The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-12
inanCial World.
IN THE
&.&$*$

Although Union Pacific was weak Today
and Wheeling T. Lake Erie nroke badly. the
general market showed strength enough to
Offer considerable encouragement TO those
who are looking for higher prices
The London special TO Sullivan. Morris %
Co states that the market for Americans was
fairly steady 10 strong on light business.
The Vanderbilt issue, under the ltad OF New
York Central were up ss; Erie gained "a ana
Louisville Is. Others were trm on very mod
crate business. Foreign houses in New ork
were practically without orders for London
account
The weakness OF Wheeling g. Lake Erie Is
now believed to foreshadow receivership.
Great difficulty has been found IN disposing OF
the bonds lately, and the earnings have been
disappointing. There was considerable OF the
stock sold around 615 TO z, and when IL was
ascertained by the leading manipulators that
the securities were well scattered campaign
10 shake the public out was inaugurated. This
as usual met with certain measure OF sue
cess, and once more the public has been
millsed by the willy operators. Quite con-
siderable amount of the Wheeling securities
are owned in Providence, so that local traders
took quite an interest in this break that
seemed TO be determined to carry the stock
down to nothing share.
Baltimore & Ohio was sold down today by
several good houses, and the report Of heavy
assessment soon TO be made upon the stock
was so generally credited as TO prove OF
value in aiding the msnipulators In their
bearish efforts.
In relation TO Baltimore g. OHIO and Wheel
ing, n special dispatch 10 Richardson g. q ark
today states that director in the Wheeling
company who is also well known ope rator,
said that the action Of Baltimore Ohio in
cutting rates would. unless given up, force all
the Ohio coal roads into bankruptcy. Wheeling
was better off in one respect, AS II had al
| ready paid its sem.annuu,l interest.
There is n great deal of discussion as To
| the probable future of Union Pacific. 1t is
| the general impression that the reorganization
| committee will maze bid for the property
| which will be sufficiently large 20 cover a
| good portion of the roads indebtedness to the
| government. That this bid will be accepted
| and that the reorganization will then be un-
| dertaken on the lines already laid down Is
| assured Wortley, in his adyices To Weeden,
| Kendall s. Co., says that the assessment ON
| the common stock will be- SIS per share, for
which will be given SIS Of new preferred stock
| and share for share of the common.
| The annual meeting Of the Sugar company
takes place tomorrow. 1t Is uncertain
whether any report will be made and equally
uncertain whether there will be any other
developments Of special interest. Mr. Have
1 meyer and Mr.. Dick are 10 be reelected, and
| IL is considered certain there vii be no opposI
| tion made to the expenditure for distillinl
! plant and the more recent outlay for the
woolson spice plsnt.
A dispatch to E. j. Knight & Co. from Pc
| oria, H.. states that the Sugar Refining Com
| pany has begun IA suit against the American
| Glucose Company for Sl.0oo,cOo, and against
the Peoria Grape Sugar Company for SJoO,OJ
for infringement of patents.
The statement of Ontario Il Western which
was made today shows decrease IN earning
for the first week in January Of s3G62. The
4 statement of earaings from July TO dat
elbows an increase OF s5l, 29'
Money on call in New York wns easy at II
per cent Prime mecantile paper, 38ai19
sterling Exchange firm, with actual business
in bankers bills at 4S1l4al9 for demand ant
4s.la for 60 days. Posted rates, Is'12s4.S5l
and 4.sSai9. Commercial bills, 4S3l. Silver
certificates. 64s4a65l4; no sales Bar slv r
Gl34. Mexican dollars, 80 5-s Government
bonds firm.