The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-08
SECOND FLOOR.
axe elevator or our broad, easy stair
case.
29I to 297 WESTMINSTER STREE T

1t was some time ago plan OF President
Clarke's to try to effect COM
bination between his steam road and
has been now abandoned and where traffic
is intcrfered with by the latter the local
train service will be reduced. One train
has already been taken of the Nsugatuck
branch which has been frequently run
lately without single passenger.
believe it is true, how
ever, that to q certain extent local
traffic ia not as profitable as IL might be,
although the compsny's statement that
such travel Is not at all so must be ac-
cspted rs doubtful, in view OF the i'm
mense profits OF such roads as the Penn
sylvania and the Reading from their local
traffic.
The new debenture bonds have been
issued to local holders OF certificates
through the Rhode Island National Bank
this week. They will be converted into
stock at par-1903.
Dividends.
This week has witnessed the payment
OF the regular quarterly dividends OF many
OF the local companies, viz: The Manu-
facturers National per cent. semi
annual $4,000; National Exchange
per cent. quarterly $1,000;
Union Trust 2 per cent. semi-snnual
$4,000; Gorham preferred ~ quarterly,
$4,000; American Screw, per cent. quar-
terly, So, 500; Narragsnsett Electric, 2 ger
cent. quarterly, $4,000; Providence Gas,
per cent. quarterly, $4,000; Providence
Telephone, per cent. quarterly, s1s,o0O;
a total OF about $4,000.
L .F
| the reduction OF the dividend
Of the American screw Company. There
are those whose recollection includes
many glittering prophecies made in the
past of what the company was going 10 do
in the near future, each OF which pro-
phecies have proved vain. Many OF these
think this reduction Is only another of
the misfortunes OF the company.
pass by those who speak OF
this as a move on the part of the
| largest stockholders to depress the stock.
Such rumors come from those who either
do not know the integrity OF the presid-
ing character or they wilfuily misrepre-
sent it. Mr.. Angels last report was not
glowing one. In fact THE NEWS at the
time called attention to its nature.
The reduction OF dividend is doubtless
due TO reduction OF earnings and is,
therefore, wise one.
X. /. Perkins Horseshoe.
| The annual meet, ing OF the Rhode Island
| Perkins Horseshoe Co. was neld la Jersey
| City last Wednesday. (lt is New Jersey
corporation and must hold its annual
meetings in that State) The
| old directors were unanimously
reelected and the officers as well. The
that the extreme depression OF the past
year had its effect upon the earnings OF
the company but despite that fact ia
vorable showing was made for the year.
| The earnings amounted to S225, SIC, ,29.
The usual quarterly dividends on
the preferred stock of 1% per cent and on
the common stock "a per cent. have been
ell paid. These in all amounted to
sl22, 500, leaving on hand a surplus of
slo3, ,316.29, and increasing the surplus to
$ls6, 6,647.76. This, too, on an inventory Of
stock taken at "bed rock" figures.
Permanent improvements during the
year to the plant and patents amounted
to $2225.13. A quarterly dividend at tho
rates noted above will be payable on the
stock on Oct. 10 TO stockholders of record
| of Oct. 1, 1894.
Interest locally is considerably aroused
| by the coming meeting OF the stock mold
ers OF the Third National Bank to considor
the proposition OF reducing the capital
stock. The bank has good business
which has largely increased since its move
to its present quarters some five or six
| years ago. III IL charges of its doubtful
paper it ought to haves bright future.
/ have heard il said this week that its
cashier, Mr.. Gale, is "progresslve without
being aggressive" which Is conserva.
lively true statement in every way.
| THE INsIDER.