The Bridgeport times and evening farmer., 1918-01-21
CLEWS
weekly LETTER

Events of a startling character
come thick and fast; the drastic coal
order of the government being the
last exemaple. Criticism is easy and
should not be INDUCED too freely, be-
cause 1t is undesirable to embarrass
an overloaded government which is
already doing its utmost to meet
most difficult situation. The difficulty
in the coal situation is two-fold; first
production; second, distribution. Just
which is most serious Goes not yet
appear. Production has been made
quate for several well known rea'
sons, one being the diversion of con-
siderable labor from coal mining and
the frequent unwillingness of labor
to increase the output This is
problem that ought to be solved with
out difficulty. The miners if rightly
handled could probably be induced to
do their share toward winning the
war by increasing their output AS
for the transportation problem, that
is unquestionably a grave enc, but
certainly not unsolvable. Congestion
is problem for experts, not amateur
regulators. The severe weather may
IiUF5 SIdNdLSu d D1O o4LuGl1OLS DdL
other causes contributed to the rail-
road breakdown; the Interstate Com"
merce Commissio, itself not being
entirely free of responsibility. The
drastic order of the fuel admins
traitor. though probably a mistake,
will hasten thes olution of the crisis,
which incidentally affords a notable
lesson upon government efficiency in
business.
The war offered no events of par
ticu1ar Significance; winter having
imposed a check upon all military OPP
erations. Expert opinion is that Ger
many is preparing for a drive on the
Western front; but If SO this causes
no apprehension among the Allies
who appear confident of holding theis
ground. Meanwhile our own efforts
are being pushed with al possible
speed in order that an American
army of considerable size may be able
to take the field in the coming spring.
and SO hasten an end 10 the struggle.
Signs of internal dissensions and
weakness multiply in Germany; and
therein perhaps lies the greatest hope
of peace Certainly peace rumors
grow more and more persistent every
week, and with them belief that the
coming German drive will be the SUI
preme effort preparatory to fresh
peace negotiations.
One of the persistent factors in the
security market is the high rates of
interest resulting from worldwide
wastage of capital, and any further
advance would be regarded unfavora-
bly,, although this condition is not in
sight, and it is satisfactory to note
that the worlds money markets are
easier just now than for several
months. The last instalment upon
the second Liberty loan was paid this
week, which leaves the money market
temporarily free of government de-
mands. There is more or less ex-
pectancy regarding Their ate to be
paid on the next loan, the announce
ment of which is expected at no very
distant date. In view Of relatively
high rates for money the world over
and the derline in market value OF
the second loan the expectation is
for a Az per cent. rate, although or
the other hand views are expressed
favoring a per cent. rate with spec
faI privileges or exemptions to stimu-
late distribution. Or why is not thiI
an opportune time to put out 56s
three-year Treasury note bearing In