The Bridgeport times and evening farmer., 1920-07-27

condition Of affairs in railroad labor
 than has existed for some time past.
 The outcome renders the railway shares more attractive from an in- | vestment standpoint than has hither- to been the case. That the roads will not content themselves with the expectation of higher rates, but will endeavor to economize in the effort to meet the new burdens, is indicated d by the action of the Pennsylvania in l reducing it's staff and in announcing
 a policy which will call for closer ap- plication and greater efficiency in the working staffs.
 The Industrial Situation
 While there has been some decid- ed improvement in the transporta- tion field, not only as regards the la Dor outlook but likewise as concerns the movement of cars. the industrial developments of the week have hardly shown much improvement There continues to be some disorganization
 in production and marketing preva-
 lent in textiles, leather and, to some
 extent, in iron and steel; although
 as concerns the latter branches of in-
 dustry the disturbance is thus far
 largely prospective rather than ac-
 tual. One result of the shut down
 in some lines of business has however
 been that of easing the labor market
 to a certain extent, and of apparently
 producing a better grade of efficf-
 ency. These factors may more than
 oSsset the dtscouraging consequences
 or temporary stagnation in other di-
 rections. This drift is being noted
 III the building trades where it was
 certainly urgently needed but it is
 evident n
 we'll. Temporary setbacks to some
 lines Of our exports, due to high
 prices, are likely to be counterbalanc-
 ed by the, large export shipments of
 our foodstuffs which it is now believ-
 ed will take place, being rendered
 possible by the great improvement in
 the estimated yield of crops. This agricultural improvement has contin- ued up to the present writing. and the early harvesting Is showing grain Of excellent condition. Possibly the element in the industrial problem which calls for the closest attention Is the question of car shortage and the restoration of efficient movement or goods over the railroads. There has been unquestioned improvement in this respect, but it is still only of a. limited sort and much more is de- manded, particularly in the matter of coal, if full production is to he promptly restored at manufacturjne centers.
 Money and Credit
 There has been little departure during the week from the begged" rate or about per cent for call money. Conditions at the Federal Reserve banks have improved and there has been an upward movement Of the ratio, which is taken to indicate that the policy of credit control has been carried far enough to attain the result that had been desired. So far as the money situation in its bearing upon the stock market is concerned however, it would seem that while credit supplies are for the present s11f- 11c1ent to meet the country's essen t1al needs as the crop moving period 1, there is no surplus for other uses. An advance of IA ner cent in the rate for commercial paner i during the week emphasizes the fa c+ that many firms and corporations which in past years depended upon the paper market for funds have now taken up the practice of direct bor rowing at banks in order to supply 1helr immediate needs. This has re- suleed in heavy demands from the l banks or the interior brought to bearI O cities. and especially in New York. A small movement of gold into the United States during the week has moi been Of sufficient size to affect con 1ltlons in any material way, and re- little more than importations for the more economica1 management of exchange operations. Large financial transactions with Germany have continued, and a con- siderable trahsference of American .apital to that county is undoubtedly occurring under conditions which as-i ure prospect of profitable opera ions in a business and Manufacturing vay so soon as trade has regained it's i'd position or something a little learer to it. The break in exchange ates on Argentina is due to the aboli- ion of free gold exportation from hat country, and to the abandon 1ent of the system whereby settle t- aents were made by the Argentine ambassador in Washingtaon for &C., ount of Argentine business interests