The Bridgeport evening farmer., 1916-10-24
HENRY GLEWS WEEKLY LETTER


 modities and securities alike. not only in the United States. but in the world lover. All neutral countries are en- Ijoying exceptional prosperity, and in this respect the UnitedA States far out distances every one of them. The war, of courseA is the supreme influ- ence, all other factors being of minor importance compared with this one. Even our election. full as it is of inn lportant potentialities, is completely overshadowed by the cataclysm across the sea. This, war is almost entirely Responsible for the. scarcity of both Commodities and labor. Short crops are factor that cannot be overlook ed;i nevertheless the old and suppos- e5ily obsolete law of supply and de-
 nand is working ceaselessly with an eziergy never before experienced, be- cause of the struggle now devastating Europe. This week wheat and corn t6nched new high points. with indica-
 bns that still higher figures may IBsibly be reached. All food pro-
 cts are rising. and the same is true } clothing;t while our mineral in
 stries-iron. steel, copper. petro- ! i >m etc.-are rushed at pace far Feeding the most daring expecta- t \ns of year ago. Bradstreet's com M dity index number was 12.0399 Oc-
 Der 1, an advance of 22 per cent s[lEce the war begin. Industries de- pendent upon agricultural and min era1 products are ,reaping directly or indirectly large profits as a result Of war imitation, but their prosperity is small compared with what has been 2 re4ched by few of the big indus trials. notably those engaged in the fabrication of steel 1. f
 The question forced upon our minds isI how long can such high tension < prosperity last: and have we in the United States reached the crest of the wave? think not; because the end o& the war, on which all this feverish rtish depends, is not yet in sight Apparently there will me no peace for many months at least. Signs of serious exhaustion on either side are still wanting; reason has lost its sway, and mad passion rules all fbelliger- enfs. Until the power of one side or tho other Is broken it would seem that peace will be Impossible The 7 Allies are a1raady negotiating for any other big loan on this side; steel for munitions is being ordered deliverable Into the third quarter of 1917, and shdps, guns and munitions are being tulned out with greater intensity than at any time during the war; Such Z efforts do not portend peace They rather' Sugkest further sacrifices, fur f1Ie2 destruction and more and more vdksts; although it may be that change Of mind or break-down of strength wfn develop when least expected . In any event the immediate outlook for peace Is remote and this conviction fs tho prime source of present mar kef strength America cannot avoid looking Oh in sorrow at the harrow ing Spoctacle, but our people and our Ruvernment are. alike incapable of in texferlng or affecting the issue in any way. All neutrals are benefiting, from the needs of the be1igerentsi 4he United States, owing to its in dustrial capacity, naturally profiting far more than any other. When the WIT is over. this country will find It. 6eif. in q vastly strengthened position lii win be financially independent ok Europe; and out of the vast profits naAde from the war, it will doubt 1e<s be enabled to assist many of the suffering nations of Europe to recov- CT their impaired positions by depend ink largely upon this country for the capital and material needed for re- cdnstruetiCn The world has never ser,n such an example of the folly of WIT. of the wisdom of peace. as will arpear when peace arrives.
 For sonhe time to come our. lead ir1H tndustfaals promise to experience much speculative activity, the steel 1s1uesEwhich are earning fabulous profits-beinE naturally leaders. At terfion, however. is now being turned 1os other industrials in the war kroup; as these are benefihng from the impetus given general trade and are 1eas hazardous than some of the hixhfy inflated intuition shares Rail- road stockS are also receiving more favor from both investors and specu- 1ators All the principal lines are re- porting excellent earnings, and in spite of growing expenses, their net results are highly encouraging A few lines have already increased their dividends, some have passed out of tho stage of doubt in this respect. while others seem likely to advance flaeir dividend rate in the not distant future. Tho betterment of the rail- road situation is apparent in other directions than improvement in divi- denda. One of the most important thsngs to remember in railroad mat ters is that public opinion is at last turning from chronic hostility and prejudice to an attitude of justice and fair play One effect is the forth coming issue of $25, ,000,0 New York Central stock, a transaction which may soon be followed by similar is- Dues of other important systems. This is the first important block of rail- road stock offered in a number of years financial requirements having been met by a mass of short term notes and bond issues, which left the roads burdened with fixed obligations. The relief of this hazard should be appreciated by all railroad managers. and will undoubtedly have an import ant effect upon the values of railroad properties.
 Money is abundant and relatively easy. There is . plethora of funds seeking investment, and desirable issues are readily absorbed. Gold inn ports have been resumed, the total arrived since January 1 being $400.- 000. 900, with the prospect of still more to come. Presumably these re- cent arrivals are to pave the way for the runored s$250,000, 900 British isSue. Argentina, France and Rus sia are also understood to be financ- ing part of their requirements in this