The Providence news. (Providence [R.I.]) 1891-1906, 1894-02-01
THE FINANCIAL NEWS.
Union Pacific Stock Likely to Be
Heavily Assessed Soon.
Bank of England Has Reduced Its
Rate to f-2 Per Cent-Gossip of
the Market.
Special 10 The News.

NEW YORK, Feb. 1.--London market
heavy for Louisville & Nashville, which is
u lower, and Union Pacific which is *
lower on report which is well founded
that heavy assessment, will have to be
paid on Union Pacific stock.
Senator Brice admits this. No plan is
likely to come out for some time. IL is
estimated that Carlisle will get bids on
75.O00,0O0 bonds. The market will prob
ably remain dull and slightly lower.
Bank of England rate has been reduced
from to 2h per cent. There is story
afioat that Readings proportion of coal
tonnage il to be advanced to 22 per cent.
as guarantee of good behavior.
Iron rates from Pittsburgh and cor
responding points will be reduced on
Feb. 5 from 17h to 10
cents. There is no prospect that
grain rates from Missouri and other
Joints will be advanced at present. Cen
eral Electric Company has posted the
notice that beginning Monday the works
will run full time.
Railway reorganizations ore proceeding
and the country is gradually pulling to-
gether.
There seems to be good demand for
Lake Shore stock and several large COM
mission houses have buying orders in IL
at prices somewhat lower than those now
ruling. 1t is stated that within
the next ten years s50,000,000 seven
per cent. bonds mature, all of which can
easily be renewed at per cent. OF this
amount s17,O00,000 becomes due in six
years. On the refunding of these bonds
the company can save 81 zoe, 600 annually
in fixed charges.
IL seems reasonably certain that the
Union Pacific stockholders will have to
pay an assessment on the stock, probably
of % per cent. AS a matter of course
an assessment on Union Pacific was
foregone conclusion from the
moment reorganization became necessary.
The bond holders of the road would
hardly consent to wholesale stealing of
their interest il the common stock were
to escape scot free.
Besides the road needs money and needs
it badly. There are outstanding, over
81 ,OOO, 600 OF the "gold notes" issued in
1891 which hlve to be met this year.
Observant brokers say that the market
rallies twice as easy as it declines.
The Reading receivers are preparing
statement OF the cond .tion of the property
which will undoubtedly be issued
next week. Definite progress towards
reorganization of the company has been
made in the past few days.
No more anthracite coal is to be brought
into the West until it can
come by water next spring.
BY stopping the infows OF hard coal it is
hoped the impending collapse in prices
on account of the exceedingly slow sales
of the winter can be averted.
Gossip OF the Market.
Work, Strong d Co., sold Western
Union
London, largest sellers of stocks.
There was excellent buying of ID. G. r.
this morning. Looks like insiders.
Industrials are firmer buying by shorts
only thus far, but the movement appears
TO be on the rumors that the Wilson bill
will get set back in the
Senate. This seems premature, but stocks
are now held and shorts are anxious. 1t
is not likely that any definite word about
bonds will be received until after 3o'clock.
Louisville a. Nashville Railroad Compa-
ny reports for December, net earnings
decreased s205,604. From July to Dec.
81 net earnings decreased 1856, ,745.