The Providence news. (Providence [R.I.]) 1891-1906, 1894-02-15
THE FINANCIAL NEWS.
The Details Of the New England
Reorganization Plan.
Union Pacific Receivers Ask for Big
Salaries = Gossip of the Market
Street Talk.


NEW YORK, Feb. 16.--Lond0n market "a
better. Speculation in railroad stocks In
the absence Of potent developments is dull,
limited, and devoid of interest except to
traders. The outlook for railroad earn
ings is generally conceded to be
unfavorable. Just at present the indus
trials contribute the only interest and ac-
tivity, the latter centering in Sugar with
transactions involving some $4,000 shares
yesterday.
The New England Reorganization.
New York and New England lost yes
terday "a on moderate offerings. IL was
stated from Boston that the plan Of reor-
ganization provides that the per cent.
mortgage bondholders shall take
Is per cent. In new mortgage
bonds at par; holders OF per cent.
bonds to take 10 per cent. at par, and for
an assessment at 10 per cent. on the COM
mon and 25 per cent. on the preferred
stock.
The wheat market took another upward
turn yesterday and advanced to 65S
over the opening of 64H. II was said that
the rise was due to the increased amount
of exports and also to reports that the
foreign crop has been injured.
They Want to be Well Paid.
The applications OF the Union Pacific
receivers for salary of SIS, 900 per anpum
each, is still held under advisement by
Judge Dundy at Omaha.
Linseed oil directors have decided to is
sue Is, 600, 900 of per cent .debenture bonds
to supply working capital. 1t was on
this announcement that yesterdays SELL
ing of the stock was based.
Atchison earnings for the first week in
February decreased S136, ,133.
A meeting of st. Psuls directors will be
held on March 8 to take action on the
dividend question.
London prices came in fractionally
higher yesterday morning and the market
opened at corresponding improvement
with some increase in point OF activity.
A recovery in the price of wheat was fol-
lowed by some demand from shorts for
the Granger shares and Western Union
developed better tone on purchases
which appeared to be for long account,
but N. Y. d N. Il. developed exceptional
weakness on the formation OF reorganiza-
tion committee, one OF the plans, 1t was
rumored, being to make heavey assess
ment on the common and preferred stock.
For the Industrial shares Linseed Oil broke
sharply on reports of an issue OF new Sc.
curities and Chicago Gas fiuctuated widely
on calculations as to the passage or de-
feat of thennew gas ordinance, but
Cordage was quite at re-
covery from yesterdays figure. The trad
ing in sugar was again an important fea-
ture of the speculation and final prices
showed a loss of u. In the early trading
advices from Washington indicated that
the finance committee might still
recommend some protection on refined,
but In the last hour 1t was
said that provisions will be left the same
as In the Wilson bill moderate selling OF
the stock following the report from Wash
ington. The closing was irregular, with
gains In the Changers and l.. q NJ, and
losses for Sugar, Chicago Gas and N. Y. q
N. T..
The speculation has been rather more
active today, but there is still no definite
tendency and fluctuations are therefore
governed by the character of the current
news. Washington Is still the leading
factor, although calculations to coming
dividends are an influence IN determining
the course of prices. An irregular and
hesitating market is still predicted for
the near future.