The Bridgeport evening farmer., 1917-07-24
HENRY CLEWS
 WEEKLY LETTER
l.fspeciaI. to the Farmer)

Especial, to the Farmer)
 sThe third shniversary of the great war is close at hand. It will snow changes infinitely beyond anything anticipated. In the political, the eco homie and social worlds new cond1- tions and new forces have been ere ated that could never have been lore seen. With the military aspects or the war we are already painfully Ia miliar. War, itself, has been revolu- l tfonized and is still being wagd on scale never expected and with bit terness undreamed In the political world the most remarkable changes have arisen through innumerable ex- pansions of government activltles. Practically all the bel1igerent govern ments have plunged headlong into both production and distribution or many necessities, to prevent explo1ta-, 1 ton of the public by the few, as well as to secure more efficient conduct or the war. It was very early recognized by the rulers of all nations that hign prices and profiteering would 1nclte political unrest at home,s and make It , more difficult for the various govern ments to carry on tlfe war. Germany was already largely committed to govefnment control in advance. Great Britain. despite her national devotion kto individualism, quickly jumped into control of shipping, railroads and the production and distribution of many 2 staples, such as copper, wool, rubber, food, etc., etc. This control was nec- essary not only to shut off supplies from Germany. but to insure them for 4 her home use. Other nations followed suit, including the United States, which, since entering the war, has not i deived quite as deep as other nations 1; fno government control of industry. The movement here, however, has proceeded on different and rather less hazardous lines, because we have ben cited by the experience of others and our dangers have been less acute. Be- tween government and people in this country there has been far more CO., { operation and much less commanders ing than was the case abroad. Our railroads arc voluntarily working as a unit for the government, receiving [ pay for their services; while the Brit !: ish government seized control of, her t railways, obliging them to render mil ftary service free. Great Britain also 1 communicated a large percentage of her shipping; while we organized a shipping board to increase the output 1 of ships Great Britain assumed con- i trol of the distribution of many staple articles, and has been unsuccessfully 1 experimenting with price fixing; while we, on the other hand, are about to regulate our food supply and the ex- port trade, leaving the matter of price fixing it is to be hoped to further discussion and experience.
 American business today faces i'm numerable uncertainties owing to the irevolutionary methods evolved by the war. American politics are equally i in a state of f1ux Many old issues ' have completely disappeared, and not a few new ones will do likewise when peace comes; so that no one can tell what the final outcome will be, except that big steps are inevitable toward the democratization of industry. Europe, too, must subsequently pass f through period of economic recon struction in which many old methods and institutions will be swept away, resulting. we trust, in wider industrial and commercial liberty for the entire world. The fewer the restrictions be- tween nations, the greater the chances of permanent peace. What the worlds political developments will be cannot l yet be estimated, except that a better democracy is in prospect. which should improve social conditions and establish new and sounder civil order than the one so suddenly dis rupted at the close of July, 1914.
 The local money outlook has some 1 what improved. Call loans touched 1t per cent early in the week. but sub, sequently declined to more normal rates The stringency was largely due to the heavy decline in surplus re- serve, which resulted In very heavy 4 ~% l ,o-f%< to pay off about two hundred million Treasury notes; and particularly te the changed methods of figuring the national bank reserves, the required
 percentages of which have been re
 duced, and which hereafter, will bs held exclusively in the reserve banks ! The easier conditions in money were affected by>renewed capital applica tions; several large corporations offer
 ing issues this week which aggregated over sS0.000,00o. It is evident tha
 concerns requiring capital will have tt
 make their bids before preparation
 for the new government loan begin The financial situation is further em
 phasized by the fact that these appli
 cations appear to be possible only il
 the form of short term obligations or or about a six per cent. basis. The lat ter rate speaks volumes, and hal
 brought up for, discussion as to tht
 best time for the new bond issue. I is quite the general opinion that thu issue of the loan had better be post poned until October, in order to en
 able farmers who will then have mar
 keted their crops to subscribe mor'
 freely.
 Business conditions continue mucl unsettled by the situation at Washing ton. Delay of legislation affectin,
 food control, friction in the shipping
 Aoard and in the export control board
 uneasiness over the submarine situa
 tion, uncertainty as to new taxes ant -eas attempts of tha government tt regulate prices, also the news from
 Germany, all serve to leave both com
 merce and industry in a high state O
 perplexity. Under such conditions m
 one cares to enter into transaction
 extending far into the future: Busi
 ness is necessarily of a hand-to-moutl
 character. Both the steel and coppe
 industries are seriously hampered b!
 fears of government price fixing. II
 any event, the early anticipations O
 excessive war profits have moderated
 for many industrials, with a core
 sponding effect upon stock marke
 activities. ~Some very substantial de
 clines have already occurred in con
 sequence, yet in spite of curtailmen
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