The Bridgeport times and evening farmer., 1920-10-18
CLEWS' WEEKLY REVIEW
 ON TRADE CONDITIONS

Final settlement of the controversy between Russia and Poland has not been reached but the signing of an armistice on the 18th day of October gives promise of a definite adjustment. At the same time the announcement that British exports are again reach ing high water mark points strong ly to continued improvement in some branches of foreign business for in- ability to adjust the international bal ance. Less hopeful indications are afforded by fresh propect of a serious British coal strike. rather better business outlook in Germany and signs of further strengthening in the situation in France and Italy have made the past week at least reason fairs are concerned. On the other hand, the development of bad bank ing conditions in Cuba, Argentina and Brazil tends to. offset rather better prospects elsewhere.
 Crop and Business Outlook.
 The publication by the Department of Agriculture on Monday of its final estimates for the current year shows returns uniformly higher than those of 1919, except in wheat, rye and few minor crops. Cotton looms up well above the 1919 figure, with an estimate of 12, 2,120,000 bales with the chances of exceeding these figures, as the weather since the report was com piled has been ideal. The figures for most of the crops are above the five year average. In the case of cotton the satisfactory yield is complicated by the current decline in price, which is attributed by many to insufficient banking accommodation, although with out any warrant for the opinon. Eff fort to check the movement of cotton by violent methods, such as are be- ing attempted in some parts of the South, may produce. a bad reaction on business and is not likely to help the producer. The similar attempt of wheat growers to maintain wheat
 at a high level is not likely to suc- ceed, whether with or without bank ing assistance. The truth is that the immutable law of supply and demand is the main factor in producing low
 CT prices, large supplies coming to
 the market at time when the de- mand is curtailed. The recent dras-
 tic marking down of quotations has
 of course rectifed the situation very considerably although readJustment
 perhaps is not yet complete either in
 agriculture or in manufacturing In
 the latter field the feature of the week was the renewal of predictions that
 a reduction of steel prices would oc- cur, probably initiated by the iarg-
 CT independent companies. A level will of courseS sooner or later be
 reached which will bring the producer and consumer together, and the signs are now more hopeful that this IS not far off.
 The AngIo-French Maturity The 18th of October proved to be an unusually important settlement period, adjustment of the Anglo French maturities occurring on that date while the payment of bond in terest on behalf of the Government also fell due on the same day. So completely had the Anglo French set tlement been prepared for that it caused no market disturbance. Inn ports of gold equal to nearly enough to cover the difference between the purchases of exchange and redemp- | ton of bonds had practically adjusted | the entire balance, with the exception | of a small remainder which it is un- derstood may be left abroad in the form of an earmarked deposit pend i ing further adjustment The Gov ernment's payments had been pro- vided for by the collection of taxes | a month earlier and by the sale of | certificates of indebtedness. The comparative ease with which the market passed through this important settlement shows the underlying strength of the financial and money l situation. Foreign credit and the at
 titude of Americans to it has undoubt-