The Bridgeport times and evening farmer., 1919-09-15
F Finance. .ReaRE1State and TT1SVlPanCe
HENRY CLEWS'
 WEEKLY LETTER

ana great uncertainties " IllIc LlltL1 is every reason for hope regarding the future, the present is crowded with difficulties demanding ability,
 courage and patience for solution
 These problems primarily depend
 upon ratification of the peace treaty,
 the labor problem, cost of living, the
 railroad question. the course of for eign exchange, and the development
 of our export trade. Because of these tendencies and the serious unrest created by war, none of these ques- tiOns can be solved in the easy ways of old; and new trails have to be blazed and new methods adSSted # we are to advance in the great work l of world reconstruction, a large share l of which inevitably falls upon the 1 United States There is just one | other disturbing element entering l into the situation, and that is poll | tics; for it must be remembered we i are approaching a Presidential cleo | ton, and many of the new issues af- l ford excellent campaign material for ! those with political ambitions. Never l theless, every energy should be bent | toward a single end; that of setting 1 the world in order and hastening re- i adjustment to sound conditions.
 What We Are ID Against.
 President Wilson is doing his ut most to hasten ratification of the ] treaty, and with some success. No l treaty probably Was possible that would satisfy in all respects, but the i Paris Conference may have secured l the best settlement that could be procured at the time. To reject the l treaty would be a step backwards, l placing the United States in an un- enviablc position before the whole 1 world. As a nation we cannot shirk some undesirable responsibilities i which circumstances and our great ! future have imposed upon us. Next l to the peace treaty the labor problem 1 is the most pressing. Though the i disposition of the conservative ele- Tment in labor to go slow is encouraE- | ing. it would be a mistake to assume 1 that the crisis is over. The radical l element encouraged by past successes 1 is still running strong; and unrest l will not subside unless reason rCEalns 1 it's sway or until there is halt in the rising costs of living. But, how is it possible to reduce the cost of 1 living in the face of rising wages and | shorter hours? The only possible way of reducing prices is to increase
 
 1 exceptions refuses to do. Until labor 1 leaders and their followers realize the ntter impossibility or securing what they want on present lines there can be no change for the -,etter- Neither President Wilson. Premier Lloyd George. nor any other man however
 powerful, can indefinitely defy the 7avvs of nature The law of supply land demand is one of these laws. It
 is wrought deep into human nature and is among the most ineTorable IL | may be set aside temporarily, but b7s always asserted itself ultimately: and the longer its forces are resisted
 the greater the flood when the dam l gives way. The next few months will bring important events into the labor world. Several large conferences are to be held at Washington, and it IS i essential for all concerned that wise l cOunscls prevail
 Railroad Future.
 The railroad question will very soon come up before Congress for active
 1 discussion. The administrati ton is pledged to return the railroads to
 their owners in as good condition as when taken over. Different roads Op- ; crate under very different conditions, and owing to many changes it will be impossible for the roads in many
 instances to resume their former re- lations. The strong lines may not care to carry the weak; questions re- gardin- rates. routes, the volume oI traffic, etc, will be revived, and com petition which ceased under govern jment control will once more be re-
 newed The question of valuation 5 will of course arise; and there is every probability of the railroad | ] problem being thoroughly threshed out from the point of the parties most concerned. viz, the workers, the l users and the owners Of course, the period of discussion may be one of 5 considerable acrimony, but there is reason for hope that in the end the
 railroads will secure a fair deal At the same time the period of railroad stabilization is drawing to a close, and l railroad shares are probably ap- preaching a period of increased ac-
 tivitv and irregularity. Discussion of the Cummins and Plumb bills is be-
 coming more acute. and it is realized } that new legislation must be effected before the roads are returned to thelr owners; an event that is not very lar away. While their financial condi- tion has been highly unsatisfactory,
 l owing to the enormous increase oI l operating costs, the government has . been behind the roads, thus far guar anteeing usual dividends and interest . | Davments. Of late some systems have been doing somewhat better in the matter of earnings; but the vital fact } is that wa ges and rates ares till un- settled, and the financial plight o1 the roads continues so glaring that
 some strong remedial action must be } taken if the country is to preserve the arterial system necessary to its very existence.
 Stock Market Conditions,
 Stock market movements have r been decidedly cratic. Specialues . such as certain steels, oils, automo- biles, tires, etc, experienced violent - advances and reactions In the re l mainder of the market more sober : tone prevailed and activity was less l pronounced. The threatened steel r strike and the Pershing holiday nat , 7l1-aUv interfered with stock market 2 activity The encouraging views eX- :, pressed by Secretary Glass relating to | national finances was the most cheer !. ful feature of the week, giving in r creased confidence in the money l market and causing both call anc - time money to recede somewhat from
 the 6 per cent. rate which recently = wheat and corr