The Bridgeport times and evening farmer., 1919-08-04
I. 1. WATS0N'S
 WEEKLY LETTER

Influenced by money restrictions, the stock market has been and is ex- pected to continue to reflect irregular trading tendencies. With the neces- sity of not only providing funds for the purchase of European securities but of furnishing American produc- CTS working capital to supply foreign demand-and at high cost prices it is small wonder that business and investment needs are pressing to the point of halting broad upward move ments in the security market. While there are no indications of an ex- haustion of public buying power, evil dence is not lacking that greater con- sersatism is being practiced-some- thing that vii! provide a strong foun- dation for later bullish activities. Meantime, the policy of buying good stocks on declines for turns should prove profitable.
 There have been reports that Con- gross will not be able to take up the railroad problem definitely until fall. The Senate Interstate Commerce Committee is now considering vari- ous bills. Prompt relief for the rail- reads by the government is abso- lutely essential. Delay is dangerous. LdDOI anu Ildltl IiIS "lll pt lil5li iOi some time to come. and this greatest industry of our country must be fos- tered If the nation is to continue prosperous. Already the railroad brotherhoods are limiting at a strike for more wages. Chairman Edward N Hurley of the United States Ship ping Board adds to evidence gained from practical experience that pri- vate operation and ownership is far superior to government handling of railroads as well as ships. He says: "As new facts about the conduct of the war come out, as our experiences in many fields of production are ap-- praised they will point more un- erringly to this conclusion-the su- perior efficiency of private ownership. After the Shipping Board granted the increase in wages demanded by labor at the shipyards taken over by the government interest in produc- ton was not manifested as 1t had been before. All production centres on the cost. Shift the responsibility for the cost and you shift the re- sponsibility for efficiency. When the government assumed the responsibil- ity of raising wages loss of efficiency followed loss of interest.
 Race r1Otlng In WaShlnStOn mas been followed by similar unsettle- ment in Chicago, where the disturb ance was increased by street car strikes The rioting is said to have been melted by Bolshevistic agitation. The Standard Oil Go. of New Jersey is to issue new stock. and plans to have a New York Stock Exchange listing. The Guaranty Trust Go. has followed the First National Bank in abandoning the policy of discrimi- mating against industrials as a class in Stock Exchange collateral loans. The U. s. Steel Corporation is now reported operating at S2 per cent of ingot capacity. Its June quarterly statement showed earnings of s2.29 a share. with June the best month of this year. Chairman Gary says the United States has the greatest opportunity in history.
 Wall street borrowings are now es- timated at one and three-quarter bill lion dollars. Congress has ordered sold direct to the people s124,o00,- 900 worth of surplus army food SUD- plies in an effort to check rising liv- ing costs. Crop prospects continue favorable. A $50, 100000 French loan has been placed here. The wire sys- tems of the country were returned to owners at midnight of July 31. Shipments of copper metal to Ger many have begun The metal markets are firm. Stocks of merchan- disc are low, demand Is good and prices generally promise to remain high.