The Bridgeport times and evening farmer., 1918-10-09
WatSOn's Weekly
 Letter
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day in the market for securities. This policy is likely to continue It is ex- pected to make for cross-currents. Its inspiration lies in the conviction that the news from Europe may be taken as setting limit on the duration of the war. The outlook in this respect is viewed differently. Peace before Christmas" has been made the sub- Ject Tor betting on the Wall Street Curb; while the more conservative e1e- ment is not inclined to anticipate the end Of the war until next Spring or 1 Summer. Attention is called to the fact that the German Army retreat thus far has been orderly. That is in- terpreted as meaning that the mili- tary power still has control over the German people, who may be persuad- ed to retire into Germany and there make last stand. Should that take place, it is held by those who do not expect peace this year, that the pros- pect suggests prolongation of the con- f1ict until after the 1919 Spring of
 fensive. There seems to be little like lihood of a peace offensive by Ger
 many making headway this Winter.
 In America as well as among the AL
 lies, there is hardening of hearts and steeling of souls until victory comes that will permit of a dictated peace"
 one that is lasting. The Fourth Lib
 erty Loan campaign is bringing hofne l to Americans the outstanding fea-
 lures of the war in way that popu-
 lar sentiment will evidently be against
 any compromise with the Teutonic
 Powers. Unconditional surrender"
 like the fall of Bulgaria, is gaining
 ground as the terms to be conceded to
 all enemies. The investment outlook
 therefore, would seem to suggest that
 commitments be based, as to time,
 upon the probability that the war
 will end in the early part of the com
 ing year. There seems to be quite a general agreement that leading rail-
 road stocks offer a premier peace se-
 curity opportunity. Investment buy ing continues in this department. It includes foreign absorption on what appears to be a steadily enlarging
 scale.
 | We desire again to call attention to the desirability of obtaining stocks of the leading equipment companies like
 American Car & Foundry. There has
 been some apprehension expressed ov- CT the status of these issues because
 of rumors that a large part of their
 business is war work. But second thought will remove uneasiness and replace it with confidence. These
 railway equipment concerns are ma
 king rolling stock and supplies for the
 railroads of the United States and Flu
 rope. All of these railroads are short
 of supplies If the war were to
 stop tomorrow the need for the tram
 sportation companies would be great.
 In the opinion of experts it has been
 estimated that when peace comes the
 railroads will find that they are two or ! three years behind adequate supply of cars and motive power - both of
 which wear out rapidly in war times.
 We continue to believe, therefore, that
 the railroad equipment securities of
 fer a good speculative investment.
 Conviction Is growing that after the
 Liberty Loan Campaign shall have been concluded the money market will ) display ease and the ban will be re-
 moved by Washington from more ac-
 tive speculation. About the middle of
 the current month it is considered
 possible that the success of the Fourth
 Loan. will begin to be discounted in , the security list, which, as before sug-
 gested, may also be confronted by !, easier money conditions. Readjust- ments that produce irregular activi-
 tiles in the stock market should be
 completed under existing circumstan-
 ces, and the activities ought to be in ) more stable position-one upon
 which an upward movement might be based in anticipation of big dividend and interest disbursements at the end of 1918.
 : In predicting the success of the Fourth Liberty Loan, Jacob H. Schiff said in an address at the New York Sub treasury: "Billions do not fright en us. Six billions-what of it, we shall find them. And when the 18th ) Of October comes around, we shall surely have gone over the top. The enormous number of cannon, machine guns and prisoners taken by the AL lies since July certainly suggests the dismay of the enemy. British con- ) sols are advancing strongly, reflect ing the feeling of the English people. l If it is true, as reported, that the Pope ; has confidentially advised the Empe-
 TOT of Austria and the King of Bava- ria that it is hopeless for the Central 2 Powers to continue to try for victory, 5 it should have far-reaching effect on the Catholic peoples of those coun- l tries. Weakening in Germany is con- : fidently looked for. Reports that s Rumania may soon be fighting with
 the Allies again are accompanied by 1 91Ir l against Turkey, whose complete col
 lapse is apparently only a question o1 0 a short time considering the swift ad-
 vance Of the Allies through Palestine = Good buying is reported in U. s l, Steel. There appears to be de- l, cline in the agitation for Government
 ownership of railroads. Basic con- r fidence continues firm" say Messrs
 Hambleton & Go. Tt is becoming c daily more evident that any attempt
 to forecast what the market will dc 5 in the ensuing thrso weeks will be
 euesswork pure and simple. The 2 whole country is approaching the
 Fourth Loan from an angle different !; from that with which it viewed the
 preceding one With the money sit 2 nation fairly well in hand, there is nc r reason to expect any pronounced
 slump during the course of the cam :; paign." Copper stocks are looked up l. on with a great deal of favor by those 5 seeking peace issues. With all de
 mands outside of war pushed aside l. the peace buying of copper metal mus 3 of necessity be of large proportion l. when the war ends.
 r letter picked m in A railroad sta.