The Bridgeport times and evening farmer., 1920-08-30

is so large a volume of actual bust
ness, upon which the newsy establish
ed freight rates will take effect, with
corresponding results in charging the
net revenue. To this end the action
of the Shipping Board in raising
coastwise rates in approximately the
same percentage as that which the
Interstate Commerce Commission
had applied to the old railroad rate
schedules, greatly contributes 1t will
protect the roads from the competi-
ton, which they would otherwise have
to meet the part of the more or
less parallel water lines and insures
that there will be no diversion of
freight from land to water. On the
other hand; the action of the State
Railroad Commissions in regard to
the applications for higher intrastate
rates, although not uniformly favor
able, has, nevertheless, shown that
State Commissions are not disposed
openly to fly in the face of reason
by attempting to maintain a local rate
structure. An appeal from the adverse
findings of one or two OF the State
Commissions has already been order
ed by the Interstate Commerce Com
mission, under the terms of the auth
ority granted in the new transporta-
ton act, which permits the Commis-
decisions of State Commissions in
cases where such action as that of the
State body would result in discrimi-
nation against the shipper or pa,ssen-
ger. Such hearings and perhaps ap-
pea1s from them, may take some time,
but it now seems certain that the re-
suit will be to establish a uniform
and consistent rate structure through
out the country on the basis laid
nv the Interstate Com cree
Commission in the recent rate de-
cision. This makes for a more prac-
tical1y hopeful outlook for railroad
stocks than they have had for a long
time and recent market tendencies
have shown that investigators recog-
nize this fact.
Finance and Money
The money outlook continues to be
| the serious difficulty in the whole
situation. If the banks were in a
position to lend more freely and more
reasonably there would be no check
| to high tide of prosperity. Money
scarcity, however, shows no symp-
| toms Of curtaiiment. During the past
week there has perhaps been some
| exceptional stringency due to the
preparations for the interest and div
| idend disbursements due on Spetem-
| Der /, which are estimated to be about
| SES ~ Inc SlludIlOf1 SIloWS a
| continued urgent demand for crop
! moving funds, while even a slight in
crease in the severity of the need for
call money in the latter part of the
| week raised the rate to per cent.
| Time funds have continued almost
| unavailable, although the market for
/, good bankers aeceptances has re-
| manned favorable among country
banks. There is, however, nothing to
| indicate that the banking authorities
will be disposed to '1oosen up" in
! the near future. but, on the contrary
present indications are adverse to
any distinct easing of the market out
! look, The money situation eontin-
ues to be the prominent factor in fl
| nanciaI discussions and it is the con-
sensus of opinion that, notwithstand
ing the improving tendency in bust
ness, there is very little reason to an
| ticipate any particular relaxation in
rates for some time to come. Elk
| change has been more stable as a. re-
| suit of less excitement in trading and
| better news from Europe, especially
| in connection with news from the
| Russo-Pelish battle front.
The Market Situation
Dealings in securities have been
! rather more active during the past
i few days than had previously been
i the case, while a better demand for
stocks and rather stronger quotation.