New Britain Herald Newspaper, November 16, 1918, Page 9

NEW BRITAIN DAILY HERALD, SATURDAY, NOVEMBER 16, 1918, | VAR GOSTS ALLIES The Herald Still has a limited number 0 W AR MAPS These Maps are Complete in every de- tail and will make a valuable souvenir of The World War. Parents of Boys in the Service Over There should have one of these Maps when the boy comes home so they can be shown the exact places where they did their fighting. While they last they can be procured at the Herald Office for 20c | OVER 150 BILLIONS ‘Fconomy Now Necessary—All Govt. Depts. Must Retrench (Special to The Herald) New York, Nov. 16.—The werld is adjusting itself to a peace hasis as rapidly as possible. Greater or less political disturbances must be antici- pated; for the problems of recon- struction are infinitely greater and more complex than ever Lefore ex- verienced. As Lloyd George aptly sald, many new nations have heen born out of this conflict, and their preservation will depend upon the successful establishment of a League of Nations, which must also look to it that the armiaments of the various nations are reduced to a minimum. Another sentiment of high value, ex- pressed by the British Premier as well as by President Wilson, was that now the war was ended there should be no vengeful policies toward Ger- many; a poliey strikingly justified by the resnuits of Britain's magnanimous treatment of the Boers after the war in South Africa. War Cost $150,000,000,000, The tragic struggle t ended cost the world a price utterly beyvond com- prehension. Debts incurred by the various belligerents amount to some- where near $150,009,000,000, of which 3 billions belong to Great Britain, 8 billions to Germany. 26 billions to France, 26 billions to Russia and 18 billions to the United State: about half of the latter representing loans to our Allies. To these sums must be added the heavy amount paid out of current expenses, and from direct taxation, which in the case of the United States and Great Britain amqunted to about one-third of their newly acquired debts. The loss of property in the war zones of France, Belgium and elsewhere runs up into tremendous figures; so does the Allied and neutral shipping destroyed by submarines. Other items must also be taken into account, such as crops wasted, crops not raised, industries ruined, new enterprises killed, con- struction delayed, capital diverted, foreign trade disrupted and world- wide commercial disorganization; all of which, if cambined, would mount up into figures 'still more staggering than those given above. Even then such losses are as nothing compared with the milllons of dead, estimated at about ten millions, and the many more millions of maimed; or with the pain and misery of those who suf- fered behind the lines; or with the setback to civilization; or with the irreparable injuries to moral stand- ards and the bitter hatreds which will require genrations for effacement. Allies Have Been Just. As yet the wonderful change from war to peace has not been frlly real- ized. Terms of the armistice are drastic and severe, but not in the least unjust, vindictive or revengeful. The Allies could easily have dealt harshly with a crushed foe, but wisely re- frained. Final peace terms will, of course, be adjusted by the Peace Commission now being crganized. Germany has yet to face costs and indemnities rYor the crimes she wrought, but such punishment as may be imposed will after all be as nothing to what Germany will suffer from the Hell of Hate which she has herself created within the minds and hearts of her own people. Demobilization Alrcady Begun. Demobilization has already begun. Military operations are spended. and though neither army mnor navy will be materially reduced for some tfime to come, industrial and com- mercial activities will gradually re- trace their steps back to normal. Not a few reductions and cancellations of munition orders have already been effected. Others should follow. Very soon tine Government will modify or withdraw its control over industry and commerce. Such movements it is safe to say will he effected grad- vally, and great care is being exe cised by the Government to avoid throwing our economic machinery into confusion. In not a few case such as the railroads, telegraphs, shipping. ectc., control will last for months to come and the period may be extended If public opinion and Congress so decide. Food control may also last for an indefinite period, ow- ing to world-wide scarcity and neces- sity for the United States feeding the world to the best of its ability. Large populations in Burope are on the brink of starvation, and Mr. Hqover, who goes abrond as interrational food dictator, intimates that we may be able to furnish 20 million tons of food this year for Europe against 6 mil- lions tons the vear before the war. Without some such restrictions as are being imposed, there would be such an outbreak of speculation and high prices as to provoke world-wide dis- aster and subsequent panic. The control of certain necessities provided by nature, such as coal, oil, etc., may also remain until scarcity disappears and ordinary economic forces resume thelr sway. Coal in event of a cold winter might easily soar to very high prices which, combined with seareity, would inflict much suffering. The oil industry has been under severe strain owing to war demands and heavy general consumption. A tremendous increase in production is already planned for after-the-war, and will undoubtedly be rapidly pushed to completion. The shipping situation does not warrant an immediate dis- carding of artificial regulation: neith- er our own Government nor the Brit- ish seeming disposed to surrender control for months ahead, despite the strong protests of shipowners and manager. To suddenly abandon reg- vlation of sea transportation might ereate endless confusion, excessive speculation and enormous advances in freight rates. Shipbuilding Will Continue. Fven construction of new ships is to be continued without any letup by RICHTER & CO. MEMBERE NEW YORK STOCK EXCHANGE 31 WEST MAIV STREET ... NEW BRITAIN, OONN. TEL. 2040 AMERICAN HARDWARE LANDERS, FRARY & CLARK NORTH & JUDD NILES, BEMENT, POND STANLEY WORKS BOUGHT AND SOLD GOODWIN BEACH & CO. Room 410 National Bank Building, Telephone 126. E. F. McCENROE, Manager. American Hardware @0 Net 7% both nations, the United States Gov- ernment having funds to continue building up to the end of 1920, when the 16 million tons programme will be completed. The War Board has decided to continue the control of steel prices and to make the coming | transition as gradual and easy as pos- sible. In the textile trades there is already a slowing down movement in progress. While no cancellations by the Government are reported, orders are belng ‘revised,” and it is known that Federal orders will be lighter than expected two months ago. The Government price-fixing activities are alraady under discussion; yet here al- so the danger of letting go too soon as well as the risk of dangerous speculation is toe well undertsood to permit immediate withdrawal of Gov- ernment control It is true that both producers and distributors are becom- ing exceedingly restive under current restrictions, especially as the patriotic | motive which was so strong a factor in their early adoption is now sub- siding, and the desire for commercial freedom consequently becomes daily | more pronounced. Fortunately the | War Industries Board has daclared its policy to bs for gradually lifting vari- ous restriction, “with a view of bring- ing about as promptly as possible a re- turn to normal conditions.” Economy Is Necessary. One of the most necessary Govern- ment policies is economy. Enormous and often unnecessary expenses were unavoidable while the war was in progress. Now that these are over, an effort should be made to eliminate all unnecessary outlays and to initiate every reasonable economy. The bur- den of taxation is tremendous, sappin the very life blood of industry. Trea- sury experts figure that taxes are like- ly to run as high as 4 billions, com- | pared with about 1 billion before the war. Interest on our foreign loans | alone is nearly a billion, and some- thing like 3 billions will have to be raised by special taxes. As at least one more Liberty loan is anticipated, and other heavy war demands must continue, every possible restraint upon public extravagance is highly necessary Secretary McAdoo, also Secretaries Baker and Daniels, of the War and Navy Departments, have already is- sued important orders for retrench- ment in expenditures under their res- pective control. The new revenue hill is still in the Senate and will probably undergo considerable revision before Banks Conserving Credit. There was considerable liguidation on the §tock Exchange and a conse- quent fall in values, partly due to the opinion that peace had been practical- Iy discounted. On the decline there was fair buying in spite of an unset- tled undertone. War shares naturally suffered most, especially steels; tho raflronds and peace industrials dis- playing good resistance. Money tinues firm and very scarce, espec time loans, which are upon a 6 cent. basls. The supply of funds is being artificially regulated, and it may be six weeks or more before money returns freely from the interior. Local bankers are conserving credit and endeavoring to restrain inflation of commodities, which continue upon a much higher level relatively than securities HENRY CLEWS CITY ITEMS. One cent sale today, at Clark & Brainord’s Drug Store, 181 Main St —aavt. violinist, will play at a big peace ser ice tomorrow evening at St. John's church in Stamford. His brother, Wil- liam Anderson, is organist at this church and will accompany him Otto Thorwaldson is confined to his home on Rhode street with lead poisoning. The condition of Lieut Fred W. Greene who was injured at the White Plains aviation field, seweral months ago, is reported as considerably im- ' Financial 5 ¢ MARINE PREFERRED FLUCTUATES BADLY Breaks, Rallies and Then Falls 0ff Again at Close Wall Street—Trading - during. .to- day's professional stock market.cen- tered in half a dozen popular issue noably shippings and steels. Marine preferred was the most unstable fea outset, rallying substantially and ture breaking 3 1-2 points at tl again reacting. U. S. Steel was firn for a. time with peace shares, but rel) back sharply later on the weaknes 4 other industrials, equipments and oil particularly Baldwin locomotiv Studebaker and Mexican petroleun Rails were dull but inclined to yielc and coppers denoted moderate pre sure. The closing was heavy. Sal approximated 300,000 shares. New York Stock Exchange cuota- tions furnished by Richter & C¢ members of the New York Stock Ix change. Nov. 16, 1918 High Low Cl Alaska Gold . 434 Am Car & Fdy Co 847 Am Ice > Am Can Am Smelt Am Sugar ... Am Tel & Tel Anaconda Cop A T S Fe Ry Baldwin Loco B & O BRT Beth Steel B Butte Superior Cen Leather Ches & Ohio Chino Cop s Chi Mil & St Paul Cons Gas . # Crucible Steel Distillers Sec ie 3 Erie ist pfd Goodrich Rub Great Nor pfd Gt Nor Ore Cetfs Illinois Cen Inspiration Kansas City so Kennecott Cop Lack Steel Lehigh Val Max Mot com Mex Petrol N Y Air Brake N Y C & Hud N Y Ont & West Nor Pac . . Norf & West Penn R R Ray Cons Reading ... e Rep T & S ©co Sol Pac .- aea-- fo Ry . So Ry pfd Studebaker Texas Oil TUnion Pac Utah Cop , U 8. Rub Co | U 8 steel Tlerbert Anderson of Dwight street, | Va Car Chem Westinghouse Western Union Willys Overland proved and he may soon be discharged from the hospital. Philip C. McIntyre has brought sult ! against Benjamin Linsky of New Haven for $200. Willlam F. Mangar represents Mr. MclIntyre. Jolly Three Dance Tonight.—Advt R e SR S . Y Y P WA A e X v Connecticut Trust and Safe Depesit Co. A STRONG, RELIABLE CORPORATION organized and qualified through years of effidlent, trustworthy service, to act as Conservator, Guardian, =xecutor or Administrator. Capital $750,000. Surplus and Profits $1,000,000 Connecticut Trust and Safe Deposit Co. HARTFORD. CONN. M. H. WHAFPLES, Pres't. T D R DS L M S AT 5 7042 0