The Bridgeport evening farmer., 1914-09-30
NEW YORK EXPERT REVIEWS SlTUATIOt.
 IN FINANCIAL WORLD
Showing of Bethlehem Steel Co. For First Six Months of Year Is Highly Encouraging -Warburg Quits Wells Fargo Directorate,

cThe Barron Financial News Services)
 New York, Sept. 30-In view of the losses shown by various steel scompan- ies in the first half of this year. and the passed dividends reported by a number. it is encouraging to note the showing made by the Bethlehem Steel company, for the six months ended in June. The company reported a
 surplus of $2,869672 although no al-
 lowance for depreciation was made in
 the report as submitted to the Stock
 the fiscal year is completed During
 the six months period the working capital was increased by nearly $500
 000 Cash on hand at the end Of last
 June was $S.406,00O compared with a. ses. 900 at the end of the last fiscal
 Business Of the Standard OH com pany in South America recently has not been up to what 1t was before the beginning Of the war. Represen-
 business generally has fallen off in the Latin-American countries. principally owing to financial strtngency brought about by the war. Owing to the Standard Oil company.s world wide sphere Of activity 1t is interesting to note the views Of the conpanyss rep lresentatfves regarding the opportuni- ties of the United States for develop ing big South American trade. They point out that the financial situation
 in several of the South American re- pubncs is rather critical now and 1t is the Idea that If Americans are to ob-
 tain business in South America former ly Controlled by Europe, fheygswfu have to supply. a large amount Of money
 as well as lengthy credits
 Since his confirmation by the Senate as a member of the Federal Reserve Board, Paul M.s Warburg has severed his connection with most Of the cor poratfons in which he was a director. He has lately resfgued from the board of the WeI1s-F'argo Express company,
 his place being taken by Jacob H. Schin.
 Deferrfng of the October interest on
 InternationaI Mercantile Marine 4 1-2 Der cent bonds will be the largest de- fault that has taken place outside of
 the railroad field in many years. There 1 are $52,744, GOO Of these bonds outstand- I ing from an authorized issue Of $75,- Oo0, 900. Interest on them amounts to I $2, 373,4S0 Earnings Of the company l In the year ended December 31 1913, I were S, TIT, 900 above interest and taxes 4before any aIlowances was made for i Ideprecia ton. According to an offlciaI
 statement issued last week, business since the first of the year stl1as been livery unsatisfaetoTy, ana the company I has not fully earned it's fixed charges
 for the period ending July S1.'' This means that even before the war start | ed the company was showing a de6cif As it reports to It's security holders but once a year they get this knowI-
 edge simuI uItaneously with the an tnouncement that interest on the { 1-2
 per cent bonds is to be defau1ted. The American Mailing company Is l lsending out circular urging all hold l CTS who have not already done so to I deposit for extension to June T. f917 their six per cent, first mortgage bonds I maturing September next A little
 more than $500 600, out Of about s2,- 400. 900 owned by the public, have been deposited to date. The circular says
 that for seven years to August 31, 1918.
 net earnings after all charges were
 $3.729, ,2s5 and that after dividends $1, l 44o.525 surplus was earned. It is fur ither stated that since the original is- | sue of the bonds 2675 .SS1 has been I spent in Improvements and additions, l and that g, 119s s529 was from earnings land the balance from proceeds of prop- l erty sold.