The Bridgeport evening farmer., 1914-02-26
IN FINANCIAL CIRCLES
THE BARRON FINANCIAL

New York, Feb. 26-Peoria & Eastern Railway, a subsidiary of the Big Four will pay no interest on its $4.O0O,0 income bonds out of 1913 earnings The interest on these bonds was paid year ago for 1910 and 1911, and com ti1l1ousIy from 1902 to 1908, inclusive It was omitted in 1872 and 1908. This action by the. directors can be chaTg- ed to the spring floods in the territory covered by the road.
 Gross earnings held up well with those of the preceding year but ex- penses increased heavily with the re- suit that net earnings after taxes feH from $807, ,7S5 to $445s s986. From the earnings of 1912, after paying 4 per cent on $160000 on the income. the company had a balance Of 96,101s but in 1913 it did not earn its fixed inter est charges The road is leased by the Big -Four for a guarantee of in terest on Consolidated and underlying bonds and Big Four also owns half of its stock.
 Operations of the Interborough Rap i'd Transit co. in January showed surplus after charges of $152,765 an increase of $69, ,79O over the corre- spending month a year ago.
 The Atlas Powder co. operating in dependently of the E. I. d4i Pont de Nernollrs Powder Co. by which it was controlled prior to the federal disso- lution, did exceedingly well in It's first year as separate entity The company not only earned the interest on it's sS, 0OO. 900 income bonds but had remaining surplus of 1G.76 per cent
 This was accomplished despite the fact that the conpanyss dynamite plant center, Michigan. an important income
 producer. was closed down for about
 half the year because of the labor
 troubles in the Lake copper district. Massachusetts Lighting company re- ports January net sales Of all subsi- diaries at s967z7 an increase of $4, 419. Net sales for seven months end ed January 31 were s63S, ,z11, an in crease of $30, 0,626.
 British Columbia Copper company has issued stockholders a supplement tary circu1ar to the one dated Feb ruary g to make clear the plan out- ! lined in the original carcu1ar Tn re- gard to the incorporation of the Cam 1ada Copper Corporation. Under the plan described in the first circular stockhoIders of the British Columbia Copper conapany have the right to exchange their stock share for share
 for the stock oE the new company,
 providing each stockho1der sz1bscribes
 and pays for at 6 per cent. con-
 vertible debentures Of the Canada Copper Corporation on a basis of $1
 in debentures for every share of Brit i lsh Columbia Copper company stock ] OWn9Os Aany sSIOCkIIO1utxS 3WCls9 t4A1 the dark as to what their position
 would be in the event that they failed 1 to exercise the privilege to exchange their stock and incumlbent subscrip- ton to the debentures.
 A paragraph ins the pew circular reads: Those stockholders who do II not come in and subscribe for deben-
 lures in the new company of course,
 retain their shares in the present
 company, but as the British Columbia
 copper company is without funds. and
 since the mailing of the circular on
 February g, 1914. has borrowed from
 Hayden Stone & Go. $50.00O to meet it's present financial foblfgations, and since it has not the funds to take |i up the options the new properties, E if this plan does not become opera | tive, the options held may lapse and all money heretofore spent on account of said options and development work may be lost
 All moneys which the Canada Cop per Corporation may loan to the Brit ish CoIumbia Copper company as stat ed in the first circular will be secur- ed by a, first mortgage upon all of the properties of the British Columbia Copper company"
 Baltimore & Ohio's January state rnent made just, about as gloomy . showing as that of Lehigh Valley ls- sued on Tuesday. Wall Street has
 become quite accustomed to pool learning statements, but B. 6 O.'s de
 crease of $1, ,801, GOO in gross and $460,-
 co 0in net was probably a little worse than the Street had expected.