The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-08-07
WATSON'S WEEKLY
MARKET LETTER

ines OF more than s144. 100000, is be- |
ing termed by analysis 1.-THE most |
bullish steel statement ever issued"
II is estimated that the revenues are
equivalent to an annual rate of over
$50 a share for the common stock;
that after all deductions, including
extraordinary charging of and the
the excess profits tax, yearly rate of
about $50 q share is indicated. The
great signffacnce of this report lies in
the fact that it comes after others of
4 highly favorable character. The
big revenues for the period since the
war began have established assets
which lead to a calculation that the
present book value of the common
stock is approximately $217.
Perhaps the most important market
conclusion to be reached from the
us. Steel Corporation earnings is
that they are to large extent dupli-
Gated by standard Independent COM
panies in the same trade. Lacka-
wanna. Republic, Erpcible and Beth
lehems steel CompaTleSrAre in an en-
viasae.rpositienr also.f according to, the
latest advices as to their receipts. We
think it. may be safely said that the
steel trade of the United States has
reached q position where, with its
great working capital and promise OF
continued prosperity, it will be able
to compete successfully anywhere in
the world after the war is ended. not
withstanding the high wages paid in
this rFNnFyA The availability Of the
sources of -revt material supply and
new inventions, added to new facili-
ties, combine to make the position of
the metal Industries of America al
most impregnable. The labor outlook
in the copper mines is reported to be
better and there is a stronger demand
for the metal. Good buying is report
ed IN Inspiration and Utah Coppers
Rumors of peace are beginning to-
circuIat with great persistency. A
majority of them have thus far been
traced to what appear to- be German
agencies. which seem to be inspired
by Berlin's hopes that the retreat of
the Russians offers q good emporium
ity to sound the Allies Austrian
pressure ON Germany to end the war
Is said to be growing stronger, and
talk of a separate peace is more fire.
quently heard. We doubt the wisdom
Of selling good stocks on the prospect
9 Of q peace readjustment. In the first
place, an armistice must precede
! peace. and negotiations would proba-
bly, extend over. considerable period
or time, during which uncertainty
I will exist as to a resumption of hos
tilities. War preparedness would be
maintained up to high efficiency to be
! ready for any Contingency. We be-
4 ieve great speculative activity In the
stock market will be seen at such
time as a result of many new factors.
SScarcity of. offerings is reported in
/ the standard securities. Brokerage
!. long accounts are not large. The in
! ference from this is that accumula-
I ton has been going on for important
sources. Persistent reports have been
reAeived saving that buying is based
{, on q more favorable outlook. as to
! mice fixinr AZ washington. which is
said to be disposed toward q tberality
greater than heretofore indicated. "A
(, dnf,nisa sattIeuert IF tl11s matter
/ ,rc,,1d sro nrove sentiment materially.
m, 1.tast ad,r,e.. s,,.yast that tha
1 800 - iii a. +ha ,,az,
80. us. 1880 r,ta 81 4 nor
.art v EJECT ~ t,a raI1rosd stocks
! - i,,,r.as i,,g r 80 -,r,ced rails Of the
ss..tt-s. :, Z. 1, civ yood
sss :. 4s,s,aa-s rh,oa-n Poo[ Ia
zen ! -,a ~ s -, Sc s,as So,,tr-
AM 1 ., = : $3.50 e,sN... = 49,, :.
40
roeosns apsol
Anu Iele Wal s.r 49,
s aocol uin e. " ~ - $500 49,
7 1rroel- Inc eraln urvp 1870 - e
government w eu ,
pecreo TO stiHuia.e Granger ISSUES e,s
In a report 70 stocknoioers OF Inc S-
Paul road vice Fresioenl Wiiaailis'
who IL trained and practlcal man.
says: Inc nxeo annuai charges OF
Y the COMPANY On accernt OF lnteres'
one bonds PaYes beer Increased ap'
prox1Ina8siy $ssp os'V9psH.I Inc great
er part Oh these expenditures Wa'
made IN constructing ana equippins
the Puget sound extension. .At tn'
time this extension was determined
upon, the board deemed its construc
ton necessary In order TO maintain
and insure the future prosperity q
have fully confirmed its Judgment u