Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-20
THE LOCAL LIST DULL.
Philadelphia Company Loses Little
More Than Its Dividend.
AND P. V.RATHER WEAK.
All Others Hold Their Cwn at About Last
Weeks Close.
GOSSIP, SALES AND CLOSING PRICES
MONDAY. Dec. 10.


by Philadelphia Company, and little more
besides, the list ruled fairly steady to firm
at about last weeks closing prices. There
was considerable inquiry in certain direc-
tions, but, as a whole, the days operations
reflected disposition to hold off until the
general money market assumes something
like a normal tone. 1t is invariably quiet
in stocks at this season, however, and, as
heretofore suggested, the conservative ele-
ment OF the street is not looking for much
business of consequence until after the
comi ng January dividend and interest dis
| burs Last weeks heavy trading was
an agreeable surprise. but it was due to
| special causes and is not likely to be dupll-
| cHted this year.
| The shares covered by the trading on
| Change were Allenannia Insurance, Phila-
deiphia Company. Lustre Mining Com
RRo@s Ronsse AirbraFe 6nderEroaUd SSiU Cable and
| Duquesne traction. Allemannia Insurance
sold at 4505O; Philadelphia Company at 2l11
Q2C16 closing q 9O14@sO1a: Lustre sold atglz,
closing at 24M pid: Airbrake sold at l3O,
closing at l30 bid: Underground Cable
sold at 1873. buyer so, closing ut 7715@7S1S
regular, anu after the last call 100 shares or
| Duquesne traction sold at %. There was a
| little weakness in Peoples Pipeage and
Pleasant Valley railway, but it was barely
| perceptiDle AMI no st2nifcInce attached TO
| it. Others were unchanged and firm.
| The metropolitan stock market was weak
and panicky, owing to resh engagements
| OF gold TOR export and the calling of loans
| backed by industrial stocks, and il is proba-
| BILE the state of affairs there had something
| of depressing effect here. There is an APP
| parent disposition to eXaggerate the dis
tnrhance and anxiety in financial
Gsie Gas reaiy sdEy se Seen AuMOi1 mo- new ese de-
velopment to justify the feeling preva-
lent 1t is simply the inevitable result of
| continued silver purchases and silver note
issues by the Government. Every day that
the operations OF the silver law go on the
difficulties OF the currency situation in
crease, and with every shipment oil gold and
every incident that serves to attract public
attention to the condition of the currency,
there is renewed evidence of distrust. There
is but one remedy-the repeal of the law
that makes the mischief-and the influences
in favor OF this action are gathering force
with every development of the financial
situation at home and abroad. In summing
up the gold situation, another iuancier says
that gold goes abroad to pay debts, in the
absence of bills drawn against American
products and American securities. 1t goes
because the foreign exchange market war
rants its going, and because the continent of
Europe bids q premium for it. 1t goes TO
pay interest and dividends due abroad the
first OF tie year. 1t goes because Europe
distrnsts United states currency, because OF
the growing ratio of silver to gold. II goes
because cotton is high. 1t goes for dozens
of reasons and goes at a season when the
natural movement should be toward this
country.
The unlisted street railway securities
closed as follows: Duquesne traction, 271s@
2s P. & B. traction, 245s@25; P, A. & NJ. trac-
tion, 4SL bid.
Citizens traction 5s were quoted at lO7
bid.
About the Exchange.
The lunch provided by Messrs. whitney &
Stephenson at the Duquesne Club Saturday
night, was attended by about 80 brokers, and
whatever differences of opinion there may
be as to the final out come ofthe propositions
submitted, the verdict IS unanimous as to a
very delightful evening having been pro-
vided for them. Messrs. Whitney & Stephen
son own go of the 800 memberships of the
Exchange, representing, at par, $1I0 900.
The Union Trust Company, for whom this
stock was bought, are willing TO pay $I35.0J0
for tile real estate, leaving the other avaiIa-
BILE assets of the Exchange, equivalent to
$3.50 per share cash that might be disbursed
cash dividend, and about Sl5 600, IN the
treasury. The intention is to remodel the
building throughout, leaving the second
floor as at present, if the Exchange desires
to remain, at a rental of IS 800 year, the en-
trance, however, to be through u hallway to
be constructed adj dining the Fidelity build
ing. An informal discussion was had upon
this proposition, as well as upon suggestions
made by the firm, as to the future of the Ex-
change but no action was taken.
One proposition was that the membership
be reduced to 60, with a par value of 81 500
Messrs. Whitney & SteEuenson to control
othirds. In the event of this proposition
being ultimately adopted, the memberships
would have no value other than that COW
cred by the treasury surplus, the exchange
furniture and appurtenances and the priv |
ilege OF doing business on the floor.
After the propositions had been sub |
mitted and informally discussed Messrs
George L. Whitney, A j. Lawrence and W. |
l. Muslin we're appointed a committee to |
present them and any other they may |
formulate to the members at the annual |
meeting of the Exchange on January |
next.
Financial Notes.
The stockholders of the Citizens Insur- |
ance Company to-day elected the folio wing |
directors to serve during the ensuing year: |
VIM. G. Johnston, John Caldwell, Jr., George |
Wilson, Thomas Snowdon, James W. Brown, |
John Ii. Wilson, Jehu Haworth Isaac De. |
haven, Geo. NJ. Laugnlin, w. F. McCook, j.
P. Kaufman, Lewis Irwin, j. Il. Snively, C. |
II. Shinkle, B. Wolff, Jr.
j. Z. Bergstresser was the buyer of ALE
MAMMA Insurance, anu Messrs. Stark and
Hill & Co. and j. B. Barbour were the |
buyers oil PhiIlie, and Stoney, Lawrence &
Co. and S. Fritz were the sellers.
Morris & Brown bought DuQuesne traction
from j. b. Barbour, and Hill & Co. bought |
Cable, buyer-30. from Law
renee & Co.
Kuhn Bros. bought p. & B., and Carothers
and McCutcheon sold.
A charter was granted to-day to the Mon +
terey and Streets Run Connecting Railroad
Company, 10 rum ON Monterey, AlleS Sheny |
county, beginning at a point on the Pitts
burg, Virginia and Charleston Railroad In
NJ. H. Vests plan OF lots, eastwardly to the |
transfer switch of the Wheeling division of |
the Baltimore and ohio Railroad, near the
public road. crossing said switch. Capital,
S2O,OUO Robert A. Carter, of Pittsburg, is the
President.
Judge Simonton to-day handed down
opinions in cases involving capital Stuck
tax as follows: Commonwealth VS. David
Coleby Ore Rooster Company; Judgment in
favor of defendant. Commonwealth VS.
United Gas Improvement Company; judg.
ment Tor Commonwealth IN sum of Sli 34S 64
VS. Westing house Electric
and Manufacturing; Judgment for Com
in sum of S., 100 l6. In the last
two cases the Court holds that the de-
fendants are not liable for tax on so much
Of their capital STOCK AS represents invest |
ments in patents granted by the United
States.
East-bound shipments OF freight from
Chicago last week, exclusive OF livestock
amounted to rs, AS tons against II, 1888 for the
week, an increase OF -255 ton s and |
O,S61 tons Tor the corresponding week last |
year, decrease of Al ,91S tons. The traffic |
was divided among the several roads as fol-
ows: Michigan Central, 10. rs tons; Wabash, |
S53 tons; Lake Shore, Il 767 tons; FIT. Wayne. |
1897 tons; Panhandle, 9,306 tons: Bal imore
lud Ohio 2,69S tons; Grand Trunk 1884 tons:
Nickel Piate, IL $40 tons; Chicago and Erie
,4sS tons: Big Four, ], l53 tons
dispatch from Youngstown, O., says:
the entire outfit o. Contractor Dignnn, who
will have charge of the construction of the
lew branch of the Baltimore and Oh 10 from /
iazelton through this city to Niles, arrived