The Bridgeport evening farmer., 1914-01-12
IN FINANCIAL CIRCLES

New York, January 12-The United
 States Steel Corporation reports uri- filled orders on hand as Of December 31 at 4,282,108 tons. a decrease of 114.239 tons, as compared with A. 396, ,347 tons on November 80. Un- | nfled tonnage October 31 was 4,513,- f767 tons; September 30, 5s003.7S5 tons; August s31, 5,223,467 tons, and December 31. 7.932.164 tons.
 The decision of the Massachusetts Supreme Court against New Ravens proposed convertible bond issue brings to an end all existing financing agree nents between J. F. Morgan Co. and the New Haven Railroad J. F. Morgan has severed his connecrfon with the road as a director and mem Der of the executive committee. His firm has cancelled the general fiscal agency agreement effective December 6, and the adverse decision cancels the special agreement Morgan & Co.,. had made covering the proposed s67,-s 52,000 issue. The decision means that New Haven must either renew the s45.0O0.00o notes which mature
 June 1, issue non-convertible deben- lures, or create a mortgage under which bonds might be Issued. It is understood that plans have been dis cussed looking to the former arrange meMt.
 Subscription warrants for the New Haven debentures were issued in Octo- Der, to stockholders of record Septem- I Der g, and there has been heavy trad- ling in the rights since. In many cases the transactions were closed by cash payments. Ire decision by the Mas sachusetts Supreme Court means a vast amount of confusion and incon- l venience, and possibly law suits in
 unraveIing the transactions that have taken place. They are not at once l cancelled by the annulment of the issue, as in the case of the when, and if issued transactions.
 1 Dissolution of the Southern Rail way voting trust may be carried out very simply, the requirement. being that the voting trustees. J. F. Morgan, Charles Lanier. and George F. Baker, notify the holders of the certificates that the trust has been dfssolven,
 and that the certificates should be turned in in exchange for the stock. While the net after taxes of the Chicago & Eastern Illinois has de- creased S6S3,01s during the five l months period that the road has been l in the hands of the receiver1, this fail- 1 ing off is in no way due to Shrinkage 1 in business During the perdod an extensive rehabilitahton campaign has been carried on by the receivers which has cost $740,006 in excess of the previous half years outlay for that purpose. Furthermore the condition of the road has been vastly i'm proved. Directors of the Mexican Northern Power Co., have notified the holders of the eompany's SIG, 100000 first ! mortgage 5 per cent. bonds. that Jan uary interest has been deferred. In l terest due last July was also deferred. The board gave as a reason, the con- 1 tinued unsettled conditions in Mexico. 1 . The Standard Mill Co, probably the l largest concern of it's kind in the country, reports record net earnings | for 1913. Net income for the year ended August 3I 1913 was $831,1 compared with $682.sss in 1912. The balance available for dividends in I 1913 was 9.29 per cent compared wdth 1 7.35 per cent in 1912 The outlook for the United Fruit l Co. during the current year is most excellent. Fruit and steamship opera tions are expected to show good re- l turns while a s11bstantfal profit from sugar is also indicated. The net re- I turn from fruit trade so far compares very tavofaoly with that of the prev ious year and is more than twice as large as in 1912.a An increase in the output from the Banes and Nipe sugar
 nndlls is probable. Last years output was 26o. .600. 900 pounds
 CT. L. Watson & co.)
 The Bank or England has reduced 1 it's discount rate from A6 per cent. to 41z per cent. a step in the direction l of worldwide monetary ease. It is l even suggested that reduction by
 l the Bank of France in its minimum rate will not be long deferred. Here
 l then is the basic consideration that 1 makes stocks at their current prices
 i attractive to investors and that will
 l tend to support prices. There is a
 scant supply of stocks, the technical
 position of the market is good and
 l some of the most experienced observ-
 CTS agree that the market has turned
 I for the better. Confidence cannot be l restored to order in day or month. l Pitches may even from time to time I occur in the process of revival. But
 the initiative has been taken, and with
 easier money widening the field for
 l the raising of capital for constructive
 l purposes, it should continue.
 Seven members Of the crew of the
 bark Manga Riva, on trial in the
 United States court at Wilmington,
 l Del, were convicted of nutiny.
 4 al :