The Bridgeport evening farmer., 1914-07-13
FEAR OF SUIT BACK .OF NEW HAVEN DROP
eBarron F,inaneiaI Newa.1

New York. July 13.-T11e spectre Of the dissolution action against New E1a- ven by the Department of Justice is held responsible for last weeks heavy liquidation. which on Saturday. car- ried the stock to the lowest level ever recorded.
 As far as the operating afrairs of the road are concerheds nothing has deweI- oped that would seem to justify the acute weakness Of the stock In spite of the fact that the railroad proper showed a deficit of $1sz9 1903 after payment of fixed charges for the elev- en months ended M ay 31 1t seems to bear out Chairman EsaIiotfss prediction that for the full year the company will show fixed charges earned with a small balance to spare. This of course was based in part upon accretions to income from dividends of subsidiaries declared In June.
 The Central New England railroad pays into the New Haven treasury s15o,000 and the New England Nav isation Co. s1s35ss00o. the latter be- Connecticut Company, the Hartford & New York Transp ortatfon Go. and the New Bedford & Martha's vineyard 6 Nantucket Steamship Co. These pay- nents tota1ling $1.5oa,000. more than onset New Haven's eleven months de- felt. leaving small surplus pf about $21O, ,00O-
 In connection with Missouri Paci- fic's numerous diffacuIties 1t may be stated that the Interstate Commerce Commission may order the road to make proper charges for Appreciation, which will increase annual fixed char ges $500, GOO. Another $250. 900 will be added to the roads burdens by the additional 1 per cent interest charge rv7 n nr r7cAf7 mn sa afT carrying charges on the Kansas ter nlinaI will add $2b0s sOoo annual oblt- gation.
 Thus Missouri Pactac's fixed char ges for the year to end June 30, 1915, will be increased $1, COG without addi- tdon of any new capital For the eleven. months to May s1. last. the company earned only $5s,55s above operating expenses, fixed charges and miscellaneous deductions Indications are that, for the twelve months fixed charges will be hardly earned
 The growth in Bell Telephone sta tions during the past six months has owed in some measure to prevailing business conditions but rnateria1ly less than might be expected unless one bears 1ns mind that the teleph one is more than 50 per cent a social com venience and a business necessity in a minority degree. For the six months AO une l11es LoS7lA 5lSA4l Se1146tAa tOA 900 new stations, am increase at the rate of 614soO0 per annurn This IS a gain of 1-2 per cent This com pares with an actual in crease Of 850.- 900 stations during the first six months of last year, a decrease of only 43, 900 stations or 12 per cent.
 Probably no large corporatfcr in the United States occupies such an unique position as regards the distribution Of it's shares as does the American Tele- phone and Telegraph company. On June 30 last, it had 53.737 shax ehoid- CTS, being exceeded only by United States Steel and Pennsylvania Rail with 124, 194 and s4.244 stockholders respectively.
 Neither the Pennsylvania Railroad nor United States Steel, however, can boast that so per cent of their share holders are residents of a single state standing share capital is owned in a single state. Such is the ease with the American Telephone Company.
 On April last. American Telephone had 22S stockholders owning 1.20O shares each or over, excluding brok- craze houses. of whom 12,s or 5s per cent were residents of Massachusetts. There are a surprisingly large num- Der of women stockholde CTS, while a very extensive share interest in the company is held by trustees.
 6T. L. Watson & Co..)
 The exports of gold happily have come to stop and some experts look to see the big agricultural surplus, for which a large demand exists in Flu rope, turn the balance of trade in our favor this winter. possibly leading a 1 recall of part, at least, of the yellow metal we have shipped abroad. The stock market, in spite of unfavorable movements in some issues subject to particular influences, has exhibited a good power of resistance. Liouida ation l in the main seems to be completed.
 With easy money still ruling inter nationally. the harvesting of the crops, if not interrupted by unexpected dis aster, is likely to give a new impulse to industry and bring railroad earn ings back to the point where invest ment revival will be stimulated.
 The Street is waiting still for the rate advance decision and while we cannot believe that the decisien will be unfavorable, even should it prove un- | satisfactory we think that the domi- nant factor will be wealth produced from the soil this year, operating or the fundamental soundness Of the country's business structure.
 Herman F. Borcher and George EIofmeister of Pittsburgh were arrest