The Providence news. (Providence [R.I.]) 1891-1906, 1895-06-21
FINANCIAL NEWS.
Reading Reorganization to
Be Taken in Hand.
Illinois Steel Company Advances
Wages Of 1000 Men
Special 20 The News.


are likely to do better. The reorganiza-
tion of the Philadelphia IL Reading will
be taken actively in hand in the course
of few weeks. Tie stockholders will
be called upon to pay an assessment, but
this they will gladly do because strenu-
Gus efforts will be put forth in the course
Of the next few hours TO bring about a
settlement OF the anthracite difficulties.
The rehabilitation of the Reading will
be on lines that will enable the company,
not only to make its full fixed charges,
but likewise interest on the junior bonds.
The percentage that the Reading will get
in the new combination will enable ii to
fare better than ii has ever been able to
do. With nominal times and nominal
prices the difference on the Reading will
amount to something like -, 600, 900 per
year.
Delaware & Hudson is likewise in
shape to advance. II is by all odds the
very cheapest of the Coal properties. The
dividends at the rate of per cent. are
being declared regularly, and there is
quite a fair, short interest in the stock.
The Industrials are not likely to de-
cline very much. A number of bear con-
tracts are outstanding in Sugar certiti-
Gates. One New street house alone is
lending upward of 5000 shares OF stock.
This fact should offset much of the bear
ish gossip that is prevailing. Besides, it
is known that those insiders who sold out
their speculative lines some time ago,
thinking that reaction could be forced,
have been trying for some days to get
back their stock, and they have large
scale orders in the market, not far re-
moved from the closing pieces last night.
Although the effort is being made to
create the impression that Europe is in
clined to sell our stocks, it can be stated
on the very highest authority that the
lower quotations from London, that were
recently made, have simply reflected the
operations of scalpers in the American
department, whose trading is on parity
with that OF most of the local operators.
The transfer books of all the important
railroad companies show that European
holdings have increased appreciably dur
ing the past six months.
ToDAY's STOCK BOARD.
WALL STREET, 1915 a. m.-The stock
market opened active and irregular. The
changes i'm the initial sales were slight, out
side of Laclede Gas, which declined Ia
per cent, and Pittsburg & Western pre-
fcrred, showed a gain of 3, per cent. The
trend of prices was upward. Colorado
Fuel jumped Ia per cent, to 81
heeling q Lake Erie preferred 1, and
Sugar and Northern Pacific preferred,
5-S per cent.
Money on call, nominally 1 per cent.
Sterling Exchange firm, with actual BUSH
ness in bankers bills at 4. .S9i2a4. S9a, for
demand, and at i.SSl2a4. SS3, for 60 days !;
posted rates, 4. s9a4. S9l2, and 4.90a4 90l2 I;
Commercial bills, 4.S7aial. SS; Silver certi-
ficates, 663, a67; no sales; Bar Silver, 66l2.
Mexican Government bonds firm.
New York bank clearings, S97, 1S6, 237;
balances, s., 169, 5O7.
GENERAL FINANCIAL NOTES.
Yesterdays early feature was free SELL
ing of the list after Sugar had been
marked to 120 Later the Coalers strength
ened, and the shorts covered fearing
some announcement from Mr.. Morgan of
IA bullish nature.
London is irregular; generally Is below
u.s. Sterling is very strong
j. Pierrepont Morgan is the most talked
Of man in Wall street, since Jay Gould
passed away.
The Steel Rail Association held meet
ing at the Holland House yesterday, and
advanced prices of standard sections to
ga per ton.
II is said the Sugar Company has
enough refined on hand TO supply the
trade for three weeks. Traders say,
however, that We'll has sold out and they
will try to rally it, as they have some of
his stock. The raw Sugar market is in
different, owing to ease OF cables and the
dull tone of refined.
The Illinois Steel Company posted notice
yesterday, advancing wages of 1000 men
10 per cent.
II Is expected that the Erie will have 10
pay S15 assessment on the common stock.
The World has peculiar story that a
suit will be begun by Northern Pacific
preferred stockholders, to declare Illegal
all bonds of the company, with the excep-
tion OF the firsts. II is said that two
former counsel OF the Northern Pacific
are at the bottom OF the suit
Joseph says: "Cotton Oil will sell
A. A. A
cheapest OF the Industrials Cotton Oil
preferred Is choice investment Buy
Sugar for another upward turn; excellent
stock for trading purposes. Insiders will
advance Long Island Traction. Bull both