The Bridgeport times and evening farmer., 1918-09-25
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WatsOn's Weekly
 Letter
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 Restricted activities in the stock market, as expected. The main buy ing is for investment account The chief selling would seem to be for the bear element, which can't give up the idea that when money is scarce security prices should decline. They forget these are extraordinary times. They do not take into consideration the facts that restraints are more or less artificial, that they apply with equal force to both sides of the mar ket, and that they are subject to sud- den changes. While the large inter ests do not desire bullish speculative enthusiasm, neither will they counten- ance bearish activity or declines of unsettling character. They encourage investment. The latter is increasing; it Is absorbing the floating supply of good securities; it is putting the gen. eral market in a splendid condition. The short selling is strengthening the technique, and should make it very responsive to good news when restric- tions shall have been removed.
 It Is expected that the money strin- gency will pass next month after the Liberty Loan Campaign, and that the market will be comparatively free to improve toward the end of the year, when large reinvestment usually takes place. The acute trouble seems al- ready past. Should the Allies con- tinue to progress in the defeat of Ger Ie cd hot Iox that ftI10a neutral investment will be on a very large scale in the New York Stock Exchange security market. We must not forget that the world is coming to realize more than ever that American investments embrace practically all the vital features that go to make up the best, and as American industry, finance and securities are receiving a widespread advertisement of favorable character it would not be surprising to witness a very extensive investment buying of our issues later. This competition with speculative bidding might we'll work for bull market the like of which has never been exper- fenced. All this is rather remote, of course, but we deem it well to bear HI L1lO lCdAu1 dbCO'
 It became apparent during the week that the American People as a whole are practically unanimous for contin- uing the war until complete victory over Germany is won. Regardless of political sentiments, the Nation un- naimously endorsed the curt refusal of the President to treat with the Ten tonic Powers until they withdraw from conquests and comply with cer- 1 tain other fundamental conditions. In- | terpretations placed upon the Aus l trian proposal differ, some holding | the belief that it was to gain time for l the hardly pressed German armies; | others take the stand that it was tan- tamount to an offer to surrender. But the record of the Teutonic states men is such as to cause the Allied peoples to look upon every move they make as concealing snake-and tC treat 1t as such. By the violation o1 Belgium's neutrality, the sinking ot the Lusitania, the murder of civilians
 from the air, bombing of hospitals
 and the betrayal of Russia Germany
 has made of herself an outlaw not tc
 be trusted with weapons in her hands
 And the Allied Nations have evidentl,
 determined to let the diplomats han
 dle her only after the soldiers shal
 have finished their job. Uncondi
 tional surrender is gradually coming
 to be the slogan of Americans, ant General Grants terms may yet, be
 come the worldwide phrase of notiti
 cation from the Allies as to how peac ic fn hn a h1 i0oV al
 as Democrats praise the prompt anC
 decisive answer of the President t
 Austria, just as they supported hi
 speech to Congress, saying: "Whel this Thing and it's power are indeed defeated and the time comes that w can discuss peace-when the Ger man people have spokesmen who's word we can believe and when thos spokesmen are ready in the name o their people to accept the common judgment of the Nations as to wha shall henceforth be the basis of la1 and of covenant for the life of tn world--we shall be willing and gla to pay the full price for peace an pay it ungrudgingly. We know wha that price will be. It will be full, i'm
 
 are already knocking insistently at tn
 Gates of Metz, which German strong hold may soon be completely over
 thrown.
 Slow progress is being made in tn
 new war taxation measure. Fror . now on it is expected that increase railroad earnings will be reported and this showing will probably stimu ] late investment activity among tn rails. There are indications that tn floating supply of good stocks is de creasing. New Haven stock contir ues to be bought on the belief that is still on the upgrade. Low-price rails are in good demand. Railwa equipment stocks are also reporte under accumulation We called a tention to oil issues recently. The have been strong. The copper shar, l hold firm