The sun., 1918-10-28


speculative situation.
Our Record Loan.
The nations splendid response 10 tho
Fourth Liberty Loan offering naturally
had important bearing upon investment
conditions. The whole bond market has
been helped by It, for there never was
more difficult war loan operation to put
through successfully In so short a time.
The new loan will be distributed among
rearly 23,000.000 investors, so that the
bonds will go to virtually one out OF
every four Of the population. The mar
keting of this great issue. through the
fundamentally of virtually nation
wide house to house canvass, has In
terested several million new investors
In the financial support OF the war en-
terprtse. This means much in creating "A
healthy public Sentiment at IA time when
IL Is highly essential for the country TO
back the Government III supporting the
great military enterprise.
The worldwide interest excited by
the Presidents note on the possibilities
OF an early peace directs attention to
the more pressing problems which have
to be considered In connection with the
~
basis. This does not mean that the
end OF the war is In sight. or that the
belligerent governments soon will be
asked to send delegates to formal con-
ference. But this country has been far
behind other nations in providing for n
scientific investigation OF the problems
incident to a restoration of the normal
order OF things. Great Britain has SOW
eral commissions with a large number
annCiat al
aiming different phases of the p~obleil,
so that the great industries may be pre-
pared for the drastic readjustment
which viii be encountered in some lines.
Germany has long had experts at work
considering these topics, and the chances
are that industries OF that country will
benefit greatly from the examination
that is under way. France. Italy and
various neutral countries have given
serious consideration to these questions.
The United States has taken no official
action yet. however. but the Senate has
two proposals under discussion which
may lead ultimately to the appointment
OF commission to consider all phases
OF the readjustment process.
Aim to Help Labor Conditions.
An effort is being made to bring about
better conditions in The labor market
tHiuuku an distribution
unskilled labor. so that the vital indus
tries may carry out the large volume of
Government work that they have on
hand. These measures will extend to
skilled workers as well. since the short
age IN all departments Is becoming
acute Notwithstanding the increasing
employment OF women in Industries
where only male help was formerly en-
ployed. The prospects are that II will
take fully a year to demobilize the
American army now In France. The
Canadian military authorities do not ex-
pect to carry out the rehabilitation OF
their forces In less than fifteen months,
The similar task for Great Britain and
France Is likely to be evensmore difficult
II Is clear. therefore, that the labor sup
ply will not be very largely increased
until several months have elapsed after
the war ends
II Is apparent that the great indus
, tries OF this country will be called upon
to carry through much OF the repair
work which will be necessary as soon as
the ending OF the conflict makes II posi-
bio for the European governments 10
plan for the restoration OF the crippled
Industries of the war area. During the
, period when the world is changing from
a war basis to a peace basis there Will
probably be some unSettlement, with
possibly serious disturbance in various
, quarters. For these reasons II Is highly
| important that the best trained experts
In the country should consider the dues-
tons which will arise as soon as HOSTILE
| ties cease and the work OF dismantling
the munition plants is taken up. Inde-
pendent research work along these lines
has already been attempted, but much
remains TO be done before serious head
way is made in solving the perplex.ug
trade problems OF the after war ncrioJ