The Bridgeport times and evening farmer., 1918-09-11
CLEWS
 WEEKLY LETTER

war for civilization is from now on to progress steadily to complete vic tory. Superiority of numbers, of | munitions. of morale, and evidently l in the art of strategy is ruling defin- tsSsy in our favor. It will become 1 increasingly so as time elapses. Official announcement comes from Washing ten that the number of American 1 troops now overseas has reached r. 10000. Difficulties of transport have been overcome and there is every req son to believe that early next year the promised total of 100000 American troops will be available to extend their powerful cooperation in bringing the war to a speedy victorious close. Any earlier termination of the struggle may hardly be considered among the reasonable possibilities. The Allies victories have for instance not yet re- covered the full amount of French territory which was lost to the enemy in his earlier drive of this year. Much. therefore, remains to be done before the German armies are driven back beyond the Rhine, which obviously must be a condition precedent for any discussion of peace terms.
 While 1t may be good judgment to hold in check what may be termed unbridled' enthusiasm, it would be al- together unwise to fail to recognize fully the importance of what has in fact occurred. General Foch has in the first place accomplished the highly important task of breaking the Ger
 
 tained view of its own invincibility has been shattered and a correspondingly increased respect and fear for it's foe has been developed. In addition the enemy's hopes of successful drive to either Paris or the Channel ports have been equally destroyed. He now must recognize that his war of offensive must be changed to a de- fensive operation with the initiative in the foes hands. Meanwhile, the steady increase in the American army in France correspondingly enlarges the odds against which he must con- tend. Possibly there is another six weeks or two months of active cam paigning before the contending arm les must settle down for winter cam | paign. On the part of the German military machine this period will most probably be devoted to an active peace l offensive. Russian affairs likewise | suggest many complications. Hence | it seems yet too early to regard the end of the war as in immediate pros pect.
 But it is highly satisfying to note l that things are going we'll with us, a | situation which the market for secur- ities would undoubtedly be refecting 1 much more effectively than is in fact the case, had financial operations not been so greatly hampered by the great scarcity of banking accommodation. | Securities, it may be observed, are al- most sole exception to an otherwise general trend towards higher prices. Commodities have advanced sensation ally in all classes since the war be- gan. Farm products are at bewild- ering levels. Wage advances are of almost daily occurrence. But prices of securities since the war began have suffered severe reductions. In Feb ruary, 1914, before the selling which preceded the war really began the average price of twenty representative | railroad stocks was 109. Today it is about 87, having recovered from 66
 which was the low level, and was reached in December, 1917. A sim liar condition of affairs is reflected by prices of securities on the London Stock Exchange. A monthly com pilation covering 3S7 representative
 Sta EH
 change showed as of August 20 al
 aggregate value of f2,712, 5000
 This compares with an aggregate value of f3,37O, 700, 900 at the begin ming of the war in 1914 and com
 pares also with a low level of f2,571 612,O00 which was reached at tht . close of April of this year.
 The decline in securities in the fact as I have already pointed out o
 marked advances in virtually all oth CT classifications of property, is, O course, explained by the competition v of government bonds and other evi
 dences of obligations with older in f vestments. These investments nov 8 concededly are upon a highly attrac tive income basis and afford ampl g opportunity for profitable purchases r where buyers are not called upon t 0 depend too largely upon borrowe . money. At the moment the none 7 situation is not presenting signs of a. Q early return to normal conditions r We are on the threshold of a neI
 war loan which will be larger than an
 of its predecessors, though the amour
 has not yet been officially declared I
 anticipation of this loan the Secretar
 of the Treasury is selling certificate
 of indebtedness, in this way securin
 the use of the bank reserves of tn
 country, and at the same time avoid
 ing the shock to the financial com
 munity which could hardly have fail
 ed to occur had the success of the loa
 to be dependent upon a sudden ac \ emulation of something like $5, 900 100000, which it is presumed is to b | the amount of the new issue I
 addition to these huge demands upo
 the supply of funds we must not fol n get that we have entered the perio
 of greatest demand for financial faci
 ities to move the crops The earl
 movement of the wheat crop this yea
 has advanced the date of such rt
 quirements, though this will not LII , naturally contain it's own antidote , the form of a correspondingly earlis " liquidation of indebtedness in tf k wheat country and will result in tf r. creation of an eaflier supply of ne e. capital in that section. Banking f; 70 cilities though, still will be require g. to carry the wheat until it is col It sumed. Taken altogether, therefor d l the outlook for the return of anvthir