The Bridgeport evening farmer., 1917-10-23
WA1SON'S WEEKLY
 MARKET LETTER

R. yenQency, a1rer US severe uepleS- isaon. to work into trading market, during the process of backing and ldlIins and final readtustment In such a market the trading policy of | buying only on reactions and selling on Gallies offers Igood opportunities for moderate speculative turns.
 ! The technical position of the active '1ssues is far better than it has been dor g long time. While short selling has baen patrioltically curtailed, there are other factors which contribute to make for a stronger position. Among Ithese features is, of course, the re- lgnoval of vulnerable accounts. The speculative long interest built up In Aanticipation of bull market on the Liberty Loan Notation has retired. l1nvestlnent selling to transfer into the new war bonds have been largely | completed Institutions have read iusted their market commitment to | the same end. There is, theferore. to fbe expected a gradual restoration or lconfidence as the market rega1ns its 5lbalance.
 There Is hardly any doubt that suab- istantial recovery in the general stock imarket before the closing of! the Ldb- Ierty Loan books would bring in large Iuew Subscriptions for the reason that lnot only would investment confidence lbe restored to a considerable extent, fbut additional assets would be in nreased upon which could be based more talxings of the war bonds On Recount of this prospect there Is a N disposition in some of the active t speculative channels to anticipate fur jther Improvement in prices Of stand ard stocks.
 t Al cons7ervative and logical exp1an- Lr.- l., ,~~f,. fe f<,Ifv, lin the statement that 1t Is natural lreaction from the boom witnessed soon after the war began. Not since ifh6 panic of 1907 have there been of f1ered such investment bargains In the market for prices today repre- cent temporary conditions and not values.
 We think that every time United States Steel reaches par or there apoutS 1t is a good purchase. We aIs6 feel that some of the copper GfockB near recent low level offer good huydng opportunities that will igivo satisfactory profits if held. Among the investment issues we are Impressed with the worth of St. Paul preferred, which has sold lately as low as S1 1-2. Under the 90 figure 1t looks like good jinvestment. even if there were the probability of its div
 
 th1nk likely. The equipment stocks, 1ncludine Westinghouse Electric. ap- peal to us as attractive speculations. i 1 1T believe the slump in security val fues has been the natural result of the iaarEa Liberty Loan dotations." says !11eserve Board Governor w. P. G. M7arding, in a speech predicting that when the loan closes at the end of pctober 1t will be found that 10,000, GOO WA
 poo. Mr. Harding says that the Unit cd States now has a. 5000, 900 gold
 IAberty Loan subscriptions from tn- diV1duals have fbeen coming in slowly 1n some eases 1beca11se of a feeling, fpursed by pro-German sympathizers. Xlat the war Is going to end soon and iIt will not be necessary to subscribe. IF11vake advices from Washington do knot bear out that theory. We want <<o impress upon small subscribers to /4fe LfbeTty Loan that they are not Ix1v1ne up their money without getting <va1ne received. We know of in- |1tanees from the country suggesting 54hat subscriptions are considered gifts Sto the United States, whereas in re- xfurm for the money invested is re- @refved the best security in the world &wfth a good rate of interest John D. HESockefeller and J. P. Morgan, in pre- Edictfng the success of the Liberty Loan. both point to it's safety and Iwood yield. A leading member of the /stock Exchange Is quoted as saying I<dnf Wall street-so-called as To- [Ic11fty- has 'suabscr1bed for more funds Nor the war. done more work and sent Emora men as well as cash, than any Icfher section of the country or depart Huaenf of bus1ness." T.