The Bridgeport times and evening farmer., 1918-06-19
CLEWS
 WEEKLY LETTER

The drift of the war is sattsfac- pry in as much that despite progress the enemy on the map, the Allies re making still greater progress in he matter of power. This is due in art to the rapidity with which Imerica is now coming into the fight, lus the growing confidence of Brit sh and French in their ability to hold ast until we arrive in adequate force: termany's refusal to admit coming efeat is quite comprehensible. Enough unwilling to make the ad- mission, Prussian leaders undoubt- dly know that militarism is doomed; hat the superior resources of the Alhes, reinforced by the oncoming ood of American soldiers, will ere ong destroy their power for good. 'hey are too intelligent to really be- ieve that in their present condition decline they can accomplish their vorld-wide amMtons. But out of heer desperation they prefer the hances of ruin rather than confess efeat. They are taking the gam ler's chances and plunging with the tmost recklessness, hoping to secure III the advantages possible and do all he injury possible before the fate ul peace parleys begin. The greater heir winnings now, the greater the nance they hope of using those win ings as an offset to the Allied terms. )f course German military leaders will not admit such contingencies; nd by skillfully deceiving its civil an population and buoying them up vith doctored reports of great vic cries, dreams of Mittel-Europa, etc, hey have been able to keep the war toing. So the cruel game is still on Or the purpose of maintaining a riminal government which has grought horrors and immortalities hat stagger humanity.
 The monetary situation is consid- rably better than a month ago. Tax payments arep ractically out of the vay and a new bond issue is not ex- bected until towards the end of the ear. Payments for the last Liberty oan will be readily met, and the Treasury can anticipate it's wants by Treasury notes, thus scattering it's demands and averting periodic strin- Eency. The Treasury is also disposed allow funds to remain in the banks lntil wanted; so that by use of skill ul discrc ction, financing the war will tause as little disturbance in the honey market as possible This week Easier conditions prevailed and good borrowers found little difficulty in se- turing necessary accommodation al through resumption of gold imports rom Canada, where it is understood he Bank of England has been hold ng about $52, 900 for account ot he Federal reserve banks in settle nent of the foreign loan. About 30, 100000 of this sum may come to New York; the first gold imported or a considerable period. These facts o not mean easy or abundant money or capital is going to be scarce and will command high rates for a long ime to come; but they do mean easier ponditions for some weeks than have prevailed thus far in 1918. In thi: connection, it is interesting to nott hat the British government vii hereafter borrow much less in thi lldI hbA luO l6d6Oh DClhB LIldl hitherto it has financed it's Allies ant hat henceforth their requests for aiC Ire more likely to be made directly tt he United States instead of through pr upon Great Britain.
 A better investment demand ha developed since money became les Btringent. Quite a number of nev ssues are now appearing. As thes must have had the approval of tn authorities, they show that govern nent restraint upon investments ha peen temporarily modified. Not
 title uneasiness has been created b, he situation of public utilities, whicl Ire much in the same position as tn -ailroads were before the governmen tepped in; that is, they have bee starved by the prolonged hostility 0 public service commissions and a anfriendly public opinion. Not
 lew light, power and local transpor -ation issues are selling at exceed ngly low prices, and dividends hay often been imperilled,y if not i'm paired, by the advance in wages an other expenses, while charges fo service remained unchanged. It not unlikely that a turn for the bet ter is at hand, because the action ( he Federal government in regard t the railroads was a significant ez ample, and will no doubt hasten a6 vances in charges for gas, electricit! street railway fares, etc., in con pensation for the increased cost ( doing business. The national raj roads are making steady progress Better gross earnings are often rt ported, and net returns are guara1 teed by the government. The at ministration has also made liberi preparation for necessary improv, ments and equipment, having autho ized expenditures of $946, 900, 900 du Ing 1918, of which '$2O6, 900, 900 wi be for freight cars, $199,000,000 f. locomotives, $3S,o00,O0O for bridge tresles, etc, 31,00O,444 for rails ar tracks $62,0OO,O0O for shops, $9s 000, 900 for yards and sidings, SAT 000, ,000 for main tracks, $2S S,000, ,0t for passenger cars and $22,000,0' for stations, not to speak of a host
 other outlays. Such vast expenditure necessitated by prolonged starvatio mean intense activity in the steel i dustry for many months to con Railroad shares have in consequen shown decided steadiness and not
 little strength at times. The mark for industrials has, however, be, Somewhat spotty; increased expens and heavy taxes having in not a fs Instances materially affected divide paying properties. The question
 Aoxaffnn iG still a SnTinnS nTnhla
 One-third of the cost of war is a parently to be paid out of taxes a
 these are to be doubled. There