Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-16
GAS SHARES HIGHER
And Airbrake and Underground Cable
Look Up Little.
DCQUESNE AND P. & B. DROOPY.
The Airbrake Directors Eeclare Another
Eouble Dividend.
CABLE TO GET THAT MONEY AT LAST

THURSDAY, Dec. Is.
The volume of trading in local securities
on Change to-day was light as compared
with that of esterday, but it was fair
withal, and the interest in the list showed
something of an increase. A broadening
tendency was distinctly noticeable, and,
with the exception of those shares which
have advanced sharply of late, the drift of
prices was in the upward direction. The re-
dictionary movement in Duquesne traction
which set in at the close of Wednesday, s
business was continued to-day. the stock
selling down to 281E, and closing barely
steaiy at 2SsS bid The company's re-
port to the State, which was
presented in these columns. was regarded
as fairly satisfactory in unplejudiced quar-
ters, but it admittedly contained no sugges-
tion OF the company's ability to commence
dividend payments at rs early date as that
set by the street gossip OF the past few days.
According to the report the company had
floating debt OF S74, 429 "a on June 30 and cash
and bills receivable Ses, 1l6 rs, or net
floating debt of $468l2 9s The company's
proportion of the net receipts OF the COM
bine since that date. however, payable on
the first of next month, are estimated to be
more than sufficient to wipe this DEBT out
entirely, which TACT is recited with cons1d-
cradle unction by The company's friends.
Like DuQuesne P. & B. traction showed
reactionary tendency. but it was less pro-
nounced than that OF its running mate. 1t
sold at 26 at the first call. at 25S at the last
and closed looking trtfle heavy at 25A bid:
In commenting on the company's issue OF b
per cent gold debenture bonds, to which q
brief allusion was made in yesterdays re-
port the Tete0rd h says: "As is known, the
traction company was compelled to widen
the bridge at Its own expense. It was gen.
81 rlof
OF the original issue OF $l,500.0000 bonds,
but such was not the case. The arrange
ment with the bridge company provided for
the payment of tolls at the rate of cents
per car, approximating bout $4,000 year,
and this amount was to be credited to the
traction company until the entire cost of
the Improvement was returned. Under the
arrangement for taking care of the new de-
bentures, it is provided that the traction
company shall pay the bridge company So 600
per year cash as tolls, and shall deposit with
its trustee L certain amount per annum to
meet interest on and cancel maturing bonds.
At stated periods the company will adver-
tise for the surrender of bonds for redemp-
tion. and the lowest offer shall be accepted;
or. should there be no offers, the bonds to be
redeemed will be selected by drawing lots"
Barring Duquesne and p & B. the features
of the day were furnished by the Philadel-
phia Company, Standard Underground
Cable Company and Westinghouse Airbrake
Company. The announcement OF the in
crease in the Philadelphia Company's divt-
dend was stimulating factor, the stock ad-
vancing to 2lN sales and biu underits inhu-
ence and closing strong. Underground
Cable was firm and higher on q report that
the money due the Company from the
United States Light, Heat and Power Com
pany of New York l5O000) was ready to be
to bring out much of the stock. In
Airbrake the bidding price was advanced
toward the close on the probability that the
directors of the company would meet late
in the afternoon and declare the regular
quarterly dividend OF per cent. This they
did, and-which will doubtless be pleas
ant surprise to many-they also declared an |
extra dividend OF per cent.
The only other shares traded in were
Pleasant Valley Railway at 24h and p, A.
& NJ. traction at 4316. The strength in Phil
gassers, and the traotions which did not
figure in the trading were steady to strong. |
Electric was neglected here and moder- |
ately active and weaker in Boston. deci:
sion was rendered to-day by the Uuited |
States Court of Appeals of New York, in the |
suit OF the Edison Electric Company against
the Sawyer Mann Company, asking for an
Injunction, the Court granting the fntunc-
tion with the proviso that the Edison Com
Pany must supply lamps on reasonable
terms to all Westinghouse plants installed
before the decision of the court below sus-
talng the patent. and giving the Sawyer
Mann Company leave to apply to the Court
to vacate or modify the injunction in case of
refusal on the part of the Edison Company
to comply with the proviso in any specific
case. The weakness of the stock in Boston
was probably due to this decision.
Following we're the bond quotations on
Change: Citizens traction s. 1G7 bid; Pitts
burg traction 5s. 1H bid; P. & B. traction IS,
100 asked; Duquesne traction 5s, par and in
terest (about l03) asked; Central traction 5s,
l04A bid.
Airbrake's Double Dividend.
The directors of the Westinghouse Air
brake Company met at o'clock this after
khA lor ov.ko o.lr
of per cent and an extra Of per
cent, both payable to stockholders of record
January 10. The transfer books will close
December 81 and reopen January ii.
What the Bank Statements Show.
The statements of the local national banks, |
in response to the Comptroller's call as of |
late December 9, compared with the state |
nents made at the call of September 80, |
show the following changes:
decrease. . 456. $40 |
Loans, increase 60 643
DEPOSITS, decrease. asa
Legal tenders. decrease. 54l, 80 |
Increase. 1850 |
Due from legal reserve agents. decrease. 548 rs
The banks hold s17O 1854 in excess of the %
per cent as required by law, or 254l per cent
,f net deposits.
COMPARED with the statements of Decem-
Der 2. 1884, the following changes are shown:
Reserve, decrease. z8 S37
loans. increase. S52 439
specie increase. e......................... 6SS 016
DepOSlIS.
legal tenders decrease. 49, OIL
increase, 296 go
Due from legal reserve agents, decrease. 81 S72
For these figures we are indebted to Mr..
2. j. Stoney, Jr.
p, c., c. g. st. LIS November Business.
The statement of the business of the Pitts
,urg, Cincinnati, Chicago and St. Louis Rail-
way Company, including the Little Miami
for November. 1892, as compared
With the same month in 1891, shows:
Increase in gross earnings ..........$ 1876. 226 Sc
Increase In expenses. l3S, 100 VI
Increase in net earnings. ............S 2, $50 80
The IL months of 1892, as compared with
be same period of 1891, show:
Increase in gross earnings. 81. 2s7, 174 "a
Increase in expenses. 2O2 Sl6 ~
Increase in net earnings. ............e 81, S56 15
Financial Notes.
II, NJ Long sold II shares Pleasant Valley
Hallway outside the Exchange and 100 shares
,, A. s. NJ. traction at 43%.
There was evidently no advance informa-
ion furnished on either the Philadelphia
,ompany's dividend increase or the Air.
rake extra. This is as it should be.
Lawrence & Co. sold Pleasant Valley to
,ong, and Messrs. Long and Carothers sol
, & B. to Hill Co. and Ramsey.