The Bridgeport evening farmer., 1913-12-31
FINANCIAL
(Barron Nema serviee.l


 (Barron News Service.J New York. Dec. 31.-A review of the past year in the investment marlze1
 shows that the development Of great est importance was the decline in the l price of bonds to the lowest point re- corded since the panic of 1901 Ehs average price of twenty-five reura- sentative railroad bonds at the Ior
 level reached about the middle cE June was only 3 1-2 points above the lowest average price of 1907 Ar 4he year closes these bonds are but little higher than the years .1ovvegt-I 1-2 points-which is 4 1-2 pOints below the closing prices of 1912, and n polutr below the opening prices of z9O9 New security issues brought out during the year wall approximate $1s zS0, ,OOOOO0 or less than 10 per cent. below the rec ord for 1912.
 According to the last report Issued by the Comptroller Or the CurTeucv. as of October 21, the national banlrS of New York City CAIanhattan Bor- ougD had deposits due other national banks of $337, 457 ,OOO; due to state and private banks $122, ,671, 300, and due to trust companies and savings ban1-r S1S1, ,12s, 200. These items VIII be ar important consideration with the ma ttonal banks of thls city on account Of the new banking system. Most. n not all of the national banks viii nr- doubtedly join the system within ths Eext 60 days, but in any event a con siderable sacrifice orr their part is fu- volved in regard to these balance It is impossible to foretelI what pro portion of interior balances will re- main with them after the redigtrfbr.- ton of reserves has taken place. 1He changes in the next year or 60 win be noted with interest.
 It is said in well informed ouarfor- that Boston G Maine directors are e.- r1ously considering the advfsablIitv rf agreeing to guarantee per cent div ldends on the $1,4O0,O0o stock Of the Hampden Railroad Co and fine urr- posed $1,9o0,0OO issue Of 5 per cent bonds. These two issues -v7fIl brine the total capitalization Of the Hamp.- den Railroad to B, 500 900, the amount recently approved by the MaaBanhm- setts Public Service Commisgion aa the proper cost' of the road
 Confirmation by the court oe fhe sale of the azsets of the old lluuren Bros, Incorporated, places the pur- chasing company. recently incorDorat- ed in Virginia under the same narno. In position to start bushes on a large scale The A1illilren Co, wi1ich hag a large steel plant on Staten Island, har undergone reorganization twice Ifg first trouble occurred around 1907. and was due mainly to rack Of V7orzlus capital In this connecffon the com
 
 it has now 9, ,OOO, 600 working capital
 Despite the fact that the steel frnde has suffered a severe depression for the past several montfs the year ag a whole will not be recorded as an unprecedentedly poor one. The tan- dency Of prices. taking the twelve month in its entirety, has been uri- ward, and a majority Of the compa- nies were able to make a good show ing in earnings, notwithstanding ma terial1y higher wages which meant Increased cost of prodhction- United States Steel Corporation will report net earnings Of close to S140O1o0l1. which would leave a surplus after charges and dividends of about S35- 00O,O0O The corporation will make iGa customary annual dIztribution to pfa- cere heads of departments. guperlu- tendents, etc, within the next few days In the neighborhood of s2Oo1.- GOO will be paid out under this bonu1 plan Last year the company diatrib- uted $1, 800. 900 dn this way
 United States Empress Co. hae made Joint office arrangement, effective January 1, with the Western Bxprea1 Co as part of a general retrsuchn1enL program The arrangement is opef- ative at all points reached by the two companies.
 November gross earnings Of Dela- ware Iackawannas & Western Rail- road amounted to sS. 575,259, aRaiugt S3. .6e5, ,s05 last year Net after taIeg was S1, ,37O, ,295 compared with 81,sZI.14a in 1912. Gross for the five monthg ending with November amounted tc SIS. 110O12 against Si1.sO7,s22 and net for the same period total1ed S6,40o.1 19s, against $e,65OOgO.