The Bridgeport times and evening farmer., 1918-07-23
WatSOn'S Weekly
 Letter
7IIIHIIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIITIIIIlIII

An outstanding feature of the stock market this week has been its greater response to good news as compared with unfavorable rumors. Resistance to professional bearish pressure has been noteworthy. Even on "bearish mystery talk it declined only mod erately. A liquidated condition was plainly shown. Offerings of stocks were light and hard to get. We be- lieve sound stocks a purchase on re- actions.
 The most optimistic inferences are being drawn in financial circles from the reported Allied counter -offensives. Expressions noted are suggestive Of even more favorable news to come. It seems significant to us that the bonds of the Allied governments are gradually improving in price. This is straw which may indicate which way the wind Is blowing---and Is likely to blow. If the Allied center drive should be followed by further favorable results, 1t may mark the beginning of an important upward movement in the stock market Of course money condidtions ere likely to affect the stock market ss they have done for years past; but we have had a big increase in our money circulaA tion, and there is a new class Of cap italists with many more being made. Having accumulated their wealth through species of business specu- lation, they will be more likely to de- sire to increase it further by specula- tion in the stock market.
 That our country has been alive to the war situation and has successfully carried out It's program is evidenced in a letter to President Wilson from Food Administrator Hoover wherein he states that food valaued at nearly one and a half billion was sent to the Allied Nations in the fiscal year end ed on July last. This Is not only a creditable showing but it is decided ly useful and valuable, The sympa- thies of the country went out Thurs day to Col. Roosevelt on the reported loss in France of his son Quentin.
 We note suggestions have been made to have the income tax in this country follow along the lines of some of those imposed in England. The point has been raised by a man of moderate means that at present it costs probably three times as much to live here as it does in England. Thus a man receiving $1,60O a year in Eng land would be as well off as one re- ceiving s3,000 or $4,500 here. If this be true it ought to have some weight with our lawmakers in imposing an income tax on people of moderate means.
 A hopeful feeling is entertained with regard to N. Y. Central We are of the opinion that the convertible 6s of the New York Central and New York, New Haven & Hartford Rail- road are a good purchase for an in- vestor at present prices. He would get a good return from them and we believe a profit will result when the war Is over. We have reasons for believing that low priced railroad securities of worth are being bought for investment on g. considerable scale. Southern Railway common stock is estimated to be earning more than $10 a share. The railroad con LNact with the Government is now re- ceiving the finishing touches.
 President Ripley of the Atchison, Topeka & Santa Fe Railroad is retir- ing. The great railroad will miss his services. In leaving he feelingly said to employees: "We have jointly sought to make the Santa Fe a model We surely are not called upon for an apology. Daily contaA with all of you has been instructive, hidden springs of motive and of principle have been revealed and unsuspected angles o1 character developed, and human na- ture stood forth as a cleaner, brighter and sweeter thing than 1t ordinarily is painted"
 Corn Products common stock is ir greater demand than for some time Its increasing revenues and higt high grade mana cement make 1t a de. sirable purchase on reactions to say nothing of the fact that it is rapidly retiring it's bonded debt Large in. quiries for copper metal are report ed by dealers, but on account of Gov ernment demands it is impossible tC fill them. There is a decided vii lingness to pay the 26 cents pound fixed price. Inspiration Copper il reported to be well bought. The U S. Steel Corporation is operating nov t96 per cent of capacity. It is re ported that the Government may b, compelled to take for war practical, the entire steel production of tn, country. Confidence is expressed tha the U. s. Steel Corporation is operat ing now at 96 6per cent. of capacity It Is reported that the Governmen may be compelled to take for wa practically the entire steel production of the the country. Confidence i expressed that the U. s. Steel Cor poration will continue to pay larg dividends. The Street shows quite
 general disposition to expect the rail road contracts final revision to b favorable t othe railroad list of SC curities. If war results are to b important, there must be economic by the great body of comfortably of people, not alone in luxuries, but i naeessities,' says the National Cit Bank, in commenting upon the taxa tton program now developing at Wash