Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-01
DUQUESNE IS LOWER
And Philadelphia Company and
Airbrake Are Higher.
A Squirt In CENTRAL TRACTION.
A Scheme to Help Western Pennsylvania
Phonograph Company.
LOCAL AND GENERAL FINANCIAL NEWS
MONDAY. Oct. 81.

MONDAY, Oct 81.
October closed with local securities quite
active and the tone of the market about
equally divided between strength and weak
ness Duquesne traction continued to lead
the weak contingent, but at the decline
scored to-day it looked very much as if it
had touched bottom. Considerable stock
was taken, at least, on the assumption that
the slump was about over, those who sold
out just above 20 being conspicuously good
buyers. With one exception the other
street railway shares were also lacking in
strength. That exception was Central
traction, which advanced to sales at
80 on call, close at 30@31 and sale at 304
after the close, the support coming mainly
from insiders and being based on the Mayors
veto of the Bellefield street railway ordi.
nance. Airbrake was stronger, being oid up
to l27. Philadelphia Company was stronger
and higher, and others We're practically un-
changed from last weeks closings.
The Markets Movements.
Philadelphia Company opened at 2lA
sales, sold up to p and closed strong mt 2lH
'e@22. Luster sold ut and closed ut 81 bid
After the close, however, it sold at sns, and
thereafter was quoted at S1s@9. Duquesne
traction and P. & B. Traction bonds sold at
100 ex-coupon There was q small sale of
Union Switch and Signal at 1925 and the
close was at l914@20. p, A. and ". traction
sold at tho second board at 444, and after
the third round lot changed hands at the
same price. Duquesne traction sold at 2lsss,
with one small transaction at IN. Tue
stock closed at 271z bid, but after the close it
was quoted at 27s@27A: M. & NJ. national
bank closed at 75 ana Central traction, as
noted, sold at 30@3OLs the final "curb" quo
tations being 30@3015.
The unlisted street railway securities
were quoted as follows: r. A. 8 NJ. traction,
at "a alter tne close; do. 5s, 10IM bid; 2. &
B. Traction, 24Gp241S; do 5s. 100 asked ex-inter-
est; Central traction 5s, l041a bid.
Electric cut little or no ng ure in the days
operations. Closing quotations were 2S bid
for the unassente6 and 3s7aQ39 for the pre-
Ierred.
Robinson bid $25 to call 100 Pipeage at l6h
next January and $25 TO call 100 Philadelphia
at 2312 the same month.
Western Pennsylvania Phonograph.
A circular was recently sent out to the
stockholders of the above company notify
ing them of a special meeting and request
ing full attendance. "This meeting" reads
the circular, ''has been called 1or the pur-
pose of voting for or against the acceptance
OF proposition made by the North Ameri-
can Phonograph Company Ia similar prop
X
panies and accepted by quite a number) to
enter into an agreement with the local CON-
pany by which the North American Com
pany will for the space OF three yeais or up
until July, 1895, have the sole and exclusive
right to exploit, lease, sell and otherwise
dispose of the phonograph and all supplies,
appliances and attachments therefor in
and throughout the territory now
covered and operated by this company.
In consideration of the entering into this
agreement the North American Company
proposes to pay to this company 10 per cent
of the ultimate selling price to the public Of
photographs, supplies and appliances there
for sold in, or sold to be used in the terri
tory now covered by This company, and q
sum equal to 25 per cent of all of the rents
received from pboDos raphs leased or rented
in, or leased or rented to oe used III sald ter
ritory. This agreement is made with the
understanding that it is to in no way Affect
the original agreement entered into between
this company and the North American Com
pany, and that this supplementary agree
ment il continue until the first day OF
July, 1895 at which time this company can
either resume its present style OF doing bus
mess, make some other arrangement Tor
the carrying on of the sale OF the phono-
graph: .aEp9h: Sou., .or,o,, cor,r,n " o,,raos 70
push tie sale of the phonOgraph IN all parts
OF the territory as strongly as possible, and
to this end expend 5000 per year Tor adver
tising in the leading periodicals OF this coun-
try. 1t also agrees to purchase from this
company all stock on hand relat ting to the
photograph. Our stock on hand, including
s.ot machines, batteries, supplies, etc., ac-
cording to estimate OF North American Com
pany, amounts to "a 1854 81. We have S. 200
in cash in the hands OF the Treasurer. Ii
this agreement is entered into With the
North American Company there will be in
the hands oil the Treasurer, as soon rs the
stock is paid for by the North American
Company, enough money to declare q div
idena OF 81 per share on The capital stock of
this company entitled to a dividend.
"The amount of money in the hands of
the treasurer does not represent the profits
of the company in its operations ior the
past four years, but Is simply the balance
leIt OF the original working capital OF the
company. Since its organization the COM
pany has made no money, and during the
past two years has only been able to pay
its running expenses. Under the arrange
ment proposed by the North American
Company whatever business is done will
represent profit to this company, as the
company will be practically under no e1-
pense."
The special meeting has been, held and
while The attendance was light Secretary
Gllg says that sufficient number oI shares
have assenteG to The scheme to insure It's
adoption. The private secretary o. Mr.. Ed
ison will be in the city the latter part of the
week as representative OF the North
American company, when some 1urther i'm
portant steps will probably be taken in the
direction OIL closing up the deal.
Wheeling s. Lake Erie.
The Wheeling and Lake Erie Railway Com
pany reports for the year ending June 30 as