The Bridgeport evening farmer., 1917-06-19
=. Finance. Real Estate Insurance q.
of Finance
WATsON'S WEEKLY
MARKET LETTER

The event OF last week IN specuia
tive-investment circles has been the
splendid spectacle of New York rush
ing to over-subscribe the Liberty Loan
whose success was SO vital to the con
duct of the war to the end that the
Government Of the people, by the
people and for the people may not
perish from the earth Ill-adyised
promotion at the start. accompanied
by failure to dispose of the war taxa
ton. were obstacles of great weight
! against which the loan had to con-
tend: but the patriotic banking inter-
ests of the country may be thanked
FAR the favorable outcome, which is
due to their unselfsh activities, pro-
vately and in publicity sense In
country where the people are SO un-
accustomed to holding securities as
in the United States, and where the
real issue of the war has not even yet
been brought home to the masses, II
In small wonder that difficulties were
encountered in arousing the people at
large to the necessity Of a large over
subscription But "ali's well that ends
weir. The nation win now have the
sinews as. well as the men OF war,
definite signs of whose ending are NOT
yet at hand despite the success OF the
British offensives. the improving con-
ditions in Russia. and the abdicaton
of the King Of Greece. But the trend
is steadily toward the defeat Of Ger
many as we read the progress OF
events. To Illustrate the magnitude
of the governments authorized bond
issue, $1,000. 900, 900: Seven billion in
81 bills, laid end to end. would en-
circle the earth about SO times. Seven
billion 81 bills. each .0065-inch thick,
stacked, would make a pile Of about
5 Ills miles In height.
.'Red Cross dividends by the great
corporations of the country, combined
with their assistance in making the
Liberty Loan O. success, will do much
toward abolishing the antagonists
feeling which has SO long been held
by the uniformed masses against big
business, Including the roads. This "
q bull factor on. peace, the Importance
of which should not be overlooked,
for 1t means fairer treatment; and
with such a policy In effect practical
results are sure to be beneficial for all
concerned The action Of the steel
and copper companies stands out con-
spicuousIy, and has made many
! friends for the securities of u, s. Steel,
Bethlehem steel, Inspiration Copper
and Utah Copper. which have been
strong under a vigorous demand.
I. wealthy individuals and corporations
in the New York district have sub
scribed about one-quarter Of the LIB
erty Loan; SO that the charge cannot
be made that the rich have been
''sIackers." 4 Ssfgs
Under the designation of what the
railroads are doing to help win the
war; Howard Elliott of. the New
York, New Haven & Hartford Rail-
road, and a member of the Railroads
War Board, gives Interesting details
as follows. "Our estimate is that, not
counting the salaries of the railroad
ofhcers who are devoting a very large
amount of their time to this national
work, and carrying on, as we'll as they
may, their regular activities as rail-
road officers, the American railways
win contribute 100000 a year to this
special work. We have modified the
so-called car service rules. and think
there is a more fluid movement of
such equipment as exists. The Rail
road War Board supplied to the gov
eminent five trained railroad officers.
who were commissioned to go to Rus
sia to see what they could do to help
the trans-Siberian Railroad move
toward the Russian front the freight
piled up at vladfvostok. We are ar
ranging to obtain nine regiments of
trained railway officers and trained
railway employees to help the English
and French people carry on their
railroad activities. principally in
France we brought about a pooling
OF coal, SO that when coal arrives at
the lower lake ports, there will be a
minimum amount Of delay in putting
the coal into the boats, thus releasing
the cars and sending the boats for
ward promptly. We believe, because
of cooperative spirit displayed by
,everyonei with whom we have come in
contact, that as we work along, one
step after another, we can obtain a
greater efficiency out of the railroads
than has been obtained before; that
we can do the things that the govern
ment wants us to do; that we can do
the things that the Allies want us to
do, and we can do the things that bus
mess wants us to do, and still safe
guard health OF this great piece of
machinery. which must go on forever
after the war Is over, to serve the
public"
Fluctuations in the market for Sc
curities may be somewhat irregular
This outlook does not preclude special
bullish activity in certain groups
where favorable news develops. But
it IS to be noted that the Liberty Loan
Adjustments have temporarily disar-
ranged f1nanoipgs and the banks must
prepare for the disbursement July ]
of alrecord breaking total of dividends
and interest. After the turn of the
month 1t seems highly probable thai
abroad upward swing in prices would
be logical considering the fact thai
the Interstate Commerce Commission
should announce relief for the rail-
roads by that time. Government Lib
erty Loan expenditures will commences
to be large and stimulate business to
renewed activity, and money will hH
available in greater amounts for Spec
ufative enterprises. We feel more
friendly TO the standard railroad
stocks than for some time. The sus-
tanned strength of copper metal may
be significant. Industrial speculation
is expected to rest for the present.
Uruguayan Bark Is
Sunk Bv Teuton Sui