The Bridgeport times and evening farmer., 1919-07-29
I. |. WATSON'S
 WEEKLY LETTER

Consideration of the extensive ad- vance in the industrial department of the stock market in connection with the development of uncertain ties in relation to money foreign ex- change, labor, political affairs and new security issuances in large vol ume, would seem to suggest that it is now a time for conservatism and profit taking on bulges in stocks which have been bullishly conspicu- ous New commitments confined to the taking of standard railroad issues on reactions should be safer and are likely to be more generally satisfac- tory until readjustments have oc- cured where overbullins has been found. The Warburg plan for rail- road reconstru uction is looked upon as favoring the low priced rails of worth
 While the steel trade outlook would appear to be favorable, the Bethlehem Steel management says it feels that it is a tfne for conservat- ism in view of high production costs. The automobile companies, notably the Ford and Willis concerns, have lately been placing large orders for steel. There Is gradual reduction
 
 are expected to be absorbed to a con- siderable extent by Germany and by new electrical projects planned in Italy, France and Belgium in view of the scarcity and high prices for coal. England is confronted by great coal strike.
 Events are repoxted tending to stabilize conditions in Mexico, under pressure from all the great powers. which need an Increasingly large volume of oil from Mexican oil fields to take the place of coal. Mexican specialties listed on the New York Stock Exchange are expected to be in demand on the appearance of def- nite indications in this connection. United Retail Stores has been listed | on the Exchange and promises to be- | come favorite trading medium. | These new listings are constantly widening the market, making for sus- | talned activity and offering good op | portunities for profitable operations. | slight decline Is reported in food | prices The U. s. Steel trust case is | to be rearguard in the supreme court | In October. The June earnings of | this corporation are reported gratify- ing. Its quarterly report will be | made public when dividend action is taken next Tuesday. A vote is be- | ing taken by U. s. Steel employees as | to n strike for union recognition. Judge Gary does not expect such ac- | ton to be success. Sir George
 Paish, British Economist says a col lapse of the worlds credit may take | place unless precautionary measures | are promptly made effective.
 A strict prohibition enforcement | bill has passed the House at Wash 1 ington. It may be slightly modified | by the Senate after the peace treaty | Is disposed of, The Irving National | bank estimates that one billion loss
 by prohibition has been absorbed by
 national prosperity Race riots in Washington are looked upon as a re- fection of labor. disturbances. The l proposed international Socialist strike l failed, German labor unions refused 1 because it would delay recuperation of that nation. According to the | Central Leather Go. June quarter re-
 port it Is earning at the rate of $36 | a share annually.
 The foreign exchange situation is probably absorbing more attention in financial circles than other factors at
 the moment owing to the direct
 bearing 1t has a continuation of | prosperity exports from the United States It is understood that bank CTS are holding conferences frequent ly. A satisfactory disposition of this
 matter would impart greater conf
 dence to the speculative investment
 situation in general. Meantime, con-
 servative action, as indicated. is | good market policy.
 "I want a doormat," announced