Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-18
DOWN GOES PHILLIE.
The Advance in Gas the Basis of q
Brisk Selling Movement.
EVERYTHING ELSE RULES STEADY.
The Market Eroadens q Little and the
Demand Is Good.
LOCAL AND GENERAL FINANCIAL NEWS


The speculative markets East and West
were bullish to-day, and as rule higher
prices were established, both on the Chicago
Board of Trade and the New York Stock
Exchange. The advance on the latter
board, however, was not fully sustained, as
active and higher money, reports of a strike
of the telegraphers on the Atchison system
and the failure of the Northern Pacific
directors to do anything which would look
like dividend on the preferred stock of
that company combined to give a bearish
appearance to market which. in its earlier
manifestations seemed to be entirely bull
ish. London sent higher quotations in the
morning. but did not buy stocks. The
close was strong. however, on a number of
good net gains. On the Chicago Board of
Trade the closing quotations were at the
highest points of the day.
Movements on the Local Board.
particular star of the local stock armament
to-day. 1t was heavily sold on Change,
the transactions in it being more than one
half the days total business, which was
quite 1nrge. The selling was not general.
however, being confined to about the same
sources from which,the stock came at the
close of last week, but it was sufficient to
dsepress the price to 9l5s@slh and give
close. The selling was mixed" ac-
cording to one of the brokers engaged
in it. from which it was inferred that the
East had 81 hand in it and that it was partly
wind. OF course the notice sent out by the
company of reduction in the discount al
allowed on bills within Is days of their date
was given as the basis OF the selling move
ment. but it is believed by conservative
street people that the advance of 21S cents
per 1000 feet which the reduction in The rate
regarded as bull card. The first impression
it impaired, however, was undoubtedly
bearlsh one. 1t was regarded by many
as that ,hs Sy the 1f
Developments in the gas fields had been ex-
agserated, to say the least. This impression
brought out some speculative holdings, and
those who handled them improved the or
portunity presented to make little turn on
their own account, which, with small sales
by the "tailers,", depressed the stock as
note. 1t is not reasonable to suppose that
any considerable percentage OF the com.
pany's customers will shut Off its service and
return to the use of coal because of the nd
vance of sHc in the price OF gus. When
fes. fne advance n.ds to soc per net Loo
generally Settled down to the conviction
that the price would ultimately be- 25c net,
and those who know most about the natural
e
any material decrease in the consumption
until the price exceeds the limit then popu.
larly act. Nor is the fact of the advance a
good argument that the company believes
it has not sufficient gas to supply all its
patrons. 1t is rather an admis- |
sion that it does not believe there is margin
enough between the cost of produc-
1t is probable tho advance will lose the |
some of its patrons, but it is also |
probable that the advance will more than |
l. Fn.s, ,,Dl, lDar
The stock started off at 213I sales, sold |
down at 81 u at the last call, closed ut 2l1l@ |
2l2s, sold at 2lR@2lss@elL after the close, |
ana the final Quotations we're 2lss@alh.
The other items traded in were NJ. & NJ. |
Natlonal Bank, p. & 3. traction, Westing- |
house Airbruke. Hidalgo Mining Company, |
Duquesne traction, Union Switch and Signal, |
Pleasant Valley Hallway. Westinghouse
Electric scrip and Luster Mining Company. |
. NJ. s. ii. National Bank sold at rs. its high |
point to date: r. B. traction was some
S6. Hidalgo Mining Company at 61z, Du-
luesne traction a fraction higher :.J 2Ss< |
Union Switch and Signal Mt lS34, Pleasant
Valley at s5sss. Electric scrip at 9S and Lus-
Ter at sellei-90.
This shows fairly broad market, but,
while there was pretty good general de-
nand. Philadelphia Company monopolized
attention.
Citizens traction 5s were quoted at l06 bid
Ind Pittsburg traction IS at l0t bid.
Unlisted securities closed as follows: P. &
D. IiaCtlOn, -oW-o14, 10 os, lOo ;tskeu; T., A. u |
NJ. traction. 441l@45; do IS, l03 asked: Du-
Iuesne traction, 2s1I@2ssz; Pleasant Valley
is, 1921 bid: Electric scrip, SO bid; Natato-
'iunl, .5@l00.
functions Showing.
The stockholders of the Pittsburg juno |
ion Railroad Company held their annual
meeting yesterday ut the offics of the COM
,any in the Germania Bank building. On
Iccount of change in date ofthe ending of
he fiscal year, from December 81, to June 80,
report of the operations Of tho road for Is
months was made. In the six months end
ng June 30. 1891, the receipts were $l04, $50 81;
expenses, $3l G30 SO; net earnings. S73, ,I41 70;
interest, rental and taxes, So, $40 81; balance,
S49j IS. In the report Tor the IL months,
nding June 30. 1892 the receipts were
9s7 ~ Is; expenses, ST., ,ass 50; net earnings,
PIP 725 %; interest, rental and taxes,
1872 434 45; balance, $50 290 81
The six months ending June 30, 1891, com. |
,are with the corresponding months of
&c., as follows: Gross receipts. decrease, |
S57 05: net receipts decrease, $7.S02 81 The |
2 months ending June 80, 1892, compare with |
corresponding period rs follows: Gross re- |
eipts, increase, $70.656 81; net receipts, in
rease, $56,0l0 81.
The election resulted as follows: Directors,
oliver, Jacob Painter, Jr., Reuben Miller |
Villain Metcalf. John T. speer, William
yankirk, A. E. W. Painter, Z. L. Fitzhugh,
Charles F. Mayer, William f. Frick: Thomas |
1. King, President; William Vankirk, Vice
'resIdent: Robert Wardrop, Treasurer;
ames A. Smith, Secretary ana Auditor; L. |
'inney, Jr., Superintendent.
West Virginia Central and Pittsburg.
The statement for September and for |