The Bridgeport times and evening farmer., 1919-04-21

turous trader. Great Britain is aI- ready making efforts to re-estab- fish her foreign trade. The United States, thanks to the war, has sud denly become a great maritime power, and will soon closely approxi- mate Britain's vast tonnage There is still a great scarcity of ships, and it will be one if not two years before the void is filled. Meanwhile, American shipowners are making handsome profits, which explains the increasing activity and rising prices of marine issues on the Stock EX- change.
 The million share mark Is now ire quently passed in the daily transac- tions, and prices have risen to a point warranting occasional profit taking and reactions. Industrials led the rise, the advances being confined to special issues for reasons just stated Steels were often foremost because of the certainty that they will surely benefit by any trade re- vival; though price uncertainties and deferred orders induced considerable realizing. Railroad shares were neg lected mainly because of the absence of stimulus. In spite of unfavorable
 
 ed. owing to the belief that Congress will live up to the government prom ise of returning the roads to their owners in as good condition as when taken from them for war purposes Many railroad and industrial shares are selling at lower prices than at the close of 1915, which Is in conspicuous contract with every other division of business or industry
 We have had imitation in commodi- ties, wages and credits but practically none in securities. Even in days of huge war profits there was no pro- portionate rise in security values. h. ftation in credit is shown in the fact that Federal Reserve bank loans are more than $17oO, COG, GOO above the
 pre-war level. Now that the Peace Treaty is near actual signing, that eIe- ment of doubt will be removed. Per- haps it's effect has been approximate 1y discounted, both here and abroad, but despite dull spots there are enough encouraging factors at home to warrant an active stock market with the trend toward higher prices accompanied by frequent reactions. As to the business situation at large there are the best of reasons fir op- L4I441SIIl- W IleIl p6dC0 IS signed many restrictions will be removed, and there will be big export demand for cpper, oil. cotton, steel products, etc
 The steel industry will feel this i'm petus through orders for steel rails, cars and locomotives which have had rough usage for the last two years. The crop outlk is good, and the agri- cultural districts will enjoy a pros purity that must be reflected upon | manufacturers, merchants and rail- roads. Building is already reViving on g. marked scale. Taxes will be lower nexe year. Many people have economized in all directions sub scribe to loans and pay taxes. Such l individuals must and will repIenish and repair. For a year or two at ] least our export trade must be active | for the reason that other countries
 will not be able to meet demands. 1 The only important offsets to these conditions are labor disturbances 1 consequent upon scarcity: dull spots resulting from loss of war orders, and l the tremendous imitation of credit which may be curbed by bankers
 wh realize this danger, however re- mote it may be