The Bridgeport evening farmer., 1917-06-05
World of Finance
 F seas.p.al. a,g rNe
Watson's Weekly Letter

Not only is more satisfactory condition developing as to the sue cess of the Liberty Loan, but the Senate at, Washington is making up the war taxation in more scientific manner; and there are now good req sons for believing that with the as- sistance of the British experts costly blunders will be avoided. Bond is- sues will make the burden easier and distribute it upon those future gen. erations who stand to benefit most from the secure establishment of democracy.
 The market for securities has been responding to the influence of the promotion of the liberty Loan by the large banking interests. Later we expect to see it. recognize the great stimulation indicated for general business through. the expenditure of the money secured from the subscrip- tions. Following that, it is but na- tcra1 to expect prices to discount the hastening of peace with all that it implies in the way of reconstruction and the entrance into an era which we hope will bring with it lessen ing of the. great financial burdens made necessary by the perpetual pre- paredness of the great powers for war and the blessings that will ac- company such a condition.
 The splendid example set by 1ead- ing financiers and captains of Amer ican industry in making large indi- vidual subscriptions to the Liberty Loan as well as influencing their great corporations to take allotments. demonstrates that their patriotism is of the practical kind. Congressmen from the backwoods who would "choke the fountains of industry will do well to emulate them in pro- portion. We all join in the hope that the great American people will feel a personal interest in subscribing to the bonds, even if it be but for the smallest denominations, on the ground of patriotic devotion to their country. It is one of the most desir- able forms of investment.
 Attention is especially called to the point that the money subscribed to the Liberty Loan will represent large ly increased circulation of currency Subscriptions are ealing out huge amount of money from quarters which may be said to have hoarded ii in one respect or another. This is but one of the phases that is expect ed to produce imitation. New money flowing into business means renewed stimulation. And commercial activity is always reflected in securities
 A feature of the market is the ten. . dency of active operators in stocks te be cautious, take moderat profits and limit commitments. This keep. the standard active list in strong technical position. and speaks vel for continued Improvements. Reac tions are to be expected. but the, wills offer good buying opportunftie. in standard Steefs. Coppers. Equip, ments. Sugars and Rails. There is nt doubt that as the war increases il ugor so will the demand for all wal supplies. and this is certain to be re flected by a strong market in share. which are directly affected. satis factory condition is involved in the proposed ten billion dollar buyins agency contemplated for the pur chase of war supplies flor all the Al lies, and that is, bills will be paid There are signs that the present 1arg' earnings of industrial concerns vii continue throughout the present year New business of this kind cannot b, said to have been discounted by pres ent prices in the stock market. Tn i. seem to justify the current levels notably of U. s. Steel. Inspiration Copper, American Car Foundry, Re public Steel and Lackawanna Steel The metal markets continue strong Prices for copper still show an ad vancing tendency. Business is beinl booked in substantial volume for do nestle as we'll as foyeign account There is a strong tendency to>turn t spscialties in the stock market. Pool are reported to be receiving eneour agement from various directions, am the industrial list is expected to re fleet their bullish activities.
 A leading financial institution speaking of the railroad situation we'll says: "The railroads cannot b sustained oh the present basis; the cannot be operated continuously at
 loss; they cannot be operated eff cient1y by hand-to-mouth. methods and yet they must now be operate on a more efficient basis than eve before, which is to say at a greate cost than ever before. To reach thi efficiency they must earn more. Tn railroads are so essential that thei just needs must and will bo consider ed