The Bridgeport times and evening farmer., 1918-12-16

prevails there is danger of injurious consequences to all concerned. For tunately 8 new spirit has developed
 among industrial leaders, who show
 e disposition to recognize the position
 of labor and to take the lead In policy of conciliation and discussion. One of the first leaders in the country has publicly taken the position that capital must be ready to make sacr1- fees; another has favored more in
 innate relations between capital and
 labor, with the idea of establishing
 industrial democracy, and so on. This 1 is encouraging. The offer of good
 wages and better conditions of em- ployment comes when most needed
 from employers whose policies will undoubtedly be widely followed else lwhere. How will labor meet these ad- Ivances? No adjustment of wages to
 a peace basis is expected until con-
 modities decline; but the high level
 of the latter cannot continue, and
 twhen the drop arrives the test will
 come.
 Events of the week were not of a
 stimulating character in the financial
 district. Action of the War Board in
 surrendering control of the steel in
 Fdustry after December 31 was dis
 appointment, especially considering
 that steel leaders had requested de-
 lay in. order to help stabilize the mar ket. Moderate concessions in steel
 lprices had already been decided upon, with the idea of returning to pre-war conditions ty a gradual process The Board, however, was positive il it's at- titude that it was best for all con- cerned for industry to go back to nor nal as soon as possible. Another un- settling factor was Secretary Me Adoo's letter suggesting that control of the railroads be left to the govern ment for another five years. This is directly opposite of the policy prevail . ling in other industrial activities ot : the government. The Secretary, how ever, makes some strong arguments : in support of his views, and these will l have to stand the test of discussion
 It seems hardly wise to accept his ideas until the other side has beer : sufficiently heard from. The return Q. :, the roads to their owners after the = war was fixed promise that should 8 not be reversed without ample reason nor without the approval of those = most concerned. An immediate return l of the roads before, necessary legisla, v ton has been adopted would be dis 6 astrous to some of the smaller roads = and an extension of five years of gov f ernment control has not yet been jus = tified. Let us have thorough discus = sion before any change of policy i = adopted. The money market is fairl. = supplied with funds, call loans beina n abundant, but time loans scarce t Preparations are already beginning s for the next Liberty Loan, which vii . probably be placed on somewhat diff n ferent lines than preceding issues l. Now that the stimulus of conflict L. over, regular business methods of flo l. tation will have to be depended upor l. and the terms of the new loan are al @ ready being discussed. Some impor d tant questions will be forced upon ou a new Secretary at an early date, bu 5. fortunately he is well equipped b n both knowledge and experience fo 't dealing with them. An unsettled stoc e market must be anticipated for tn l. immediate future. What with tn rs problems referred to above, and wha r. with the adjustment necessary to de r. clining commodity prices, as well a l. the fading away of war profitss, con 'e siderable defation must be expected d As an offset slow fall in prices ( IT commodities would stimulate deman
 and induce a revival of customar n enterprise. There is no reason what le ever for loss of real confidence. Goo Ie investments should not be disturbed n and after necessary adjustment " es may look forward to more health gA oo.ahs4;O.n