The Bridgeport times and evening farmer., 1919-11-24
:. STOCKS, BONDS, REAL ESTATE AND INSURANCE :.

marking up of time funds and some increase in the rates for commercial paper. This is a situation which holds out but little immediate prospect for change, although better conditions are hoped for after the turn of the year."
 Railroad and Trade Financing.
 Handicaps to the market have been afforded by the slowness of Congress in dealing with important questions now before it relating to railroad and trade financing.
 After adopting the Esch Railroad bill on the 17th the House of Repre- sentatives adjourned, while the Sen ate is so closely occupied with otne matters that the disposal of this nIu in any form is evidently deferred until toward the close of December.
 A very serious question must be considered to exist with respect to the possibility of passing a railroad measure in any complete form before the end of the year, when the lines go back to private ownership, the pros poets apparently favoring incomplete action of some kind, attempted ten tatively to bridge over the immediate problem, pending the lapse of suf-
 
 complete measure.
 Disappointment was expressed in financial circles quite generally be- cause of the failure of Congress to act upon the Edge bill before ad- journment A favorable conference report was presented to both houses on November IT, but action was sus- pended until after the return of the two houses early in December. This, of course, effectua1ly postpones action until a much later date, since no further steps can be taken toward the organization of foreign trade financ- ing corporations pending the actual signature of the measure in its com plete form.
 Foreign Trade and Exchange.
 The process of developing our ex- port trade and of properly financing it has, however, been very greatly re- tarded by the continued decline of ex- change quotations.
 Sterling has gone as low as $4OO or less, while francs, lire and marks have made record low quotations The effect has been to discourage banks from extending accomm odation which involved their carrying any consider able quantities of bills stated in these currencies, while at tho same time in- vestors have been inclined to hesi- tate in advancing funds which would be co1latera1ed by securities or prop critics stated in monies whose ex- change value was doubtful or fluctu- ating. In and of itself, the quota ton of exchange at these low figures tends to add to the high cost of American goods, since the practice is becoming more and more general of yfy-i,, or their equivalent at a fixed rate. The prospects of an unfavorable situation in foreign exchange thus greatly increased the unsa atisfactori- ness of the trade outlook
 At the same time they suggest the necessity of very great caution in pur- chasing foreign currencies as an in- vestment or speculative operation i Those who have been carrying large lines of sterling, lire and other cur rencies against the advice of experts may have to wait a long time before recovering the value of their invest ment.
 Uncertain Outlook. The uncertainty of the outlook in tenationa1ly is paralle1ed by consid- erable industrial uncertainty growing out of the coal strike and the increas- ing acuteness of coal shortage 1T many productive districts. While there has been some decrease in the surface manifestations Of labor un- rest no material change in the under. lying conditions can be said to have taken place.
 Taken all in all the market is un. doubted1y facing a period in whict extra caution must be observed pend ing the development of a more cleal cut money situation and the adjust | ment of the large problems of pubIi, ! policy which are demanding settle ment.