New Britain herald., 1919-04-26
Henry Cleu $ Weekly Leffer
Especial to The Herald.)

financial conditions would result in nore activity and higher prices in the security markets has been amply ius- uhed. It may be worth while to sum- maflze these Improvements, which have been multiplying in number and Force since the middle of February. when the financial district first began to realize the inherent strength of the business situation in the United states, and that the turn of the tide had been reached. These are the prin- clpal factors in tho present situation: Twenty Reasons For Encouragement. l. Relief of business from pressure of war conditions.
 ,. Signing of peace treaty only a matter of settling final details
 3. End of war loans and release of money hereafter for legitimate bus iness.
 I. Federal taxes have reached the maximum and must hereafter decline. 5. Consequent revival of long de- ferred enterprise and improvemnts.
 6. Removal of any war restrictions, permitting return of foreign and do mestie trade to normal conditions.
 z. Failure of government price fixing theories. and return of market freedom.
 8, Wages have been generally ad- ~vanced and the crisis induced by high prices is less acute.
 2. Prospects Of better understand ing between labor and capital.
 10. A season of great agriculturtI prosperity is anticipated, meaning good business for the west ana south which in turn should stimulate rail- road traffic in both sections. II. Building is sure to be much more active owing to urgent demands for housing and office room which have often put rents up to excessive rates.
 12. Railroads will be large buyers of rails, locomotives and cars to off set war wear and recent economies.
 13. A special session of congress is expected in latter half of May. The new house promises to be more con- servative than its radical predecessor; and there is a brighter outlook for saner and sounder legislation.
 14. Public opinion is becoming less hostile to public service corporations, so that. despite a bad situation in To- cal fractions, the chance of securing fair compensation to offset higher wages and other expenses is much improved.
 15. Foreign trade is expanding satisfactorily March exports being s605,00O,000, or $S2, 900 more than year ago. Imports reached S2o1,- OO0,000, or $25,000,000 in excess of the same period of 1918. The outlook for export trade is decidedly encour- aging since we shall soon have to ship large quantities of cotton, cop per. oil steel and other products to Satisfy the imperative necessities of devastated Europe. South America Acio will al hp EbAr9l our markets.
 16 Now that the black list and the license system have been practically abolished with all countries except Germany and Bolshevist Russia eX- panson will be more rapid and upon more natural lines; always remember Ing however that the buying power of the warning nations has been gravely impaired and that our exports will chiefly depend upon our ability and willing gness to give credit.
 17. Commodities, wages and cred 1t have undergone a high degree of infation, while securities have al- most entirely escaped. This disparity will somehow have to be adjusted, either by detlation at one end or infta- ton at the other; possibly through both until @ more normal balance Is reached. Imitation of securities was of course prevented by monetary restric~ tions: also by the extraordinary un- certainties attending all profits wheth- CT of railroads in dustrals public 4stiiitiee. War profits were never real ly reflected in market values. The outlook however now is that the rail- roads will do better: that many of the industrials will make larger earn fngs and that even public utilities have a better chance of fair play.
 IS. The mania for government ownership is at a lower ebb than at any time since its birth. Through costly experience, also by detorjora- ton in service of railroads. steam ships. teGegraphs and telephones. the country has gained lessons of ines timable value in sociallstic theories Heavy as have been the losses thus incurred, they have probably saved uE from far more serious consequences had these properties been permanent . 1y taken over by the government.
 19. Our security, money and for eign exchange markets, have been al. most completely. restored to natura freedom by removal of artificial wal restrictions. This affords more free dom and safety for personal judg- ment than was possible when trans actions were subject to the prejudices of inexperienced or incompetent pub s lie officials.
 20. The new congress should be brought to realize that government axtravagance and unnecessary eN- penditures must stop. The whole world must and will economize fo some years to come before 1t can iii the vacuum of ordinary necessities of which this country is the only na . +ior possessing a surplus. Herein lies much of our present great goo