The Bridgeport times and evening farmer., 1919-01-07
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Watson s Weekly
 Letter
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 While the general market has dis played cross-currents incidental to the end-of-year and taxation readjust- ments, the underlying tendencies in most departments have been and ap- parently are in the direction of ir- regular improvement, with the oil is sues leading, and so-ealled food stocks [n favor. Confidence is still lacking in the metal shares, especially the copper list. because of a feeling that the price of the metal must be read iusted to lower levels before reaching a sound basis.
 Sentiment has not been improved with regard to the public utility group by the receivership for the B. R, T. because of a fear that other actions of similar nature may occur, and on account of apprehension that political interests may be furthering their own ends in the direction Of government ownership measures by refusing re- lief Hope is entertained, however, that the Albany Legislature will soon take some action looking 10 improve ment in this field. Railroads not in
 
 own bottom" are also being discrim- mated against by investors on ae- count of the unsettled state in which the transportation business of the country finds itself, Hearings by the Senate Committee at Washington may provide a way out however, and we believe it will be Profita ble to watch very closely the developments in that direction.
 The life of the Money Committee
 has been prolonged, probably until after the next Liberty Loan, by re- quest of Washington. This means that restrictions In loans are to be continued. While 1t will operate to restrain broad bullish operations in the stock market, speciality better ment Is not interfered with, and as | the readjustment progresses in vart- ous lines of business, we expect to see securities representative thereof be- come strong and active. Money Is accommodating in New York, due to re- turn of funds from the interior, dis bursement of dividends and interest i following the turn of the year on ac- count of the slackening trade. This ehould be available for pool opera tions along conservative lines in such stocks as Corn Products, United Cigar Stores American Car & Foundry, and some of the better class of oils and motors.
 Views of leading f1nanciers as tc what the New Year holds for the in vestment community, industry and ; foreign commerce are Optimistic as a rule with regard to the long pull. '' l but show a remarkable agreement on the point that the present readjust ulaTfty and uncertainty in stock mar i ket fluctuations. There are good req sons for believing that in many partf 1 of the market current levels largely ] discount the adversities of the read 1 1ustment, and that while sympathetic ] declines may accompany necessary 1 Lquidating in vulnerable places, a { such times good buying opportunities l are offered to the discriminating in. ! vestor in sound rails and indu6triaIs 1 whose earning power has withstoot
 successfully the test of war and faces l the future with large working capita and good management.
 [ Progress Is being made in Europe
 toward a peace basis understandini
 between the Nations allied agains ! Germany. Differences are expected &c
 be adjusted soon. When the founda. tion is laid, the business world vii
 be able to go ahead in a new era O
 prosperity