The Bridgeport times and evening farmer., 1918-10-14
HENRY CLEWS'
 WEEKLY LETTER


 peace proposals of the Central Pow
 CTS elicited the widespread national | approval which it deserved Adroitly | and wisely he asked the German
 Chancellor if Germany was sincerely | prepared to accept the conditions ] named in his September address which | stipulated 14 points, including the | evacuation of all conquered territory, | the laying down of arms and restitu-
 ton to injured nations. Germany is | rapidly nearing it's fall. Likewise the l Hohenzollern Dynasty. If President | Wilson's conditions are enforced, as
 ultimately they will be, we may look | forward to a victorious and dictated | peace. Germany appealed to the | sword, and Germany must accept the verdict of the court to which she ap- pealed. No peace terms will satisfy America which do not include just restoration, reparation and retribu- tion. While predictions are hazard ous, it is reasonable to hope that vic- tory may come within a few months, either through Allied successes or Germanys collapse. On the other i hand Allied advances into Germany
 will probably meet with increasing
 difficulties as resistance hardens and
 the distance for Allied transportation 1 increases. We must therefore con
 tinue to beware of overconfidence.
 While the loan is not going as rap
 idly as desired, it will unquestionably
 be a success at the end. Several tcauses contribute to delay, such as tpeace talk, influenza, taxes, holding back by large subscribers, etc. These
 hindrances however, will gradually
 disappear; and in the last few days of the campaign the big subscribers, banks and great corporations com
 bined, may be depended upon to carry 1.-the loan over the top. But, depend
 ence should not bear too heavily upon
 these sources. If the banks are over
 crowded with bonds, a corresponding restriction of the comercial credit
 must be expected; something which no intelligent business man wants in these active times. As for wealthy individuals, they have subscribed with
 Ipatriotic liberality in spite of the heavy taxes imposed upon this class. It is one of the great purposes of the
 administra ton to make this a popular loan in the truest sense; since the
 more widely the burden is distributed
 the more easily will it be carried. The
 last loan had 100000 subscribers;
 this loan should have not less than 25, ,00O, GOO. Such a result can easily be
 obtained if our people will only make
 real voluntary sacrifices, which hith-
 erto have been confined to the com
 paratively few. Some are spending
 more than ever in their lives; not a few are spending just as much, while
 those who are voluntarily practicing
 economy are a relatively small factor in our whole population. Sacrifices have indeed been literally made by some classes; yet there are millions of people in the United States who, if, they would simply economize mod erately, or practice little additional
 self-denial through stopping unneces- sary expenses, to the extent of a small : percentage of their income, would create a heavy over-subscription to I the loan. To the many new slogans for the bond issue, at least one should 5 be added; that is: "Economize; econ onnize; economy will win the wal" " t As already said, there is no doubt but 7 that the loan will be 8 success, for l the reason that the banks and other s great financial institutions will as-
 suredly stand loyalty behind the gov ernment. Nevertheless, for the good y of all concerned, the bond issue ; should not bear so heavily in the last named quarter, but should receive the I widest possible public support.
 n There is a natural and prudent in- f clination to discriminate sharply ir f security purchases. War industries 6 are somewhat declining in favor s while peace stocks are again strength e ening for obvious reasons. The ap- l. proach of the end of the war is al s ready being discounted. Industrials q strictly dependent upon production ot ' munitions are more affected by peace n talk than any other class of securi.
 ties; but the decline in these is ofter f less than expected, because it has al V, ways been thoroughly anticipated. tha1 2 war profits were but temporary anC
 that many plants would be scrappet :, with the advent of peace. For sucI
 reasons very few of the war stock. = have advanced in keeping with theil Y extraordinary earnings. Heavy taxe! bpon the latter also effectually pre- 7 vented their imitation. Such indus = trials as can easily readjust them V selves to peace conditions are O 'L course affected less than producers O. II munitions. The steel, textile, foot y and mineral industries will all readil! l. meet changed conditions Their ex 5, cess profits may gradually disappear IL but so will the excess of taxes, to
 large degree. The steel industry vii "a undoubtedly continue very active af > ter the war, and so must many othe Eo industries ,as MT. Gary predicts, t, st fill the void caused by delayed con Id struction at home, and intense de struction in the war zone For petro 1t leum, copper and other minerals or there will be an assured demand fo at long time to come after the 1nr es For all the better investments tn nt same Is true, because the country
 expanding and development of hom S. resources has been unduIy retarded 2 Public utilities should regain much c 10 their impaired standing, provided the T. secure fairer treatment from Publi H. Service Commissions than hitherto, a W seems not unlikely. In this respec Ie the Federal Government has set of good example by it's fair dealing wit IS the railroad shipping, telegraph an I'd telephone companies. Although ther h. have been minor difficulties betwee Ie managers and the government, tn of latter has upon the whole treated SC st curity holders justly by guaranteein ed reasonable and suitable returns I ne lconsequence, the securities of man as such concerns have recovered part ng the early depression that resulte a, from the war and the absorption ed practically all new savings by gov
 ernment issues.