The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-11
The FINANCIAL NEWS.
Local Stocks.

L
The money rate at per cent still rules
| the market
The holders of the stock of Merchants
| Insurance Company will be gratifed to
learn that their company escaped loss in
| the Boston fire yesterday. BY good for
tune policy on one OF the burned build
| ings held by the Merchants Insurance
| Company was cancelled in the middle Of
last month, and policy on an adjoining
building lapsed on Saturday last This
company has had the most phenomenal
good fortune In escaping losses In this
way recently. In the last large fire In
New York losses were avoided by similar
lapses. The two other local companies
were not so fortunate. Yesterday the
Equitable losses were $1,000, and the
Providence Washington $4,000 Neither
OF these are important losses. Con
sidering the present organized force
OF underwriters, there never has been
tine when there was so much care exer.
cised nor when from usual causes losses
averaged so light. The cause 10 which
at least 40 per cent or the recent increase
in losses can be attributei is to electric
wiring. In the early stages of such work,
three years ago, insurance companies did
not realize the danger aud the inspection
was very inadequate. AS a consequence
some well-iuforned insurance men are OF
the opinion that for some time
10 come losses from this source will be
large. Some even estimate that one-third
OF all new buildings built in three years
previous TO 1892 will either suffer from
losses by fire or need To be renovated
The newly elected cashier of the Com
mercial National Bank has issued a CIR
cular to his stockholders, notifying them
that checks for their dividends will be
mailed TO them on request, though he
bank in person. This is the
fourth bank that has adopted this sys-
TEN OF mailing dividends The dividend
OF the Commercial, by the way, has been
advanced To Pa per cent semi-annually |
instead of per cent as heretofore. This |
coupled with the somewhat more pro- |
gressive methods of Mr.. Barker aud a re- |
organization and systemizatiou of the |
bank work should benefit the banks bust |
ness materially.
The practice of sending dividends by |
mail was~introduced some time ago by |
the Industrial Trust Company, which
sends checks without request 10 all |
stockholders, and is now observed on re-
quest by the National Exchange, the |
Providence National aud Commercial. 1t |
Is New York method and has advant-
ages for the stockholders in enabling
out trouble. But it entails con-
siderable clerical work upon the
bank and deprives them of "a source of in
come. The unpaid dividends often re-
main in banks for months aud often
amount to $4,000 or $4,000. which is
deposit without interest.
Most of the banks in the city are now
a change, however, to
more modern methods of mailing divi-
dends.
The meeting of the stockholders Of the
Electric Lighting Company
was held at II. NJ. to-day. The trtasu-
rer's report showed u gratifying condi-
lion. IL was voted to make the capital
stock sl,2O0.OO0, instead OF $500 900, as at
present.
pro rata 10 stockholders Of date of Jan.
:, TO be paid for on Jau. 81. The remain.
ng 5000. 600 is issued AT the discretion o.
he directors.