The Bridgeport evening farmer., 1914-01-14
IN FINANCIAL CIRCLES
(The Barron News service.) !

New York, Jan. 14.-AS was expect ed. National bank annual meeting day brought forth developments which in- dicate that the powerful financial fig ures that have long oom1nated' a large number of local financial institutions are releasing their hold. The changed public sentiment referred to in the statement issued by J. P. Morgan when he made it known that he and members of his firm had resigned from the boards of many corporations can also be credited with some of the resigna tions from national bank direc- torates.
 George F. Bakers withdrawal from the Chase National Bank is regarded as the first step toward stemming the criticism aimed at the interlocking di-f reetoFate practice Tn connection with Bakers resignation, it is said, how even, tbat it implies no change in stock control, and that the close rela-e tfons which have n -erofore existed between the Chase and Bakers First National Bank will continue.
 The fact that many of the larger national banks of this city have not yet. applied for meinb bership in the federal reserve system does not imply that they have decided to remain out of it. Aside from the personal atti- tude of bankers toward the system it is the general impression that Joining is purely matter of compulsion and not attraction. To remain out of the system might easily involve heavy losses from interior national banks and government bond holdings.
 At the annual stoekholders' meet ing of the Hudson Companies, Russell s. Garter, G. E. Cabot, M. B. Metcalf, T H. NewberTy and A. s. Wing. re- signed as directors, their places being filled by A. A. Tilney, F. G. Bartlett, G. B. SchIey, K. B. Conger and w. H. Barnum. A resolution authorizing an increase in, the board Of directors from 12 to B mem bers was adopted, and the new member will be elected at the next meeting of the board.
 At a meeting of directors of St. Louis Southwestern Railroad Go, E. T. Jeffery resigned as director, and George H. Macy was elected in bis place.
 Estimates of United States Steel Corporation earnings for the fourth quarter of 1913, which will be issued on January 27, have been reduced somewhat, the best opinion now be- ing that they will show between $22,- coo and s2S;000, 900. Ni
 The notable strength shown by com mon and preferred stocks of BethIer hem Steel Go. is due 10 the excellent record the company made in 1919. IT is understood that surplus available for common dividends after payment Of 5 per cent. on the preferred amount ed to nearly $4, 06o. 900, which is equal to between, 25 and 30 per cent. on the S1 5, GOO. 900 outstanding comm on stock. This favorable showing was made de spite the fact that depreciation. charges were $500 coo more than in fhe preceding year. The steel trade is and has been in a depressed state, but the Bethlehem Co. has fared much better than it's competitors. The com . pany,s transfer books show that CharleS M. Schwa3, owns more than 80, 900 shares of the 150 sO0O shares of preferred stock outst anding.
 At the annual meeting of the Stand ard Oil Company of New Jersey two new directors were elected. These were F. D. Ashe and & B. Hunt to succeed the late James A. Moffett and C. M. Pratt. As 70 business ir the. past year, Nice-President Bedford said: s.Generally speakings the past year was a good one for tho oil com paI1ies Prices were higher, but crude material also cost more, so that the margin of profit was not so large: Our earnings, T should say, were as good if mot better than in the precedspg' year.
 $1. 237 a share, said to have been made for a committee representing minority holders would be equivalent to c7p- italizingN the stock earnings on the basis Of 1912 at less than per cent. The same report is understood to ind fine real earnings, including sums said to have been diverted to maintenance of improvements, to be 35 pet cent on the stock The annual report for 1912 shows a balance after cnarges of $l6,-s 5s4 2s4. equal to 33. .16 per cent. on. the s5o,66o.o0o stock -'ss' -