The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-15
LOCAL FINANCES.

4
any quotation from To 81 per cent. will
md those who will affirm or deny its
: truth. The larger institutions, which have
less proporlionate demand for funds.
quote the former rates, others quote the
latter.
The influence of dividends that noted
last week Is being felt in local stock and
the week Just closed has been marked by
better demand for many securities,
particularly on part of trustees
OF estates, who realize that more
stable character of home invest ments "a
compared with those elsewhere. The 4
per cent. basis for trust funds is UNDER
stood to DO good figure for permanent
Investments, and gilt edge stocks that net
above that figure are not plentiful.
mention this fact because 1t is illustra-
tea by the open sale OF Providence Gss
stock this week at $50 a share. and a
private sale OF Providence a. Worcester
kailroad stock at s252h. The former is an
ora STOCK, having been known intimately
lor very nearly q half century. It's
nanagement has always been admirable
ana Tor score or more years IL has paid
its eight per cent. dividends with clock
Ike regularity. The greater portion of IL
ana IN fact seven eights of IL il in the
hands OF those who have no thought of
seiilnglt IL. Very little OF 1t ever comes on
the market. have heard one stoc < holder
VINO believes it ought to sell on per |
cent. basis, and yet know OF few large |
Dlocks OF 1t that could be bought below
soo' Hence think it is scarcely likely to
reach Its high figure OF last year(s7h) and
would rather wait for the present than to
Duy at prices now quoted.
Narragansett Electric Is the cheaper
stock OF the two although 1 quote
private sale this week at s76. was
asked lew days ago of the reason
Tor the difference in price of these two
STOCKS. III Is simply difference In age. A
generation hence electric will sell above
gas stock. Then, too, last year when the
Union Railroad stock was sold to the |
United Traction and Electric Company
syndicate, there were many wise plunRers
In the market who, because those inter-
ested In the United Traction and Electric
company were, some of them, largely in
terested In Narragansett Electric stock.
ioresaW great "deal" in progress. They
predicted 100 for Narrsgansett
and many loaded M
WIN It at prices from SIS to 600. The
: deal did not materialize, and having /
bought the stock on margin many have '
been compelled to unload since at Q loss. ,
That is the inside reason for the present o
low figure In Narragansett Electric. 1t is v
not unlikely to sell higher soon. o
note private sale of Weybosset Ma 9
,ional Bank at e52 The last price that I
'ecsll for this stock was s5i, about q
month ago.
Merchants National has also sold at $50,
md the last previous sale in the summer
vas at s66. A seven per cent. stock ought
o sell better than SIX per cent. basis
which Is about the basis of merchants
3 $50. -,
The weather vane stock Anne rican Screw IN
las touched its lowest price for FIVE years
MS week. For stock SO widely held 1t III
oy lar the most sensitive stock on the
1cal list. "A block of so shares offered in
ne market would not unlikely depress cb
ne price twenty-five points and AZ.
o attempt to buy an equal number III
shares would have the opposite effect.
ess than two years ago the stock sold for
rs, and though meanwhile there have
zen less than score of quoted sales IL th
ow brings s210. For more than year.
owever, 1t has been impossible to get
ore than par for il (s250) on per cent.
vdend basis, and now at per cent. s2lO. ioi
ems nigh to some. IL is vet some rel
oDths too early TO estimate the effect of
e new tariff on the earnings OF the COM
my. But when it is definitely known De-
hat the Germans can import Sorrows for
estimate can be made. The difference
tween the present and the old tariff In sw
out the same on both wire rods and z
rews, the rates on both being cut 80 1-3 III.
r cent.
iorham preferred has sold at s1O7. MA
iere has been a good deal OF inquiry for ,
Is stock recently at s105 20 s1O6.
though 1t Is a 6 per cent. cumulative esp
sferred (as to dividend only It's friends pee
per cent. basis for it, that is s12o. glo
The reduction of the capital stock of
ird National Bank will be accom- qua
shed by reducing the number of sharee.
was almost incredible to many that the {
ok should charge of so much of its blu
cts as the reduction Indicated. A can
inge from a capital OF $500, 900 with a -
ninal surplus, and undivided profit ac- ie''
int OF $4,000, to q capital of 100000 n
n $4,000 surplus is q cut down of
1000. Dot
)ou btless there is some material value unq
Ihe charged on assets, which will add higl
the present surplus very largely at no "a a
y distant date. The reputation of the a.
ck has suffered severely during the past $'.o
} years by the upwillingness Of the lead
sctors to support It. Having paid no
idends for that period its price has
pped from S95 to $50. The latter fig. ~
is about on the reorganization basis. III
The INsrDER. III