The Bridgeport times and evening farmer., 1920-07-13
HENRY CLEWS'
WEEKLY LETTER

Outside of the preparations for the
settlement of the German indemnify
the European situation has shown
few signs of change so far as eco
nomic questions are concerned. The
attitude of European observers and
critics toward the conditions in the
United States indicates but little
hope for a more active interpreta-
ton of our relation to foreign af-
fairs. 1t would appear that both
the Democratic and Republican plat
forms have led Europeans to the
view that the outcome of the cleo
tons will be to emphasize the policy
of isolation of the United States to
which such strong exception has been
taken This is likely to push for
ward the plans for an adjustment of
the German Indemnity and for the es-
ia adjustment of exchange rela tons
upon a more stable basis if possible
than now exists without awaiting the
participation or assistance which
had been hoped for from this country.
gradual development of trade re-
lations between the European coun-
tries and the United States, without
any form of American participation
save in so far as private capitalists
may see fit to furnish funds, is there
fore to be looked for. Renewed i'm
portaaons of gold into this country
during the past week on small
scale once more indicate recognition
of the difficulty of placing securities
in the United States.
Political Conservatism.
The termination of the contest at
San Francisco with the selection Of
Governor Cox of Ohio as the candd-
date of the Democratic party on
distinctly conservative platform is, by
all odds, the outstand ding event of the
week, both from the economic and
financial, as well from the political
standpoint. There is little in the
Democratic platform to give much
assurance of the direction that will
| be taken by the party if elected, but,
on the other hand, there is nothing
to cause any serious alarm. Both
| parties have made choice of con-
| sentative candidates and have framed
| their. platforms in such way as to
pledge conservatism of prin ciple in
| the main at least At this late peri
| cd of the year, there would be little
| or no possibility of the formation of
\ a third party Of any respectable pro-
portions, and none of it's success in
| the autumn contest The outcome
| for the year thus seems to be toler-
ably assured so far as the national
| side of the campaign is concerned 1t,
| of course, remains true that the Con-
| gressional elections in the several
| districts may be largely influenced by
| the attitude of labor, or of radical
elements in the population and may
| result in choosing Congress which
| will be unsound upon economic is
| sues, or which will at least, contain
| a nucleus of such unSoundness- This
| Is chance which must be taken, but
| the outlook for any such result is as
| small as can be expected under any
| ordinary circumstances. The mar
| ket may, therefore, feel a reasonab BILE
degree of confidence that in the alb
| sence of new and unforeseen develop
| ments it will be able to pursue legi-
innate lines of investment and trad
| ing, undisturbed by purely political
attack. 1t, however, remains true
that neither party has made a suffi-
GENTLY explicit declaration of posi-
| ton as to the question of a revision
of taxation or as to the question OF
| bonus payments, both of which sug-
gest the possibility of wide difference
| of opinion and perhaps of undesirab BILE
legislation during the winter months
or later.
The Business and Financial Position.
During the week the Federal Re-
| serve Board has issued its usual
| monthly review of business condi-
tons and other important analyses OF
| current conditions have been issued.
This, despite reaction in some of the
manufacturing lines, affords an en-
eouraging view of business as a
whole. The tenor of the Federal
review is such as to suggest that
there is a decided feeling of relief
with respect to the money situation,
| taking the country as whole. The
fact that, the first of July has now
: ~ --A-,-- 1870 III 4s4a4 tia h@1f