The Bridgeport evening farmer., 1917-07-31
WATSON'S WEEKLY
MARKET. LETTER

When will the heads Of our gov
eminent wake up to the great emer
rsncy that confronts US They neeo
to exercise every bit of energy, hard
common sense and practical business
application that Is within tnem' anu
to realize that in the lines IN wnlch
hev have no been educated tney
should refer the important propielas
thew are trying to solve to the great
est captains of industry our country
has produced. - There should pc no
half way work about it. no quloniins,
but prompt acceptance OF the pest
business advices they can get. ana
our country has just SUCH business
neh on whom to call, the best IN the
world Why,;.oh why, do the LEADERS
in gsFt6ta, delay argire, fBaltF one
! vrgfIA 1dN}hr ffnarfdia ia hfaterest' says
.svvhile we place our big men under
suspicion our common enemy-Te .a
many-who we must credit win
great efficiency, honors her oag pusi-
mess men in many ways. Delays
are dangerous and the best aSos.ce
I in the world is to be had here Tor
+ the asking. It is not as far across
! the Atlantic as 1t was q quarter of
Icentury ago, and the common enemy
will redouble his efforts; and 1t Will
cost us lust that much more in men,
money and arms II we, procrastinate
! and do not push every way open TO
I us TO make this war reach speedy
conclusion, This 10 no time 70 play
politics, no time to lay wires for po-
| lictical preferment, no time to think
( of debating, but Of realizing that In
| counsel there is wisdom. We must
! be up and doing. We have seen a.d-
I ministrations in the past that nave
met serious crises and have met them
with prompt and decisive action ana
with a serious determination neIlt-
! ting the occasion. The people of this
country are waking up and they are
going to cry out for active leadership
and results.
! Evidence that the United States
! han entered the war on broad and
aggressive scale has become more
1 clearly established by the Washing
ton announcement that another sew
eral billion war credit is to be issued,
1 ana that the total cost of the war
4 for the first year will approximate
I $4,000. 900, 900 for America. There
! has been criticism of the action OF
the Secretary of the. Treasury In pre-
( senting his new financial policies to
the Senate instead of submitting
4 them first to the House. Represen-
tatfve Hill. of Connecticut character
\ ixea such action as an invasion of the
prerogatives OF the House and a yio-
'~laxion of the Constitution. There are
! inAscations that while the excess pro-
fits tax may be increased on a slid
ing scale over proposals heretofore
/, submitted, the bulk of the new finan-
cling will be through bond issues. II
/ is now for the Administration to an
| nounce price-fixing with definiteness
/ ana as huge excess profits are needed
| to help carry the war to success
full conclusion 1t is natural to- 1nfei
1 that there will be a. liberal arrange
4 ment with business interests to in
sure big production and, in turn, ade-
| quate revenues for government needs
The speculative list should be stimu-
lated by the prospect of further huge
expenditures from the product OF
bond financing. Almost every bust.
ness Of in the United States will >bs
reached bEs the seventeen billions pu
into, general circulation. This grea
Financing program ~ commits the
u banking powers and government tt
support of the security markets, and
we anticipate no declines Of import
ance. Rather is it to be expected tina
Z improvement will take place to dis
count the initiation suggested by tht
necessary and deliberate slim ulatio1
of general business.
4 Looking back over the past few
weeks Of Dear market It Is worth.
of qHn55t6g that very httfs real nkuida
ton has taken place hot even in th
metal group, which was subjected t.
professional bearish pressure becaus
of the price-fixing uncertainties. Tn
technical condition of the market i
much Improved, with the short in
terest Of large proportions. We thinl
the active issues are likely to be Yer.
responsive to the Development o,
good news. Oil and Equipnen
stocks have. been strongly absorbe
during declines. The buying of tn
& railroad issues IL much better in quail
| ity than it has been for a long time
A well-known financial writer, in dis
cussing the st. Paul earnings situa
ton. makes the followtag pertinen
point in connection with the affair
of this great system: THE electrified
tion achievement is one of which an
railroad manager might well b
proud. 1t is possible that the atten
ton of the executive heads Of the 81
Paul has been too much concentrate,
upon his great work, and that tn
creation of. new freight and revenu
have been neglected" Indications ar
not lacking that steel and cope
stocks have been oversold as resul
of exaggerations regarding price-fix
ing tendencies 1t should be ker
constantly in mind that asset value
are greater than ever before. and tina
fair profits are certain to be the fir
al result Of a consideration of tn
facts by American common sense.
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