The Bridgeport times and evening farmer., 1920-11-03

Foreign exchange has naturally con- tnued depressed and uncertain. as must be the case so long as there is so great an unsettled balance due the United States and so serious an un- certainty regarding the future of our credit policy. Nevertheless, the fact that during the past week sterling has not gone below $3.40 is a better showing than had been expected by many. The effects of the Anglo
 French bond payments upon the mar ket have now practically disappeared. Many projects of further foreign financing are under consideration, and with the increased investment demand which now seems to exist appear to have at least a fair chance of success. In so far as they do suc- ceed they have the same influence as the domestic corporate financing up- on the banking situation, since by providing cash for the liquidation of immediate liabilities they tend to put conditions back upon a liquid foot ing.
 Progress in Railroad Developments
 Announcement on the part of the Treasury that it had extended loans to railroads in an amount close to
 $290, 100000 for equipment purposes, together with a list of the railroads thus aided, shows that provision is being made under the terms of the Transportation act for the better out compiled by the Eastern railroads also show that during a recent month an increase of about two miles a day in car mileage was effected, an in- crease which may be regarded as equivalent to about 100000 freight cars The new purchases of equip ment and the increase in efficiency have resulted in a very considerable reduction of freight congestion which has had a, correspondingly good effect on business in many parts of the regular and more satisfactory than for a good while past Coincident with this increase in operating eff ciency has gone a very general effort on the part of the roads to curtai1 the number of their employees where it was possible to do so without reduc- ing their service to the public. In these circumstances the increasing confidence of the public in the better railroad shares evidently has a sub Stantia1 basis, which accounts for the to1erably steady advance in the price of most of the issues. even in the face of discouraging conditions in some other branches of the market
 Market Review and Outlook
 Operations on the Stock Exchange have been upon a lower basis of volume during the past few days Nevertheless an optimistic tone has prevailed, although the seriousness of the English labor situation occasioned some shading of prices during the latter part of the week. Still, as whole, the market has given a pretty good account of itself. which argues well TOT the TutuTe! " lth the HTeS1- dential election now so close at hand
 and the strong belief that the results will be very satisfactory to the coun- try at large, the market from now on ought to exhibit better undertone,
 especially as the pursestrings of the banks are being 1oosened; it's tech nical position could not be better for an advance, as the outstanding short interest is rather large and the float ing supply of stocks is small. Ac- | cording to the present reckoning Wall street loans are down nearly 50 per cent. from what they were a year ago. The market may 'sback and filI' somewhat longer, but it will | be very much easier to advance l prices than to put them down, as the | great bulk of stocks are now held by | strong people who believe with Judge
 Gary that the readjustment process 1 which business generally is now un-
 dergoing. in such an orderly manner will in the end be beneficial
 HENRY CLEWS