New Britain herald., 1919-11-29
MARKET AND REAL ESTATE REVIEW
Henry Clews
 Weekly Letter
Especial to the fIefald)

New York, Nov. z9.--A period of
 transition and hesitation in the stock
 and securities market naturally set in
 after the close of the sharp liquida-
 ton of some two weeks ago. This has
 been intensified and prolonged by the
 action of congress in holding up sev-
 eral important measures while the
 coal strike and the advent of the Thanksgiving holiday would in any
 case have tended to induce a waiting
 mood. AS 8 result traders and in
 vestors have been disposed to look for
 the arrival of more definite develop
 ments before committing themselves
 much further. IL would now seem
 that some time must elapse before the
 final adjustment of the large ques-
 tionS which are still open in national
 political and business policy. Trad
 ing in securities has accordingly been
 upon decidedly lower plane as to
 volume and prices.
 Industry and Business.
 Recent business and industrial de-
 velopments have been largely of
 negative description. It would seem
 likely that should negotiations be-
 tween the miners and the coal opera
 tors prove intellectual some form of
 government intervention might be
 necessary in order to relieve the coal shortage which is so seriously inter- fering with production in middle western plants and elsewhere. Pend ine the definite decision as to a policy
 on this matter the uncertainty pro- duCes but little influence on market conditions because of the fact that most of the elements in the problem have been thoroughly discounted in advance. Important in its effect upon railroads and their prospects has been the renewed wage advance policy or
 the administration. The fact that such
 great advances could be announced with little more than thirty days of the time the roads are to return to their owners has been taken by some as an unfavorable indication, beca Use l of the belief that the, action would l correspondingly impair the income ! producing power of the roads. The 1 more far-sghted view, however, re- | gards this step as another. pledge on ' the part of the government to protect l the financial condition of the lines
 since on no other basis could 1t be sup posed to be warranted in doing what 1 it has thus undertaken only about a 1 month before the roads pass out ot i US ndnQS. lnQOuDlOQlN the month Ol 1 December will be of f1rst-class i'm 1 portance in many ways affecting the ] market since it should see some def 1 mite adjustm of the coal situation 1 as well as at least a tentative settle 1 ment of the financial problems of the l road. Confidently expecting such an l outcome, business throughout the 1 country has continued uneXpectedlv 1 active.
 l Market Developments.
 l Market developments have been, 1 for the most part discouraging, with i irregularity and lower prices for
 many of the leading industrial and railroad issues. Bonds also showed a 1 lower tendency owing partly to selling 1 government issues by financial in stltutons and partly to the advancing ! tendency of interest dates. Some in- i vestment buying in the more attrac- 1 tive issues. has been an interesting s 1 feature of the weeks history. Cop l per shares have showed ali .inclina- l tion to touch lower levels, partly ow- 1 ing to Stagnant trade demands and 1 poor earnings statements which have 1 been made public by certain of the l companies Shrewd buyers are look 1 ing with particular interest to the 1 railway shares as a probabl feature ~f p nf Jrir ho 1,g-