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

ALApOSSu py war WILL require earnest and careful consideration; some for l prompt discarding, others for gradual i abolition. There is nothing gained by avoiding the fact, that the country is facing a period of unsettlement quite as absorbing as that which accompan- fed the opening of the war. However muchr eliefat aoinetaoinshrdluetao much relief and optimism we may justif1ably feel about ending the war, great deal of prudent navigation will be necessary before the country swings back into it's former steady and progressive stride. It is too soon to calculate upon an early return of the 100000 American soldiers now in France. In all probability large portion, if not the whole, of this great army will be held there as an army of occupation for a long period after the armistice is signed, their presence being necessary to enforce a satisfac- tory peace and possibly even to main- tain international order among our former enemies who may be threaten ed with chaos. Bringing back these soldiers will be slower process than sending them out, for the reason that British ships which took 6$ per cent. of our men across will be wanted for British service, and we own but a limited supply of tonnage adapted for transports.
 One important effect of peace will be the stoppage of war industries which will at the same time increase the activity of peace industries. The next most important, also the most difficult, question will be that of taxa tion. The strain of war upon our | finances has been. tremendous; the more so because of the vast sums loaned to our Allies which will have | to be finally returned. Practically all of the country's savings have lately gone into Liberty bonds, causing a heavy withdrawal of funds from in- vestment channels. This was strik- ingly illustrated by the latest returns of new security issues in the principal Eastern states which for the ten months amounted to only $1,0S0, ,469,- 900, against $1,397, 800 last year. In October practically none were is sued. the $25,O0O,O0O American To- bacco notes being simply renewals, while the $22,500,000 Baltimore & Ohio Railroad notes were also extend ed. As to new interpretations, the contrast is still more striking. New companies with a capital of $100, ,000 or over in October totaled $134,224,- 900, as compared with $381, 1,145,70O a year ago. Concerns having a capitali- ration of $1, 900, 900 or over,, reached a total of $57,665, 5,00O, against $308,- 513,7O0 in the same month of 1917 The most potent effect of these enor- nous war loans has been apparent in banking circles and in the additional strain upon credit, imposed when the demand for funds was augmented by general imitation of credit and com modities. It is all the more import ant, therefore, that the problem of l taxation receive thoughtful attention from Congress with view to initiat, ing a gradual reduction as soon as possible. The country is quite pre- pared to carry heavy load of taxes for years to come; but there are some highly objectionable provisions in the present method of taxation, which in the interest of domestic peace and prosperity should be moderated if not removed as early as possible.
 Peace will also bring great changes in commodity markets. Nearly all staples are selling at record breaking levels, thus keeping the cost of living unnecessarily high. In some instances peace will release learge quantities of merchandise held in storage; in oth- CTS 1t will increase the demand for . many articles, such for instance as cotton, wool, rubber, copper, etc, of which the Central powers hold prac- tically none; while in still other cases it will increase the demand for food to meet famine conditions in coun- tries devastated by the war. It is safe to say that the business world faces more confusion and uncer- tainty than ever before. We may feel really hopeful and even optimistic in the belief that the world has already entered a new and better era; but this state of mind should not bind us to the fact that the path of progress and prosperity is strewn with innum- erable pitfalls and dangers.
 Last but not least among vital fac tors is what will the government do Our own government as we'll as others has plunged so deeply into regulation or control of business, that withdrawa will necessarily be gradual and slow Any other procedure would bring dis
 aster, fact fully recognized; so WI
 may as well prepare to endure presen paternalistic methods for a reasona E ble period at least. There is growing N restlessness over the excess of govern III mental interference, and a correspond III ing growth in the desire for less re M straint or for some opportunity, t III quote President Wilson's phrase, fo self determination" The strikin II change in the Congressional electio M is no doubt partly due to this feeling y although such results can always b - traced to a variety of causes.
 In the monetary situation there is
 limited change for the better, the diff
 fculty in securing time loans bein
 somewhat less pronounced than
 was. Nevertheless the situation re
 mains adverse to any important eS
 pansion of credit, the strain upo
 which already approaches the 1imi IS Liquidation would ease things some
 what and lower prices of commoditie
 would not be at all surprising, in vie
 of the supplies which will be release
 by peace. It is already announced ths .A large quantities of grain will be avai
 able from India and Australia. I'll
 same is also true to a considerab'
 extent of oil, rubber, wool, sugar an
 other essential products, which haN . been locked up in far distant market
 At home one of the effects of peac
 will be the immediate cancellation (
 reduction of war orders, such canoe
 lations having already appeared in tf
 textile and steel trades. Over 150,0(