The Bridgeport times and evening farmer., 1919-03-10
HENRY CLEWS'
 WEEKLY LETTER

cheer in the thought that progress IS being made at the Paris Peace Con ference. Before very long the particu-
 ar points of difference between the delegates in assembly will have been largely adjusted, there being reason to believe that the negotiations of the last few weeks have quietly cleared the way for more rapid action in the future. Es peace becomes mOre and more an accomplished fact, normal conditions will reappear, restrictions upon commerce will melt away, and such tendencies will materially aid in restoring order and stable govern ment in Russia, Germany and other War-torn countries. It must be re membered that the present unrest in Europe has psychological as well as a political and economic aspect The people of the belligerent nations are war weary and intensely on edge after four years of the bitterest sor- row and strife the world has ever en- dured. In consequence, all their grievances and troubles are 1nagnified many times beyond their real inn portance. It is necessary, therefore, that peace should come as quickly as possible in order to restore natural
 
 irritate. President Wilson has gone back to Europe to hasten the adop- ton of the League of Nations, which after some essential amendments are made, will go far toward preventing future wars.
 In merchandise circles there is still more or less hesitation, due to un- certainty regarding the future of prices and wages. Commodities gen. orally are weak and declining. Metals and textiles, which include a very large proportion of domestic industry, are conspicuously lower, but as yet there is no evidence of their having reached a stable basis, and there has been no little uneasiness as to the large stocks of metals and raw and manufactured flores held by the gov ernment and others which must even- tuafly come on the market at heavy depreciation from war prices. It Is true that shelves are bare, that buy ing power is large, but with such risks as that Just noted buyers nat urally hold aloof until satisfied that | bottom has been reached for the sea- son at least. Manufacturers are also held back pending adjustment of wage disputes. Now that the cost of living has begun to decline, 1t Is hoped that such difficulties will be- come less acute. Not a few indus trial concerns have reduced prices of their products to a level that elim- mates all profit; while others are running upon exceedingly narrow margins, and good many dividends have been reduced or passed, with others to follow. In some instances strong concerns will be obliged to pay f1ngv fov oF Such developments are part of the | inevitable readjustnent of business | to a peace basis. Capital has thus far made heavy sacrifices and is do- | ing its full share in aiding adjust | ment to the new. It remains to be l seen what labor will do towards helping the situation, either through | concessions in wages or increases in ] the product; or whether 1t will stand | pat and impede the attempt to re- | duce prices, from which 1t will be the greatest beneficiary. Unfortunately, l labor is deceiving itself by standing | in the way of natural developments | since very moderate concessions would | give industry a fresh start, from which jobs to the unemployed would | quickly follow.
 Not a little disappo ntment 1s felt
 in the business world at delay in 1 Washington of adjustment of many
 important problems. This is es- | pecialIy true regarding the railrods 1 Congress having failed to provide | the $750, 0,00O,o00 needed for im- | prove?nents and current expenses. The effect of this upon the market was slight, because of the expectation | that the War Finance Corporation, | the Treasury Department and the l Railroad Administration, working to- | gether, would provide a plan for | financing the roads until an extra | session of Congress settles the diffi- | culties. The announcement that a
 committee of bankers stood ready to
 advance a loan of $500, 0,000,000 to the
 railroads to meet urgent necessities | Knowledge of this movement proba-
 ply had much to do with the recent
 1irmness of railroad shares in spite of the failure of Congress. The government may have preferred to do this financing itself, but had it's
 hands full with the approaching Lib-
 erty loan Most of the roads are
 doing better, now that the derange-
 ments incidental to war have passed and the same is true of many public service corporations, particularly street railways, which have had sim liar handicaps to overcome.
 Our foreign trade is fairly satisfac- tory, the total exports in January be- ing 623,OO0,000, an increase of S11S,-
 000,o00 compared with a year ago
 Im~orts aggregated s21S.00o,00o, a decrease of s21 ,OOO.o .o0O. The decline
 of imports was not entirely satisfac- 7 tory. Our exports to France showed
 a decrease of $40 ,00o,0Oo. to Italy an increase of s9,eo,000, to the United Kingdom an expansion of s9.ooo.-
 900, to Japan an increase of SS,o0o,-
 GOO, to Argentina an increase of s16.-
 Oo0.O0O and to Canada a gain of $5,
 900 900. As to imports, we received
 s4,0oO,0O0 less from the United King
 dom, s4.00O.oo0 more from Canada and s19.o0O,000 less from Argentina The largest increase in exports wa: in foodstuffs, amounting to sS4,o0o, , 900. There was also an increase O. s52,000,0o0 in crude raw materia exports and a decline of s22,0o0,00