The Bridgeport evening farmer., 1914-11-09
NEW YORK EXPERT
 REvIEWS SITUATION IN FINANCIAL WORLD

fTshe Barron Financial News Service1
 New York, Nov. 9.-Tshe preliminary estimates of the October balar1ce eofs trade, indicating that exports of the United States for the month exceeded imports by $60,000, 900, has produced. a decided Improvement in Wall street sentiment. The change in trade ten deneies is considered in E connection with two other changes, which, it is argued, should result in a speedy set tlement of this country's indebtedness to Europe, and the zeSta ablishment of large credits by the United States One of these changes is the complete suspension of tourist travel, and the other is the return to the United States of a large number of very wealthy Americans, who formerly made their homes in Paris, or else turnsson investments here, and spend= ing them abroad. tsis eontended that
 as result of these changes, and of increased economy on the part of the people in general money will soon be-, come very easy, with the usual result
 that new enterprises will be started, and industry will be- quickened.
 A member of a conservative invest uaent house says that there has been marked Improvement in the number of inquiries and actual purchases by investors in the past few days, conn E the United States, but from Canada Canadians who formerly thought only of selling, now favor the buying side and the apparent change of sentiment
 in Great Britain s leading colony is
 regarded a favorable omen of the sentiment of Great Britain itself.
 While the fourth quarter only began
 with october 1t is safe to say that the
 Lacixawanna Steel Co., with many other steel companies will show 8. def-
 icit for 1914. The company had. few
 orders on it's books on October 1 and
 the month was an extremely poor one
 On what little tonnage the company
 allow practically no profit Prices of
 steel are lower now than at any time in the last fifteen years.
 Darwin F. Kingsley, president of the New York Life Insurance Go, who is leading the attempt of several life insurance companies and other inst1- tutions to o1st the five bondholders' Go at the annual meeting December ', and elect a new set, says: Two issues are raised by the conmittee formed to represent the holders of New York Railways income 5 per cent. bonds at the election on December
 next The first is that the holders of these bonds have never before taken proper action to safeguard their own interests under the indenture. These bondho1ders by registering their bonds for that purpose with the Guaranty Trust Go. have the right to elect five Of the eleven directors constituting the board of the New York Railways Go Heretofore the election has gone ISby defeau1t. We propose now to rem edy this and have the bondho1defs
 express their choice for these five di-
 rectors. The second issue is that the five directors now technically repre-
 senting the bondholders in the direc- torate have, as we believe, n1isinter-
 preted the irdenture and as a, result the holders of these securities are now receiving the income to which they
 are entitled >by the earnings of the road and the mandate of the inden- ture."
 (T. L. Watson & Co.)
 A number of credits for foreign gov ernnents have been established here but they are for the purpose of mak- ing purchases of American supplies,
 and it is the policy of our banks to discoura ge investments in Europea government loans that would result in
 a movement of gold from the United
 States. The exigencies of war will l assure a long continned demand for 1 our products and hence there is prom ise that in 1915 the total balance of l trade will swing decidedly in our fla 1 vor. All these considerations contrib i ute to hasten the eventual restoration l of normal business conditions and es- l tablish a base on which investment
 confidence is slowly returning, thus pointing the way to a re-establish-
 ment, in due season, of the usual ma chinery of the securities market The test of patience is not yet over but
 the outlook is brighter than at any 1 time since the European war con vulsed universal credits.
 Michael B. Smith of New York,
 wanted by the police for entering an
 apartment house gave himself up.