The Bridgeport times and evening farmer., 1918-07-22
CLEWS
 WEEKLY LETTER


 Stimulating news comes from the estern front. The enemy drive has len stopped and its objective again evented; while it Is not impossible | at the tide has permanently turn | It would be unwise to become | [ddenly over-optinistlc; but Amer an soldiers have proved their met and given Fritz a foretaste of hat to expect in the form of ViSor Ad dash in fighting. Unless we are eatly mistaken it means a steady | Il in morale of the enemy and an ually steady rise in that of the AL l S. Italians also are making splen- d progress; and, if Russia could fly be brought back into the war rough Allied sympathy and physt- J aid, the end might be greatly lstened. Signs of weakness in Aus la are multiplying and Germany is bt likely to be allowed to hold her innings in the East any more than
 retain her grip on Belgium or lance.
 Congress has taken a partial vaca- bn until nearly the end of August, embers naturally wanting to go bme to prepare for elections after session lasting about seven months. pngress has done much hard work, ough overshadowed by legislation lopted upon the initiative of the resident. The revenue bill is now lder consideration and may be re- brted at an early date, as both buses must be called to order every onday and Thursday. The latest ar measure is the new law authoriz- g the President to take over the legraph and telephones, which he expected to do at an early date. his would place practically all cans of Federal and international mmunication under control of the Administration; railroads, steam ips, mails, telephones, telegrams, ld radiograms. These additions to her regulartory legislation give resident Wilson infinitely greater ower than has ever before been be- owed upon a single individual. So uch for the war, which has by a range fortune made him the great t democrat and the greatest tenn brary autocrdt in the world.
 Th9 money market has been un- Bually close, as proved by current gh rates of interest. This was Artly due to the installment of 35 er cert on the Liberty Loan, but the mount was actually much less for the Jason that payment had been largely ade h advance. The demand for oney for legitimate purposes, crops nd trade, Is particularly heavy as me lines of business are intensely ttive, and money does not go far here values have more tban dou- ed. Conditions in the money mar et were further illustrated by offer several prominent industrial note sues on a ' 1-2 per cent basis and yer. These were readily absorbed, ere being a better investment de- and than for a considerable period. uyers are perplexed by conflicting lrrents; some war industrials which re making substantial profits natur- ly receiving 8 preference. At the ame time some industrials are neg cted owing to fear that the excess rofits tax will be so severe as tC briously imperi1 dividends. Good atlroad shares are steadily growing favor, as it becomes better appre- ared that these are now under helter of the government, which rtually guarantees dividends and her obligations, besides solving bme of the most serious problem. lch as wages and rates. The gros, nd net returns for the last three onths, during which traffic has beer carer normal, will be watched witt Increasing interest, although inves prs are not inclined to worry mucf ith a government pledged to mak, pod on losses if they occur. Tn, utcome of the present experiment il overnment control $ a matter 0 htense importance, stAce, if success Il it may lead to retention in modi ed form after the war; while if
 ilure it might check the movemen bward government ownership. Pub c service corporations are meetin nth increasing difficulties from ris hg costs of operation and ike harges for what they sell. Thus ia savior in the form of a paterna overnment has stepped in to rescu nem from difficulties created by gov rnment. Being local organization he national government cannot ir erfere as in case of the railroad mich are interstate concerns.
 Another week of good crop weatt prevailed over large sections of tn ountry and conditions have impro1 q rather than deteriorated. Hal esting of wheat has begun and rt ults are generally satisfactory. Go on has been retarded somewhat | Ack of moisture, and corn would | enefited by higher temperature.
 A decidedly stronger tone oeve.oI d on the Stock Exchange after u lews of brilliant Franco-America access at the front. There wei harp advances in many war indu rials; while relatively sharp ris |curred in some of the foreign bor ssues, the Anglo-French and Par ssues leading. The latter are inevj ply affected favorably by any ney uggesting German weakness or z arly end of the war. The Intersta Commerce Commission report for ii