The Bridgeport evening farmer., 1914-04-15
IN FINANCIAL CIRCLES

New york. April 15-Returns to the Barron Financial News Service or e1 railroads. operating in. the Limited States, for February, show a decrease in gross of 1O.6OI per cent, and a sde- crease in net of 4O.2 per cent. This compares with a decrease in gross for January of 6.92 per cent, and a de- crease in net of 23.22 per cent The operated mileage covered by these roads for February, 1914, was 186,669 miles, as compared with 185,52O miles for February, 1913. an increase of l. 349 miles.
 The Rock Island collateral per cent bonds selling at 33 cents on the dollar somewhat different view of the security is taken in financial cir cles. It is pointedk out that the bonds are secured by deposit of an equal amount of stock of Chicago, Rock Isl- and & Pacific Railway, the operating property; and no one doubts that the property is of great value The point of uncertainty at present is how much money it will take to place it in first class condition. and how much money is to be raised. If the amount need 1 ed is $49, ,000, 900, as estimated by Presi- dent Schumacher, it may be necessary for an assessment. If it is found to be less than that amount. the stock holders of the Rock Island holding companies may supply the full amount. The stock of the railway company has been earning five per cent or more for years. That the property has been hurt by the pay Ement of practically all it's earnings in dividends in recent years is now evident Lean years, so far as divi- dends are concerned, are likely to fof- low, but past earnings. show tnere is value in the property, and proper re-
 habiIitation should increase it's future earning power
 The large over-su bscription to the New York Central $40, 00o,000 improve
 ment and refunding f-2 per cent
 bond Issue necessitated a considerable cutting down in the underwriting par
 tieipation In the neighborhood of
 s15, GOO, 900 of the issue has already
 been placed with investment instftu-
 tions and investors.
 For the two months ended F,ebru- ary 2s, American Telephone & Tele-
 graph and associated and holding and operating compan nies in the United
 States, not including connected indee
 pendent or sub-1icense companies had
 gross earnings of $36, 476,473, compared
 with s34. 425, 557 The surplus for the period was $1 756 989 against S2, or. 294
 Stockholders Of he New Haven should find some comfort in Chair man Howard E1liott's statement that
 the New Haven will have surplus
 after charges at the end of the cur-
 rent nScaI year. At the close or fWO-l thirds of the year the road reported
 8 deficit after charges of $6z5, 900. This left out of consideration certain items
 of other income payable to the New
 Haven in June. Chairman Elliott says that so far as can be estimated total income deductions for the current year will amount to $21 .620. .502, an in crease Of $2. 162. 100, half of which was due to interest on short term notes and one-third of which was due to the passing of the Boston & Maine divi- dend. Income from other sources with due allowance for the probable onais- sion of Ontario & Westerns 2 per cent. dividend, from which New Haven re- ceived $5s3.4 ASA in 1918, and for reduc- tfon in interest receipts owing to
 smaller bank balances as well as for a smaller return from the Rhode Isl- and Co, is not expected to exceed ST. 100, 900.
 A resolution was adopted at the an
 nual meeting of the Union Bag & Pa per Co. to appoint a committee to in, ;vestigate the companS's general 1nan-
 cial condition. The committee is to report it's findings to stockholders in
 45 days. The board of directors of
 the company was increased from 14 to
 15 members by the election of Guy
 Morrison Walker. J. A. Kimberly
 Jr., was elected director to fill
 vacancy a