Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-15
SOME HEAVY TRADING
On the Local Exchange and Higher
Prices Are Established.
FRACTIONS MOST PROMINENT.
Phillies Dividend Rate Increased to Ter
Cent Per bnnum.
DUoUEsNE'S REPORT TO THE STATE

The local stock market was comparatively
narrow to-day; but trading was on very
liberal scale and the tendency of prices was
upward Pittsburg and Birmingham trac-
ton and Duquesne traction were the lead
ers, as for several days past, but there was
moderate trading in Philadelphia Company
and Pittsburg traction, with the latter full
point higher, and after the close there was
little furry in Lustre Mining Company on
a rising scale of prices. Instead of opening
with a reactionary tendency, Duquesne
started off at 30 sales, quite an advance
over the previous close, advanced to
3OZ on active trading, receded to
80 sales at the second call,
sold at 29k at the third call and at 29H
after the close, the latter figure showing
| decline of q dollar a share from the highest
point of the day. The decline was quick
| one and at the close. the stock seemed
to be without support. Very light offerings
| would doubtless suffice to put the stock
! down where the upward movement started
! from, and if the Eastern peoDle are ouylng
| for control they will doubtless do what
| they can to get it there. The price
has advanced too rapidly, no matter what IS
| brewing, and there should be further re-
! action The general belief is that the stock
| is not worth current prices, but on this
| score insiders say that the report recently
| filed at Harrisburg shows that the company
is not only out of debt, but is in a position to
| pay fair dividend. This is important II
| true, as the general impression has been
that the company was hampereo WIN il,,.a q
/ floating debt and was not earning more
| than 2% or per cent at the best.
The upward movement in p. & B. traction
| continued without interruption throughout
| the day. First sales were at 25A, the high
| est at 2G3S and the last at 26l4, showing net
! gain OF q for the day. The street seems TO
| be confident of dividend next month, but
| it is intimated that dividend talk IS not the
| only stimulant-that the road is to figure in
| a consolidation scheme being engineered by
| the Pittsburg traction magnates.
In n ouartar where sentiment on z. u B. is
rather bearish it was learned that within
| the past 80 days the company had issued o
| per cent deDenture bonds to the extent OF
the cost of the addition to the Monongahela
bridge-sornewhere between $4,000 and
$500 000-which will, or should, come IN ahead
of the stock. These bonds, which amount
to little more than company note, are SUBJ
ject to call each year to the extent OF the
company's ability, the bonds called to be
those offered at the lowest terms.
Pittsburg traction was in demand and sold
in a small way at 60. closing at 6096l.
Philadelphia Company was weak early,
selling down to % on reports Of a shortage
o gas in Hazelwood, but it f1rmed up later
on report tnat the directors Of the company
had increased the quarterly dividend to u
per cent which subsequent investigatio
proved to be correct. This places the stock
on a per cent basis. but it Is semi-oflicially
stated that the rate will be increased
another Il per cent the next quarter, which
will make it G per cent stock, "and this"
it is said, "will not be the limit"
After the close demand d for Lustre sprung
up and it advanced to 81 on sales of l25
shares. Duquesne also sold at 29M buyer
three DAYS. \ small lot OF Central traction
also sold ut 2Sss and the same price was bid
for more.
On call Underground Cable was bid up to
Is, Citizens traction was stronger and others
were without noteworthy change.
Bonds and bank shares were neglected,
and the only quotation on Electric was q
nominal bid o. 20 for the unassented.
P. & b. traction closed at 261s@26lz, Du-
quesne traction at 29@29N, and T. A. s. NJ.
traction at 4Sl4 bid.
Phillie's Dividend Increased.
At the regular meeting of the Board of
Directors of the Philadelphia Company this
afternoon quarterly dividend of ~ per
cent was declared payable to stockholders
of record December 81 The transfer books
will close December 20 and reopen January
l. This is an increase of Il per cent, placing
the stock on 5 per cent basis. and will be
particularly gratifying to stockholders in
;.smuch as no increase was looked ior be-
lore the first quarter OF next year.
Official Figures on Duquesne.
The Duquesne Traction Company filed its
report in the Department of Internal Affairs
TODAY. During the year ended June 80 last
54l7S4S passengers were carried and the
total receipts from passengers were $2S3,
s99 50. For maintaining the road or real
estate of the corporation and operating the
road S257 SIS 80 were expended and i'll in
terest $5l 450. The balance sheet is thus
presented: