The Bridgeport evening farmer., 1914-09-14
NEW YORK EXPERT REVIEWS SITUATION IN FINANCIAL WORLD
Reopening of Stock Exchange Would Result in Heavy Li- quidation of Railroad Bonds Held fin Europe, Say Wall Street Men-War Makes For tune For a Commission House.

House.
 (The Barron Financial News service.)
 New York, Sept. 14.-A further ar gument set forth by those who are op- posed to the reopening of the Stock Exchange at this. time is that the re- sumption of trading would bring about the liquidation of a tremendous amount of American railroad bonds held in Europe. Estimates Of these foreign holdings range from $1,500.- 100000 to $2,OOo, 100000, with the lat. ter figure probably the more accur- ate. Financial interests are worrying over this phase of the situation, and they declare that unless railroad bonds are made more attractive than at present-gtven greater safety through increased net earnings-the danger of heavy foreign liquidation may Become very serious. This Is one of the chief reasons why. the demand for increased railroadSrates is more urgent than ev- CT before. The position of the saw ings banks, and even the life insur- ance companies, it is pointed out, de bends upon the stability of bond prices. Maintenance of prices at figures as high as those prevailing when the Stock Exchange closed is the aim of all hnanciers who are working for the best interests of the financial structure.
 While the war has wrought havoc with the fortunes of many and with business generally, there are neverthe- less a few individuals who have been able to substantially increase their for tunes as a direct result of it. The statement of customer of. a promi- nent commission house, which was made up a few days ago. showed a proflt of $6S0, ,OOO, gained through the hot RNR FAxU Iya ago when it was selling around two cents & pound, and on the purchase of May wheat bought at 94 cents 8, lb1shel and sold at $1.1o. The ad- vance in wheat even from the $1-10 level has probably afforded handsome profits to quite a. number of sagactous wheat operators.
 That 914 was a. decidedly poor, year for the general run of industrial en- terprises is indicated in g striking way by the severe decline in gross and net earnings of the American Locomotive Co. as revealed in the annual report for the year ended June 30.
 During the first six months, or the last half of 1918, the company did fair ly we'll, but in the closing half of the period earnings ran exceedingly poor, the final results showing gross amounting to $29.9eT, ,4R8 against $54.-- s6s.176 in the previous year, and net amounting to $2,662s252 against $6,- S26. ASA in 1918. The net returns were equal to 1880 per cent on the $25, 5,000,- 900 common stock against 11sT4 per cent earned on the same amount of stock in 1913. According to President Marshall, the poor showing was due partly to the fact that locomotive prices were so low as to leave a. very slight margin of profit on the orders secured! In order to keep the plants operating some orders were accepted GS NT-v
 On September 16. the Public Ser vice Commission for the second dist trfct will resume consideration of the New York Central and Lake Shore application for authon1tty to consolf- dates. General stockholders voted in favor of the step last July and. the Lake Shore stockholders in conse- quence of the Courts refusal to issue an injunction at the request of the minority stockholders, took favorable action last week. There remains to Joe obtained the consent of the rail- road commissions in four states. Alp plfcation has already been made in five states The Ohio commission decided that the law did not invest 1t with Jurisdiction over consultations. Proof. has been submitted in New York, Pennsylvania and Illinois. The case, has not been laid before the Micfi- gan commission, but 1t Is to be as soon as the commission sets g. date and 1t is believed that submission of the. evidence, there will not take long.
 President Markham, of the Illinois Central, thinks the railroads should re- ceive 1 per cent of. the proposed 3 per cent tax on freight bills as com pensation for handling the levy. He does not believe that the tax would tend to reduce either freight or pas senger traffic of the roads.
 CT. l.. Watson & Co.)
 Slowly but surely we are woring toward a restoration of normal con- ditions It is a good time to look at the advantages of this country, iso- lated from the destruction of war; producing annually one-f1fth of the worlds gold production and holding more gold than any other nation; full of other vast mineral resources; more than agricuItural1ys self dependent; able to manufacture all materials nec- essary for high social development: young. vigorous and with an ever growing population. Peace and plenty are absolutely our portion and more than ever should we count our bless ings-the blessings, especially. of this particular year.
 Don't endure the needless pain and torment of rheumatism, aggravated as 1t is by the hot weather W n