The Bridgeport times and evening farmer., 1918-08-13
The World OF Finance

seem as II they could easily do more
toward aiding the great war, out Of
which they are benefiting so freely.
Heat, vacations and war activities
intensified the inertia prevailing in the
financial district. In addition, the
Street feels the absence of many &C
tive and able personalities who for
merly infused varying degrees of life
into the stock market, but who have
periodically gone to the war or are
otherwise engaged In helping their
country. 1t is universally anticipat-
ed that with the coming of peace
there will be a great revival of &C.
tivlty in the financial district in the
that were necessarily postponed, and
In the new adjustments and work of
reconstruction that will place heavy
demands upon industry and finance
for years to come. Present inertia
in the stock market is also much
increased by the scarcity of time
money and restraints upon specula-
ton imposed by the banks which are
already beinning to husband their
resources for the next loan which is
but few weeks distant. Activity
was further restricted by disposition
to await more definite Information
concerning the new revenue bill.
which is now being drafted by the
House Ways and Means COMMITTEES
and is likely to meet with not few
changes in the Senate. Delay in the
new contract between the Government
and the railroads was another eau
tionary influence. 1t is believed that
contract dealing fairly with invest
ors will intimately be reached; for
the Administration has been fair and
liberal in nearly all its arrangements
with capital; and there is no reason
to assume that it will be otherwise in
| the case Of the railroads. That sew
eral of the large railroad systems
| should postpone action upon divi-
| dends, not earned. in the last quarter
is evidence of prudence rather than
| distrust. In this connection, 1t is
worth noting that the British rail-
roads, which like our own were taken
over from their owners by the gov
eminent, are reporting good earnings
and increasing dividends; the Mid
land, Great Eastern and other COM
| panies, having increased their pay
ments, Our industrial shares con-
tinue to be market leaders especial
| ly the steels, though the uncertainty
as to new taxes is a general handicap
| to speculative operations. Price fix
ing of commodities also acts as a de-
terrent. Copper was fixed at 26t
until November /; price that is gen
orally profitable to producers excep
the high cost concerns. Here the
Government assumed a liberal course
| of action. Cotton manufacturers are
now coming more closely under the
price fixing regime in staples.
The August Government crop report
was in some respects a disappoint-
ment owing to the July damage re-
sulting from drouth and other IN
favorable conditions. But July anc
August are usually months Of deter
ioration and further damage NIGH
occur, except to wheat, the harves
for which will soon be ended. The
Government figures for this year,
crop are S7iS, 900, 900 bushels o.
wheat. compared with 65o,0Oo,o0t
last year and zoos, 100000 bushels o.
corn, compared with 3,159 100000
bushels a year ago. While these
figures have fallen below early ex
pectations, they are still much above
the average. For the present a
least financial operations should b.
conducted upon strictly conservative
lines. This is a time to strengthen
resources and hold fast" until ap
proach of the new fiscal movemen
that must inevitably come with tn,
new dawn. Much depends upon wal
news which at this writing is decided