The Bridgeport times and evening farmer., 1920-06-19

the very strong demand for funds which comes from interior banks and which consequently limits the lending power of city institutions, there has been during the week some indication that the pressure for funds had about reached it's peak and the opinion or capable bankers has been that the expected increase which was thought likely to carry the demand for loans on up to very high figures at the opening of autumn might be avoided A much more stable condition in foreign exchange with far greater freedom from extreme fluctuations, has been characteristic of the weeks transactions so far at least as the European exchanges are concerned In the Oriental field the decline in silver has been a notable feature of recent developments, the price falling to fully 50 cents below the high point of the upward move ment in that metal Disturbance 1n Oriental trade relationships natur- ally fol1ows with a somewhat specula- tive situation as regards 5oth silver and the silver exchanges. and this state of things tends to influence the values of not a few foreign securities It is, however, another indication of return toward the more normal or pre-war state of things In this same connection is to be observed the heavy purchases of both Anglo French bonds and of exchange for British account, evidently with view to promptly meeting the matur1- ties of the early autumn It is not strange that Liberty bonds should have shown some declining tendency as a result of tHae ' per cent rate at Reserve banks- yet they have seemed during recent days to hold their own quite successfully at the new level Of value established by the changed in vestnent conditions This decline has naturally beem furthered by the
 establishment of a 6 per cent rate on the new issue of Treasury certifi- cates of indebtedness - an advance which contributes to the maintenance Of high naOnlGy-
 Politics and Investments
 The cl0es relationship between the political developments of the summer annd fhe investment outlook
 cannot be rniniHnEzed- Probably there
 has never been am election at which issutes involving so many important
 international and domestic questions
 were at stake or in which the deci- sionS to be reached would necessarily
 havR so immediate influence upon the prospects of business enterprise Tine m cs#t encouraging element in the sftuatIDn is the fact that on several important questions both parties seem to be fairly well pledged to a con servative policy, yet investors Will naturally look for confirmation of such commitments in the shape of
 definite declarations by both political examinations Such confirmation is a1ready afforded by the Republican platform as ann nounced fS~dn Chicago In the ahsence of the final outcome
 waiting attitude on the part of the
 market cam scarcely help making itself evident and tflis may last for a
 considerable period until there is at least fair assurance of the prospects for the autumn contest In the meantime however, favorable action on the part of the Federal author1- ties with respect to railroad rates distinct Improvement in the labor sit ! rlatlpm ass al r@suat Of the work of the l Rai1May IEab@r- Rusard and ot1er or samizati@nrs and the gradual straight | eminsg oat of the transportation tangle | may relieve the tendency to hold UT \ undertakings of one Sort or other anc may thus create a more active tons 1 in market comddtiOms-
 Market Ox1t1ooE-
 I During the past week tane market l however, has 6@em distinctly fta ths l doadrursns Mitgh tSne wO11rne of trans ] actions ugaom a decidedly low level ! and with prices orn the whole tending ] slightly lower, although holding thel! | own we'll under the circumstances ant | in the case of specialties showing
 more or Less buoyancy- The equip
 ment shares have acted particular. 1 we'll amd the same iB true of various l smgar and other industrial issues
 Railroad shares were adversely affect
 cd tsy reason Of the cut in the divi derads Of the Chicago & Northwestern l O. which came as a complete sur prise and naturally created uncer tadntw as to similar action by the df
 rectoss of other companies. It i 1 thought, however, that the North I western is a case by Itself, and is no applicable to other roads, which ar | in better condition to meet their re | utIirements especially now that it i | practically assured that higher frefgh
 rate~ will be authorized i'm the nea l r1tar@. G'~aasaetESras on the Eix
 change are again Of tssa 1fssatast kind l pairing off Slight pressure to sel
 from time to time is due. not so rnucl to liquidation as to sales b- trader 1 working On ths short side. Even tn professionals. however, are not dis posed to put stocks out in any Quan titv owing to the possibility. or 'proba