The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-05-07
HENRY CLEWS
weekly Letter

tenSely occupied ueVlSinB ways 1Aio
means for aiding in financing the war,
while thesgovernment through its var
ious agencies is not only preparing the
army and navy, but also securing the
cooperation of the nation In every
sphere of activity, SO that the whole
country can work as a unit whole
heartedly and efficiently. This II is
already doing with patriot1sp anu
vigor surprising all expectations. AS
sistance of inestimable value has been
rendered by the French and British
Commissioners now visiting this coun-
try. who by giving the benefit of their
experience and suggesting the dlrec-
tion Of our efforts have undoubtedly
saved us from many errors and de-
lavs5 that would otherwise have prov
ed costly in life, time and materials
The most conspicuous influence of
the war in the security markets is the
raising of $1,000. 100000 for its sup
mort. Secretary McAdoo has already
announced the first issue of $2,Ooo,-
Oo0. 900 liz per cent bonds on July
list at par, tax free. This issue will
unouestionably be an overwhelming
success, national patriotism alone be-
ing sure to prove a powerful stimuli
liant In this respect. 1t will be po-
nular loan in varied denominations to
sniff all purposes and our firm will
Ne elad to receive subscriptions for
the same without charge The effects
of such vast operations are already be-
Z, ing realized. The collection of such
Immense amounts Of funds will extend
over a considerable period of time.
They will be withdrawn in a manner
creating the least possible disturbance,
! but the nations financial machinery
must Inevitably undergo far-reaching
/, re-ad1ustment to meet these, extraor-
binary new conditions. The sums
I raised by bond issues will be allowed
: to remain In banks and trust COM
panies in various parts Of the coun-
| try until actually needed. AS the bulk
/ Of the money raised by these issues
wtll be expended in the United States.
I such funds will only be momentarlly
withdrawn from active employment,
and their expenditure In this country
will naturally stimulate all industries
engaged in making war supplies. The
result will be an immense turnover
and an increase rather than a de-
crease dns tthe aggregate amount OF
business Rtransacted. although few
1iIieg OF business may suffer temper
ary contraction. There will be more
and more activity in government Is
/ sues, which already constitute an I'M
portant share of our bond market.
The enormous demands of the gov
eminent upon the money market mus1
I for the time being discourage ordin-
s,v rorporation issues of both bonds
! and stocks, while some selling OF the
i1.tter NAV he exuected by those wish.
,ng To subscribe for the new bonds
1 N, Anr,l the recorded issues of rail.
/ road and industrial corporations ag
grerated s130.oOO.O0O. compared with
se12 600 600 a month ago and $22t,,
600 900 a wear ago. The total issues
:; ~ fba same class since January LIST
,rara saas. 900 900. against $4,000,
nm ~ the same time last year. Thes,
/ 4 ec,i,,e - can be- clearly attributed tt
A az s,,rar-tor ~ CAPITAL from ordinar,
~. ry,aIa ~ nraparations for the bis
J. governnent loan. In this connectio,
49, a,--o,,ria+a 70 again EXPRESS tn,
: ,,na that Congress- will endeavor t,
- hr,t,, ,.5salv and fairly In devils
~ n.w methods of taxation. Their,
s1s,,,1a he no disposition to favor O.
-,,,,,Isr, aather rar,ital or labor. AS ia,
i rr,rtIcsl,Ia zach should bear .thei
.bsra IN proportion to their ability
4 Cor 70 nanalize any one class Is for
asen IN American ideas of government
go would ,,ltirnatelv iniure the coun
trv MN a whole. There Ia no SCUM,
cbtection 10 placing higher rates up
~ Iarpe incomes and excess profits
Int ~ this fs carried to the point O
drvfnr nm the main sources of capita
ana stirling enterprfse. the result vii
he harn,f,,l to ali. rich and poor alike
FOR the Same reason the call for econ
ov,,v ahouId be obeved CONGREGATIONAL
b,,f with discretion. 1T NAV he neces
aarv 10 temporarflv release labor fror
unneceesarv occuuation in order. t
/ yr<vviaa for the more necessary one.
Extravazance ana wanton expendj
ture. ahou1d cease: but tndiscrinnin
ate economy would bring the same re
SHIFTS as undue taxation OF wealth
a VIZ busfness depression, and loss @
emnIovuent.
Busfnes as aewhoIe continues yer
active. April bank clearings wer
over SO per cent. heavier than a yea
( ago. part of this rise being due t
higher prices. In a few lines Their
is a moderate slowing down, due t
greater caution in extending credit t
Industries working upon a highly in
flated basis. In other lines, howeve