New Britain herald., 1919-09-20
MARKET AND REAL ESTATE REVIEW

favorable news of any kind for the reason perhaps that the supply of these stocks has been so greatly re- duced. Railroad shares, with Union Pacific as the leader, are displaying a little bit more life, but here as in the industrial field the future is so uncer- tain buyers do not hesitate to take profits whenever quotations are mark cd up, although displaying the same inclination to make purchases when prices recede. So far as one can judge until there are further developme ents it would seem that present market conditions would not change much during the coming week.
 Labor Outlook Less Serious
 In the labor situation some favor able developm ents have occurred. The collapse of the Boston police strike, which President Wilson characterized as 'Crime against civilization" was highly significant. Public opinion was greatly strengthened by Governor COOlidge'S automatic declaration that there is no right to strike against the public safety by anybody, any where, at any time" These are plain and strong words, and the governor supplemented them by action in treat ing the offending policemen as de- Serters; charge which soldiers of the law will no moro care to face than soldiers of the nation. Tn the Pittsburgh district three of the largest producers are practically independent of union domination. The demand for steel products is very vigorous and prices are advancing. Important dom estic and foreign contracts are also awaiting faVora bic developments.
 Exchange and Foreign Trade. Foreign exchange continues in very unsatisfactory state, and rates are at about the lowest figures Ster- ling is now left to take it's own na- tural course. Marks dropped to 1-2c, and in this section of the market spec , Ulation is rapidly increasing. The fall in francs below 12c was unfortunate since it caused cancellation of about 10,0O0.00O export orders and it at least postponed the sale of about $100, 0,000,000 ship tonnage by the United States Shipping Board. Anoth- CT effect of unsettled exchange condi- tions is the checking of exports and stimulation of imports. The latter is a desirable feature, as it shows in creasing ability of Europe to pay more of it's debts in goods and depend less on credit, though the impedi- ment to export is not relished by American manufa cturers. Much hope , is placed upon the Edg2 bill now be- fore the house since it will allow the formation of financing corporations by industrial concerns to carry on foreign trade.
 The Bright Spots.
 Despite unsettled conditions there are many encouraging factors. Our agricultural prosperity this season is assured and largely discounted. In the steel industry the outlook is eX- ceedingly satisfactory. Orders for pig iron extend into 1920. Last week the government placed some large orders for railroad material. and this week there has been good buying for light rails; a $3,0OO,OOO order was placed for tank cars and some liberal orders for steel freight cars are under negotiation. The demand for struc- tural steel in August was 7S 1-2 per cent compared with 74 per cent in July and 65 per cent in June. New building plans filed in August figured at s160, 0,O0O,000, against $43, 100000 a year ago. Activity in oil production continues on record scale, and would reach still higher figures were it not for inadequate transportation faclli ties.
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