The Bridgeport evening farmer., 1914-03-17
IN FINANCIAL CIRCLES

New York, March 17-AThe most ir7a-s mediate matter which confronts the stockholders committee of the United States Express Go. in seeking ways and means to effect liduidaf of the company's affairs is the disposal Of contract agreements with the various railroad companies over whose lines it now operates. Disposal of these contracts will be simply matter Of abrogation. and litigation Is not ax- pected- The 33,40o miles of steam and electric railways lines over which the United States Express Go. operates are covered by over 100 separate and distinct contracts. Under these con- tracts the company paid out in the last fiscal year $10s446 37e for op- erating privileges, and in the preced- ing year $9,92T, TIT. These figures roughly represent about 50 per cent of the total operating receipts of the company during those two years.
 Chicago, Burlington & Quincy has sold $5,00O. .O00 4 per cent general mortgage bonds to the First National Bank, which in turn disposed of the bonds to an investment house. The issue of bonds was made under the company's general mortgage. the pro- ceeds going to reimburse the treasury for expenditures already made for va rious additions and betterments to property.
 The western Ocean Syndicate, com posed large of British capitalists who recently acquired control of the Gen. eral Petroleum Go, plans to absorb the General Pipe Line Go. Several banking houses have formed a General Pipe Line Syndicate for the deposit of securities. The offer of the Wes- tern Ocean Syndicate is that on or before July l. 1916 depositfng sub scribers are to receive par and inter >est for their bonds, surrenderfng to the Western Ocean Syndicate their class A stock free of cost, equivalent to $500 or cost for their bonds and $40 a share for their class A stock, the bankers snTrenderdng without cost their class A stock received as com will receive approximately 142 per cent per annum on his investment and profit of over II per cent
 The annual report of tho R. J. Reynolds Tobacc. Go. for the year ended December 31, 1913, shows net earnings of 2,S62, 5s7, equal to 28.e2 per cent earned on the $1o o,000, 600 capital stock, compared with 2s-ss per cent earned on the same stock in the preceding year. At the end of the year the company had total undi- vided profit amounting to $7,507, ,140, against $5.844.572 in 1912.
 The heavy gain in earnings report
 
 for the fiscal year ended December 31 reflects the wisdom of President Schwab's policy of devoting profits to new construction before declaring div idends. Net earnings of the corp ora tion from 1905 to 1913 inclusive amounted to approximately $37,0O0,- | 900, of which stockholders received only SEATS. 407. This small disburse- ment indicates the conservatism of the 1 management in seeking to place the position before considering the ques- ton of dividends. In the latest fiscal year the company has made great on a healthy basis. and 1t is generally quired to do financing in the future it will be able to obtain much better terms than in the past
 The volume of bond buying by in- vestors last week was not as broad tive periods, but dealers reported a steady absorption and a continued in quiry for attractive issues. Total sales of securities by corporations was over SIS, 100000, the largest item be- ing the sale of $5,o0o,oo0 Pacific Gas & Electric one year five per cent notes. The decision of several rail roads to confine their financing to notes has unfavorably affected the | bond markets in a slight degree, but it is believed that one or two success full long term offerings will re-estab- fish confidence in the upward trend of | the market.