The Bridgeport times and evening farmer., 1918-09-17
DOTNGS i'm SHORTHAND
WatSOn'S Weekly
 Letter
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 Owing to the limitations necessarily | put upon it by the Stock Exchange at l the request of the Federal Reserve Bank, one of the facilities for over | speculation has been controlled; and l while such action is foreign to pre- i | conceived ideas of freedom of action | the need of it becomes apparent when the war time situation is carefully considered. Readjustnent has been taking place in the market for securities to accord with the availability of speculative investment funds after the govern ment's requirements have been met. It | is not so much high rates for money l that are effective in producing liquida- tion as the actual scarcity of credits; it is not question of bidding; N is one of supply. At the moment, there 1 is money for speculation of import ance.
 We are experiencing an investment market, one which displays splendid undertone, and which reflects steady absorption by individuals and insti- tutions at home and abroad who have i funds wherewith to make cash pur- l chases in anticipation of ultimate vic- tory over Germany by the Allies-a devoutedly to be wished for consum- nation that appears to be approach ing at a speed greater than at any time since the war started. Invest ment is encouraged while speculation | is discriminated against, for obvious treasons.
 Probably the most important and
 immediate cause for the scarcity of
 money is the preparation for the
 Fourth Liberty Loan coincident with
 the rushing to market of huge crops
 from the great agricultural regions of
 the country. There are hopes that when this financial operation is fully
 met relaxation will take place and the
 supply of funds for Wall Street pur-
 poses will increase. It is on this out
 look that good buying is reported
 during breaks in the stock market.
 In the minds of some of us, the eff
 feet of the new 18-45 draft is receiv-
 ing serious consideration from the
 viewpoint of labor supply, which is becoming smaller and smaller, as men are withdrawn from productive in dustry to be put into the fighting ; l forces. It is not to be forgotten, however, that the wide age range is l probably for the very purpose of put ting control of labor in the hands of the authorities to an extent greater than at any time since we entered the l war. This will give opportunity for a more effective distribution. In ad- l dition, women workers are also likely
 to be used as substitutes by the thou sand in places where their ability will help to make up the deficiency.
 To our mind, the effect of the | American second draft on the German p nation will be impressive; it cannot fail to adversely affect the morale of ' the German army, which is hearing of Allied progress through millions of pamphlets that are being dropped in the enemy lines by airships, accord | | ing to latest reports. At home, the Il 1 new draft will be felt by every man, woman and child in the country in Il some way; it will stimulate interest u Il that is certain to arouse the aggressive C fighting instinct; it will consolidate ,- the nation and promote patriotic en- d deavor. This applies to the Fourth
 
 = = to other war channels, and we be- I lieve it will make for a great success = in the f1otation of the loan, which vii IT be helped by the new proposal ex- l. tending the exemption privileges. l. Digestion of the railroad contrac
 compiled and revised by the Wash. q ington control has created a feelins Il that as a whole it will be beneficial : but that little more liberality would a have been effective in producing .s larger measure of satisfactory senti - ment in the investment community. e is expected that a majority of tn, e railroads will sign the contract, anC er that its operation will remove entirel! n a disagreeable uncertainty Incident e ally, it is not to be overlooked tha y railroad earnings are expanding rap l. idly again, apparently under the in IS f1uence of the higher freight rate e- now effective
 Ie Crop conditions as whole are ia le Vorable. The final harvest of whea a and the prospect for the new crop ar, le excellent. Corn has been material, i'd damaged, however, and there is con
 siderable disappointment in this con of nection. Latest official reports show st favorable weather, which may remed IS some of the damage. The crops il s. Allied countries, taken altogether, ar S satisfactory, and there is no danger o nr food damines.
 4s Attention is directed to these fea Ut lures favorable to the copper shares
 viz.. there is no imitation in this grou .il of stocks or in the producing field Il because of the fact that the price ha Tz been held down; there is a steady ac ~ cumulation of buying power for peac 01 account because of the fact that tn
 government is now taking practical
 all the output; the Central Power
 alone will be compelled to buy heav ,o fly, limited only by financial consider 'O at1op owing to the fact that the
 have stripped themselves and thei .et conquered territories of copper sup VII plies for war purposes. The conclu to, sion fsr cached that there will be littl k decline in price, if any, after the wal or while producing costs must dro is with the return of workers from tn ill armies. Reports of good buying is the copper list have been noted dul
 ing breaks in the general stoc lm market
 CT, 'es The recopnfzed superiority of NotF