The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-27
FINANCIAL NEWS
Dissertation on Coal Trade,
Stocks and Jersey Central.
What Might Have Happened Sugar
Stocks General Notes.
Special 20 The News.


rections, carry out their contemplated
attack, there will be some sharp declines
recorded in Coal stocks. The condition
OF the Coal trade is better than it was
few weeks ago, but according to certain
authorities, the results are far behind
those OF any season in more than five
years. The output Is large and the con-
sumption almost phenomenal, but prices
are materially below those OF 1894 and al
most dollar per ton less than the sched-
ule rates OF 1898. From this ii Is argued
that the Jersey Central, upon which the
feeling continues to be bearisb, cannot
make more than its fixed charges, If as
much.
The Jersey Central proper is very
small system; about 20 miles of road.
From the Delaware TO Jersey City il prac-
tlcally controls nothing. 1t has valuable
properties at Salem and other points TO
which II ships its coal, reships 1t and
resorts TO those tactics that are so we'll
appreciated by railroad men to make
tonnage, but 1t is not making money.
III the Pooling bill had gone through, as
many hoped, then the Coal companies
could have formed an alliance that would
have ena bled them all TO live, compara-
lively speaking, in clover. The killing of
the pool bill meant hard times for the
anthracite producers.
That the coal trade is not bad, from a
consumptive point OF view, may be in
ferred from the fact that the Lackawanna.
minus the New York, Susquehanna d
Western, which it practically controlled
last year, is doing 20 per cent. more busi-
ness today. This will indicate the volume,
sat sight must not be lost of the fact that
prices are 40 TO 80 cents lower.
The lower Wall street people insist that
up to the present nothing has been set
tied regarding the forthcoming dividend
upon Sugar. Those who claim TO be in
the confidence of III. o. Havemeyer say
that 1t is his intention, and he will prob
ably carry the point, TO make this divi
dend at the rate of per cent. Conceding
for arguments sake that directors should
agree with the proposition that will be
submitted by Mr.. Havemeyer, the effect
upon the stock would not be very radical,
although decline to S5 might follow. Ii
will be remembered that few years ago,
when Sugar sold on the basis of an per-
cent. dividend, the stock rose to 127 from
which figures it yielded to
80, but the decline that was
persistent took less than a year and was
caused by the sugar companies being into
the hands of receivers. There is no such
apprehension now. 1t is true that busi-
ness is not up to the level that 1t would
be If normal conditions have prevailed,
but the sugar company has many millions
of undivided profits on hand, hence the
folly OF expecting any marked decline in
the price of the stock must be apparent.
The cable news is encouraging TO the
bulls on the products, particularly Wheat,
Cotton and Silver. The acceptance by
the British Government of the bimetal-
ist resolution TO confer with the Eu-
ropean powers on the silver question
will cause reiocings among tine silver
what will be the outcome.
The fact is not 10 be disguised
that the majority of people do not think
it will amount to anything, but the senti-
mental effect will temporarily be good
upon products and it is not unlikely that
the markets for cereals and the "white
metal" will be somewhat buoyant.
New Bonds Higher.
NEW YORK, Feb. 27-A sale of s25, 900
of new per cent. Government nonds has
been made at 1l9A.
Today's stock Board.
WALL STREET, Feb. 27.--The stock mar
ket opened dull but firm. There was but
slight increase in the volume of trading
and there is an almost general advance in
values.
Canadian Pacific is up IA to i425; To-
bacco, ], to S8h; Cotton Oil, q Missouri
Pacific, Is, and Chicago Gas, Sugar, New
Jersey Central and Wheeling &
Lake Erie, *. a few shares
heavy. notably Leather pre-
ferred, which is off ~ TO 90; c. c. q
st. Louis. "a and Northern Pacific pre-
ierred Il.
Railroad Earnings.
&C. & SD Feb. s974s; dec, s134l
NJ. C.-3d Feb, s16S, ,S27; dec, SS2is.
ID. Il II. G.-3d Feb, s122 800; inc, $780,
C.P.-3d Feb, s25S, 600; dec, s2s,OOO.
TP.-3d Feb, SiOS, ,S33; dec, sli27.
n. Y. o. a w.--Sd Feb, s6s,969; inc,
S13,2s3.
NJ. P.-3d Feb, S372, 900; inc. $4,000.
l.. & N.-3d Feb, ;5il,365; dec, f23,7
Atchison Plan Out.
NEW YORK, Feb. 27.-The joint re-
organ !zation committee OF the Atchison
Railroad have reached conclusion upon
the main points Of the reorganization
plan which provides that sl0 assessments
will be levied on the common stock and
a. on the second mortgage bonds on
which an equivalent will be given in pre-
ferred stock. Tne existing general
mortgages will be exchanged for
75 per cent. in new bonds and
10 per cent. in preferred stock.
For the A bonds preferred stock will be
given Mt lis per cent. and for the Is bonds
stock will b, given at 40 per cent. The
defaultcd l. y ds Of the st. Louis * San
Francisco. the Colorado Midland and