The Bridgeport evening farmer., 1914-09-19
NEW YORK EXPERT
 RE EvIEWS SITUATION IN FINANCIAL MORLD D

(The Barran Financial News Seryice9 New York, Sept. 19-Those who ex- peeted the European war to prove a gfear stimulus to the American steel industry must be greatly disappointed by the depressing reports that have enianated from manufacturing centers ever since the conflict started Far siglIted steel producers have at no time since the. beginning of the war given the impression that they be1fev- ed the trade would receive direct ben efits from the war that would out weight the inevitable losses The paralyzation of export trade was a se-= were blow to all of the important steel manufacturers, and it will be some time before they can hope to recover the ground lost through this develop ment Domestic demand for steel has fallen off notably in the last month, which clearly indicates that business in this country has been severely hit. The railroads are struggling to give first class service at second class rates, and unless they are able to i'm crease. their revenues they will be forced to continue their policy of buy ing equipment on a hand to mouth scale. It is needless to say when the railroads remain out of the equip ment market for any length of time the steel trade suffers Foreign in- 4quiries for finished steel products ir- l fOAN Saf SOA1S a1ASdNys 4IO4AI<486S+ put the actual business booked is wholly in- adequate to compensate for the re- duced home demand. South America { is now the obective point of American manufacturers but no large shipments of steel or any other product are to be expected until better shipping faciI- 4 ities are in evidence.
 The, changes made in the, board of directors of the American Locomotive Co. this week when S schoonmak-
 man of the board, and A W. Nell Ion of Pittsburgh was elected a di- 3rector. the two taking the places Of t. McNaughtons and Plfney Fiske have tended all strife between Isaac M. Cate and the 1nanagenent. Cate who is a Baltimore stockholder has for the past three years or more been active in i making charges against the manage 3ment through circulars to the stock holders.
 Directors of the Corn Products Re- ifning Co. are expected to meet for I dividend action next week. The reg ular quarterly dividend is expected to ! be declared, as earnings are running sf in excess of dividend requirements. The company continues to adhere to it's old schedule of prices on it's pro- sI ducts, notwithstanding the high price tof corn. < The export business of the company has been badly crippled, but it is expected that better shipping facilities will soon remedy the sit 5I llation- The company is grinding about 85. 900 bushels of corn a day compared with 100, GOO bushels at this time last Iyear.
 The State Savings Bank of Butte. Montana has brought suit against the < Stewart Mining Co. for payment of i the last dividend on 67,OO0 shares of stewart Mining stock held as collateral for loans to F. A. Heinze and the Bfng- ham Central Railway. When the bank failed a. few months ago the 5. Stewart Go. had on deposit about ESQ., GOO and the directors seek to withhold dividends as an offset to the money tied up in the bank. Heinze per sonally owes the bank, it is under stood, between $4OO,o0o and $500 900.
 A protective committee of the stock holders of the Blake & Knowles Steam Pump Works, has been formed and is calling for deposit of stock with the Bankers Trust Go. The company is
 controlled through ownership of com
 mon stock by, the Internationa Steam
 Pump Go, which asserts there is 3 large debt against the subsidiary com
 pany. Dividends on the preferred
 stock were recently omitted after %
 years.
 When a prominent banker is asked nowadays regarding the prospect for
 a resumption of business on the Stock
 Exchange the probability is he vii
 ask his interrogator this question: How is the foreign exchange mark
 et?" When he receives an answer te
 that question he generally replies thai until foreign exchange rates more
 nearly approximate the normal discus sion of a reopening Of the Exchange is premature. The inference is blair that the foreign exchange difficulty is now the chief one awaiting solu. |, ton.
 The alley bill, the result of Mrs Wilson's Investigations. was passed b, the Senate and now goes to the Presi
 dent for signature.
 Diamonds and jewelry valued a