The Bridgeport evening farmer., 1914-02-16
IH FINANCIAL CIRCLES

New York, Feb. 16-The banks made
 a poor showing for the week, the bank
 statement rehecting decrease of over
 $2,000,0O0 in the surplus reserve of the
 Clearing House members. This re- suited mainly from loan, expansion or
 over ST, ,0oO, 900 for the period. There was loss in cash of about o0.000,
 and an increase, in net deposits of over g, ,000, 900. Banks lost heavily toward the close of the week when loans increased sharply and cash with draWa4s were heavy.
 The annual report of the Republic Iron & Steel Go. for the year to De- cember 31, 1913, is the best in the icompany's history. There was a sur plus of $8. 8.101, 300 available for divi- dendss which is equal to the full per Cent. on the preferred, and leaves a balance of slightly less than per cent. for the common. Excepting unusually heavy charges for Appreciation the surplus available for dividends would have undoubtedly surpassed all rec ords.
 The annual report of the Cambria Steel Go. for the year to December | 31. 1913, compares very favorabIy with
 that of a year ago. Total income af- ter deducting all expenses. inc Iuding lcrdinary repairs and maintenance amounted to $7,7S7, gro against $4.446, I709 a year ago. Net income $6,2S4, $50 which is equal to 1887 per cent. oh the company.s capital, amounting to $45,- GOO and compares with 8, All, ,o83 or TBS per cent. on the same stock year ago. In dividends s2.700,O0o was paid out as compared with $2,z5o.OoO 1 in 1913. leaving surplus for the year $3 534. $50. Total proht and loss sur plus now stands at $7.4s0 137. Ruu1ors that the New York Central is considering the reduction of it's dividend rate have been denied by an lohfcia1 of the road who states that
 there Is no foundation for such re- ports.
 admitted to list Southern Pacific 5 per cent. twenty year gold bonds due 1934. when Issued, and has also ad-
 mitted to dealings Southern Pacific rights. Formal notice has been re- teeived by the Stock Exchange that lSoutfern Pacific win increase its cap ital stock by $20 .000.
 At the annual meeting of the United | States Worsted Go. to be held March 17 a plan of reorganization will be pre- sented. An issue of s1, 300, 600 ten year sinking fund per cent certificates is proposed as the medium through which to Hquidate $1.000, ,0o0 loan made to the company by brokers. The certificates will be offered to stock holders on same terms as to bankers, I one certificate at $76. 92 for every. ten shares held. The first preferred stock is undisturbed. An issue of S4,S00. : ie00 common stock is proposed for the purpose of converting $4.0o0,0OO second preferred, when holders elect to con- tvert, the remaining $500. 900 to be held in the treasury. It is rropossd to re-
 duce. the present s7,0o3. GOO common istock to $79o, 1000 by reducing par from | sl0o to $10. There will be 6, ,00o,0 ,0OC authorized common.
 6T. |. Watson & co.)
 
 The underlying conditions of the
 ltically three years of economy have
 irepienished the investment funds ot
 Ithe people and reduced stocks of mer-
 chandise to a minimum. Meanwhile monetary markets all over the world are in an easier state than in several iyears. In London. new capital is- sues have recently been well oversub-
 fscribed. Here. the bond market, while mot quite up to the unusually heavy business of January, rules strong, with the shelves of dealers and bankers , pretty well cleared off by the. invest
 ment demand of the first month of the new year. The bear party has only ! two shots in its iocker-hope of un- Favorable Mexican developments and : Congressional interference, But as against this we have the facility with which new capital can be conrnand-
 led for constructive purposes and for lthe reftlnding or redemption of old
 securities. thus supplying new funds 7 for reinvestment. There are many : observers who believe that the Federaa ) Reserve banking system will institute
 lan era of expansion that will not ex- l haust itself for several years. Money rates and discounts are below the .n- terest return on sound stocks and 5 bonds The inevitable result must be to increase investment that will : tend to lift prices. of securities The [ market is exhibiting excellent tech. nical features. On the reactions f7f1lI. ness ensuess rallies generally bring In. } creased business. There are no sign. of liquidation. Variations in quota. Itions are to be expected from time tt time but so long as the worlds finan Icial centers are supplied with money at low rates the tendency, in OUT judg
 nent. will be toward d higher basis : The extent of the. investment nov C. l naent Is the strongest folndatiorl foi : the ultimate development of broat g tspeculation.
 ei WILSON WOULD KEEP