The Bridgeport times and evening farmer., 1918-11-26
WatsOn'S Weekly
 Letter
7iIIIIIIIIIIIIVIIIIIIIIIITIIIIIIIIIEIIIIIIlIHlIE

Tho stock market remains dull with out special feature, largely due to the limited supply of money. This seeiS likely to continue. ou can Lilo guns without powder" Money IS Clie n,owder now needed---and 1t IS hoE easy to get. We think 1t wise to heep financial positions strong, In orueI to guard against emergencies anu Io stand ready to take advantage oL op- nortunities that may come from ulLLa- pessimism among speculaflVe eIe rnents, We would not take on any new important commitments ullCil more liberal offerings of money tOp- pear. The e,ueaJdjustments in tne sUo0A market are refiecting changes neces- sarv to the restoration of industry Io normal peace conditions. That cross currents will result from this, It may he taken for granted. Special stocKs nav be raised for particlar reasons while others are forced to revise olV- idend policies on account of the pend ine, uncertainties. But oroad move in either direction would seem to De blocked at present. Therefore, trad ing market is expected.
 Sentiment is unsettled in copper cir cIes. Reports of a combination TOT nrotection are heard. Reference 1s made tp the regulation of exports Tn this connection following statements that large European nations nave formed buying syndicates. Rumors or cut prices have been circulating But so Iona as the government mas maae an agreement that the price of copper metal shall be fixed until January l at 26 cents, we do not see how any irnportant producer can properly or conscientiously reduce below that fig ure Ii will be up to the government il, establish @ price after January ] in keeping with the policy of not changing prices too radically or too quickly so that general business may be restored gradually to a firm foun- datton. It should be kept in mind that Europe is comparatively bare of sup niles of copper, especially the Teu- tonic countries, and it Is suggested that there may be undue manipulation of news in regard to the metal. Some copper experts calculate that the cosl of producing the metal is around 2C cents a pound on account Of hlg1 wages and war taxes. Readtustment
 
 stocks as a result of the mixed views, We are giving below expressions of oudnion by leaders of finance, which we think our friends and readers Will be glad to note. In times like these such views are valuable and provide data, which should help investors 1T their efforts to penetrate the future MT. A. Barton Hebburn, chairman O. the Advisory Board of the Chase Ma tional Bank of New York, says In al interesting and instructive pamphlet published recently under the title O After the War, WhatT "Commerct in Amreican bottoms can never com pete with other nations until our la blor and navigation laws are revised in the interest of making the contes equal. In the light of this wars ex uerience, there should be a revision of our tariff laws, our economic lawe especially with reference to credit currency and banking, and our law with reference to transportation ol both land and sea. In other words the great problems involved in ad vancing civilization, involving man material wants and human rights, wi call for examination and readjust nent. Not only will business be in state of fux, seeking to find itselt but the ego, the homo, in their inter relations and their relations to eco homie and material activities will ca for readjustment. This will requir the highest statesmanship on the pal of our rulers, and let us hope tha wise solutions may be had while ou people are still so closely united an before intense paTtisanshtp again aI pears"
 Commenting in a late circular upo reparation by the Teutonic people The Mechanics & Metals Nationt Bank, of which MT. Gates W. Mt Garrah Is president, makes the fo lowing point: Morally, the Germa people can never pay for the bloc and agony of the war But econom ely they can and will be made to pa Tn order to punish them, we need Il, seek to make these people---as som one has said both the pariahs ar the slaves of the society of nation. Whether Germany shall or shall n
 pay indemnities that will measure u crimes she has committed is matt
 that concerns us even more. Indee it concerns us supremely and vital The whole settlement of a just pea rests on that point. Germany co lected indemnities from Belgium al Russia without questioning wheth ( they could pay. We will take bat those indemnities, and impose other seeing to it all the time that nothil shall stand in the way of Germany full economic punishment. We shou have a poor peace otherwise"
 Business interests contemplate immediate reduction in governm 3
 orders for certain classes of commot
 ties, but on the other side of t
 shield are visions of large orders fill
 for private account after months
 waiting for materials and fuel deni
 10 nearly all not working on direct