The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-09
LAST EDITION.
3 O'clock.
THE FINANCIAL NEWS.

rot as the leader in tie market aud ad-
yalced within a fraction OF 30 Holmes
and Meade were the bliN ers Win bostoh,
n ring the stock. The ea$lings o. che
syssem for the fourth week in December
how the hal dsome increase of ssi Ooo.
4 he increase for the month was st9,OOo
The annual meeting OF the chicago,
Burlington aud Quincy Iakes place in
this city tomorrow. Traders are buying
the stock in anticipation OF very iaVor-
able annual report.
New England preferred is said to be
coming In for a rise this week. IL is duh
now and nobody wants II.
But when the movement starts the
buying orders will come ia freely.
There has been quite large number OF
orders executed by the New York com
mission houses for the grangers
One house wires that most OF their
orders came from out OF town ana look
like disbursement money finding It's way
into Wall street.
Reading was heavy upon sales by the
traders led by Kirkner.
The manipulation In sugar points To-
ward higher prices.
The early decline found a number of
stop orders.
A quiet buying OF Northwest and Rock
Island is report ed from New York. Local.
houses are buying Mexican Central
freely.
louisville and Nashville declared its
regular per cent sen.i-annual dividend
to-day. LIS surplus over dividends was
$5s5. .079 for the six m hs, as compared
with 5000 orr for the previous six months.
CHICAGO. Jan. o-Wheat opened very
dull Corn and oats are also dull.
Provisions very strong. Ii Is rumored
tnat Armour is now the big long and that
it was his buying which has sustained
the price lately. while Cudahy * Wright
have been selling out. Pork closing
strong. Cora and oats Gloss easier
Wheat steady at about opeaing figures.
The visible supply of wheat in, r.as a
t4S 600; corn, Increase, 3So,9OO; oats, DC
crease. 2Ss, 600.
NEw.YoRK, Jan. 9--There is a firmer
tone throughout the whole market which
is likely TO continue for time. The fact
that tie gold shipments OF Saturday were
made at slight loss causes prevalline
opinion among bankers to-day that there
will be no more shipments this week.
Money is in good supply and the
demand is light. This coupled
with the good bank statement
on SATURDAY. has impaired confidence TO
traders aud the now widespread bellef IN
the repeal of the Sherman law is said 20
add further strength to the dealings. IL
this is TO any degree responsible for the
strength of the market prices Will not
advance much. Reading has declared
the iuli preference interest on its hrst,
second aud third preference incomes, pay
able on Feb. 1st. Reading shows over
fixed charges SO. lsO OOO-a surplus of
sos. 900 over its income interest account.
Other railroad earnings are: Atchison,
whole system, fourth week in December
increase, $94, 400. Toledo and Ann Arbor,
first week of January, SS,395. Big Four.
fourth weak OF December, decrease, S22,
745
Readings weakness in the face of it's
good showing offers the usual riddle TO
the public.
LONDON. Jan. 9.-The market is trifle
off. The news from Paris is that man
ifesto is expected from the Count OF
Paris in day or two.
The money rate remains unchanged at
6 per cent. Cotton bills are less plentiful
than "A month ago, and though the rate
holes firm there is fair supply OF funds.
The proposals for the purchase of 49,
323 shares of the New York, New Haven
and Hartford Railroad Company are to
be opened at the company's Offices in New
York next Saturday. Payment on ac-
cepted bids must be made Feb. LIST. and
the successful bidders as stockholders of
record on Feb. 1 will be entitled TO sub
scribe for the convertible debenture GER
iificates to be issued during March.
The present outstanding sto.k is
SOS 100000, and the total stock
or Feb. will therefore be s30,Us2, 800
There has not, been so much discussion
for years regarding the New York, New
Haven and Hartford as at present. The
value OF the four per cent debentures is
the subject that interests investors.
Their value depends solely upon the rate
of dividend which the stock may be pay
ing In 1903, whel the debentures are
convertible into stock at par. OF course
all calculations are but estimates.
But there is every reason TO be-
lieve that the stock will increase
in value during the next decade
has shown a splendid record. The traffic
Is constantly increasing, and improve
ments and equipments Will probably con-
tinue TO pr rportionately decrease eN-
penses. The only disturbing feature IN
the situation is the vigorous attitude Of
the Reading. New England and Boston
and Maine. IL may be expected that this
combination will make great efforts TO
secure all possible business. How
far this competition viii interfere
with the y. Y, \. III. and Ill. can
only be determined hereafter. Each one
must decide FOR himself, put having set
tied that question the present value OF
the debentules can easily be calculated.
The stock at present nets about per
cent The bonds will be convertible into
stock at par in 1908 Ii IN 1908 the stock
is paying per cent IL will be worth $3.50
per share. Each Sl,OO0 boud Will be
worth 81, 500 at that time. Meanwhile its
owner will have received $40 per annum
in interest. We have then TO calculate
only the present value of the $1,000. due
In 1908, and the present value OF each in
terest payment for each one of the ten
years. The present value of 81, 900, due
in 1908. is 81 ,0l34 The present value OF
the various interest payments Is S324 43.
The total present value OF bond and IN
terest coupons Is therefore al, 331S3 Ii
is necessary 20 hold twenty-five shares
of stock TO subscribe for one 81 600 bond
therefore the value Of one right attaching
20 one share would be one twenty-fifth of
$685.. SO ur sl3.5l. Calculations for the value
Of tue debenture based upon stock paying
per cent and worth 500 per share in
1903 gives the following figures: Present
value OF $1,000 debenture due in 1903 and
worth &, 90 is 500 81 The value OF n
right attaching TO one shats of stock
under these conditions is S2I02 IL the
stock In 1903 is paving 10 per cent aud is
worth $3.50. the debenture will be worth
&, 800 It's present value Is s2.0l34i The
corresponding value Of one right Is $40 "a
There will be an interesting meeting Of
the stockholders of the American Wood
Paper Company TO morrow noon. There
seems TO be no divergence oil opinion Oh
the fact that the company is now in