The Bridgeport times and evening farmer., 1919-12-22

state of affairs prevails generally throughout the country, even where rate advances have been granted in favor of municipal utilities, the period of readjustTnent and recovery to new income conditions requiring more or less time.
 Foreign investment securities, to which buyers might ordinarily turn, have been the objects of uncertainty, and in spite of very attractive prices, due to the low quotation of exchange, have not been widely taken. On the other hand, the past week has wit messed large safes of foreign hold 51gs Of American securities, a condt- tion which has resulted in offering
 bargains to American investors at the same time tending to furnish Q much needed corrective to the exchange situation.
 The I2aiIroad Situation.
 Prices of railroad shares have suf- fered considerable depression, some Of them reaching very low levels within the past few days, uotwith- standing recoveries here and there. The state or things at Washington has not been eEcoura aging, and from day to day it has been feared that the opposition ot radical Senators would prevent any early or perha ps any satisfactory action with regard to pending railroad measures. Never theIesS the advancement of the Cum mins bill toward passage has been steady, and to that extent encourag- ing.
 The final form of the legislation will not. however, be settled by the adoption of the Cummins bill In the Senate but will necessitate almost r. .s,.1+f q designed to harmonize conflicting views. That no such measure can become a law in the immediate fu- ! ture is evident, and in consequence the postponement of the date for the i GoVernnl ent' return Of the roads to their owners has become almost a necessity. Possible compromise might ! be found in the adoption of a meas ure or resolution simply extending the present Government guarantee i for some time to come, the roads ac- cordingIy going back into the hands of their owners at the end of the year to be operated by them upon such an assurance of income pending a final action. This, however, is evidently not intended by Congress, and the best that can now be expected would seem to be the mparativeIy early development of a general railroad measure, present control of the lines being continued for a short period. An improvement in railroad issues may be expected as soon as definite announcement is made concerning the programme to be adopted, as suming, of course, that there is no unfavorable change in the general attitude toward the lines but that the Government maintains a policy of reasonable equity toward the carriers and their property.
 Money and Banking.
 Money and banking conditions have continued practically stable through out the past week, the most note worthy development being a decided easing in call money. This has helped conditions on the exchange, although it has been well understood that any very great increase in the demand for funds would send the call rate to a materially higher level. This un- derstanding is doubtless responsible for the relatively small volume of business which has been transacted at many recent sessions. The situation grows out of the fact that reserve conditions have not altered but are in some particulars even. less encourag- ing than they were a week ago.
 Slight declines in the reserve per centage at the New York Federal Re serve Bank and at others of the larger banks of the system show that counting continue to be very mar row.
 Banks are therefore obliged to deal