The Bridgeport evening farmer., 1917-12-29
M n SO,. $ WEI KEY
 MARKET LETTER


 Developments at Washington, ex- posing delay in war preparations, have been responsible for large amount of liquidation in the stock market, representing a lack of confl- dence on the part of investors in the efficiency of the condIlct of the war, following the unsettieInent over the posuponement of railroad relief. In addition. selling took place on a suD- stantial scale to fix" losses that might be incorporated in the income tax returns due to be made begun ming with January i. Firmness in money and scarcity of financing facilities have made it imperative that some corporations 1iquidate in vestment holdings of securities of other concerns. Readjustment of holdines in connection with Liberty Loan payments and preparation by the banks for the large end-of-year disbursements operated for calling of loans. and this also weakened spec ulative holdings of stocks The com, blnation of adverse factors over wheimed sentiment. and prices melt ed away to levels which are unques- tionablv below intrinsic values in many cases. Those who have capital available and can afford to tie it up for period of time. will find excep tional bargains in the speculative vestment field at present prices.
 It is always necessary in big bus iness enterprises to know that they are honestly conducted and well man aged. and 1t was evidently the inten- ton of United States senators and some members Of the Lower House, to find out how the immense war business enterprise in which this gov ornment Is now engaged is being con- ducted. and to offer suggestions for iinprove1nent in method. When so much money is to be expended there is generally a hungry lot'S of fol- lowers, and those in power must keep their eyes upon this branch of the service as well as to map out intelli- gently the work Of the several de- partments Let US hope that little more activity vitality and business scumen will come to the leaders. In this connection the New York Times says: eFut competent men in the posts of responsibildty, forget politics, cure the delay habit. and make full steam aheadn It Is to be hoped that this suggestion will be followed with regara to the railroads:
 As an example of what corpora tons at present have to contend with ir fegard to dnancing 1t is stated that two large companies are now in the market for S25.00o eco each, and will probably have to pay the high rate of uer cent. to get accommodation to compete with government war 'loanA This money strains and a reluctance on the part of capitalists to extend dennifA support to the market for se- cufaties by purchases until they are more confident as to the management Of the war. explain much of the pes- eifniatic comment in newspaper finan- ciaf columns Unin Pacific common stock has been sold because of esti- mates that its investment holdings have decreased in value between 90 per cent and 40 and must be marked down on it's books. There is a ten- deney toward more optimism as to the situation on the western battle front 1t bhfng argued in financial cir cles that if smaller number of Ger mans have been able for year to prevent a superior number of Allies from going forward materially, an equal number of Allies should be- able to prevent successful German drives until the American troops can arrive in force during 1918.
 Chairman vanderlip of the National War savings, Comn1ittee, in urging economy. says that with the $z1, 900, Oe00q0 crop total it will be difficult to induce prosperous wage earneTs and others to cit down materially expend- stures outside of luxuries. He points out that it will be impossible to win the war unless Americans become thrifty. We heartily indorse his con stant urging to buy war savings stamps believing it will not only help to win the war, but will cultivate a valuable habit for peace The latest peace ramors are receiving consider attons but 1t is dostbte1 that much pro9ress will be made at this time with the British Premier and our own President rettera4tng their declara- ticns that the only way to a pernaa- nenf peace is through the defeat ot Pruesian militarism.