Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-16
VERY DULL AND WEAK
Airbrake the Only Stock to Show
Anything Like Strength.
THE GAS SHARES ARE LOWER
And Nearly. All the Street Railways Show
Dropping Tendency.
LOCAL AND GENERAL FINANCIAL NEWS

TUESDAY, Nov. 15.
Dizziness and weakness were again the
chief characteristics of the local stock
market to-day. The trading at the regular
call covered only P. & B. traction, Phila-
delphia Company and P, A. g. NJ traction,
and the transactions aggregated only 65
its dropping tendency, selling down to 21A
and closing at 21ss@21A The weakness,
after prolonged spell of steadiness, can
only be attributed to sales for all accounts
on untavorable reports concerning the sup
ply of gas. 1t is common talk In some
quarters that the Pinhook field, the bring
ing in OF which did much to put the stock
above 20. is gradually petering
out. The Philadelphia Company brought
in some good wells in that region and Sc
cured control of what seemed to be the
cream of all the territory on the Pinhook
anticlinal, and if the supply found there is
being exhausted-rapidly as some assert
the Philadelphia Company will be the ch1of
sufferer. The Philadelphia Company peo-
pie seen regarding the matter do not admit
that the field is failing materially: they SIM
ply assert that experience has taught every
BODY that all fields iail sooner or later. They
declare mildly, yet none the less conndentlys
that their supply has shown no dtrinution,
and that they expect to have Suff1c1ent gas
Tor their household consumers this winter,
and, for all they now know, Tor many
winters to come. On the contrary men ex-
perienced in the business and who have
been directly and Indirectly interested in
the Pinhook field ever since the first big
well was brought in there. say that it has
seen its best days and will soon be added to
the list of "has beens." "The field is declin-
ing with astonishing rapiGity," said a gen.
tleman to THE DISPATCH. "It has been
prodded to death. II only few wells had
been put down there it might have had
pretty fair lease of lite; but the trouble has
been that it has been overrun with com:
panies and individuals who have killed
it by overdevelopment" 1t is to be
hoped that the gentleman has ex-
aggerated a little. but If he has. so also
have number of others. 1t may be,
as intimated, that such talk is partially or
wholly responsible for the weakness OF Phil
adelphia Company stock, but II there is no
make it known. Indeed, the company owes
it to its stockholders and its patrons to
make known its condition as to the supply
of gas. At the last annual meeting OF the
company a resolution was adopted instruct
ing the Board OF Directors to issue a circular,
some time before cold weather set in, setting
forth the facts as to the gas supply, SO that
the patrons OF the company would know
what preparations, II any, they would have
to make Tor the winter; but SO far as known
no such circular has yet been issued. Ii the
directors have any intention of obeytng the
instructions embodied in that resolution, 1t
would seem as if now was the time for
action.
What is keeping the street railway shares
SO weak no one appears TO know. That they
will be higher, however, everybody freely
admits. There is big upward movement
coming before long, and judging from the
bear talk one hears in certain quarters its
commencement is probably close at hand. Z.
& B. traction sold at 24ss to-day, closing with
the extremes a fraction below and above
this point; P, A. & Nj. traction sold at "A,
with more offered the same price, and the
others were weaker without being notice
ably lower.
bidding, on both the common and the pre-
ferred, and nothing on the list was really
strong excepting Airbrake, which was
wanted on 'change at l35 and sold on the
Among the listed bonds the following
quotations we're established: Allie sheny
Valley railway, 1905, 1lo1& bid:. Junction
bid; Pittsburg traction 5s, lO4 bid.
Unlisted street railway securities closed
as follows: P. & B. traction, 24l@241a; do.
Duquesne 5s lO2 asked; P, A. & Al. traction,
43sl@44; do. 5s, 1929 bid.
Westinghouse Electric was neglected.
The second preferred closed ut 3s asked.
Pc, C. 3 ST. LIS October Earnings.
The statement of the business of the
Pittsburg, Cincinnati, Chicago and st. Louis
Railway Company, including the Little Mi
ami Railroad, for October 1892, as compared
Increase in gross earnings ...........S ss 3s9 Go
Increase In expenses 6s.3E 20
Increase In net earnings. ~, 99l ~
The ten months OF 1892 as compared with
the same period of 1891, show:
Increase in gross earnings. q, III, sss 50
IN l,UO. 900 10
Increase in net earnings 81, $50 20
Will Issue More Bonds.
The General Electric Company will issue
circular Offering common shareholders the
right to subscribe for S. 00O, 600 additional
convertible s per cent bonds at par, making
the total issue 10OOO, 900. There is $50 067 200
common stock and the allotment will be in
the ratio of one in flve. The outstanding
bonds sold last week at 104 and are now l02,
SO that not much value attaches to the right.
The issue has been underwritten tor small
commission, which is practical gratuity to
the Underwriters, as the bonds would nat
urally sell themselves. 1t is announced that
the proceeds are required for working
capital.
Sales and Closing Quotations.