Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-30
NEWS ABOUT NIPPER
How the Increase in It's
Funded Debt Has Been
Disposed 0f.
MANHATTAN MOVES UP
II On the Failure to Sell the Under
ground Franchise.
COALERS SCORE GOOD ADVANCES
On Expectations That They Will Make Good
shOWings for the Year.
FEARS OF GOLD EXPORTS DISAPPEAR
SPECIAL TELEGRAM TO THE DISPATCH l

of the Northern Pacific Railroad Company
relative to the increase in its funded debt
during the last three years under the con-
solidated mortgage, has ELECTED from the
Treasurer of the company a statement of
the manner in which the bonds have
been issued, and for what pur-
poses The statement is presumably
as of to-day, hence is a valuable supple
ment to the annual report, which is Tor the
wear ending June 80 last. According to
Treasurer Baxter the amount of consoli-
dated bonds now outstanding is $50, ,929, 900,
an increase since the end of the fiscal year of
81, ,36S, 900. The disposition of the bonds has
been as follows: So, $4,000 were issued to
take up existing liens on branch roads, and
ST., SIS, 600 for the construction and acqui-
sition OF additional branch lines, making a
total of SIS, 929, ,0OO The mileage thus
acquired and brought directly under
the consolidated mortgage is stated at 1850
miles, There have been issued to the pre-
ferred stockholders 81, ,347. .000 bonds, and for
equipment and improvements Sl4.9llO00.
This makes total ut S4S.lSIO0O
definitely accounted for, but IL must
be that part of the last item is technically
in the treasury OF the company, since the
Treasurer states that the amount absolutely
disposeu of is S47 All 900. The difference be-
tween that amount and the total issued,
namely, Sl2. sis, 600, is held by the company.
The stock market was fairly active, and in
the main strong throughout. Upon the sur
face this last condition appeared to be al
most entirely due to the covering of short
contracts. This was especially the case in
Northern Pacific preferred, which led the
list in point OF activity, in Reading, ST. Paul
and the industrial stocks. 1t was not true of
Manhattan, which enjoyed q net advance o
az per cent the failure of the Rapid
Transit Commission to obtain q bid for its
franchise, nor of Lackawanna and Della
ware and Hudson. which scored material
net advances in anticipation of the excellent
showing that those companies will make for
the year now ending.
The underlying cause for the improve
ment in the speculative tone was the disap-
pearance, for a time at least of fears OF
further shipments OF gold.
ESPECIAL FROM DOW. JOINTS & COL
The market to-day showed clearly that a
reaction from the recent gold scare was in
full progress, the bulllsh tendency notice.
able at the close yesterday showing itself in
the early trades this morning in an in
creased degree and spreading to about
every stock on the list, except Northern
Pacific. The preferred was offered down in
the first few minutes until support was found
around 40, and then it fell into line
and advanced with the rest of the list. Con-
siderable purchases were made by clever
traders in both the preferred stock and the
6s, il being generally known that all the
stock OF Messrs. Wayland, Trasb 6 Co. had
been sold. Treasurer Baxter denied that
the company would issue bonds on the Chi
caeo & Calumet Terminal, and said that
since the report had been issued the floating
debt had been reduced S7oO,O00.
The cOalers were about the first stocks to
advance and there was very bulliSh talk on
Jersey Central, Delaware and Hudson and
LacKawanna. There was less activity in
Reading at first, despite denialS OF the re-
ported issue of third income bonds, but con-
Siderable strength IN the stock developed
later on activity in the incomes. 1t was
noticed that all these stocks advanced very
easily. IackawGnHa will pay the usual l%
per cent for the quarter.
The report hat there would be a bid for
the rapid transit franchise to-day depressed
Manhattan from l49 to JAG, but when the
nature of MIR. Amory's bid was know II it was
seen that its rejection, which afterwards
occurred, was inevitable, and the stock
closed with a strong upward tendency at
the highest point touched for months. There
is a heavy stream OF investmeH t orders in il.
An inside sale OF 1000 Distillers at 657S
rather checked the advance In lndustrials
though there was no general pressure to
sell, and there was steady covering of shorts
in Sugar.
The better tone for the grangers is due to
covering by traders who have believed in |
the short side of the market FOR some time,
but who are now inclined TO be long for
turn.
St. Pauls November statement showed |
better than was expected. |
Rock Island people expect an increase of |
over Sl00 coo tor December.
Experts III Louisville have been free buy
ers on prospects of the road and the large |
increases. There is still an uneasy short in |
terest in the stock.
Bull points are given on Western Union.
The temper OF the room was extremely |
bullish afIer the close on the continued |
weakness OF sterling and the hope of q more
plentiful supply of bills.