The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-29
a Ten Per Cent. Assessment Of Atehi-
S]n Stock Talk About To-day.
OLD COLONY LEASE ILLEGAL
Why the Consolidated Keeps ON Paying
Interest on the Ieass-No Doubt OF n
Permanent Receiver for the New
England Other Financial News.
Special 10 The News.

say that the earnings viii improve in two
or three weeks. The assessment of 10 per
cent. on Atchison stock Is considered cer-
tain. The Missouri Pacific and Iron
Mountain floating debt on June
80 was Sl2,621,354, effects, S522, ,755
cash, and accounts receivable
S5,J01 ,033. London market Is Y lower for
st. Paul, Union Pacihci q higher and
Louisville and Nashville 1Z up. Pur-
chases on weak spots are advised. The
Pennsylvania road has paid of the loans
secured by IL in London last July. 1t is
said that an effort will be made this win
ter to Introduce at Albany bill To reduce
elevated fares to 3 cents.
The meeting of the Lackawana board
OF directors TO take action on the regular
quarterly dividend, will be held today,
and President Sloan says that the usual
1A per cent. will be declared.
The reorganization plan of the Erie has
been completed and will be made public
the first of next week.
The talk on Omaha is very bearish and
predictions of materially lower prices for
1t are being made.
Permanent Receiver for New England
The probabilities are that there will be
no opposition to the appointment OF
permanent receiver OF the New York and
New England when the matter comes for
action Jan. 10. A prominent
director OF the company and
personal friend OF Mr.. Mcleod
says that the fact that the court deemed
IT necessary to appoint temporary re-
ceiver makes it absolutely necessary to
appoint a permanent one. His reasons
for this statement lie In the fact
that the company being in the hands of
receiver at once destroyed its credit, ana
even II the temporary receiver was dis
charged it would not help the company as
the damage had already been done.
Northern Pacific viii pay the interest
on the first mortgages and will default OIL
all other issues Jan. 1.
The New Haven Lease.
The New York, New Haven and Hart
ford company has settled the an=called
Glover suit to invalidate the Old COLONY
lease, and nothing more will be heard OF
this case. There seems TO be no question
that the Old Colony lease to the New
York, New Haven and Hartford is illega
and that the defect can only be cured by
an act of the legislature, but at the pres
ent time the New York, New Haven ant
Hartford does not wish 10 appear
before the legislature. With the pres
ent temper OF the people of Massachusetts
1t fears To open the subject Of Its control
OF Massachusetts roads, 80 nothing is te
be done about the matter at present, but
the New Haven will go paying uponOlo
Colony stock just as il the lease was
legal. Robert NJ. Morse, esq, attorney
fn tall
that there is nothing to be said on thesub-
ject other than that the suit has bee,
by his client, the plaintiff b,
mutual agreement with the New York.
New Haven and Hartford.
Feeling fs ncarish.
The feeling of the street is intensel,
bearish, but IL does not seem thattherei !. |
much money to be made on the short sid,
at the present level OF prices.
The outlook is without material
change. An abnormally large amount of
money continues available, but n |
the moment it is not seek |
ing employment either in lcgi- |
innate enterprise or In the usual stock |
exchange channels. Speculation condi- |
tions have changed since the opening of tho
week in these respects--the short interest |
has been materially reduced, while in Tn. |
stocks liquidation has mad, |
rapid progress and in certain direction,
The worst OF il must be over
The properties which have passed theii
dividends and those which have withheld
interest cannot now pass the
,ne or default on the other.
Those still on the dividend
list are therefore more interesting prob
ems than those which have succumbed tc |
.he hard times. /
The foreign holdings OF st. Paul com
non stock according to the books of the
company are now nearly one-hulf the
'ntire capital stock. The net increase in
he transfers to Europe since the first OF
he current month is over s3,25o,00o.
The comment on Louisville u Nashvill, |
$ that IL is too low for dividend payino
took and too high for non diyideng
'ayer. I'm addition to the practica
certainty OF no dividend is the ignorance
4 the stockholders es to the disposal OF
he s7,20ooOO treasury stock and the va
ious deals said to be pending.
The Aciuai tuatlon.
Mr.. keinhart says in regard 10 the
ltchisonl situation that plans for
he rehabilitation OF the Atchi-
on companies Will be submitted
o the directors within very
hort time. Arrangements have beer
nadc by which creditors will not sacri-
&c any OF the collateral held by them in
oans.
The financial world is waiting the clos
ng days of the year 60 sec what further
and individuals the credit
anic now prevailing forces into
nceiyershps or insolvency. This situa.
Ion, however, Is hear the end OF IFS more
.rious side, for with the incoming
the new year credit should |
egin to be re-cstatli)hed. Tie revival
trade may depend largely
a che quiclzness with which tho tarin
uestion Is settled, but with general re-
which must soon be the
rder OF the day every issue nov pend
" for settlement will wheel into
ne gradually and business men viii begin