The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-11-12
HENRY CLEWS
WEEKLY LETTER

~
Russa is now apparently facinc
civil war The outlook is certainly
dark, even though Petrograd, where
tho revolution centers. is not Russia,
and the Maxialists are said to be
only small faction. The continued
misfortuness OF Russia and Italy are
distinctly adverse to an early termin-
alton of the war, the brunt of which
has for the present fallen entirely
upon the British and French. Amer
lean forces will soon be factor, al
though no very active work seems to
be anticipated before next spring.
Rumors of changes FIN public opinion
- Germany afford some encourage
ment to the Allies, but Germany may
- able to, resist her opponents longer
xhan expected. BY conquest she now
dominates a vastly increased number
OF people, against less than 10000, 900
before the war. Virtually Germany Is
able to utilize largely of these people
in work of the war; thus releasing
more Germans for the front. In addi-
tion to this vast increase in her labor
supply. she has secured important
coaa and iron mines of France and
belgium, the grain and farm products
OF Rumania, the minerals of Serbia
and the oil wells of Galicia. It will,
Therefore, be a much more difficult,
Job to conquer Germany than before
che drove back the Russians and Ital-
ians. The latest news from Russia Is
even more hdsconcerting because Of
the apparent complete breakdown of
all effective government. It may be
that Russia win have to go through
q long period of upheaval before find
ing herself and establishing a strong
and permanent government. On the
other hand, America viii before long
be at the front in enffective force;
and should Russia and Italy prove
their ability TO come back the longer
Germany postpones surrender the
more drastic win be her defeat
1t is decidedly premature to assume
taaat the effect OF the war upon
nnance and trade has been fully dis
icounteA It DOUBTLESS has been very
largely discounted, and. whatever the
Immediate uncertainties, the outlook
for the long pull has been made dis
tinctly safer by the drastic 1iduida-
ton which has been in progress, since
Z the war began. At the same time it
10 now fully realized that this coun-
try, sound ana strong as 1t Is, cannot
divert billions upon billions from the
ordinary chanenls OF industry to those
Z OF war without enduring far-reac1ling
readJustment in values such as are
now in progress. The causes for the
late decline have been correctly at
frfbufed to foreign disasters, passing
OF excessive war profits, uncertainties
OF government regulation, Increasing
taxes, advancing wages. Transporter
ton arrangement, plight Of many
American railroads, rise In the inter-
est level, exhausted margins, adjust
ments to war finance, and persistent
though quiet selling on foreign ac-
count What damage these conse-
q1ences of war have wrought IS evil
DENT in the heavy declines in our
leading shares, amounting TO an av-
\ prage of about So points in railroads
ana 1B points in industrials, compared
with a year ago.
Many shares are today selling much
below intrinsic worth; even allowing
Cor the passing OF war profits and
4 possible declines in a few dividends.
This crnnbline Of values has already
had one beneficial effect In awaken
ing public opinion to the serious
plight OF American railroads. The
Interstate Commerce Commission is
.realizing the situation, and there is
now fa1r prospect of securing rea-
4 .~-.. 49, - - - -
many wee'0s nave elapseo. LEI -, -
Saifo2as nave lnet Inc Isis II V =
Vt tnan xHe nay peen eApeol ~
connoerzns tne 1Lnpai.eu La.lIi.ie5 81, ~,
oncso % 81 80 sa 1 49, -.
roeas. nAe Lnuiv1 sn' lnoSe ~ 2
eun'caenl income 70 Hleel neos1ssls
expenees 'and capIIal cannot oe Sc
cured % long As que compensation y
Withheld. Our railroads must nor
only Supply ranspo rua-ion 70 INC
pu0he' Da1 must Also NEE ~ Inc -
imposed py var, anu = llnc neoe'es a.
TenoI ~ not p1ox1o1 1872 $50. o. -. -,
vance In ranes' Ing as,sa
ernn wAn 1890 y We 80 -
70 stop iil 0ao
Qulren,
1or tho past TWO 49, s"A
tngs nave Deen running aooue PET !.
cent anead OF last year ms fwoui q
sde9ese tnAt ing vo onn u = -. go -
Aooul tne esIne - = 49, 80 In 100 - :. =
eelIio 10y e,'. s - ). - - $1,000
100 -. 49, -. 80 go aS,tstssz
Una. !. = -. -. s.,s.,..s,a D.
~ e-As |" y - - : ..., .raa.
tlcaiT I'll Drancnes u sne s'ool - 100
commune IN stats ol iheeiiso a. 49,.
ity, not only IN suppiylhs niti ill ions