The Bridgeport times and evening farmer., 1918-06-26
HENRY CLEWS
 WEEKLY LETTER

ESe war~outlook is distinctly encour- lAgiIrg. On the western front the en- enny has been firmly held in cheek. while in Italy the Austrian attack proved a positive failure. Meanwhile American troops are pouring into the war zone at~a rate exceeding all ear Her expectations; and Germany will soon awake. to the folly of continuing a. hopeless struggle. Perhaps the most significant indications are the criticisms of the Kaiser by such of the German newspapers 2s have the courage to speak their minds. The i''Frankfurter Zeitung,' for example, one of-the most-conservative and in- fluentia1. journals in Germany, recent ily charged the Emperor with, "con- tinutng the war for the sole purpose lof enforcing German supremacy on lthe world;" that on August 4, 1914, l''they did not tell the German people they were going to make war in order lto put down Anglo-Saxop supremacy" that if they had, '4the German nation would not have been unanimous on this point" and that the unity which the Kaisy yt sought, would have been broken from the very first day" These are portentous words, and other jour nals are speaking in similar tones. | Evidently some of the German people are at last realizing the deception practised upon them and the ruin which has been brought upon the whole German empire by a cruel, sell fish and interruptions military despot- ism, insanely plotting to rule or ruin the civilized world. There is no long er any probability of German success; and though danger is by no means past, the Allies are evidently able to ] hold the lines until America breaks in as we soon shall, and turn the tide to victory, peace and democracy. Prus- sianism is rushing headlong into cer- tain f-destruction.
 The local monetary situation is by no means entirely clear. Between now and November 1, $6,6000,0 ,0OO,- OOO of Treasury certificates will be is sued for carrying on the war. The first block of $750, 900, 900 will be dat led June 25, payable October "A, on IA 1-2 per cent basis; and other blocks twill be offered to the banks as re- uuired, probably every two weeks; the whole to be refunded into long term bonds or the Fourth Liberty Loan, which is expected during the autumn. The tanks are asked to set aside B. slightly larger portion of their week ily resources than in the previous is sues; the additional burden thus inn posed being an adverse factor in the money.market. Two large payments on the-third loan are still to be made, one in July-and one in August, so that the payments on the old and new loans overlap each other for a period. It is quite evident, therefore, that the banks will have a full load to carry for the balance of the year; and that with huge loans and heavy taxes to be met, the banks will be. strictly con servative, and funds must continue relativeN scarce. The arrival from .Ottawa of nearly $30,oo0,o0o was an Incident of interest, though only a slight offset to other conditions.
 Our foreign trade exhibits gratfy. ing gains, proving the decline of the submarine menace. May exports were s552. 900, 900, the largest for that month on record. In April the total |f was $500, ,oOO, ,00o. Imports in May ex- celled all records, reaching $S23, ,0oo,- 0OO, and leaving an excess of exports for the month of $229, 900, 900, compa- red with S270, 900, 900 year ago. This recovery of our foreign trade is due clief1yt to an increasing supply of ton maze; and there is good reason to be- 1ieve that it will continue, because of tbe enormous amount of new tonnage now being turned out in the United States and Great Britain, and which will rapidIy become available in ap- nroaching months. Further, the AL lied naviess appear to have gotton the spbrnarine nuisance under more effec- control: and there has been a. great increase in arrivals and departures at all American ports, the German Do1icv- of frightfulness having utterly failed to frighten Allied seamen. An o+ber element of substantial encour- Rgement is the crop outlook One more week of favorable weather for cotton and wheat has followed the previous succession of good weeks; and the -,rorrise- of a bounteous harvest is un- ,,s,,a ltv<brfgf1t. Spring wheat has had v,Ier+vrof rain and sunshine. Cottor has also been favored, and corn is -,aJrfne-raptd growth under taVoraole conditions. Needless to say this too S,t1I serveytoahearten our Allies, who are. deperrding-so heavily upon Amer Sco. JT,ring~fhefr need. Per contra i -r,Sr1 discourage the enemy who is ir s,,z.,. -e strzits for wheat and meat; foot -,ots being reported in Vienna ant IlS~3+, and other important points il Inc CerrtraI EmpueS-
 An tncfdent of some significance -roe the advance by the War Financ, Corporation of $1T7,32o,OOO toward
 financtnf,- renewal of the $57,7S5, ,00' note issue of the Brooklyn Rapid Transit Corporation, It has beer I,lairAy ,intinlated that the w. F. c. dit
 not consider it within it's sphere to fl rance public service corporations; con seouent1y efforts are being made t
 create a local organization to mee
 the financial requirements of thes
 S.5-lzerns, whose-future is seriously i'm
 paired by rising.costs of operation an'