The Bridgeport evening farmer., 1914-02-18
IN FINANCIAL CIRCLES

| l New York. Feb.x 1s-New Haven
 Thursday of this week, and in all
 probability little else but the discus
 sion of further dissolution steps will eyentuate at the session. Inasmuch
 as New Haven usually paid a quarter l ly dividend on March 31, this meeting
 will mark the second omission, the
 dividend having been passed three months ago. It is possible that the
 board at this weeks meeting may al-
 so take up the question of reducing
 the size of the directorate. ] Heavy applications for participation , in the underwriting of the offering of
 $30.000,0o0 Western Union stock by the American Telephone 6 Telegraph Co. have been received by Kuhn, Loeb & i Co., the syndicate managers. The
 Union stockholders at eS. Western Union directors have as yet taken no action on increasing the dividend from 3 to per cent, but it is understood that the next declaration will be at the per cent rate. The price at which the stock is being underwritten by the syndicate is said to be 61. The proposal of the Fourth National Bank to reduce it's capital from $5,- 00o, ,000 to $3, COG, 900 is one of the results of the new federal reserve system. The
 bank increased it's capital four years U tunity for taking care of it's comn1er- cia1 customers. Such an institution as the Fourth National has a con stantly maturing line of commercial credits. and under the rediscount fa- ci1fties that will be offered by the Federal Reserve Bank it can take a certain amount of it's paper falling
 due at an early date to the regional
 bank and turn it into cash when de-
 mands from the money market are pressing.
 A PhiladeIphia, banking house has
 purchased $4,300,000 Southern Railway car trust certificates, bearing per
 cent. interest and maturing in ten years.
 J. P. Morgan & Co. have sold $1o,- GOO, GOO Interborough Rapid Transit first and refunding 53-year 5 per cent.
 bonds to the distributing syndicate
 which recently placed with investors
 $30, ,000. GOO of the bonds. This syndi-
 cate is headed by Lee. Higginson &
 Co, Harris, Forbes & Co.,, KisseL Kin
 nicutt & CO, William A. Read & Co.
 and White, Weld & Co It is possible
 that $2o. 1000, GOO of the bonds may be
 taken by the syndicate in this trans
 action. A good sized block of the
 new issue has already been sold. The offering price for these new bonds
 will be 99 as compared wi6h 98 1-2 for
 the first block of s30, 1000, 900 offered last October.
 The annual report of the Mackay Companies for the year ended January
 31. shows net income of $4, 402 413,
 which is equal to 5.32 per cent. on the
 $41, ,3S0, 400 common stock, after allow
 ing per cent. on the $50, 000.000 pre-
 ferred stock. In the preceding year
 the company earned sos per cent. on
 the common.
 In the six months ended December
 31 Great Northern earned it's full divi-
 derd on $210. COG. eco stock with some
 thing like $540, 900 to spare. On Feb
 ruary the new $21, GOO. GOO stock tool
 rank with the old stock, and appor
 toned dividends on this for hv
 months of the current year at the rat
 to Great Northern.s dividend charges
 Even with this addition the cofnpan- in the six months came within $72, ,O0n of earning the full years dividends. | The recent widespread snow storm should have a beneficial effect upo- the revenues of the United States Rub Der Co, because Of a largely sincreas- ed demand for rubbers and rubber Boots. President Colt reports that the company has received a great many urgent orders from retailers. late, but it will materially swell the volume of footwear used during the year.
 New York Central has petitioned the Public Service Commission for author ity to issue $70 000, 900 refunding and Improvement mortgage bonds. The cofnpany wants these bonds available for use whenever a good market pre- sents itself. The time for their sale will be decided by the board of d1rec-s tors.