The Bridgeport evening farmer., 1914-02-27
.IA FINANCIAL CIRCLES
BARRON FINANCIAL

BARRON FelNANCIAA
 NEWS SERVICE.
 New York, Feb. 27-The annual ue- port of the American Sugar Refining Go. Is expected to reveal earnings that will little more than cover the T per cent. dividend on the S45.ooo, coo pre- ferred stock. The year 1913 was the worst period experienced by the sugar trade in 20 years as regards prices obtained for the refined product. How ever, common stockholders have little to fear as to continuance of dividends, for in the three past years including 1919, the company has earned a bal ance of 35 per cent. for the common, which is about IS per cent. more than has been distributed, The new tar1m has been an unsettling factor, and it will probably take al year or more before the sugar industry adjusts it. self to the new duty basis. A cut of 25 per cent. goes into effect March l. and further reductions will follow until the product is claced on the free list in 1916
 Persistent weakness in the prefer red and common issues of Missouri, Kansas & Texas has provoked nurner ous unfavorabIe reports generally to the effect that the road Is about to pass the preferred dividend, of per cent. In the six months to the end | of December the company reported
 
 preferred of about $1, 900 900. The am nuaI disburseAhen1 on the $1a 000, 900 preferred stock requires $52O, GOO. In the first half of 1913 the road earned the full years dividend almost twice lover. The comparison of earnings with the first half Of the preceding year was however, unsatisfactory. rJAt operating income of $4,151 91a was $1. .46z017 lower than 1912. A Joss of $S4s.142 in gross earnings was hccorn- panied by an increase of $s49.706 in operating expenses. Almost half of the increase in expenses went into cost of conducting transportation. The annual report of the Imperial Tobacco for the year ended October 31 1915 shows net profits of $3s sS54. 4T5, and a, profit and loss surplus amount ing to $zess3E.
 Erie Railroad has sold to J. P. ATor- gan & Go. $13s50Os0OO 5 1-2 per cent. three year notess to provide for it's three year 6 per cent. notes due April 8 next and other miscellaneous bank loans maturing in the near. future Notes are ca1IabIe at any time after one year at 1o2 1-2 and interest This financing provides for the company g pressing refunding necessities. The next maturity which the company will have to meet is the $4, $50, 900 notes ma turing October I These, it is expect l ed. can be taken care of by sale of bonds to be issued under the propos- ed new $500, GOO, GOO general mortgage which the company fwiI execute to pro- vide against refunding all it's outstand- ling obligations as they mature, and i for general improvements and better
 ments.
 l Steel manufacturers feel confident that they can maintain. present dfyi- dends if there is no further reduc- ton in prices from present levels. There are many steel companies that are not earning dividends on the ba- sis of present steel prices and pro- ducers are hopeful that if there are no unfavorabie developments before kspring, new buying will inpart to the steel industry an impetus which will $carry earnings above dividend re- I lquirenents.
 Since the close of the last fiscal year, June 30 1913. $4, 435.500 Norfolk | & Western convertible bonds have been exchanged for stock bringing the total common stock at present out standing to $10z. .559 500. Convertible bonds of the three issues now out standing now aggregate $17. .1S0, OO0- H. w. Thornton of the Long Island Railroad will take up his duties as general manager of the Great East ern Railway of England in London, on April 1.