The Bridgeport times and evening farmer. (Bridgeport, Conn.) 1918-1924, 1918-05-20
EkRY CLEWS
| WEEKLY LETTER

Xhen win it dawn upon the enemy |
3 continuing this war is fighting |
cause already lost; is headed !
aight- for national suicide; is reap
a harvest of the hatred he has |
Vn, and rending a grave interna-
g? On the Western front Ger
ny is. simply dashing itself against
elastic wall, which it cannot break
ough. That wall may stretch or
I'D under pressure, but will not
ak. None of the German objec-
IS have been accomplished on this
drive; Paris has not fallen; the
ittshc have not been separated from
French; nor driven into the sea;
i, if they had been, it would sim
have added to Germany's list of
low victories. To capture Calais
ght delay, but could not decide the
ne. There will be but one end;
/ that is complete victory for the
les when the American army
.ches full power. if not before.
1erican forces are going across to
ance in INCREASING numbers; SO
Vt henceforth its real strength will
felt with increasing intensity.
Is there any significance in the re-
srkable steadiness of British Con-
s and Anglo-French IS, two of the
st barometers in the present crisis?
spite Germany's most terrific drive
i the consequent bending Of British
es, Consols have stood for a long
It'd % oh - hnPln-
ench 5s have slowly risen from
out 80 to nearly-93. There has been
evidence of manipulation in these
;urities, for transactions have been
hit and support was neither appar-
{ nor necessary. There can be only
e inference from the action of these
4 lues at time of unusual Allied mill
~ stress, and that is the supreme
1 nfidence of Allied victory in high
ancial circles at London; conf
nee inspired by clear comprehen-
IN of the military situation on the
estern front as well as the real state
affairs in Germany. There is no
iubt that the financial position of
irmar is already desperate, that
e economic situation there is rap
" becoming worse, and that the
easure,of relief expected in the food
uation by conquest of Russia is
II materializing while the difficult
Is of holding down the newly con-
iered people and preventing fur
er discussions among the Central
,wers' are almost insuperable. Mean
lille the Allies have repeatedly prov
their ability to stop Germany's SUI
eme efforts, and seem quite able
hold their own until the Americans
e ready 70 come in with overwhelm-
g force. Germauy's military pow
is rapidly ebbing; her position on
e Western front is at best critical
Id any further failures in the en-
hy's detectives are almost sure tc
/ loose a serious outburst of dis
bpointment within Germany. Thest
e all factors that serve to strength
confidence, and such hopes ar
Syond question an important factor
the hopefulness displayed in higf
nanciRl circles.
The growing strength and activft!
the stock market for the past twt
seks has been due to a combination
ore favorable war outlook just re
fred to; (2) the activity in war in
lstrials, notably steel; (S) the liberia
-ofits Of war industrials; (4) tn
imulus of good wages paid in sucl
dustries; go the activity in genera
lsiness; co improvement of tn
ilroad outlook resulting from bet
r traffic conditions, larger gros
lrnings and government protection
! we'll as anticipation of a liberal ad
lnce in freight and passengers rates
y a, good crop outlook and prospect
liberal yields of grain and cotton
3D. prosperity in the agriculture
Test and South, also the tndustria
asst; (9) the distribution of vas
rms raised by taxation and bonds a
ages; QO) 1essenfng the monetar,
ringency now that the loan is out G
he way, and that new taxes hav
zen largely paid in; (1D no fu1
Ter heavy calls for funds are ant
pated till the next loan, which wi
robably not occur before the at
nm: d2) the fact that securitie
ave been comparatively free fro1
lflation, and are often selling at To-
ices compared with other con1mo
tiles or interest and dividend rates
81 the early starting of the new Wa
finance Corporation with its hug
lpitaI of $500. 100000, and the e.
ectation Of a favorable contract b.
yeen the government and the raj
Dads. This is an unusual group I
tvorable factors offsetting the unce,
Ainties of war.
The outlook of the market is sati
lctory. Its technical position
bund and the rise has been materia
accelerated by recent covering
fortS. Some reactions from prof
liking must be expected in view
ne sharp advances of the last tv
Eeeks. and money market Limitation
ompel caution in all financial cor
iitments, especially those extends
ITO tho future. Intrinsic condition
owever, are satisfactory, and, pr
ided they remain as favorable
ow, further appreciation in valu
nay follow. The war is still the Wit
actor IN the making of values, al
auch win depend upon news fro