The Bridgeport evening farmer., 1914-02-25
IN FINANCIAL CIRCLES
---- BARRON FINANCIAL


 NEWS SERVICE.
 New York. Feb 25-The past week made a notable record in corporate financing Approximately s12o, 000, ,000 in new issues was brought out which was more than the total amount of new financing consunamated during the entire month of January. Indications are that the present short month is likely to compare fayerably with the record month of 1913 when $S55,00O,- O0o of corporate financing was arrang- cd. Not all of the $12O, COG, GOO an nounced last week, however will a,o- sorf investment funds at once. The s30, ,000, ,000 Western Union stock which is being offered at e3 to Western Union stockholders of record February zs ls to be paid for by March z4. There is also SIS, 600 Great Northern stock on which holders are not req1ired tp make first payment until May H.
 Rock Island bonds showed a uni formly advancing tendency during the week. there being net advance of I-s points in the collateral As of the railroad company 1-2 in the deben- cures: IA in the refundings and 57S #of point in the general As Of the railway company h the same period the common stock of the Rock Island company declined 1-4 and the pre- ferred 1-2.s The advance in the bonds was due to the belief that the. dissolution of the holding companies will work to the advantage of the operating company and that the col lateral bond of the railroad company which have the only call on the conn mon stock Of the operating company, are worth more than their recent low prices.
 B. E. Goodrich co. in it's report sor, the year ended December 31. 1913, Ter porte9 net sales Of $3e. 509s3 347 conpar-
  tended Hece1nber 31. 1912 DTotal in- come was sa. 429 as against $4s291, IFS in 1912 The net profits of $2, 5s0,- TAT were equal to .8S per cent on the $e00o0. GOO common stock after deduct- ing preferred dividends of s2s19O.- 900.
 Tn the past five years from 1909 to 1913 inclusive, the Wabash Railroad earned an annual average of close to $7, GOO, 900 avadlalble for fixed expenses and other miscellaneous charges. On the basis proposed in the tentative re- orra nlzation plan announced last week fixed interest charges on the property will be reduced to $3,50O, 600 annually. The new basis of funded obldgatons proposed for the property will lower the company's fixed charges approxi- xnately $1, ,500,000 per annum- EliMi1la- tfon Of the $4I, 921 600 first refunding and extension per cent. bonds by exchange of these into new adjustment Income bonds which will be a contin gent charge against earnings will re- lieve the company of $1,zs4.000 in fixed charges annually. Payment of the [ s5, GOO GOO 1-2 per cent notes which will be provided for in the reorganiza- ton will relieve the company of an- other interest charge amounting to. sz25, coo Tn addition the reorganiza- ton will, do away with the company,s guarantee Of Wheeling & Lake Erie ss, ,00Qo oO0 per cent. notes which, after the Wheeling default on this obliga- tion, cost the Wabash Railroad $400s- 600 annu ally.
 Lefigh Valley January gross earn Einga were $2,271, ,2a6 against a, 396, ,615 in 1913. Net after taxes was $354 ,26e as compared with $771,093 last year. The year 1913 was the best in the history of fhe Cambria Steel Co. It earned 1887 per cent. for it's stock after extraordinary replace of g. .100s- GOO and fixed charges of $453.5s0 as compared with TBS per cent. in 1912. On January 20, 1914 the company paid Il per cent. extra to it's stockholders making a total of per cent. out of earnings for 1918. the largest ever paid for one year. The report showed an increase of a. .341. .000 and an increase of g, BPS, ,ss7 in net profits a gain Of more than 75 per cent.