The Bridgeport evening farmer., 1914-03-14
IN FINANCIAL CIRCLES
(Barron Financial News seryice.1

(E1ErEOn E1u8mCAaA N6EFS SGEE1C6sJ
 New York, March s14.-Forfy eight of the countryss national banks re- ported gross deposits of over $25, ,000.- 900 on March 4, the date of the Comptroller's last call for condition
 This number compares with forty-five at the preceding call. January IS. and includes seventeen New York, five Chicago. six Philadelphia, three Bos- ton and three St. Louis banks. Only eight banks of this group. including four in New York. show losses in their gross deposits since January 13, but in each case for comparatively small amounts. On the other hand, the gains reported by the balance of the list are heavy. The National City Bank of New York heads this division
 with an increase of $41, 1000. Oth- CT banks with increases of over $15,-- 000.Q00 were: Continental and Com merGiaI Bank of Chicago; First Ma tional of Chicago: Chase. First Nation al and National Bank of Commerce of New York.
 In the liquidation of the United States Express Co.,, no great difficulty is looked for in the cancellation of contracts with the railroad condpan- fes. Already the company. by nego- stiation with railroad officers, has per- fected arrangements for the surrender of many unpra1tab1e contracts. Tn regard to the others, 1t is hoped that litigation may be avoided, or that the railroads wdll be satisfied to make terms with other express companies. or handle the express business them selves Most of the contracts give to l the express company exclusive car riage of express over the lines of the ] particular railroads. In the event of l litigation, it will be maintained that l the express company has not had the I exclusive privilege since the institu- ton of the parcel post. The natural :rejoinder may be that this diversion i of profitable business in small pack
 ages is no fault of the railroads, but flor that matter 1t is certainly no l fault of the express company. A special meeting of the stockho1d- l CTS of the U. s. Light & Heating CO, will be held April g, at Portland. Me, for the purpose of voting on the prop osition to issue S1,5a0,0 ,000 first mort | gage per cent bonds. The proceeds of the sale will be used to wipe out s610, 900 short term notes maturing in July on which high rates of interest
 have been paid for renewal, and the
 balance will be used for working cap- l itaI This action is the result of an Il investigation into the company's af- fairs which has been conducted for some time by a stockholders investi- economies includes, the consolidation
 of the New York office with the Mi l agara Fal1sspIant, which is expected to 1 effect a saving of $130 1000 a year. On | ly a distributing station will be main I tained in New York. The conpanys
 chief hfndrance has been lack oi
 working capital. Business is being booked at the rate of $200. .000x a month, and has about $4.0o0,O0e l worth on hand. The consent Of 7s l per cent of the preferred stockhoId- CTS is necessary to the issuance of the
 bonds, as the preferred stock agree I 1nent provides that no mortgage car
 be placed on the. property without tlae
 consent of 75 per cent. of the prefer.
 red shares
 II w. M. Barrett, president Of the
 Adams Express Co. in answer to 2
 query as to whether his company con- tenplated retirement from business
 owing to Parcel Post opposition. said
 sThe Adams Express Co.,, has abso-
 lutely no intention of retiring from business. However. we are not yet I able to determine the effect Of the
 new low rates. We believe that the
 public will recognize that the servdct | Of the express companies is such as l cannot be performed with equal efn'
 cfency through any other medium and I that their continuance is absolutely in dispensabae to the business interests o1 the country.