Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-20

| steady ana unchanged. Sellers were
on Tuesday, but there WAS still a
the last call the bidding and offering indi,
delphia Company were wanted at 2lsS, and
that Luster was good for further advance
| After the close, however, the latter was
offered at 81, with 9ss still bid. The prinoi-
pal opponent of the. Luster clique also bid
10 cents per share for the privilege of put
ting at within year all anyone would
Philadelphia Company opened at 2lh
sales, held at about that price all day anu
| closed at 2ls6@2lH Citizens traction sold
at 6ah and closed at 623s bid. Pleasant Val
a51S. Union Switch and Signal sold at 1877 az
the second call, at lss4@lsI at the third, the
last sale oein at lS and the close was IS
sold at lOI% and p. / B. traction sold at 2lJ7SS,
Allegheny Heating Company at 81 and Penn
trio second preferred, 37@3716: p. & 3. trac-
traction: ssss@sss5; de s. IiK bid; T. 4. s
Pleasant Valley railway Us, 1o21z bid.
AReply to c. L Wade.
P1rTsBURa, Oct. 10.
Financial Editor Of The Dispatch:
DEAR S1R-The communication Of Mr.. c. I.
Wade, cashier of the Pittspurg National
Bank of Commerce, in the Commercial Gazette
this morning, criticising the Treasurer of
the Philadelphia Company for his methods
of making financial statements and other
wise bearing the stock of said company, has
created much talk and adverse comment on
/ Fourth avenue and elsewhere. Mr.. Caldwell
and the Philadelphia Company are, no
doubt, fully competent to take care of them
selves. but l submit, in all candor,
that the effort of Mr.. Wade appears to
an unbiased public in very bad taste, to say
hn lnoG and fhn hnlf hat
author had been caught short of the stock
at, say about 10. Otherwise, why should he
go out of his way to print his opinion. based
on nothing. that the stock of the Philadel-
Is 1t customary for the cashiers of national
banks to give such pointers"
to asser sas dear moREVe, RVelo Without charge
for them, or any one Of them, to attack
| leading and prosperous local industry? Is
it not silly-not to say dangerous-ro invite
inationf Mr.. wade has apparently not vet
| learned that the most successful and
meritorious among usattribute their success
TO their ability to attend strictly to their
| own affairs. BROKER.
"Broker" asks some very pertinent Ques-
tions. All The DISPATCH cares to say about
them. however, or the statements of Mr..
Wade, is that it is not customary for CASH
iers OF national banks to give pointers" on
anything, and that the rise in Philadelphia
Company was pstheG rapid nor manpu
the stockholders will readily admit, and
based strictly on merit.
Nypano's Earnings.
A Cleveland special says: At the annual
meeting of the stockholders of the New
York, Pennsylvania and Ohio Railroad the
Presidents report showed the gross earn
ings of the year to be s., ,266 OOO an increase of
$l50. 600 over last year. The net income was
q, ,2s2 900. an increase of 5000 over the pre-
vic ho ino
the payment of first mortgage bonds was
$685., 900, an increase OF $50, 600 over last year.
The old Board of Directors was reelected.
The Gold Situation Abroad.
The great European banks now hold f2l.
522, ,996 moro gold than q year ago. The in
crease in the Bank of England is f29Os, 993
Bank of France. "a, 40. 1872, Austria Hungary
f5. .34S, 900, and Belgium, f2O6.677. The Bank
of Germany's holdings are smaller by 99S7,-
75O and the Netherlands by El.3sS, ,Oo0 The
accumulation has been to provide Tor the
demand which will come from Austria when
the change to the gold standard goes into
effect. This demand is expected at any time,
and In connection with the movement to the
United States, which cannot long be delayed,
the Banks of England, France and Germany
are prepared for a serious drain on their
stock OF gold. When this begins, there will
naturally be an upward movement in rates
for money in London and on the continent.
Financial Notes.
The directors of the Bankers and Bank
Clerks Association held q meeting this
afternoon in the Mechanics National Bank
and appointed two committees to nominate
officers and directors. The annual meeting
will be held the third Monday in November.
The stockholders of the Evansville ana
Terre Haute Railroad Company have unani-
mously approved of the increase OF the capi-
tai stock from 81, 00C, ,0G0 to So, 600 O00 About
IS per cent OF the entire capital stock was
represented at the meeting. Dividends at
the rate of 10 per cent per annum were paid
on the old and, it Is said, per cent will be
paid on the new stock.
s; s; Pink Pinserton r, was the tn chief buyer of
and W. d. watt. Hill Co, and Lawrence &
Co. were she sellers.
sproul & Co. sold Citizens traction to A.
Sproul & Co. and Caster sold Switch and
Signal and Kuhn Bros. bought. The latter
also bought T: B. traction from S. Fritz.
]. D. Bailey to J. 7. Patterson. and Pennsyi-
vania Gas from Caster to Kuhn Bros.
Hill & Co. sold Duquesne traction 5s to
Lawrence Co.
The earnings of the Pittsburg and Western
for the second week of October were s4s. s94,
an increase OF $2,066.
Minister Robert T. Lincoln. who has just
returned from England, believes that there
is q sufficiently reasonable prospect Of a de-
parture by England from its mono-metallic
basis to give hope of some practical steps
the Increased use of silver, and for their
adoption by sufficient number ofimportant
powers.
dispute has arisen as to whether Friday
the 2lst inst. is q legal holiday, or not Gov.
ernor Flower and the New York State Attor.
ney General hold that it is not q legal holi-
day, while counsel for the Clearing House
Association is of the opinion that It ie, and
that the banks may legally close. But most
Of them will keep open for commercial
paper. Tho Philadelphia Clearing House
banks have decided to close and the Pitts
burg Clearing House banks have decided to
do likewise.
One of the encouraging sights OF the times. |
says the Investigator. is the advance during tho
last two months Of go 00o, 600 in the aggregate
value OF South American securities on the |
London Stock Exchange. The influence of |
this on European investors and speculators |
can readily be appreciated whom the effect |
Of the Barring collapse is recalled. The |
losses of English investors in South Amer. 4
leans were enormous, and they have not yet |
fully recovered from the shook which the |
end Of 1880 brought with it. We may now
hopefully look, for some expression Of this |
changed feeling in greater interest in |
American securities, which for safety and |
stability stand far above most European