The Bridgeport evening farmer., 1914-02-14
IN FINANCIAL CIRCLES

New York, Feb. 1.-The opinion is held in local banking circles that the entire issue of Southern pacifiez con vertfblc IS offered at par, will be sub scribed for ny stockholders. For this reason applications for participation in the underwriting of the issue were heavy. Those houses which paft1ci- pated in the underwriting of the s20,- 0J0.G GOO S. thern Pacific ono year per cent noTes sold last JIa as have the s,riVlesc Of taking an equal amount in the underwriting of the present issue with a 2 per cent coE1lnissiop. U. 6iea wr1tcrs' commission for the Ter naafu1er of the issue is 1-2 per .:c..t. Isy this arrangement thog. who help e.! in the sale of the n otes when financial conditions were unsettlcd are given an additional compensation. ! Laclede Gas Co.'S annual report for 1913 dfscloses the largest net earn ings in the company's history. They amounted to $2,154,115 an increase of $14,826 over 1912. The gross earn ihgs of $4,58S, 491 also set a new high record. comparing with $4. .444, 498 the preceding year. The report proved m agreeable surprise to stockholders be- cause the company contended with unfavorab1e industrial conditions and lower average rates throughout the year.
 Grand Trunk Railway has declared
 
 on the third preferred stock. Two years ago 1-2 percent was declared and in 1911 1-2 of 1 percent.
 At the special meeting of stock holders of the Imperial Tobacco Co, held in London resolution was pass ed confirming the acrion taken by the special directors meeting confer ing upon common stockholders of the American Tobacco Co. tha same rights now held by the American Tobacco Go. as a. corporation and making pos sib1e the distribution by the Ameri. can Tobacco Co. to it's coTnruon stock holders the Imperial Tobacco stock now held by. the American Conpany.7
 For the year ended Dec. 31, 1919, Pittsburgh Glass Co. reports net prof it's of $2,445, ,298. an increase of s296s- 418.
 Indianass Pipe Line Co.'S report for 1913 showed a decrease of S205. 411 in net ineo1nes a reduction equivalent to about II per cent. NeE earnings of $1,770,97 were equal to 35.8 per cent on the company's 500. 00o capital stock, on which dividends at the rate of 32 per cent were paid in 1913. Whereas the company showed sllr- plus after dividends of $5TS,3S in 1912, surplus of $170,972 remained after the payment of dividends last year Tn November, 1912. the com pany increased its quarterly dividend rate from 6 to 8 per cent, so that di- vidend requirements were larger by $200,000 in the year just passed.
 According to Standard Oil officials the agreement which has been reach ed between the Standard Oil Co. of New York and the government of China provides for the development of certain oil districts of that country by an zAmerican-CTines company in which the Standard Oil Go. of New York will hold a large controlling i'm 4--. 1T - wi1l@be 8 partner Officials of the oil company say that there are large petroleum deposits in China, but they cannot predict how profitabIe the ven- ture will prove.
 Two plans have been developed by the bankers who will look after Fries S12. .50O, 900 collateral trust per cent gold notes, which mature early in April The one most apt to be adopt ed provides for a general mortgage on the property. and if this can be work ed out within the next two or three underwfite the maturity of the notes until the machinery of the new rlort- gage can be put in shape to take care Of their payment.
 The prediction is made by interests in close touch with the Rfker-IIege4 man Co, that in the current year gross sales will run close to $20, ,00o.- 900. against about $15, 100000 in 1913. There has been no change In the company's r1ans for stock dis tribution during the coming summer.
 Banker Henry Clews)
 Whether the present reaction in the stock market, which has been conssd- erable, has run it's course or not. can not just now be determined; but it's future improvement is promising A partial offset is the probable heavy amount of new f1otations. the s..cce = full placing of which will call for = siderable banking support.