The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-27
FINANCIAL NEWS
Directors of Louisville & Nashville
BulliSh on Its Prospects.
Dividend on Leather Preferred Passed Be-
cause There Is Very Little Cash.


Srecfal 10 Ihe NeWL
NEW YORK February, 2L-Bu'ls
on Louisville & Nashville were sat
isied with the way that stock acted
yesterday on dull market. They said 1t
showed the recent buying to be strong.
There is no doubt that considerable
block of stock has been taken of the
market recently, and that this stock has
either gone or is going abroad. There Is
also no doubt that the directors OF the
company are more bullish than usual on
its prospects. There as a disposition to
reg rd the third week earnings as some
what disappointing by comparison with
the second week earnings, lnasmuch as
they included two days OF the carnival.
One explanation, however, would be
that visitors I - the carnival from other
parts of the country could be very at TO
buy round trip tickets, the earnings OF
which show in the second week.
Although nothing official can be OBJ
tanned, it is known that the weather direc-
tors dropped the question of u dividend
on the preferred stock bee use there was
only 1000, coo cash on hand, anu
per cent. dividend would be more than
II. 200, ,00o. There is no question that
the dividend has been passed. Boston was
buyer of the stock on the report, W hich,
Nevertheless the company appears to be
Leather rich and cash poor. The report
is that President Hoyt told MIR. Keene
some time ago it would|be all right, but
good rerorts and no cividends q not
acceptable on w II street. it is clear that
the holder for Leather preferred cannot
expect much from his investment for
the original holder of three years ago,
has averaged only per cent. per annum.
The proposed amendment of the tariff
bill yesterday caused no disturbance in
the stock exchange, or among Sugar peo-
pie. The say it is not possible for any
tariff legislation to be carried through,
SO they do not worry over any amend
ments TO the tariff bill.
1t conceded that considerable block
of long A. Nj. L. came on the market this
week and yesterday there was a good deal
of short selling. People who are bearish
on the stock insis that the resumption OF
dividends on the common Is very uncer-
tain and the company is bound to be
hurt by the litigation pending against 1t
in several states. 1t Is safe 10 assume that
so long as the plug fight IL continued
there Ii be small distrit utions on the
common ock, because earnings are
bound to be small.
GENERAL FINANCIAL NOTES.
Traders in New York are still working
for a reaction, but general sentiment Is
in favor of buying on the decline. The
public is showing more interest in gov
ernment and investment bonds than in
stocks.
London Consols are 3-16 higher; Ameri-
cans, Is loNer.
Raw Sugar is strong and the refined de-
mand is from hand TO mouth. No i'm
mediate Improvement is ex ected.
The laying of of Atcbison trains were
reported due TO light movement of corn.
The net earnings OF Leather preferred
for three years averaged loper cent.
Liverpool Cotton sales 10, 600; middlings
5-32; futures were unchanged at 1880
p. m. for near months and u up for far
months. AT p m. / TO 1i2 lower than
at 12 80 and spot grades 1-32 lower.
Treasury gold reserve s124, 32S ,339; with
drawals yesterday. s693,C0o.
Reading statement for January: Gross
increase, sl57, l44; net increase, S120, 972;
surplus increase, S1sl, SOP.
Reading Coal and Iron for Janaury:
Gross decrease, $50, sos; expenses decrease,
s149, GIG; profit Increase, siO9 713; deficit,
S72, 65s; against sl93,S72.
The fortnightly set,lements,so far as our
securities ar concerned, conclude in an
j. Pierrepontenorgan said last night.
when discussing the local situation with
mutual friend, ''Ihe bulls toGay were
the bears at 10 points lower. ihese ira
tional thinkess are bulling stocks indis-
criminately and the inevitable result must
tie that unless somebody does take their
lines off their hands they will sell out on
a falling market"
Joseph says: ''There is partial eclipse
OF the bullish feeling, but darkness will
prove only temporary. Everybody gives
he point to sell &. B. & c. The indica-
tions point to a substantial advance in
that stock, however. Better get little.
Sell b. 8 o.; you will take 1t in at 20"
Mining Stock.
The following are the closing bid prices
of the listed stocks on the Colorado Min
ing Stock Exchange. Denver, Feb ?6. as
reported by Il. Z. Davis & Company, 24s
Washington street, Boston.