The Bridgeport evening farmer., 1914-02-23
IN FINANCIAL CIRCLES

New York, Feb. 23.-ReportS that Wall street houses which often act for the Goulds, were large subscribers to the Western Union underwriting have been responsible for much comment in hrlanciaa circles 1t is construed by some as neaning that the GouIds are seeking to re- -establish themselves in the telegraph busdness. None of them has attained high degree of success in railroaddng. but they are attracted apparentIy by the opportunity to go back into western Union at a price much lower than that at which they had sold out The wisdom of this movement it is contended, lies in the 6a6t that the intrinsic va1sRe of the stock is today much greater than when the Goulk1s sold out. There is little Likelihood xhat subscribers to the underwTttfng will receive amy con- siderable amount of the stock, in fact it is probable that they will receive none whatever
 At the annual meeting of the Gin cannatd & Suburban Bell Telephone co. the board of directors was reduced from 8 to members. no successor be- ing elected to take the place of John KiIgour, resigned, Other directors were reelected theodore ry. Vail is the representative Of fine American Telephone & Telegraph Co. on the board.
 National Lead earnings 6sl the cur rent quarter will doubtless reflect a reduced volume Of b1siness% This, however is nothing more than the us,1al slowing up at ta1ds time of the year. Confidence is felt by directors that the late spring will sec a. sl1b- stanffal revival in the lead business but 611ds as based on tine belief that there is to be a general revival of business activity.
 ing summer can show earnings as good as these of 1913, there is no req son why the company should not be in position to start dividends at the rate Of per cent. per aEuum. That no action has been taken on the div idend question up to this time is par tiaILy due to the desire on the part of directors to see the company's sum 1ner earning capacity for another sea- son. It is inrtinaated that the first dividend wdg1 mean the placing of the stock on a reg91dar basis.
 In view Of the large volume of financing accomplished during the week, Saturdays bank statement could not be sized up as a poor One Loans increased $6, 700. 900 to g, ,o40.- 231 00O which was considerably below the expansion looked for and indicates a curtadlmernt of commitments m otn- CT directions on the part of the banks Net deposits increased $7.1S0,O00 to $l,- 924, ,a17, coo. Surplus reserve fell of $s, 355, 700 to $34.614,75O. A further loss in cash was noted, the decrease amounting to s2,ss0,000 and bringing the item down to s474.732,Oo
 CT. L. watson & Co.)
 lit is evident from the scarcity of available bond dssues complained of by bonIddea1ers and institutions that the investment supply is adequate to take care of many millions of new is- l1es These new issues will provide buying power in the field of manu- fracture and production. The recovery in the steel industry is we'll main tained: even making further progress c'Mrdn,g and the metal will be among the first of the great staples to feel the influence of returning business ec- tivity At no time does the general market exhibit what may justly be styled weakness. When prices recedo, dldllnesE sets in and subsequent re- coveries suggest that the process ot accumulation is still going oa1. We consider that the income return pre- stnted in contrast with the easy mon ey rates assures resistance to attack The growth of beardshneSs among the trading element is doubtless a ref1ec- ton of an enlarged short interest and the technical position, as well as in trinsdc strength of conditions, is ripen- ing the market flor easy response to any favorable development that may occur.