The Providence news. (Providence [R.I.]) 1891-1906, 1892-01-08
The FINANCIAL NEWS.

Money rates are per cent. for time and
The feature of to-day's list Is the low
offer of Providence and Springfield, Az
1929 this stock nets practically 6per cent
and that guaranteed by the New York and
New England. IL Is, however, true that
only very small amount OF stock Is OBJ
tainable at that rate. IL should be re-
membered by holders of this stock that
the guarantee OF the New York and New
England is becoming every day more
valuable. The business OF the company Is
exceeding its capacity, and IL is impossible
TO take all that Is offered because of lack
of track facilities.
About 5000 cars are constantly In ne,
and il is now proposed to build fifty miles
more of new track along the road where
the business is heaviest. This will enable
the company to uss at least 600 more
cars than now, and 20 accommodate more
business in proportion.
IL is true on the other hand that the
failure of the City Council to pass the Dill
guaranteeing the interest on the Spring
Held bonds was an error that business
men and financiers can better appreciate
than politicians. But it is TO be hoped
that Mayor Potter will see his way clear
TO pushing this matter SO that the busi-
ness men may be able to reach that popu-
lous district surrounding East Thompson.
Ihis W. IL Il TO some extent increase the
intrinsic value of the Springfield road, put
il would not make the least difference 20
the value of the stock or the certainty OF
the payment of the regular DIVIDENDS.
The returning confidence in general ln-
vestments especially shown in the i'm
proved demand for bonds is marked Tea
ture of the opening year. This added 10
the comparative ease in the money marktt I
is again arousing interest In Industrial
securities Messrs. Wilbour, Jackson q
Co. of this city are Offering some stock
aud bonds of this class. The best com
mendation of the proposed issues IL To lie
found in the following brief summary OF
the facts and figures of the company. L G
subscription is offered by John III. Day s
* Co., and is for 100000 first mortgas Q
6per cent. 20 year gold bonds of the United
States Book Co, Manhattan Trust Co.,
trustee. The United States Book Co. is n
corporation organized in 1890. Its capital
stock consists of 81 ,0O0,0 D per cent first
mortgage 90 year gold bonds of which the
100000 now offered are part; further of
&, 1000, 900 per cent. cumulative preferred
stock and of II ,2i 900 common stock, both
classes Of stock being listed at the New
York Exchange The business Of the
United States Rock Co. consists of the
po RI If the John w Lowell Co., which
d ey ha acquired, including a
la. - ia iishing plant consisting of stere1 :
type and electrotype plates of marx, I
value of s3,000,OoO, as valued by competenO
expests. As further security the mort
gage provides an annual sinking fund
payment, beginning January, 1879, TO DE
applied TO the retirement of the bonds
through their purchase in the market at
not exceeding 81 ,l50 per bond. The inter
est charge upon the entire bonded debt of
the United States Book Company is $60,-
900 per year, while the net profits OF the
company for the five months of 1890 after
organization were s15l, ,056.44, or two and
one-half times the interest for the entire
year. The net profits of the fifteen
months ending Oct. 81, 1891, were s299,-
6330l, leaving surplus of S224 1888 over
the full interest charges for that period
upon the 81. 100000 bonds and a surplus of
nearly SIS 900 after payment of the per
cent. dividend upon the preferred stock.
Subscriptions for the bonds now offered
will be received at par fiat. A bonus of 10
per cent upon the par value OF the bonds
will be given to each subscriber in the s
per cent preferred stock, thus returning
TO the purchaser an income of d $40 per
cent. The subscription lists will close
Jan. 10 or earlier.