAJIPBEU, Special Ajt, Standard Oil Co, Salem. 4