The Providence news. (Providence [R.I.]) 1891-1906, 1891-10-28
THE FINANCIAL NEWS.


The local money situation is 6 to 6H
per cent.
There is better demand to-day for
stocks, and especially for bank securities.
The demand is at prices above the bid IN
most instances and but fractionally be-
low the asked price in many cases.
A few of the local banks pay dividends
next month, and between now and the
first Of November some activity may De
expected Those paying DIVIDENDS IN
November are American Natlonal, flrsI
National, National Eagle, PhenlA VA
tional, Second National, Westminster
Bank and the Rhode Island hospithi
Trust COMPANY. To this list also should
be added the Arlington q Sims Engine
Company.
This approaching dividend has already
to-day caused sale of American BANK az
43e4. The amount, however, Delhg Only
three shares. does not constitute an ofhelal
quotation, though the stock Is onereo a1
S44
The quarterly meeting of the Providence
and Stonington Steamship Company oc-
ours on Friday, the 10Th inst
Readers of the NEWS who have followed
the Financial NelOS before its union with
this paper were not surprised at the turn
which affairs took yesterday at the meet
ing of the Industrial Trust Company. The
Rhode Island Safe Deposit Company's
union with the Industrial Isust Company
mas Dttn "a nldlltE Ntll III foN'A
circles. and the NEWS has frequently COM
mented on the relative value of the two
stocks as result of the com
bnation for nearly two months past.
our esteemed morning contemporary
however, needs TO be corrected somewhat
in its statements. IL says oyertures tow
ard the mutual business relation be-
tween the two companies came from the
safe Deposit Co As "A matter OF fact the
first intimation of such union came from
the Industrial Trust some years ago, and
before there was any definite action taken
in regard TO the moving the *. l. Hospital
Trust Company to Westminster street,
and also before there was any thought of
that company putting in safe deposit
vaults. At that time the price offered by
the Industrial Trust was $50 per share
for the stock of the safe Deposit Co.
The offer was refused by the Safe Deposit
people After il became known that the
Hospital Trust Company would establish
a safe deposit business, the Industrial
Trust again made an offer OF 500
for the majority OF the stock
Of the Safe Deposit Company This was
about one year ago: and the offer, like the
previous one was refused. The directors
of the two companies, however, being 10
some extent the same, there was recently
another move made by those influential in
the trust company's directorate TO come
10 some agreement with the Safe Deposit
Company. The trust company hay
ing secured virtual control of the build
ing in which the Safe Deposit vaults
are situated by the purchase of a majority
of the stock OF the Atlantic Insurance
somewhat the terms OF any new agree
ment and its last offer, therefore, OF slOO
per share for the stock of the Safe Deposit
Company was accepted.
Again, the amount of stock taken by
the Industrial Trust Company is not $5O,-
I...t = .,I I,f. NIaf fa
of the three newly-elected Safe Deposit di-
rectors, Messrs Albert Calder, James
Kimball and Hezekiah Conant NOW di-
rectors of the Industrial Trust Company
and the interests of Messrs Sam uel II.
Colt and Joshua Wilbour (also directo Is
in both companies) will place a majority
of the stock of the Safe Deposit Company
in the control of the Industrial Trust
Company.
The further details Of the transaction,
rs far as at present decided, are as fol-
lows: The stock of the Safe Deposit Com
pany is 20 be Increased from $4,000 to
100000 Messrs. II. G. Cranston, Charles
H. Sheldon, Jr., Charles II. Atwood,
Joshua Wilbour and Samuel Il. Colt were
added to the building committee of the
Safe Deposit Company.
The safe Deposit Company will take n
lease Of that portion of the first and lower
floors which 1t needs, for a long term of
years. The conditions of the lease will
be decided when il is known
what the exact size of the
new quarters will be. As long since an
nOunced in these colums the new quarters
of the safe Deposit Company will he fitted
up in the most approved style and will be
readily accessible. Both companies are
to he congratulated on the settlement of
this question which has for so long been
the subject of comment and discussion
We shall expect to see the Safe Deposit
Company's stock advance rapidly in price,
for while its capital is doubled ITS value
and certainty of remunerative business is
more than doubled by the new arrange
mcnt.