The Bridgeport evening farmer., 1917-07-25
WATSoN'S WEEKLY
 MARKET LETTER

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 Uncsrtainties Involved in the Washington delays relative to deci- sive action in regard to price fixing. food conservation law, aeroplans building and ocean ship construction to say nothing of war taxation. have been and may continue to operate for irregularfty and trading market for securities. The attitude of the poll ticians. however, is in accord with their past performances and we must possess our souls in patience until ar fairs reach condition where popular disapproval of dilatory tactics will re- suit in action.
 1t is safe to say that there never was a time when 1t has been more difficult than now to arrive at or es- tablish costs upon which to. base pr1ce fixing. That Washington must accept sound economic conclusions of inter national financial experts relative 10 this matter is a strong belief enter 2 tained by the Street.
 The stock market has been strong sn the face of many unsettiing rac- tors. It has met good support upon dsclines, and we think it will con, tinue to find 1t. The large nnanciai interests are preparing for the neAe war loan and also corporate nnanc- ing. Their commitments dictate steadv price movements on the Stock iExchanee to avaid unsettling conh- dence. Then, again, the huge earn tnes of representative companies pro- vide a firm foundation for security values. Railway equipment concerns are especially favored by conservative ;srterests. American Locomotive, Baldwin Locomotive, American Car Foundry. Pressed Steel Car and Rail- way Steel Springs are assured of Inrre business from home and foreign sources for . long time to come.
 It is not to be overlooked that the 1railroads will benefit from any de- cline in Che prices of steel and raii- way supplies, so thai while some or the industriaI companies may suffer as e result of price readjustment or commodities. the benefits to raiiroads and the country at large through low ering of operating. and living cosls win to large extent offset 1t.
 Much credit is due to the receivers of the Aetna Explosives Co, ex-Gov- s, Fsnniar,in B. odell and former United States Judge George C. Tolt, Tor the able and business like way they have conducted the affairs Of that com x,any sinco 1t came under their charge. < So successful has been their adminis- tratfori of its affatrs that the stock holders could well wish they might contine in the management for they would soon be put in a position to pav to the stockholders q return upon their investment The balance sheet .as of May s1 of this year shows cur rent assets of s10.14s,674. compared with current liabilIties of $4,282. SSs, an excess of $5.Sse,7s1. Current as- sets conslst of cash. about $1.e5o,o ,ooo, 4 bfls and notes receivable, finished product at cost and inventory in tram sit. Not only have the receivers op- erated the property proftably but havsI also cut down the amount due to creditors bytu about 5. $2.ooo ,ooo. when they were appoirted this item wsn about 94,soo ,o0o. and on May 31 1t was $2,s5s,sfs-
 The tendency toward reduction in the cost of diving is one of the most generally important features to be noted It will do much to quet labor unrest at . time when the draft may bring acute conditions in labor circles. The good general crop re- ports hold out much hope as to lower figures for necessities. Food economy is being preached from the Atlantic to the Pacific in a thorough manner. If cannot fail to leave good permanent s results. to say nothing of providing ways and means contributing Ito Al lied victory. We believe the tendency will be erSatly helped blythe embargo aeainst neutral nations which were chipping American supplies to Ger many, whose agents were Diddans high against the folks at home.
 War progress continues to be made slowly. The submarine destruction # still reported large. While the Rus sian situation has it's reactions, the tendency seems to be favorable in the main. Signs of internal dissenstoni in Germany are mdltiplying, and we believe 1t well to consider the poin, whether or not they may not soon en- large to proportions such as may i'm. pair the efficiency of the military i which. to say the least, at last ap. pears to be on the deft tAsfve before the people.
 The recent money fiurries, appar, entity unwarranted, have called fortf caustic comment from banking inter ests. prominent internationa banker being quoted as saying: Moth mug could be moro calculated to pre- 1udice the chances of New Yorl maintaining it's. present position O prominence in the internationa money market after the war than th' repetition of such performances I New York expects to preserve ever partially her present advantage aftel peace is restored, bankers here vii have to contrfve better means fo stabilizing money rates. Sensationa movements i'm call money cannot hell but bring New York into disreput' with foreign bankers. London ha been put under the far greater strail in the course of the last three years but money rates have been kept un der control with the exception of tn period at the outset Of the war.
 LONDON SECURITIES
 London, July 25.--According to tn Bankers Magazine, the value of 3s representative securities during thi month shows an advance of sever
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