New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1919-05-03

movement at profitable prices En-
rope is also short of other foods that
we must supply; the destruction of
cattle by war necessitating heavy
shipments of meats and fats. which it
may be explained is the main cause
Tor the high cost of food in tho
United States. It is estimated that
the farm products of this country will
approach the altogether unprece-
denied total of $20,0OO,OOO.OOO COM
pared with over $2O,O0O,OOO. 900. 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 agricul-
tural regions are looking confidently
for q very active and prosperous sea-
son. In many cases demand will ex-
coed supply, for not infrcquentIy
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 scaboard and
carry back all sorts of merchandise to
satisfy the wants of our prosperous
farmers. In the east the retail trade
III our great cities is exceptionally &C
tive and many of our large depart
mcnt stores are doing much the heav-
lest business in their history. The re-
viyal 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 space is, how
Tr.l n e 1,- 60,
and relief in some form viii be imper-
alive.
Steel Trade HcSitateS.
Relative inactivity has fallen upon
the steel industry chiefly owing to
differences which have arisen in the
price situation; railroads, contractors
and other big buyers having in conaG-
quence held aloof. The independent
concerns are running at about hall
! capacity. and the United States steel
Corporation at about rs per cent. AS
soon as conflicting interests have SET
tied their differences these orders Will
doubtless be released and the steel
| industry regain its share Of current
activity. The labor situation is also
an important factor. and in some CIR
cles the belief still holds that start
cannot be made until some cOnces-
sions in wages are effected. On the
other hand. removal of restrictions in
the English iron trade arc expected TO
stimulate our export trade aS result
Of higher prices ir the British steel in
duStry.
\ Better Labor Outlook.
The labor situation ahlarge is some
! what more promising, liberal conces-
sions in wages and shorter hours hay
ing already been granted. There is
no great amount Of idle labor. En-
pIOvcrs and employ cS are showing q
disposition TO get together. and con-
slider each others difficulties. Agita-
tors are becoming less popular and
more and more distrusted by such as
desire Il steady job. Bolshcvism makes
no Roadway in the United States, and
is at last on the decline in Russia
British labor has already assumed a
more rcasona bic attitude and our own
will not unlikely follow suit.
Stock Market irregularities
Activity on the Stock Exchange was
somewhat checked by profit taking
which restrained umreasoning cnthus-
iasm. In d number Of the Specialtios
and industrials the advance had been
excessive and not we'll distributed.
Some industrials. owing to the loss of
war profits and the dminution of lc-
gitimate profits by heavy taxes. re-
fused to sympa thlze with the upward
movement. and this, too. checked I'M
wise speculative ardOr. There was
good buying, however, Of the better
class Of railroad shares, owing to eX-
DectatiOn that the railroads would be
returned to their owners in due time
and that congress would not fail to
deal Justly with them beforehand. Re-
cent dcvclopm nnts against govern
mCnt ownership were alsr ." f''y0'%thiC
feature. though not a market infu-
cnce Of hmm cdiatc Importance. After
so prolonged IAN advance the stock
market is naturally exposed to rcac-
tons. 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 rail-
lies, and the best purchases will he
found among the better class rail-
roads and industriaIs which have been
neglected but are closely held by large
and shrewd investors. The money
market is in good condition and work
ing With remarkable smoOthness con-
SidernG the vast government opera
tons carried on by the federal re-
serve banks. The Victory Loan pro-
crosses rather slowly at present, but
IT'S ultimate success is assured. Those
who have not subscribed should do 50
without delay. It is the best and sa f
i est Investment ever offered in this
country; and for their own good as
well as that of the country busin ess
men should relieve the banks of this
! burden.
HENRY CLEWS.