The Bridgeport times and evening farmer., 1919-09-29
HENRY CLEWS'
 WEEKLY LETTER


 American labor Is now passing through the greatest crisis in it's his tory, It stands at the parting of the ways, and is divided between the choice of following radical or con- seTyative leadership. The former is alien to American Ideals and leads to industrial chaos and disaster, The latter stands for real American4sm, and leads to peaceful adjustments step by step between capital and la bor. Which way will labor go2 Much depends upon the great international labor conference which begins Oct. 6 at Washington. In that ConvOcation at least reason will rule and not force. Discussion must clear the at mosphere; each will better under stand the problems of the others, and passion on both sides will be held in check. President Wilson Is expected to make important suggestions; and, whether they be accepted or not, there IS little doubt that the way will be opened toward better working re- iatious between capital and labor. Perhaps the actual gain will be small; but real step should be taken in the right direction. and some progress made toward the open field and fair play which is the only amicable course for progress in all human in- rerchanges.
 WatchfuI Waiting Tn Trade.
 General business naturally shows some hesitstion pending an adjust ment of present labor difficulties. In the steel trades there was increased caution in placing orders, notwith- standing a hopeful Undertaone. Pro- duction must of course be reduced by shutdOwns. Export orders have prov ed below early expectations owing tC the exchange situation, as well as to increasing ability of European coun- tries to meet their own reconstruction requirements. France has already rejected some very considerable American offers, preferring to give contracts to home concerns. Ship building here is absorbing large amounts of steel; both government and private plants being fully occu' i pied carrying out the present pro- gram. The development of an Amer l ican merchant marine Is progressing at a wonderful pace and a number | of important new shipping enterprise are in process of formation. This ex traordinary expansion of American owned shipping S not yet fully appre 1 Ciated except by the few. It is en tirely due to the war; and, with abou | one-quarter of the worlds tonnag 1 already in our possession, we now Oc 7 cupy the position of a good second tl i Great Britain, which is rapidly re { gaining it's former pre-eminence o nearly one-half of the worlds ton mage. Germany has meanwhile falle1 almost to the bottom, and now own . only about per cent of its forme ! ocean tonnage. Our railroads are il serious need of new rails and nev . equipment, but such orders will O necessity be deferred as far as possi | ble until the railroad problem is set | tied by Congress, a task which shout i be completed in the early part O 1920 if not before the close of tn
 present year. In the textile trades
 much more conservative tone pre- vails. Buyers are growing caution: and are less willing 70 pay high prices not caring to load up at curren levels. Manufacturers are eduaT
 indispOsed to raise prices; fearing
 sudden reaction and recognizing tn '
 cost of living, or of melting tn
 further jealousy of abor Banker also are discriminating somewhat il their advances with the purpose O 1 discourag ging speculation in merchan disc. Thus far efforts by the govern ment to lower the cost of living hay not met with success commensurat i with the efforts applied. The onl true way of lowering prices is | | lessen consumption or increase tn product; neither of which means ar | probable under existing conditions. Exchange and Foreign Trade.
 | Exchange continues it's sensations movements. and there is active specu
 lation in sterling. lire, francs an
 marks, all of which showed some re
 covery after again touching new Io7
 levels. August foreign trade return
 showed exports of S646, O,0OO, c
 S119,OOO,0OO more than a year az
 and S76.OOO,OOO more than in Jul,
 Imports reached s308.O0O,OOO, a gai . of S27S, S,OOO,0OO compared with las
 year, and a loss or 35,O0O,OOO con
 pared with July. The excess of e2 ] ports for August was S33S,OOO,OOO,
 much heavier balance than desirabl The encouraging feature, however,
 the growing tendency of import which tends to relieve exchange b natural means, and shows increasin 1 ability on the part of Europe to pa in goods for American exports. It not improbable that September wi
 show further gains in our import proving that the drift is back to mol normal conditions. The question our granting foreign credits is sti in abeyance pending ratification