The Bridgeport times and evening farmer., 1918-08-07

source of revenue has already been largely utilized. Hence many new taxes seem likely to be applied and others heavily increasedi but the schedules are far from decided upon and discussion will probably scale dwon some of the most radical pro- posals; so that there Is good reason to hope for a simpler and more ra- tional bill than the one existing. Ihe public, however, may as well De pre- pared to accept a radical increase in taxes, to meet which widespread pup- lie economy will be imperative. Con- gress will doubtless seek to avoid f. nancial suicide by overburdenlng pro- ductive industry. Thus far the war has cost Great Britain $40,0OO,000 in four years. and the United States since entry about ,000,O0O,000, of which $6,500, 100000 were loans to
 our Allies. We are now spending
 money at a higher rate than any
 other country, our expenses being
 figured at $50,0O0,0o0 per day, and those of Great Britain at over $S5,-
 OO0, 900 per day. It Is announced
 that another loan will be issued about the middle of October, the campaign to commence In the last week of Sep tember, the amount named being $6,- | OOO, 900, 900.
 The future of the money market
 is somewhat involved and scarcity of | funds and high rates of interest are l inevitable results of the war. Very soon preparations for the next loan will be in order, and during the in-
 terval fall trade and season crop movements must be financed. The
 corn crop will be approximate in
 value not less than $4,00O, 100000, the 1 cotton crop $2,000, 100000 and wheat l also S2,OO0, ,000,O00; total for these l three crops of s8,0O0,0 100000 at the
 minimum. All other crops, except | fruits, promise to be above the aver age and at present high prices the
 problem of financing the whole be-
 comes specially important. It will
 probably be largely accomplished by
 resort to syndicate acceptance distri-
 buted among the banks and discount ed by the Federal Reserve banks.
 The government is using all its re-
 sources for stabilizing prices; thus smoothing the crop movement, and
 so reducing the amount of credit and funds required. One result of the war has been to stimulate growth of the acceptance plan provided by the Federal Reserve Banking Act, which
 centralizes and economies credit and
 has been in successful use for years
 in other countries. Considerable aid
 is also to be expected from the new
 War Finance Corporation, which is
 willing to make advances upon paper
 not discountable by the Federal Re-
 serve banks.
 Cotton is attracting increasing at-
 tention. Arccording to the govern. ment report the outlook is for a 13,-
 60O,0 bale crop; though private es inmates are about 14,50O,00O bales The carryover from the last crop 1! . about 3,50O,000 bales, making a to. . tai supply of nearly 18,000,000 bales Consumption, which has been cur. tailed by the war, is figured at abou 100000 bales, leaving a surplus o1
 almost 6,000,000 bales from the
 coming crop. These figures exclude linters. At present prices the croI . would approximate about $2,000,000, 900 in value. Owing to the war, fl nancing the crop will be more diff l ficult than usual, and various prob ? lens of government aid are alread, l under consideration. For the tim U being cotton is facing more than it 0 usual share of difficulties. The scar 3 city of ocean tonnage and the limita IL tion of home consumption because o @ inadequate labor supply add ro tn g drawbacks just mentioned. For - long period the South has oppose
 price fixing for cotton, which wa 6 about the only important industr7 K that had escaped some form of gov y ernment regulations. Now that tn e outlook for cotton is less assuring 1T there is more readiness to submit [ e some form of price fixing, especial U if 1t tended to support the staple d Cotton manufacturers are alread o more or less under government super n vision.
 1t In the stock market there is - steady undertone and fluctuations 1
 values continue strictly moderat - War industrials are the favorites rc h speculative operations. RailrOa 1: shares are steadily maintained 1 Ie spite of unsatisfactory net return D Public utilities especially gas stock = were favorably affected by the dec T, sion of eX-Justice Hughes to the e. l. feet that the fixing of the price fc rs gas in Brooklyn at soc was confi
 catory. His decision gave the in p pression that hereafter there wouI = be a better chance of fair play ft Lo such public utilities as have hither- t., been unduly depressed by arbitra1 't. regulations