The Bridgeport times and evening farmer., 1918-08-20
.WatSOn's
Weekly
Letter
Observation-Disclosures

Money continues to be the controll-
ing factor in the stock market. The
Reserve has the situation in
hand. While the investment position
Is undisturbed, speculative restrictions
are apparent. The result is: we have
a quiet market, SUPPORTED during re-
actions, and checked on advances, Of
moderate extent. Moving in a trad
ing area, the opportunity for profit
lies with Sne active operator who is
quick to seize buying chances during
the declines, and who does not neg
lect to accept profits when bulges fol-
low a little later. The undertone of.
the market is good, sustained by
growing confidence in the swifter ap-
proach of the defeat of the German
army But with the crops and Lib
erty loan preparations requiring the
supply of available funds-wEhou
which the motive power to stimulate
securities into activity is lacking-it is
useless to expect broad upward
movement at this time.
A great deal of dissatisfaction is OBJ
served with regard to the procrastina-
ton that has been shown by Wash
ington as to settlement of the railroad
contract. Backing and filing is the
term used by one source, with result
that investors have been kept upon
the uncertainty seat for an unduly
long time. There are now indications,
however, that adjustments will be
finally made next week, and we hope
such revisions will be fair to the car
riers. It is high time that the great
arteries of commerce of the country
should be given their just dues.
Earnings have of late been very I'M
favorable, owing, it is said, to the
charging against one or two months
of the >entire backpay of increased
wages allowed by the Railroad Ad-
ministration.
Attention is being directed to i'm
portant basic features of attraction
now possessed by New Haven. 1t is
pointed out that this great system
serving a dense traffic territory now
enjoying prosperity greater than ever
before in it's history, is beginning to
get the benefits resulting from in
creased passenger and freight rates
and higher trolley fares permitted. 1t
is noted that great economies have
been effected by electrification, which
the Secretary of the Treasury has pro-
posed for all railroads to escape the
tyranny of King Coal, and the pros
pect is good, with the present efficient
management, to take care of what is
expected to be a tremendous export
traffic via its deep harbor terminals
on the New England Coast. Rehab-
ilitation of France and Belgium after
the war means heavy shipments from
the Central West, the East and New
England across the Atlantic, and it is
pointed out that the short line" lies
through New England seaports.
War progress continues to be re-
ported. The financial district is much
interested in the reports of Allied for
ward movements in Russia, which
seems to be stirring in welcome after
unsatisfactory Bolsheviki rule. 1t is
estimated in military circles that the
German drives this year and the re-
treats on the western front have caus-
ed a German loss in killed, wounded
and prisoners, of more than a million
men; and the Allies are said to have
taken more cannon than were lost by
presence of German submarines near
New York has not been a real market
factor. It is realized that so long as
soldiers and supplies can be conveyed
safely to Europe from our shores
there need be little worry over the
reching out of the bloody fingers of a
body whose heart in Berlin will soon
be stilled in death.
No outside business is being &C
| cepted by copper producers now. All
| metal is going to the government.
| Thus a damning of huge potential
consumption is taking place. This
| would seem practically to guarantee
the dividends on most of the leading
copper shares like Inspiration, Ana
conda and Utah, whose earnings be-
gin to show recovery from the early
part of the year. 1t is reported that
many investment buying orders will
| automatically come into operation
upon the publication of a satisfactory
railroad contract, not only in the rails
| themselves but elsewhere, for the rea-
son that this factor has been a re-
straint of general character. Low
| priced railroad stocks are well taken
| in several cases, notably Southern
Railway and Missouri Pacific. Ru-
mors were current during the week
| that buying of st. Paul issues was in
the nature of control accumulation.
Information from Washington circles
| intimate that the weak roads will not
| be built up by the government during
| the war control into formidable COM
| petitorS of the strong lines whose in
vestors will therefore feel treasured.
The railway equipment stocks show a
very good class of buying on reactions.
American camps and depots in Paris
were inspected by the Spanish military
mission.
The names of one American killed
in action, one died and three wound
ed appeared on the Canadian casualty