The Bridgeport times and evening farmer., 1920-03-23

while the evident need of the rail i roads for larger equipment has nat 1 urally brought about a strong up- ward tendency in equipment issues 1 Excellent demand in retail trade re- ] ported throughout the country has given a buoyant tendency to the shares of many industrial concerns. Since the stock dividend decision of the Supreme Court numerous plans for the early or later payment of stock dividends have been tentatively announced, and some have been actually put into effect. Notwith- standing a material reduction of the estimated amount of the refunds to 1 be ma6e under the stock dividend de-
 cision the effect of the opinion has
 continued to be materially helpful to prices, while the policy which has ! been adopted, as a result of it, by
 corporations has tended to give sub ] stance to the predictions which had I previously been indulged in. Crop l prospect news of a preliminary na- | ture made available during the week
 has been favorable, and the outlook | today is apparently most satisfactory l for industrial development during l the season which is now opening. l This in itself tends to bring about l better values in the market as well | as a more optimistic tone.
 | Railroad Developments.
 While there has as yet been insuf- i ficient time for the entertainment of | probable railroad policies under the | new regime of private ownership,
 such as have come to hand have on the whole been favorable. Revenue reports have been better than in the l past and there has been a drift to-
 ward better serves. The roa1s have
 begun placing equipment orders, q | po!iLy which augurs well for their greater efficiency, and hence for their better earning power, as well as for the immediate future Of the equipment companies which must l manufacture the needed materials It is reported that the railr oads have placed heavy steel orders for equip
 Inent, estimated at S25, ,000, 900. This
 is good start and is causing
 > more cheerful feeling in regard
 to the shares of the steel and iron
 companies. Railroad executives are
 showing a disposition to co-operate
 with a view to convincing t1Ie public
 that better service will be furnished
 under the present policy than hal
 been supplied by the Government. The prices of railroad shares have 1 remained only about steady during 1.-the week, movements in either direc-
 ton being on the whole narrow, the
 public awaiting more information concerning future operations before
 definitely comitting itself much further. This leaves the speculative
 possibilities of the rails still open,
 and if anything growing more prom , ising from day to day. Next week the Interstate Commerce Commits
 sion will give a special hearing to , 1 railruad executives for the purpose , Of permitting them to present testi- , 1 nony regarding valuations. Tnis is 5 something which has a large barring
 on quotations Ter railroad sh ares as , a whole, although some time must f necessarily elapse before decision will l be rendered with respect to ;ndivid- ua1 roads or groupings. The rail- l way mileage of the country is mo- 1 where up to the necessities of the
 public and the equipment of such l mileage as we have, as is well known, is even less satisfactory, rel l atively speaking, than its amount } Very much larger operations in the . rails than have recently taken place l l are accordingly to be expected foI = 1 the future. -ne express D upanirs
 have asked the Interstate Co71t1r.e"ce : Commission for increased zone rates r of 50 per cent to 75 per cent, and I l tariffs shortly.
 = Market Review and Outlook.
 e Despite some. ups and downs dur = ing the week the course of prices has r been generally buoyant and stronger and the volume of business on the n exchange has been substantial Gu = of town buying has been in evidence = from all parts of the country and the d investment possibilities of stocks a 1, present levels have apparently beer f recognized. All this goes to show g that the market is resting on a goot Il foundation, and while it may wave If now and then there is nothing to in
 dicate that the upward swing ha:
 exhausted itself On the contrary, i Il is now apparent that whenever tn r valves are opened to let off excessiv' h steam there is a rush to pick III ,s stocks. Fear of tight money ha d kept a great number of people ou