The Wilson times. [volume] (Wilson, N.C.) 1896-19??, 1919-02-04
HENRY CLEWS.
MARKET LETTER
Review of the Financial Out
look and the Situation in
Country Generally
AN INTERESTING LETTER

The financial community SCENE
somewhat depressed this week
chiefly owing to multiplicity Q
confusing uncertainties. Unsatisfac
tory relations between Government
and corporations; adjustment OF In
dustry to a peace basis; continue
decline of commodities; unsatisfae
tory labor conditions, and the de
lay in peace negotiations. all con
tributed to a lowering of genera
confidence and q weakening of Sc
curity values. Such difficulties ar
the natural sequences Of terriffi
war, and will require time for solu
tion. In one form or another the.
will be with us foi months to come
and the process of readjustmen
must be orderly end not violent, i
will be a gain to all concerned; fol
business could thea work upon more
stable foundations, and labor viii
find relief in gradual reduction II
the cost Of living.
There has been much delay IN
starting the Peace Conference, upor
which hangs the future Of the civil
lied world; but the outlook is fol
real progress during the next few
weeks, necessary preliminaries be-
ing about completed. Anarchy
reigns in Russia and seems destined
to end only through exhaustion, un'
less some solution can ~ reached
by hearings granted at the Peace
Conference. Germany appears to be
more settled conditions.
The recent election was q decided
victory for the Liberals. or midway
between the Conservatives and Rad
lcals. indicating that The nass Of
Germans still believe in steady prog
ross, backed by strong csntraltEa-
ton Of government.
Our railroad outlook, while dis
Quieting, is hardly as bad Is feared.
The appointment OF Mr.. Hines as
Director General met with general
approval because of his ability, ex-
perience and hig reputation. There
Is also a belief that Congress will
not act hastily upon railroad affairs;
while the disposition to give tho
railroads fair play il growing more
in evidence. Moreover, there 10 no
general desire for public ownership,
nor any real demand for extending
operation for another
five years. The true solution of the
.ailroad problem would be private
ownership under tho roads for
osses incurred by their seizure for
var purposes. We are establishing
/ big merchant marine; but condi-
ions are chaotic in this industry,
md neither builders nor owners can
Idopt any safe or permanent policy
Is long as the Government contin
les its present threatening building
operations. No government eve
made such q colossal failure or
wasted such immense sums Of mon
y in business enterprise, a. in the
Ittempt to turn out ready made
merchant marine. Such an attain
nent il impossible, and the sooner
he Government stops this useless
waste Of billions or more, the better
or all concerned.
It 10 now expected that the next
'ond issue will be in April, and the
mount $6,o00,oo0,ooo Public Of
lcials and public opinion are unit
d in recognising that this loan
hould be hoated upon business
Methods and not by hysterical ap-1
eals to sentiment. The latter would
ot likely be as we'll received, now
hat the war is over: also because|
ersonal incomes have been seti-|
usly reduced by taxes, smaller pro-
ts and the high cost Of living
When the loan is issued Secretary
|lass will have to depend consid-|
rably for success upon financial in-|
titutions and wealthy individuals.
'esides It is a foregone conclusion
hat more liberal terms will beoffer-|
d than in previous loans, in order
0 meet conditions of : the money
1arket.
Commodities are on the decline.
progressive merchants believe that
be sooner the country settles down
D lower and more moral basis,
be better. Cotton, cotton frabrics,
'ool, woolens, hemp, rubber, coffee,
.tolatiausd o. Lase Pssa.)