The Bridgeport times and evening farmer., 1918-09-24
HENRY CLEWS
 WEEKLY LETTER

Preparations which are in progress
 may be expected and may, am con- fdent be depended upon to make
 the distribution of our Treasury's
 fourth war loan a thorough success. i There is no duty more important,
 more urgent nor in which every1 American citizen can assist more pa | triotically. As was to have been ex- peeted after the brilliant successes of
 the Allied armies in the last few weeks, @ peace offensive has been started by the enemy It is likely to l continue, and 1t is all important that the insincerity of it's purpose should be properly and prompty appraised. What has Happened in the last three months of the enemy's severe reverse is appreciated in Potsdam quite as ef- fectively as at home here. One of the mightiest drives ever arranged in military history was begun against the Allied armies on March 21. It | made great progress toward the &C., complishment of its two main objec- | lives, namely, of cauturing Paris and l the Channel ports. Suddenly the
 tables were turned. The foe was l driven back relentlessly. He still is 1 being driven back, and all must agree | that the tide of battle has changed.
 The explanation is not difficult to appreciate. Aside from waiting un-
 til the attacks had brought the enemy
 in to a vulnerable position the Allied
 commander found that with the new | American army which had been plac- l ed at his disposal he had reserve force
 that would justify him in taking the
 initiative. This he at once did. Sue
 cessful attacks have continued ever
 since and may, with, of course occa-
 sional reactions. be expected to con- l tinue right along. Meanwhile it is stated officially that practically within
 one year we have been able to send 1,600,0 900 we'll equipped troops over
 seas. We have another 1900, 900
 now in service, awaiting training and
 transportation. Our War Depart
 ments plans contemplate an army of
 no less than 4,S0O,O00 men as it's max
 mum strength next spring. If addi-
 tionaI troops then should be needed
 there is still a large surplus to draw from. There is to be no shortage of
 men from our own country to win the
 war.
 But all this requires that ample am-
 pie financial resources be made at
 once available. The enemy is un-
 doubtedly fully advised of the extent
 of our military possibilities. What
 now is paramount is that he shall
 have demonstration of a most practi- cal character of the popular enthu-
 siasm in the form of a large over
 subscription of the war loan whose distribution is about to begin. The loan although it's exact total has at
 this writing not as yet been announc-
 ed, will, it is understood, be the larg-
 est similar single transaction ever en- tered into by any country. TO make 1t full success will require the CO., operation of all Americans and all
 branches of our national activities.
 Such cooperation is assured.
 The note addressed to all beliiger-
 ent and neutral countries by the Aus
 trian Foreign Minister is representa- tive of the peace offensive to which I
 have referred. Its true value was
 promptly recognized by President Wilson, who very wisely stamped out :, it's power for harm by his curt, straightforward and prompt reply that } our conditions which were the pre- requisites of any peace discussion had } already been stated with such candor and so specifically that our govern ment could not and would not enter Into any discussions on the lines sug- gested. That the note was not de-
 suned to become an important infiu- ence at the present stage of the war
 was the immediate conclusion arrived
 at in the financial district as soon as , 1 the text of the document was publish I ed in the newspapers on Monday : morning.. A proper peace today all
 must agree, would be an influence to , which the markets for securities
 might be expected to respond enthu- s siasticaIly. Furthermore the market I for securities may be expected to ex- t ercise it's usual prerogative of dis . counting such a result when it shall
 appear within reasonably definite S prospect. But the course of the mar = ket on Monday indicated no such ; trend-the real character of the note :, had not been n1isinterprete@. If any , thing, the selling power exceeded the
 buying. power, while the publication oi . our governments masterful reply or 1ll Wednesday was accompanied by some H degree at least of market strength H These features may be regarded enf Il tirely significant of the belief that on II President Wilson promise of force II force to the utmost and force without H stint or limit " must hinge the decis- N ion of the war. It is the only argu- II ment that the PruSsian machine un- H derstands. It is the basis of the
 Prussian policy of domination of oth- III CT countries. When the enemy has withdrawn from Belgium and France II and Serbia it will be time to listen to II his suggestions for peace discussions
 He will not yet withdraw voluntarily H but must be driven out and is being
 driven out. A negotiated peace today II would mean a mere truce.
 III The official campaign for the sale
 of the new war bonds will begin next Saturday. The preliminary work has
 already begun, and it is to be expect 1 ed that the Stock Exchange market II in common with all other departments of business and industry, will willingly Il make whatever sacrifices may be H necessary to promote the success o1 the undertaking. Bank reserves and new capital will be placed completely | at the service of the Treasury, and it Ii hardly is probable that the market Il VII in the meantime display any pro- | nounced signs of activity. But when ii the loan has been successfully placed III it is not unreasonable to expect that H some substantial degree of relaxation