The Providence news. (Providence [R.I.]) 1891-1906, 1896-12-02
**+<~ financial World.
= -
IN THE
t$$.$$

Joseph yesterday predicted a new departure
In the buying OF Americans In Europe, and
soon as the market opened this morning it
could be seen that change had come. Lon
don bought freely and developed considerable
activity and higher prices under the influence
Of the cheaper money and the brighter pros
poets that seemed to be dawning. Advances
were general and st. Paul led the market,
which in tone was excellent.
In sympathy with these conditions New York
opened up, but after the fir 4 half hour prices
began TO sag of little. The general stocks
were reasonably firm, some of them wee re-
markably high and the greatest declines were
in Rubber common, which went to 2il a. and
Sugar, which dropped "a per cent. 10 ll619.
II is not believed, however, that the pres
ent rally Is entirely over by any means, and
the most conservative traders are still looking
for higher values. Omaha took another spurt
today TO az. Everything seems TO indicate
better times for these securities. II is stated
that the directors will declare dividend at
an early date and that the statement of earn
ings not only shows gross increase of $780,
6l4, but that the road is in as good condition
as IL ever has been. Pacific Mail, however,
acts as IL II was little weak, and the fact
that its statement of earnings for the montn
II October shows decrease Of $26,a5 does
not tend to restore confdenee in its securi-
tites The report of Northern Pacific for the
third week in November shows a decrease of
sg7, ,9l2.
There is great deal OF bullish gossip in the
mir in regard To Rubber. This morning one
Of Richardson e. Clarks correspondents said
I'VE understand that the United States
Rubber Company has working capital of over
100000 outside the cost of their Is plants.
After paying the regular dividends ON the
preferred stock since the organization OF the
company in 1892, and charging off sl,25O,0OO
depreciation, there was left surplus of
s40,Ol4, ard surplus earnings on invest
inents of sl,9i ,6G. Inasmuch these earn
ings are over and above the dividends on the
preferred stock and the amount charged off,
the S2,32l,6ll belongs 10 the common stock
holders az, the preferred stock being non
cumulative, the dividends must be paid out
of this years earnings, each year standing by
itself"
AT meeting OF the Rubber directors this
a semi-an nual dividend OF 4 per
cent. was recommended, and il is stated that
the action in regard to the common stock will
be taken this afternoon, but these rumors
have not entirely overcome the evil effect of
the Incorporation of the Joseph Banigan OPP
position yesterday.
Many conservative traders are also very
bullish on Chicago Gas. They claim that a
that can pay a 8 per cent dividend
and still have surplus of sl,5)0,000 is cer-
tainy worth more than 81, and they predict |
that it will lead the next rally.
Money on call is easy at per cent. Prime |
mercantile paper, 4a5 per cent. Sterling Ex- |
change easy, with actual business in bankers |
bills at s.S8I5as4 for demand and 4s315 for 60 |
lays. Posted rates, 4s3l9a4.s4I9 and 4s7a4 So
: numerical bills, 4.S3 Silver certificates, |
3-s; no ssles. Bar silver, 65 Is. Mexi-
IAN dollars, 80 5-s Government bonds firm.