The Bridgeport times and evening farmer., 1919-01-13
HENRY CLEWS'
 WEEKLY LETTER

clal ClrCleS al the moment IS lAe Ie~Al-
 road situation. Shall the railroads be
 returned to their owners; if so, under
 what conditions? The Association of Railway Executives, representing
 about 95 per cent. of the railroads, has put out a solution of the problem that
 should receive careful consideration. It's main features are private owner
 ship under government control; the
 establishment of 8 Department of Transportation under direction of a. Secretary of Transportation; the
 maintenance of the Interstate Com
 merce Commission as a quasi judicial
 or advisory body; the transfer of ad-
 ministrative powers from that body
 to the Department of TransportaticnT the roads to have right to initiate
 rates subject to government approval;
 the issue of securities to be regulated lby the government, and the Sherman
 law to be modified. These are per fectly just measures, cad would save
 the roads from the policy of starva-
 ton which prevailed under rule of the
 Interstate Commerce Commission. It
 Is to be hoped these suggestions will
 receive the indorsement of public
 opinion Public ownership of rail
 roads is a vastly different matter in, the United States, with its immense Territory and mileage and peculiar political conditions, to what it is tn
 Great Britain, Germany or France,
 with their compact territory and diff ferent political methods. Government ownership would be doubtful road to efficiency; and, granting the past l misdeeds of private management d. %I,0 har solution is that of private ownership combined with government regula- :. tion Certainly no such radical step t as public ownership can be justified, l until the other alternative has been
 tried: and the country has enough
 serious problems on hand without
 compucating them by imposing upon
 an already overloaded government
 such an experiment in transportation.
 Next to the railroad question, the E demobilization of industry Is the most ! potent influence. Satisfactory prog ress Is being made, although more or
 less confusion exists This must be f expected, and is only temporary. Thus , far most of the labor released by req n son of demobilizaztion has found It ready employment. Of late, howeper, n there have been signs of the supply
 exceeding the demand, usually owing :, to the difficulty of bringing men and - jobs together. The labor situation, f however, is still acute, as demonstrat- A ed by the harbor strike this week in o New York. The business outlook Is ~ affected materially by innumerable Z uncertainties arising from the. war 3 Prices are a subject of considerable
 6o 1R1
 modities being distinctly downward 1T ,. spite of denials. As stated before ir ~ these advicas there is no scarcity o1
 staple products, save in exceptiona,
 instances, and not infrequently there
 are ample supplies. In some cases de.
 mand has diminished because of ces.
 sauon in war orders; in other caset
 because of 1essened consumption fol. H lowing high prices. There is no doubt
 but that defation in commodities ha.
 already started which is necessary a!
 a matter of safety; and if prices coult Il only be reduced to a gradually lowel It level, there is no doubt that business IS and enterprise would revive under { $ stimulus so natural and sound. Tn al IS probability we may have to endure
 period of quiet while the process il SOAl6 buL lHLI1ISlC COIUlllOIlS hI IT sound, especially among the agricul Il turists and wage earners and recov d cry seems to be confidently expected r. when spring arrives and construction $ becomes possible.
 sr The monetary situation arising iron l. war finance is an added feature o ot restraint. Preparations are already fl n, order for the next loan of billion yyhinh ie f. now discounting by selling short tim
 Treasury notes. The latest estimat as is that the loan may be $6,000 900, ,oot le but 1t is hoped a less sum will be am ts pie as 1t is unnecessary to say tha g. such a tremendous drain upon tn a. nations savings now Is g. heavy han 1e dicap upon business. There is Ittl le available for the many long deferre le enterprises. that if started would g1v a- abundant employment to all; and it d unfortunate that the government doe
 not make more serious efforts in tn ss direction of rigid economy, instead 0 DC ship building and other outlays tha Of can reasonably be postponed.
 oe Very soon the Peace Congress | be Europe will get down to actual work Cn and all progress in this direction wi es be encouraging. The wretched stat is of anarchy in Russia and Germany 1 te naturally unsettling, and the end i od by no means in sight. Such disorde
 is greatly intensified by scarcity c re food; and we must send liberal sup of plies of food where most needed, thu of serving Doth humanity and the caus to of peace. Congress should grant tn III President the $1OO, ,Oo0, 900 he asks; thi Is being one of the most effective form o- of relief. The outlook for foreig, at trade under such conditions is nc TO entirely satisfactory, and we ma |. have to wait for the expected develop .+ ment of our export trade. European s are too impoverished to buy, an o+ have little to sell. Yet they are sorel VI in need; and we can do no better fo L,- them or for ourselves than supplyin 'l' their immediate needs.
 o. The monetary situation is satisfac s tory in some respects; that is, bank ry CTS have the situation well in han "a and are doing their best to proven w dangerous imitation. The tendency, IT. any, is toward deflation and commer ns cial paper rates are slightly easier i T. some sections of the country. Tn te loan market at this center Is, how CT ever, still under artificial regulation to and such restraint often works UT K justly, if not detrimentally. The ne' d revenue law continues to be a sourc ,e of much concern. Congress shows n l. haste to pass the present oppressiv
 measure, which makes destructive ir CT roads upon profits, whence the ns al tion's new capital must be derived