Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-05

In a Number Of the Leading Shares
of the Local List.
P.&B. TRACTION MOST PROMINENT,

Followed by Philadelphia Company and
Electric Second Preferred.
THE LATTER WEAKENS At THE CLOSI
| TUESDAY, Oct 4
The calm was succeeded by storm. The
dullness yesterday was followed by marked
animation to-day. Activity characterized
the market, both on and off Change, but,
as was the case yesterday, there were
about as many weak points as
strong ones. though the majority Of
changes were declines The shares most
prominent in the trading were Philadelphia
Company, P. g. B. traction, Westingho ouse
Electric first and se,ond preferred and
Pleasant Valley Railway.
The feature Of the day, perhaps, was
presented by P. & B. traction. One
broker alone. sold 75o shares of
| tie stock on Change and con-
| siderable of it changed hands in the street
holding its own but advancing and closing
| above 26. A little talk was heard about
pairing orders, ETC., but the buying orders
| executed were very evidently for inside ac-
purposes at the approaching annual meeting
OF the company. A good deal Of this buying,
| 1t was said, was for the account of the Phila-
| deIphia clique
Philadelphia Company was rather freely
offered, but it was we'll absorbed and the
stock closed firm at about the opening
22L, which was the official closing bid, but 1t
did not look as If it would 60 much, If any,
below that price.
Electric closed weak and lower under the
influence of the action of the Court of Ap-
peals of New York in sustaining the Circuit
Eassso Ensed saas asss Esssy gha saast ce the
pany, one of the Westinghouse Elec-
| tries leased companies, and if the
stock should sag further, as seems probable,
with it to a certain extent Electric closed
weakest in the East.
Pleasant Valley Railway closed looking a
little soft, presumably because of the Max
well verdict against the company. but H. M.
Long bid 25 Tor 500 shares despite the verdict.
During the last call. and after bidding 261s
for small lot Of z. & b. traction, W. l. Mus
tin, of George B: Hill & Co., offered 500 shares
of that stock at 26I During the day he also
offered all the Philadelphia Company the
crowd would take at 22ssas, and Al. Lawrence
bid ~ for go shares.
The Markets Movements.
Westinghouse Electric second preferred
sold at 3ss4 at the first and second calls, and
was offered down to 1875 at the last board,
with S73z bid. The closing bid on the New
York Stock Exchange was 36. The first sale
of Philadelphia Company was at 22&. This
was followed by a number at 22L and the
close was at 2s14@a2H, with sales at 2214 after
sh the clos close. Central traction sold at
The initial transaction in P. 4 B. traction
was 900 shares at 26, Carothers to Sproul &
Co. at the third call the same seller dis
closed looking Strong at ssS9ssH. Pc Pleasant arH
s5X@s51S. Electric scrip sold at ss1S per cent
and the first preferred at 5OL
Among the shares not traded in United
States Glass was steady to firm, Airbrake
was quoted at l36@140 ex-dividend; Electric
unassented was of to 2S bid, Citizens trac-
Change @ s s'a Peopiss NatwraP aas sse was
higher at 2s11 bid, Luster was barely steady at
S4@S5s Duquesne traction was all but
completely neglected and others were feat
> Unlisted street railway securities closed
as follows: P. & p. traction, 261s@26L; p. A.
NJ. traction. 441a@45; Duquesne traction,
29@29z; do 5s. 10lSs bid.
Allegheny Valley preferred was offered at
IA and American Brake at SO.
Westinghouse Electric.
A telegram from New York states that the
United States Court of Appeals in the case
OF the Edison Electric Light Company
against the United States Electric Light
Company, for an Infringement of patent on
the incandescent vacuum lamp bulb ana for
damages and royalties, had affirmed the
decision Of the lower court, which was in
favor of the Edison Company. The United
States Company being leased by the West
affects the latter, as it had been operating
under the patent for the infringement Of
which the leased company stands convicted.
The decision was known on Change this
afternoon but.while Electric softened under
its influence. it was thought to have been
discounted more or less by the drop from
close to 40. What the full effect will be
stock following perfect understanding Of
the decision and to what extent the
company will suffer by it. The pop
ular impression seems to be that the West
inghouse Company will be compelled to pay
a large sum of money in the way of royalty
for past operations under the patent; but
declining to talk much about the matter
until he had read the decision. volunteered
the statement that the Westinghouse Com
pany would not be hurt by it. |
The decision of to-day probably settles the |
matter as, according to our understanding |
of it. the case is not one that can be carried
to the United States Supreme Court The |
Court of Appeals, which rendered the de- |
cision to-day. is the new court that was or
ganized for the purpose of relieving the |
Supreme Court as much as possible of ques- |
ments, and its action, as rule, is final.
The suit was first brought in 1885, ana on |
July II, 1891, judge Wallace, of the United |
States Circuit Court, decided that the |
Edison Company was entitled to the patent |
on the incandescent lamp. An appeal was |
taken and Judge Wallace was sustained |
this morning in every particular. The |
patent has six years to run and the decision, |
according to the attorneys of the Edison |
Company, is worth millions to that corpora
tion.
Talking on this subject late this afternoon
a gentleman well up in Electric affairs said: |
'The Westinghouse Electric people will not
the company, which has been limited at
lately, is nothing more nor less than a new |
lamp, which, it is said, will revolutionize |
the electric lighting business"
A Victory for Westinghouse.
A special from Harrisburg to THE DIS
PATCH says: 1t appears from a comparison
Of the records here with the decisions
rendered in Pittsburg yesterday by the Su-
preme Court that the general result is a
very important victory for the Westing.
house companies. In the case OF the West
inghouse Airbrake Company the State
1889; s44 s4l l5 for the year $780, and s52,3l4 81
for 1891 NJ. E. Olmsted, of this city, attor.
ney for the company, appealed from these
claims to the Dauph1n county court, which
reduced them to $3.50 sS. SIS, 1872 81 and $l4,-
about ss5. 600. and the Supreme Court has an
proved the action of the Dauphin county
court.
In the case Of the W Westinghouse Electric
and Manufacturing Company the claim OF |
the State was SIG. 1893 81. tax on stock for 1890,
which, upon appeal, was reduced by the
Dauphin county court to 81, ,439 A. but is now
increased by the Supreme Court to $6,66l SO.
the company still saving about $40 OOO and |
IL ia DrOiaDle that the rulinp w |