The Bridgeport evening farmer., 1916-09-28
I... Finance, Real Estate Insurance ... I
of Finance
CleWs' Weekly Letter.l

iSpAle of the large interests to take
 lprefals that had accrued as a result ei
 lthe recent sustained rise in the Stock
 kExeAange price level. Selling of thlf
 chapaeter, not unnaturally, served as Ia temporary check upon the enthu-
 !siasna and strength that so distinctly
 fwere the features of the preceding
 !week. But >dehnite weakness, however
 ilid net develop Neither was there
 ieerreeponding reaction in the volume
 lof business. The market seemed, for
 Ithe moment, to have lost its sparkle
 land decAned moderately, change Isu9gsst1ve of a necessary reao1ust-
 |nesa& that did not essentially alter i&aore distant prospects. That such a lvfew was justified was indicated by (the sharp and general advapces that lsubseqWently took place.
 Fundamental conditions have not Ichaased. Our national activities are fexper4encing the stimulus of admitted limitation. Gold that is not needed is fcominx. forward in 8 steady stream In lpartsal payment for the products of kAYherfcan factories. These are being
 manufactured at such favorable prices fthat they leave large profits, not alone kan the hands of the manufacturers but lin chose of labor and of all interests fconnected with them from the point Of fproduct3on to that of final delivery sabroad. including land and sea trans tportation, insurance and other charges. kThus money is circulating freely and Ifs available for luxur1es and necessf- ties at home, in this way becoming re- eponstbio for a domestic demand of a
 fdasnitwde quite in keeping with that tdrcm foreign sources. Eventually a ?seyepe check must come to this nation wider imitation. When 1t will occur mustt be governed very largely by the fdurafion of the war and the cond1- tions that will confront the world at large after the present stupendouS massacre ends. At. the moment, un- fortunately, there is but slight encour- ageInent for any expectation that peace is in sight. In turn this sug- { gests an absence of inducement to be- flieye that the inflationary movement to which have just referred is cul- u1iuating. More likely will 1t proceed still funher and in the long run in clude to a more general extent than at
 present. securities as well as commod1-
 ties in its influence. The iron and
 steels industry never has been so ac- tive. A local trade authority, review inga steal trade conditions, declares that
 thei drift not only is toward higher
 prices but toward greater difficulties
 in delivery. The situation, it adds, is that Europe will take whatever
 amount of steel American mills will
 agree to deliver when wanted, and faaaf domestic buyers are providing for their wants in the first half of 1917 at prices they were unwilling to consider 1.-two months ago. Consumers are act fnx on the more definite sign that with the war prolonged into 1917 the steel |nadus of the country will continue to choose between buyers Trade author )aties as a whole seem to agree with Efhis view. An almost Identical posi- |tdon, seems to apply to copper and, in |1ac<, to nearly all of the various di- visions of the metal market, which is (so representative of industry as a whole.
 ! Increased interest is being taken in sfhe rairoad securities This is quite natural in view of the evidence that i've arc approaching the end of the Eurupaan liquidation of American se- |curifzes that has been made necessary by fhe ledeencies of the war. Some thing over $1, ,5oo, ,o00, 900 of American |securitaes, chiefly of our railroads, have been sent back acro~s the Atlantic and iAbscrbed by American investors as the result Of the present conflict This is AddifaonaT to considerable amounts Ifhak were returned when the Balkan |waxs soa thoroughly upset European caplfal9. But there seems excellent basis fofsthe belief that as a practical lpropcsitAon tho return movement has about ended Whatever of our secur- |fties are stfl1 abroad are, as a bfoad IDroposftion, deposited with the British HTreaSury and are to be used as co11at- oral for loans instead of being sold outright. Fortunes are being made abroad out of the vars necessities quite as freely as is the case at home |1herA These fortunes are not only be- ing acquired by English and French and Russian subjects. but by those of |Holland, Scandinavia, Denmark. and |6wftzeriand, as neutral countries are piling up wealth on large scale. Amer3can securities have been favorite 1nvesanents abroad for several gener- .ations. They will unquestionab1y be among the first to be repurchased when peace shall fortunately arrive and the worlds financial affairs shall begin to return to normal conditions. we cannot have prosperity fin our own country without a full par ficipation of our railroads in such prosperity. Transportation is the life of industry. Products of industrial plazsts arc not, as a broad proposition,
 used in the immediate localities; they
 must be shipped where needed and must pay for the service. There ap- pears to be quite a reaction from the fears that first were entertained as to the real effect of the new eigflt-hour railroad law.
 Copper stocks have been favorab1y meth is soon to be made of large ad- dftional sales by American producers to Europe. The strength and activity in United States Steel are suggestive of the importance of the interests who are buying these securities. The third quarter of the year is now about clos ing and there seems every reason to believe that the quarterly statement, when finally published, will show an even greater degree of profitable &C., tivity on the part of the corporation than was the case in the June quar- ter.
 Gold continues to come forward in large volume and is adding to the per- manent ease of the general money sit uation. The financial requirements of the crops now have virtually been ar ranged and there appears no reason to believe that the money situation is to enter as an adverse market factor.
 The general market seems to prom
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