The Bridgeport evening farmer., 1914-03-26
IN FINANCIAL CIRCLES

New York. March 26-Henry Phipps
 who has been identified with the Unit
 ed States Steel Corporation since it's
 organization, has resigned from the
 board of directors, and also from the finance committee. The vacancy on
 the finance committee will be filled by
 President James A. Terrell In the
 past year three vacanctes occurTed Tn
 the board Of directors. by the resigna- ton Of Henry Phipps. and Charles
 Steele, and by the death of J. P. Mor-
 gan. The board now consists of p members, compared with 2S u1eEnDers on December 31s 191z.c
 Since the passage of the Federal income tax law last October municipal bond issues have commanded the best market they have had in years The demand for them has continued more or less steady for nearly six months, and dealers express confidence that ls will show a further increase. Aside from the favorable considerations that municipal bond issues receive because they are exempt from the income tax and do not have to be reported in Iconnection with it, they are popular demand is for bonds Of the highest grade. investment houses report they cannot get as many municipal bonds as they want, and in their active 1ad- ding they simply reflect the keen demand from their clients for bonds | of this class. Rumors that a contest for control will be waged at the annual meeting l of the Union Bag & Paper Co; have fbeen started by the. request for prox- l ies by the shareho1ders' committee as well as the management A member 1 Of the stockholders. commiftee says, however, that the coaanittee and man agenent are working in harmony, and ithat the former has asked for proxies in conformity with it's custom of for kE-< 6 difference whether stockholders for warded their proxies to the company I or the committee.
 The strength of the common stock l Of the International Harvester Co. of New Jersey has commanded attention, I and it is believed to have been based on the belief that in the event of an adverse decision in the dissolution suit the book value Of the shares will be found to be substantially greater than current market quotations. It is Iclaimed by interests familiar with the
 company that a disse4ution will have
 much the same effect as it did in the lStandard Oil disintegration, and in the light of developments since the break i ing up of the oil concern, stockho1d- l CTS of the Harvester Co. appear to have no grounds for worry, provided, Iof course that dissolution will do for ithem relatively what it did for Stan ldard Oil shareholders. The annual treport for last year has not yet been
 issued. but it is understood that net earnings of at least. Is per cent. will lbe shown for the common stock The total surplus at the close of the year
 will probably show in the neighbor-
 hood of $40. .O0O GOO as compared with
 $31. .0go, 900 at the close of the preceding year.
 1 Owing to a default in the payment tof interest and principal on many of the obligations of the United Coa GO. la protective committee has been form : ed which is calling for the deposit of notes, bonds and other securities with lthe Commonwealth Trust Go. of Pitts burgh.
 It is said that the New York Cen jtral Railroad has decided to bay no more cars at present, and equipment lcompanies have been notified to this effect The company recently in
 quired for 3,7e0 cars.