The Bridgeport times and evening farmer., 1919-09-24
HENRY CLEMS'
 WEEKLY LETTER

 troubles, especially those which indi- cated q possible strike by the em- ployes of the steel companies and the situation made the stocks of these companies cratic in their price changes. One hour it was believed there would be no strike. The next hour a strike was almost certain to take place. The latest news indi- cates that the radical element in the conference is in the majority and will be able to bring about a tempor- ory cessation of work in many, and possibly all, Of the large steel mills Those in Q position to know are con- 7dcnt that the representatives of the union have no outside backing and that # they succeed in forcing d stcupage Of work they hope to compel President Wilson to come to their aid Public opinion Is against them in trying to force an issue now, instead of waiting for the Industrial Confer enco in Washington on October 6. There is no question that the situa- lion is a critical one and may be traught with serious consequences.
 It is well known the market has been hamps-ed for some time past through the fear of prospective tight money during the crop moving period, but last Saturdays bank exhibit show -DS surplus reserves of S45, 900, 900 is calculated to strengthen the conf dence of the investing public in the value Of securities at going prices. To be sure a number of specialties have been marked up to extreme heights which seem inComprehensible, but owing to the fact that the floating supply Of these stocks is kept com qaraCvely small it Is not a difficult matter for reOse on the inside to mark prices up to any 1igures they choose. There may be money still in buying some of these stocks for quick turns, but it goes without saying that they are risky propositions and re- quire careful watching. But the rail road shares. especially the dividend issues, are beEinning to look cheap again In all probability when the railroad situation is earnestly taken up by Congress a. composite bill of some sort out of the many which have been introduced will be passed, which will protect the security hold CTS. Market sentiment on the street is divided at the present time but the prcpouderauce of opinion seems to favor picking up the good dividend stocks when offered at con- . sessions.
 It is small wonder. therefore, that . the market should present an irregu- lar front Certain stocks, however, guided by their packers are not dis posed to pay much attention to un- | favorable news of any kind for the ! reason perhaps that the supply of | these stocks has been so greatly re- | duccd. Railroad shares, with Union 1 Pacific as the leader, arc displayinS 2 a little bit more life. but here as in the industrial field the future is so : uncertain buyers do not hesitate to ] take profits whenever quotations are i marked up, although displaying the same inclination to make purchases ., when prices recede. So far as one l can judge until there are further de- i velopmeuts, it would seem that [ change much during the coming | week
 , The Process of Reconstruction : The financial community is still | seriously hampered by delay in sat | isfying the peace treaty, and the un- { certainty induced through labor un- . rest. The first named difficulty re- ! strains our foreign trade, while the | second even more emphaticaIly block ades domestic industry. Many ad-
 ditiOnal hindranceS are also at work l tending to confuse the outlook, but
 these two overshadow all others
 Fortunately they are both in process
 Of adjustment, and the progress al-
 ready made is not sufficiently appre-
 ciated- Basic conditions in indus
 try and trade are generally sound; . credit has not yet been weakened by ! excessive expansion, and our banks
 are strong despite the great strain i'm posed upon them We are returning
 to normal relations as quickly as pos sible; the Government is practically
 out of all kinds of business, except railroads and shipping which will be
 turned over to private enterprise with
 all possible speed The buying pow CT of the country is still enormous despite high prices and enforced econ omy in some directions; and back o1 all is the wonderful prosperity of the farmers, who are still the backbone of the country, notwithstanding tht
 extraordinary growth of industry. Oul ! national prosperity Is fortunately no as dependent upon the farmer as for merly- A vast amount of reconstruc ! ton, lasting several years, must fol ! low the war. Much of this will gC j to the battle fields of Europe; bu ! much more will be required to offse 5 the enterprises, improvements and or
 ders which have been unavoidabl, , deferred To the scarcity of man.
 products in the belhgerent nation , must be added the scarcities in Soul ! America, Japan, China, Africa, etc. ] ! all of which must largely depenj l upon the United States for replenish | | mont Labor too is scarce; so tn 4 world must accustom itself to higl z prices and high wages for some tim q to come. What is most needed is al q adjustment in distribution that vii 4 1 give all concerned an equitable shar ! in the products of nature and in s dustry.
 - Labor Outlook Less Serious. Ji In the labor situation some favor a able developments have occurred. Tn q collapse of the Boston police strike 4 which President Wilson characterize l as a 'crime against civilization" wa 1 highly significant
 Public opinion was greatly strength n ened by Governor Coolidge's axioma i tic declaration that "there is no righ N to strike against the public safety b II anybody, anywhere, at any time. | as