The Bridgeport times and evening farmer., 1918-07-29
HENRY CLEWS
 WEEKLY. LETTER

AVeuLS aL the seat or war QUT116 I11o week have been favorable to the AL lies. The latter have made slow but sure advance, giving further evidence of real turn in the tide. It is un- wise, however, to be too optimistic. The military power of Germany has by no means been broken, in spite of the great strain imposed upon 1t. While the Allies are energetically developing their military resources, this country is sending across an army large enough and strong enough to insure a dictated peace. At last the Germans are beginning to req lize the impossibility of accomplish ing any of the purposes they origf- nally intended, and when Germany's illusions are really dispelled, a pow erful reatcion will undoubtedly set in. Peace overtures from Germany are again in prospect, but should not be taken too seriously. We are fighting a willy foe, intent upon throwing us off our guard by pro- posals lacking sincerity or real jus tice. There can be no lasting peace unless militariism is completely shat tered.
 Another important and not unex- | pected development m the direction | of government control occurred In the taking over of telegraph and tele- phone lines. This almost completes the chain of national communication; ships, waterways, railroads, mails, telegraph and telephone, all having finally come under government regu- lation. Radio is already controlled l hJ ha T1I is the cables, which are under for eign government control, chiefly Bri- tish. Postmaster Burleson will be in charge and has already announc- ed that he will make the least dis l turbance possible consistent with inn | proving the service, that regular di- vidineds and interest payments may be paid, and that arrangements may be made for meeting all maturities, etc. As in case of the railroads con- trol of the telephone and telegraph companies will revert to their own CTS after the war, the act being pure 1y an emergency measure. Once more a step of supreme importance, which in ordinary times could not have been taken without prolonged discussion, has been adopted by a
 
 As a war measure it is fully justi- fled and will receive widespread ap- proval. It, however, again raises the
 question whether things done, or
 property taken, to win the wal
 should continue after the war.
 Our foreign commerce for the ifs
 cal year just ended, showed a slight
 decline, exports amounting to s5,. 8,000,000, a decrease in twelve
 months of $362, 2,000,000; while i'm 2 ports touched $2,946, 100000, a gail of $287, 100000. This movement lief an excess of exports for the twelve :. months amounting to s2,9S2,000, ,00O e compared with $3,631, ,000, 900 a yea r ago.
 t The tendency toward a more nor $ nal trade balance will be considereC
 beneficial, inasmuch as 1t facilitate [. control of the exchange market ant s tends to restrain the growth of al n excessive European indebtedness
 The June exports of merchandis
 were $485,000,00O, compared wit, a $552, 100000 in May, a decline ( a $67,00,000, largely due to a shrink o age in shipments of foodstuffs Jun
 imports figured at $26O,0O0, ,00C
 y. N total exports of breadstuffs in Jun y were only s54,O00,O0O, compare u with $76,000,000 a year ago. Mea e products on the other hand rose t 70 SIS, 100000, compared with s41,O00 e- 900 the same month year ago. ( d cotton, the shipments were valued { 1T S45,OOO,000, as against s27,000,0 ,00 0r last year. During the twelve montf  in stuffs in comparison with S589,O0O le 900 year ago; while meat expor ot were valued at $6SO,OOO, z
 against $4O3,O0O,O00 last year. Go
 ton exports reached $655,00O,0O ct compared with $543,O0O,O0O the la a. year. The rush of foodstuffs to ol nit Allies in March, April and May fo f. tunately relieved the danger in fan
 inc. But the obligation of feedil
 Western Europe will continue to ia ,a largely upon the United States; and os is necessary to still further stim1 1e late production, and practice conse 4S vation of food until the war end
 MT. Hoover performed a brillia
 public service by insuring the Ali,
 food supply. Had it not been f
 his efforts, food prices would ha-
 Decu LIuCu dDOV0 lnelT present l6Ve h, and his success has been due f of. more to earnest appeal than to leg a endorsements; all of which reflec he favorably upon MT. Hoover's tactfU en ness, backed by public patriotism ts Next to the war the monetary si r,, uation is the most important fact " in stock market operations. Cs i,i loans ruled somewhat easier, b
 time money continues scarce, and h; -' it not been for the so-called Mon LII Pool, the situation might not ha IS been so easily handled. Crop d ne mands are becoming more and mo as insintent as the harvest proeresst de and the urgency of the money situ he tion was recognized by the Treasu al- in reducing one of the regular fo1 an nightly issues of $75O,O00,000 certi lip cates of indebtedness. Some irreg ng larity has been shown in mark 1g. values owing to the disposition tes take advantage of good news f ad proIlt taking. GeneraI buying h he hardly been up to expectations, chic
 ly because of present limitations
 the money market and the tenden N towards the continuance of high i
 terest rates. The tax situation is al . an element of uncertainty, althou
 the belief is growing that fair a
 reasonable measure will be prese1
 ed by the Ways and Means Comm
 tee. At the same time the count
 must be prepared for a prolong
 period of very heavy and burdensor