The Bridgeport times and evening farmer., 1918-07-08
HENRY CLEWS
 WEEKLY LETTER

We enter the second half of the year under conditions generally hopeful though highly confusing and in s0ne respects uncertain. The undertone of confidence, however, is still running strong; the military outlook being de- cidedly encouraging. Germany's su- preme effort has practically failed; since the Allied armies have not been divided, the British are not dhiven into the sea- and Paris has not fallen into the enemy's hands. While the drive will soon be renewed, these contingencies are now less remote than at any time since the campaign began, and the French and British are confident of holding their own Driving back the Austrians over the Piave afforded particular encourage ment; not only by depressing Aus trian morale and raising the Italian, but also through saving Italy's great industrial plain in the north; the loss of which would have effected all the Allies adversely. The greatest en- couragement of all, however, from the American standpoint, Is She marvel lous rapidity in perfecting plans for our entrance into the war. There are now over a million American soldiers in France fully equipped, and by Jan uary 1st, it is expected that we will have approximately 100000 men in the army. Submarines have proved a. failure, and the huge shipbuildingi campaign initiated by our government is now being rapidly carried out. We celebrated the Fourth of July by I1,, ,1,I do stroyers, aggregating about 5O0,000 tons These are wonderful accom- plishments, despite the criticisms showered upon the administration a few months ago. We shall soon also As shipping aeroplanes on a large Tsle. Industrial mobilization of the steel industry is complete and the en- tire war machinery of the country is running at high pressure and with as little friction as possible. America has certainly gotten it's stride, and the American army will soon enlighten Germany as to its fighting capacity; so we ray hope confidently for the victory which our aid will surely hasten.
 But there is another aspect to the situation that cannot be ignored. This terrible war involves vast sacrifices of life, blood and treasure, and the end is by no means yet in sight; for while the enemy may be weakening, still 1t is not beaten, and since 1t is a matter of life and death for the military autocracy of Germany, that party must and will continue the war until conquered by shattering blow, which will require even greater efforts by the Allies than any hitherto put forth. This country must, therefore, be pre- pared for still greater sacrifices for heavier taxes, for far more rigl econ- omy and even further government regulation. Sad to say, it must also be prepared for a growing casualty list Price fixing and ratfoning orders are especial sources of complaint nevertheless, such incidents must be expected, and 1t should be added that they are usually cheerfully met, the policy of the government unquestion- ably being to create as little friction as possible.
 The most encouraging business fac tor is the crop outlook, nature In this respect having particularly favored the United States. Aside from slight damage to wheat, thar crop still promises very heavy yield, prob ably the second largest on record with the remote possibility of being a bumper crop. The harvest of win ter wheat, which Is usually about two-th1rds of the crop, is now well advanced, yielding excellent results and should be completed during July The expected yield is nearly a billion bushels, or about 350000 900 more than last year; an ample supply for our Allies as well as for ourselves. The price of wheat is now $2.26, compared with a range of $1.OS to $176 in 1915 the record year of 1 ,225, GOO, 900 bushels Our cotton crop also promises extra ordinary results According to the government report the acreage Is per cent. higher than last year and condition 5.5 points higher, indicating a yield of 15,3O0,0O0 bales. This would be 4,0O0, 600 bales more than last veal and nearly equal to the bumper cror of 15,692, 900 bales in 1911. Tn 1911, 1C to F cents was a good price for cot ton, the present price being nearly treble those figures. Needless to say the cotton industry Is much disturbed Prices of finished products are very high, staples having considerably rn,or7 than doubled during the last twelve months, while manufacturers are dis tracted by strikes in one direction prospects of government regulation and price fixing in another, and ar uncertain cotton outlook in still an. other. Two additional growing months are still ahead of us and August, i mot July, is usally month of more or less crop deterioration. The gov ernn1ent has fixed the price of copper at 26 cents, a rise of 1-2 cents. Init will assure the copper companies con tinued profits for a moderate period which the government probably con siders good policy as stimulus to prolific source of public revenue. Tht sa me policy has apparently been ex ercised towards the steel industr1 which provides the government witl a very large amount of revenue.
 Onr monetary affairs are being skill fully handled The banks are to pur chase every two weeks S750, 900, 900 l. per cent short term Treasury note until SC. GOO 900, 900. has been raised to wards the next Liberty loan. whicl will probably be that amount in Oc tober. During the fiscal year endinl June 3O the United States Govern nent raised s4,OOO. 100000 in taxes anC s10,O0o, OOO.oO0 in loans; an altogethe unprecedented operation. and one tha