The Bridgeport times and evening farmer., 1919-05-05

for the high cost of food in the United States. It is estimated tha< the farm products of this country will approach the altogether unprecedented | total of $25,OO0, 0,O00,O0O, compared with over $2O, 100000, the actual expenditures on the war for over two years. Truly the farmer is still the backbone of the country. Cotton is sure to be largely exported to both England and Germany; so that the merchants in the agricultural regions are looking confidently for a very active and prosperous season. In many cases demand will exceed sup ply, for not infrequently supplies are low or shelves bare.
 Signs of Special Activity.
 Needless to say such conditions will benefit our industrial plants; also the railroads which must bring heavy loads of produce to the seaboard and carry back all sorts of merchandise to satisfy the wants of our prosperous farmers. In the East the retail trade in our great cities is exceptionally active, and many of our large de- partment stores are doing much the heaviest business in their history. The revival in building and real estate has already started, though it's progress has been retarded by high cost of labor and materials. The scarcity of housing and business and space, is, however, rapidly approaching a famine, and relief in some form will be imperative.
 Steel Trade Hesitates.
 Relative inactivity has fallen upon the steel industry, chiefly owing to differences which have arisen in the eli de ooto and other big buyers having in conse- quence held aloof. The independent concerns are running at about half capacity, and the United States Steel Corporation at about 75 per cent. As soon as conflicting interests have set tied their differences, these orders will doubtless be released and the steel industry regain it's share of cur rent activity. The labor situation is also an important factor, and in some circles the belief still holds that a start cannot be made until some con- sessions in wages are effected. On the other hand, removal of restric- tions in the English iron trade are ex- pected to stimulate our export trade as a result of higher prices in the British steel industry.
 A Better Labor Outlook.
 I6 ldOOI SlIudI1Ol dI 4cdL SS IS somewhat more promising, liberal concessions in wages and shorter hours having already been granted. There is no great amount of idle la bor. Employers and employees are showing a disposition to get together, and consider each others difficulties. Agitators are becoming less popular and more and more disrusted by such as desire a steady job. Bolshe- vism makes no headway in the United States, and is at last on the decline in Russia. British labor has already assumed a. more reasonable attitude and cur own will not unlikely follow suit.
 Stock Market Irregularities.
 Activity on the Stock Exchange was somewhat checked by profit taking which restrained unreasoning enthu- siasm. In a number of the specialties and industrials the advance had been excessive and not well distributed. Some industrials, owing to the loss of war profits and the diminutioon of le- gitimate profits by heavy taxes, re- fused to sympathize with the upward movement, and this, too, checked un- wise speculative ardor. There was good buying, however, of the better class of railroad shares, owing to ex- pectation that the railroads would be returned to their owners in due time and that Congress would not fail to deal justly with them beforehand. Recent developments against govern ment ownership were also a favorable feature, though not a market inf1u- ence of immediate importance. After so prolonged an advance the stock market is naturally exposed to reac- tions. Soft spots are more numerous and the disparity of values calls for | careful discrimination in all pur- chases.. The highly speculative is sues should be sold on all sharp ral- lies, and the best purchases will be found among the better class rail- . roads and industrials which have been neglected but are closely held by large and shrewd investors. The money market is in good condition and working with remarkable smooth ness considering the vast government operations carried on by the Federal reserve banks. The Victory loan pro- gresses rather slowly at present but its ultimate success is assured. Those who have not subscribed should do so without delay. It is the best and safest investment ever offered in this 1 country; and for their own good as well as that of the country business | men should relieve the banks of this | burden
 IT is said that those discontented