The Providence news. (Providence [R.I.]) 1891-1906, 1891-10-06
fHE FINANCIAL NEWS.

The situation Is still quiet and steady
with money In fair supply at q 10 Z per
cent. on time and 60 Al for call loans.
iht local situation preeents few changes
The recent bank statements have added 10
the strength OF the bank list, as the sur.
plus accounts showed In most cases good
gains over the previous statement OF july
The new issue of s4.O0OOOO consolidated
mortgage bonds Of the Missouri Pacihc
road Is part of those issued 10 the COM
pany by the Treasurer under the rovisions
OF the general mortgage bonds To retire the
lSt and 2d mortgage bonds and refund the
branch road bonds.
For the first time in some months the
quotations for the three insurance com.
panies are alike. AT the price bid any OF
them are cheap Investments
Providence Telephone has worked up 70
81 again to-day though there have
been recf u private sales at NA
Bank OF America Loan and Trust Com
pany goes ex-dividend, but il still splen-
didly supported, There Is something qulte
amazing that this stock should stand as
IL does, with only dividend of per cent.
and no prospect of raising II. Judging
from appearances conservative manage
ment seems 10 be valued more highly than
dividends.
and no one can blame the foreigners.
They have been duped for years IN sue
cession, and now, just as the remarkable
increase In earnings and tonnage begin 10
reassure them, Mr.. Gould strikes blow
at their confidence that no conservative
class of buyers would endure.
Another such act as was witnessed IN
the case of Missouri Pacific would literally
food this country with foreign holdings OF
our securities.
Then, too, scarcely does prosperity begin
TO dawn on us after two years OF depres-
- rod haninG a
bonds and stock, and at once proceed TO
increase its indebtedness. No wonder "A
bull market halts and staggers under the
weight.
This makes the total amount issued TO
date about S42, 500 600 Most OF the branch
rond bonds purchased by the new issue are
per cent bonds, while the new issue
bears only per cent
The high price for Lake Shore is remark
able when New York Central is selling az
sill. A fact to be considered is, however,
the rumor that part of the last ten years
income, which has been spent for better
ments on the Lake Shore Is TO be returned
to the stockholders.
Last year Lake Shore expended $780,
244 on second tracks, third tracks, new
bridges, grades and new property; lt also
spent 81 ,2l9 500 for equipment adding nine
teen new locomotives and over 900 new
Altogether s., ,49s. 7e6 of the income was
used for betterrpents, and only s2,967, 100
for dividends. The stockholders think il
is nearly time that the management ceased
TO spend As per cent of the income for bet
terments, and added part of that sum to
dividends.
For closing quotations sec first page of
last edition.
Market Notes.
LONDON, 1915 p. MA special 10 Will
bour, jackson & Co. says OF the London
selling: Business is dull, with realizing
sales on rumors of the concentration of
Russian troops on the Roumanian from
tier. IL is also reported that the accounts
of deceased bull speculator are being
closed up. No financial trouble that we
know Of"
ELoSDoS-ello,o ,oQQ in eagles were sold to-
day for shipment to the United States.
New YORK, 10 A. M.-Market opened
lower.
NEW YORK, IL M.-The market worked
up, but is now sagging
RAILROAD EARNINGS
Wabash. an week September increase 's &C. Soc Soc
Texas Pacific, month decrease..... al,sss