The Bridgeport evening farmer., 1914-12-05
NEW YORK EXPERT
 REVIEWS SITUATION IN FINANCIAL WORLD
CBarron Financial News service.)

GBarron Financial News Service.)
 New York, Dec. 5-Annual stock holders meetings may disappear in the immediate future by reason of the ten-cent tax provided for in the war emergency taxation program for every shareholders proxy. When proxies were taxed back in 1898 at the time of the Spanish-Ameriean war, corporations in many instances ad- vised their stockholders to sign the proxies and the corporation itself would pay the tax. The present war tax, however, does not go thoroughly into this subject and many corpora ton lawyers believe that it will be up to the stockholders themselves to pay the tax should they desire to sign the proxy. This will doubtless lead in many cases, according to corporation lawyers to the enforced postponement of annual meetings owing to the lack of quorum.
 Five boats owned by it's English subsidiary have been chartered by the United Fruit company under advan- tRgeous terms to the British govern ment- These vessels have been tied up almost since the commencement of the war and the chartering arrange ment will therefore reduce consider ably what otherwise would have been 8 heavy loss through inactivity.
 Shoe manufacturers believe that de- spite the fact that foreign orders for shoes ranged from 2,500, GOO to 5000, 900 pairs boom is coming for this in dustry. The buying has been done al- most entirely in behalf of the French, Greek and Servian governments. Eng land has not yet bought shoes here, but according to bankers interested in shoe manufacturing, present indica- ttonS begin to point to probable or ders from English sources during the next two or three months.
 General Motors company continues to Operate. under good conditions as evidenced by the fact that it's Novem- Der output was nearly up to that of year ago or at the rate of about one thousand cars weekly. At the moment General Motors has fewer un-. sold cars on hand than last. year.
 The oldest stock exchange house, Edward Sweet & Company, has passed out of existence. This is believed to be but the first of a number of firms which will announce their intentions to suspend business. The protracted period of inactivity has severely taxed the financial. resources of the broker age firms.
 The authorized capital stock of the United Profit Sharing Corporation has been increased from $350,oO0 to $2,- 0o0,OoO. The stock vii be offered to shareholders and valuable rights will go with the shares.
 T. L. Watson & Co.)
 Three months of war conditions have passed and a brief resume oS Uinted States toward the restoration of a normal situation reflects credit on our banking leaders and indicates the immense recup powers of the country. We have established, without a hitch, the Federal Reserve Banking System, with 22S millions of gold Concentrated in the twelve re- gional banks The 30 millions of New York City foreign maturities have been provided for and 35 1-4 millions of gold have been shipped to the Can adian agency of the Bank of Eng land. The country has retired g, third Of the 330 millions of emergency cur rency taken out in August; New York City banks alone have cancelled over two-thirds of their issue of about 1S0 millions The New York banks have also cancelled 124 1-2 millions of Clear ing House loan certificates and ere long the country's currency will be normal in character. Our foreign trade has revived so that as against a debit balance of 19 millions in Au- gust, we have had an excess of mer- chandise exports over imports of 70 millions in November. The nations bank c1earances, which in August fell 33 per cent. below the same period last year, are now only 29 per cent. under 1913. Cotton exports, which are nil, are now within 30 per cent. of last years movement. Copper indus try has improved and the price of the metal is up from Il cents to 13 cents pound. Some steel trade experts are predicting an early turn for the better in that manufacture. Sterling exchange has declined from $6 to $5 to a normal basis and money rates have fallen 2 O 8 per cent. to 5 per cent. or less. The New York Cotton Exchange has been open two weeks without the failures that had been apprehended The interior Stock E1x- changes have reopened. with, a fair volume of business in local securities. The bond department of the :. New York Stock Exchange has reopened, under minimum price restrictions, with a. trading not far below that of last year. Some 50 or TO different is- sues of stocks are being deal in throus the Stock Exchange Clearing House, with prices, officially published, showing substantial gains over the level of July 30 when allowance is made for dividends that have been paid in the interval.