The Bridgeport times and evening farmer., 1919-04-07
HENRY CLEWS'
 WEEKLY LETTER

' 1 such an influence is strictly limited, i 2 and the present undertone of confi- l , dence is based upon something more | ! tangible than the mere shifting of 4 seasons. The doings at Paris must be 1 . ClasSed as one of the most important factors, True, surface news has not i i. fbeen developed favoraibly. and vex- atious delays are occurring with a persiStency that incites considerable irritation. Much of the information given to the press, however, is ap- parentIy superficial, and dwells chiefly upon what is abnormal and threaten ing often emitting what is really as '. sured. Public opinion the world over is becoming impatient at delay, and l 'A those in charge of negotiations are i Hnot blind to these protests, GOr both l sthe Peace Treaty and the League of 1 Nations are probably nearer accom- 1 2 plishment than is generally supposed | When some of the present hitcheS are | ' removed agreements will be reached l more rapidly. Of course, the all-im- | 4 portant object is peace; O peace con- 1 ! firmed by mutual acceptance of terms. 1 This is more pressing than the League Y of Nations Then the unhappy peo- ples of Europe can return to work, partially forget their sorrows and hasten the return to normal cOndd- | tions. The sooner commerce and in { dustry are allowed to resume their natural channels, the better for the \ whole world. That is the only cure for BolsheV5STn, as well as the many
 other isIns that are Upsetting nation
 after nation Force may be neces-
 sary in some instances to restore or der; but the chief needs of humanity are an increased production and a f better distribution of food, clothing,
 shelter and communication. all of
 which have been largely destroyed or
 deranged by war.
 From now on the Victory Loan will loom larger anAd larger in national affairs, There is no doubt that the 4 loan will be a success and will prove ! a good short term investment, yield
 ing an attractive return to the buyer I It should exert little if any effect I upon the money market, as nearly &, eco 900 600 of Treasury certificates have already been sold which can be [ turned in for the new bonds To that | extent the new bond issue has been ! largely discounted; but the more } these bonds are taken by the public
 the less will be the burden upon the 4 banks, whose resources will then be correspOndfngly free to take care Of regular business requirements It is { of the utmost importance that these sbOnds be as widely distributed as 'pOsShble, not merely as a, matter of public policy, but also as @ SSlatter of . aiding the restoration of business to
 more normal conditions. The most | significant feature of the money mar
 a1et was the prompt oversub5criptiOn
 for the S3OO 900 OOO War Finance Cor poration bonds. These were issued on . a per cent. basis, and show what might be expected if the forthcoming , Victory Loan was also placed upon 2 business terms. There is evidently a large amount of capital awaiting in l vestment, providing the terms are satisfactory. It is to be hoped the administration at Washington will
 make the rate upon the new loan suf-
 ficiently liberal to insure it's success. Other nations have met market con- ditions in such transactions, and a,
 similar policy should be followed for prudential reasons by the United States.
 General trade is fairly active, and ' the readjustment to peuce conditions goes steadily on. There are still mary uncertainties to be faced, particularly adjustments in prices and in the rela-
 tions with labor. The conflicting
 forces are very strong. The entire
 public is interested in a. lower cost of
 living, which can be accomplished
 only by lower prices. But lower
 prices cannot be accomplished under
 
 ducers are frequently cutting prices
 at first hanaL particularly in the tex
 tile and metals industries. Retailers,
 however, are generally willing to
 make corresponding reductions. Some
 effort has been made by the Govern
 ment to bring about adjustment
 by Government price stabilizing, not
 ably in the case of steel products,
 which have already fallen 10 to IA
 per cent. Government efforts in reg
 ulatinE prices, however, proved a dis
 appointment, Director General Hines
 of the Railroad Administra ton, re-
 fusinE to accept the figures named by
 the Industroal Boarl Producers
 were naturally displeased at this fail
 uTe to maintain values and secure | moro settled conditions while con-
 sumers. on the other hand. were look l ing forward to tho purchase of neces- | sary materials at more seasOnable ! figures. These conflicts of opinion
 must be expected for some time to II come. They are likely to become NJ more acute rather than less and the
 uncertainty resulting will have to be II philosophiCally accepted IS a p:H. of A the readjustment process.
 Transa ctiOns on the Stock Exchange were ordinary in volume and huctua- tions somewhat cratic. Some of the tJ ini5usCIals showed continued strength while others declined under consider I able realizing. rhe action of the Gov 4 ernment on price fixing. being an i'm fl portan factor; although there was a II disposition to take profits on the re-
 cent rise. Railroads were somewhat ], neglected. the advance therein being
 checked by unfaYorable reports ot | February earnings and the fact that ! the Government has not arranged for { their financial requirements beyond I the month of April. The most con. MI spicuous element of support to the
 market was the confidence in busi-
 ness circles and the partial revival O1 M the spirit Of enterprise. The latter ! was stri+&ingly illustrated by the out | put of new charters in March. the total for that month in the princiDa NETGCETJANEOJTS