The Bridgeport times and evening farmer., 1919-03-19
I. |. WATSON'S
 WEEKLY LETTER

It has been aptly put: The present bull market in securities is cap italizing the future" It is a myster ious future to many, but the vision of far-seeing fnanciers is not so cloud ed. To the latter, the market is dis counting the reconstruction of peace just as by declining 1t gave advance recognition Of the destruction of war. And it promises to be a prolonged
 peace, for the minds of statesmen are apparently fixed on the formation orl a league of nations sufficiently pow erful hereafter to prevent world up- heavals of the German type. A long period free from war means a great advance in reproductive industry something that is extremely encour-
 aging to the speculative-in investment community.
 We believe the underlying trend of the stock market is still upward. That the active shares will have set backs when technical conditions
 make prices more vulnerable to pro fessionaI attack, may be taken for granted; but during heaviness after reactions of fair extent, attractive
 buying opportunities will be presen,- ed to those who have the courage we are in favor ofm aintaining a con we re in favor of maintaining a con
 servatIve .bulIish position and would buy good stocks on reasonable re- sessions. Important financing may l put big financial interests under the market; while the rapid approach of ! 2. satisfactory peace treaty will pro
 vide ample ammunition for bulHsh op- erauons. It is interesting to observe that any objection Germany may ,1-.. be followed by a warning of economic boycott should the Teutontc Govern ments withhold approval.
 l A composite of seven different pro- | posals for reorganization of the
 transportation system of the United States has been published | by the Equitable Trust Company | of New York. It is significant to note | that all of the seven except one are | against Government and for private | ownership. The exception is the proposition of the railway labor
 unions, who. are naturally prejudiceu. | The Railway Executives, Association 1 of Railway Security Owners, Inter
 state Commerce Commission, Direc-
 tor General Hines, Victor Morawetz | and Paul Warburg all base their | plans on private ownership. It would ! seem from this government ownership ! is nearly a dead issue. On this sub- l ject President Howard Elliott of the | Northern Pacific Ky, in an address l al Chicago. vivIdly entrusted the sit
 nations under private and Govern
 ment control of the railroads as fol-
 lows: The Pennsylvania system" he
 said. furnishes 12.2 per cent. of the total ton mileage and 14.5 per cent | #
 steam roads of the country. On Dec. 31, 1918, the system had %t S,101 en- l pIoyes, and on Dec. 31, 1917, 233,-
 500. Although the ton mileage hand led in 1918 was less than in 1917 | (the later year under private con l troD, nearly 40, 900 more employees
 were required to handle a smaller
 volume of business"
 While the immediate outlook for 1 the copper industry is not favorable the future Is bright with promise, ac-
 cordfng to copper experts who have | just returned from Europe. among l them President Birch of the Kenne-
 colt Co. and MT. S. R. Guggenheim 1 of the American Smelling and Ref. | Co. Germany is denuded of copper"
 said MT. Birch. It is only a question 1 of what arrangements can be made
 to buy it' There is a difference of 1 opinion as to whether or not the In
 spiration Co. will maintain it's $S an | nuaI dividend at the directors meet 1 ing schedulded for March 27. The passing of the Calumet & Hecla divi- | dend shows that leading copper in
 terests are still inclined strongly to- | ward the wise policy of conservation
 of resources until the outlook is | clearer.