New Britain herald., 1918-02-16

some excuse in financial circles as an inevita ble element in war finance. Government skill in administration, however, must be accompanied by private economy in all departments; not stringent and indiscrininate cutting down of expenditures, but gradual elimination of nOn- essentials and a partial reduction of consump ton in all possible directions. A say ing of 10 per cent in such directions would bring immense relief; it would restrain high prices; give production chance to catch up with consumption; would amply correct the deficiency in the labor supply; offset congestion in traffic, and in many ways aid restora- tion to the normal. The world can not expect to have as much to spend and enjoy as usual when confusion and destruction are rampant; and it is no exaggeration to say that indi- vidual self denial in domestic wants to the extent of 10 per cent would win tho war;
 From now on, the fuel situation should steadily improve. With the advent of spring home consumption will decrease. Economy in other di- rections is also being enforced, par tiCularly in the matter of light, and it is prOba able that the daylight t-saving'' movement will be revived in due sea- son. This would permit starting the day one hour earlier, thus saving an important percentage of light and coal. Freight embargoes are also being relieved, both by rail and steamer, so that the necessity for heatIess days no longer exists. There will probably be a, continued demand for coal throughout the spring and summer since large consumers and distributors will undoubtedly wish to stock up and avoid being caught short again in midwinter. The labor problem will have to be adjusted in some way, a considerable proportion having been drawn off by the war: and should the coal famine again be- come acute more drastic action by the government must be expected Tn the case of labor the problem is often one more of adjustment to new con- ditions than actual scarcity, the sud- den development of great industries having caused violent migrations and advances in wages, which would have been avoided had such changes come more gradually.
 hoeCuTlll6S, tHOuSn QOn1naJeQ en- tirely by war. continue to fuctuate within moderate range Bad news exerts less effect than might be ex- pected, because the market is prac- tically sold out by past heavy liquida- 1 tiOn. For the same reason prices readily respond to good news, which l is more plentiful. The weakness in l Liberty bonds already referred to had 1 little effect. The advance in Union l Pacific. due to maintaining the divi- ! dond on a 10Tc basis, strengthened 1 the entire list; and strong under | tone generally is developing in rail- | road shares, based on belief that | the presidents plan of control will be ] adopted and railroad credit thus effectually buttressed. On the favor , able side of the market we have: a | better railroad outlook. improver1,e er7t | m the fuel situation, removal of en1- 1 bargoes, increased industrial activity. 1 the approach of spring, and a strong 1 banking situation. On the unfavor- able side we have: practically nothing 1 bnt the war and the tren endous financial strain which it imposes. foftunately we are better able to i meet such strain than any other country German defeat is certain; then peace. On Friday the market developed decided strength on peace rumors and a belief that the discus Slon a'ready started would hasten tho end of the war
 HENRY CLEWS.