Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-04
LOCAL SECURITIES

The Volume of Trading on Change Com
paratively Large, but Confined Prin-
cipsiIy to Phfla deIphIa Company-A
Large Numb Der of Declines Scored
The market for local securities has been
very narrow during the week, with weak
ness its chief characteristic The business
completed on Change reached a total of
LAY shares of stock, 1000 bonds and $50
rcrip, against 3, 137 shares and 81 900 bonds
last week. Aside from the break and
quick recovery in Philadelphia Company
and the general tendency of values to de-
cline there were no prominent features, and
but for the developments in the affairs of
the company mentioned, which were fol-
lowed by active trading in its stock, the
week would undoubtedly have been one OF
Ihe lightest of the year in point OF busi-
ness. The closing bids to-day, compared
with those of last Saturday, show the fol-
lowing changes:
AGU aces-Monongahela National Bank.
Is; La Noria Mining Company, &c.
Observation-Disclosures Valley Gas, /; Philadel-
zens traction. Ls; p. & B. traction. q: Union
Switch and Signal common, 15S do. pre-
ferred, l; Standard Underground Cable, Y;
Electric second preferred. /.
Gas Shares.
pLIIdnai p1ld company JurnlSDeQ the 1oat-
ure OF the week in this group. The stock.
which had been gradually dropping for sev-
eral days prior to Wednesday, lost nearly or
quite q point on that day on heavy selling
on the announcements that the Carnegie
Philadelphia Company litigation had been
COMPROMISED op a basis unfavorab BILE to the
Pniladelphia Company. 1t was quickly con-
mise involved the annulment of
contract in which there was moth
ing but loss for the gas company, it
Was unite probably much less OF a bear card
than at first imagined Under this conclu-
sion the loss sustained was re-
covered, with something In addition,
covery fully maintained. Nothing Official
regarding the compromise was furnished,
but it was pretty generally accepted as a
TACT that n burdensome contract had been
annulled, and that the Philadelphia Com
panv, while compelled to wipe out the dis
puted accounts item OF something like
three-quarters of million of dollars, had
really secured the best end OF the
bargain ali around.
In conversation with Treasurer
Caldwell to day he be talked on the mat
wise to say much about the compromise,
hut will say now that the terms have been
EhreWdly guessed at in certain quarters
The board of directors of the company will
hold their regular monthly meeting pretty
soon now and it is possible some action will
then be taken with regard to furnishing the
''Iiow do you regard the COMPROMISED"
was asked Mr.. Caldwell.
s'As one of the wisest moves ever made by
the company" was the quick reply. 81 have
figured it over repeatedly, and 1 can come to
no other conclusion"
apo Won not think that the contract en-
tered into with the Carnegie people was
piece of folly on the part OF the Philadelphia
Companyf"
''It did not appear to be at the time it was
made You must remember that conditions
frlil 81,
delphia Company was struggling for exis-
tence and the MurTaysville field was con-
sidered ine1haustible. We were threatened
with competition on every hand. The
CHARTERS Valley Gas Company was
coming into the city in one direction,
the Manufacturers Gas Company in an
other, and so on, and the Carnegie interests
were making preparations TO lay line OF
their own. Then comes up the famous con-
tIact-the Philadelphia Company to furnish |
the Carnegie mills with gas perpetuaily at |
three-quRrters the price of coal; the Csrne- |
gle interests to abandon their idea of be- |
coming producers OF gas, and TO take large |