The Bridgeport times and evening farmer., 1918-03-11
HENRY CLEWS
 WEEKLY LETTER

H1 financial circles degree of con fdehce still is being reflected by the market for securities, feature all the more remarkable when we con slider the epoch-marking events asso- ciated with the great war which are of almost daily occurrence. The ex- planation of what on the surface might appear a paradox is not diffi- cult to uncover. Admittedly serious as is the immediate outlook, there has not been one moment when doubts have been entertained seriously as to the final result of the war. We are approaching with confidence, the new military campaign which must de- velop with the spring. We know that we ourselves are from now on to par ticiPate in the sacrifice of life which is the inevitable concomitant of war and which unfortunately is so neceS- sary for the protection of freedom of thought and action and for the pres ervatfon of our free and enlightened republic. But there will be no fa1ter- ing, no turning back and there can be but one result-the overthrow of the despotic and autocratic caste which
 
 world.
 We did not ertor the war for selfish gain; we have none but the loftiest motives in endeavoring to bring the struggle to a prompt and victorious close. At the same time it is obvious that the results of the war inevitably will provide benefits of a material character. Before our own participa- tion we had already broadened out; our more local viewpoint had given place to one of the widest interna- eionalism. We had paid back to our foreign creditors the debts incurred for the rapid development of our country. Our foreign trade with neu- tral as well as belltgerent countries had increased by leaps and bounds. Dollar exchange was rapidly being substituted for sterling exchange and we were in first place as the world S bankers. All this was a mere founda- tion for what is happening since we ourselvtS were forced to " become a belligeTV1lt. We are now building ships on such a scale as to ensure that the Anrerfcan flag will, with peace, once again be seen on all the Seven Seas; we are loaning billions to the countries with whom we are now associated in the war. These billions in fact represent investments of our people, for they are the pro- ceeds of our own Liberty bonds, which our Treasury in turn is Ioaning at the same rates it itself is paying for the funds. The governments to whom we are loaning are placing with our Treasury bonds of their own, iden- tical in maturity and interest witt ours These they guarantee to pay principal and interest. The real net result, it will be observed, is that ou1 people are becoming investors on g scale beyond the most optimistic dreams of no more than five years ago. Instead of sending interest an6 dividend payments to creditors abroad the reverse on a largely increased scale will now be the case. This phase will expand the longer the wal lasts. Of great importance is ths fact that our people will have more generally learned in a practical way the art of saving, such as would have been possible in no other way. Thi: is a chaNge for the better that is fun damental
 These are but a few of the mor' practical benefits which we may con iidently expect the war to produce Beyond them is the more sentimenta feature in the form of the whole hearted and liberal manner in Whicl we have undertaken to exert our ful power at a time which we have be