New Britain herald., 1920-01-19

III the nltcd states nave undOubteu- lN tended to create a discouragi basis for stock and investment opera tons during the past week. The early part of the week was one of decided liquidation and downward tendency in the market until Thursday. when the process was arrested and some improvement set in.
 \ Waiting Market.
 The market for the week has un- mistakably been awaiting definite in formation on the topics which are now uppermost in the public mind. None of importance has come with respect to the railroad situa ton which has continued almost unchanged pO- litcally speaking. There has been some consequent anxiety in sundrN quarters based upon the belief that action would be so long deferred as to shift the question over into the po- litical campaign. There is thus far no good evidence of any such prospect but on the contrary what has been done up to date by the conference committee of the two Houses appears conservative and likely to De helpful. This strengthens the belief that, in opposition 10 the more pesSimistic forecasts, some definite legislative ac- ton will really be had in the near fu- turc with respect to the railroad question. Meanwhile, however, rail- way incomes have been poor and in VcstorS and traders interested in rail road issues have been indisposed to move. Market ranges of values in transportation stocks have according lN been very narrow. On the other hand. there was another diSa ppOint- ins postponement of the expected ac- 1iOn of the supreme court of the tnite.l States with respect to the status of stock dividends. Tn conse- uuencC market movements which had been expected to occur in a number of issues most directly affected by such action on the part of the court were deferred. POstponement of any announcem ent as to the appointmen, of a new secretary of the treasury has also proved disappointing to those who are directly interested in prices for Liberty bonds and in public finance operations. IndustrialIy the failure to carry out any phase of the presidents program of tax revision has intensified the situation, many having expected that the subject would at least have been taken up in earnest before this time. Ali .hcsc factors have had their influence in delaying a renewal of confidence unG activity in market circles,
 Business Outlook Good
 The decline of stocks which was so general carly in the week did not. however, reflect q condition of dis cOura cement in the business world. Reports multiply to the effect that business men the country over are looking forward to a year of prosper ous business on a large scale. Many of them believe that prices will con- tinue to rise throughout the year. Acting upon this opinion retailers are buNin& goods far in advance and mills are booking orders well into the lat ter part Of tie year. In spite of un- favorable conditions of foreign cE- change, the demand for our goods in Europe continues very strong. The year 1919 nas yielded Us net bal ;jl2ce Of far over $4.000, ,00p,1h0 aI- ,rordng to ilc latest returns. E-}!iie i there would thus far ct.l,De2r b nr lit- i t.A S!&ckeNinG in the value O. Oilr i shipments for 1920 even !l:lGer exist 1 ju@ conGiti ions. decline ia Gt'an>jti":: ! ',"i>2 >no~@ than :n,t7c H., n N;:luc :ls l lucH>Ured n money. Industrial plants l ire ,'unnin:. tuIl blast and arc eiVin- :! full employ mcnt t0 la!2Cr. i'eiuCtlo?! | in tht. value. of their share. and sc ! ..uriti,S on the exchanges i< thus not 1 dlic to any actual or perhaps proSpec- , tive ShrinlagC in tue volume of trade. ! but iS aSrriI'ahl@ tC financial ditlicU1- ] 1.rs and tight money as well aS to tlo i continuance of umlaNOrable' taxation | and reviV;! will De greatly | ment. Most observers agree that l there is every Indication of continued ! activity in manufacturing and con 1 tinued demand for goods at substan- |! tiaI and satisfactory prices even if not : at materially higher ones than are . now oXacted. The problem of the ecuriticS market is thus once more reduced to Q question primarily of the money situation. troublesome as this has been for soilie time past.
 Thk, OutloOll