Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-26
HOME SECURITIES.
LARGE BLOCKS OF OFPHILADELPHIAG GAS
DUMPED WITHOUT FRICTION.

Confidence Still Reposed in the Natural
Fuel-Street Railways Doing a Land
Office Business-Com on the West
inghouse Circular-A Reorganization
Scheme.
The event of yesterday on the local Stock
Exchange was the unloading of a 40O-share
block of Philadelphia Gas stock at u. This,
coupled with the report that another lot OF
similar size had changed hands at private
sale at 121s, would with most stocks have
been a strong bear card and caused q break.
That "Phila" wtthstood the pressure and
hung close to the market shows that it
is in good shape and has sufficient backing to
keep 1t on its feet. There are but few who
have lost confidence in the staying ability OF
natural gas.
The fractions were characterized by a
weak undertone, although holders saw no
reason to make concessions: 1t was stated
ready on time. The Duquesne Traction did
a heavy business Wednesday night hauling
people to Highland Park. A broker re-
marked: .'This is one of the strong points
in favor of the DuqueSne. Touching almost
everywhere, it will get the bulk of the
local excursion travel. 1 understand the
company is making special arrangements to
Fourth. Every car at command will be
brought into use." A Birmingham official
reported heavy run of business. More cars
WILL De put on IN q snort G1m6. In 1dCU, dl
the roads appeared to be doing about as
much as they could attend to. Under such
circumstances dividends should not be in
Doubt
Electric showed no material change for
better or worse. Some of the brokers
viewed the cifcular of the Westinghouse
Reorganization Committee, limiting to July
the time in which stockholders may turn in
their stock under present conditions as a
threat, but others regard it as business
move to hasten the conclusion of the deal,
upon the success of which the entire value
OF the stock depends. 1t is simply choice
between reorganization and receivership.
The Boston Herald of Wednesday says: "The
holders of upward of 95 600 shares of West
plan of reorganization. This is an amount
sufficiently large to warrent the putting of
the plan into operation. The question will be
settled at the next meeting"
1t Is announced that the National Tube
Works will be reincorporated under New
Jersey law, with a capital stock of $11, ,500,-
00O one-half Z per cent preferred stock:
Holders of the present $3, ,000, 600 capital will
receive three new shares for one old, one
half preferred and the balance common. OF
the balance of stock 81, ,l00, 600 will be used to
take up the stock of the Monongahela Fur
mace Company and $1,O5O, 900 to take up the
$4,000 stock of the Republic Iron Works.
and $l65,c0o to take up the $15O,000 stock of
the Boston Iron and Steel Company:
The National company claims surplus of
some SIS, 00O, 600 and annual net earnings of
81 600 600 to ST. 2O0 0O0 The $3 600 900 stock has
been receiving 8 per cent. quarterly, besides
subscription privileges. English parties
have sought to buy out the works, which are
the largest producers of wrought iron pipe
in the world, but the monetary reverses
abroad interfered with the English pro-
gramme, and the management concluded to
distribute the plums to its own shareholders.
The Tamarack, Jr., copper mine is show
ing rich ground in the second level north,
the direction in which the most ground lies.
The June product of the Tamarack mine
promises to exceed the large May product.
The Osceola mine will probably produce
8, ,150, 900 pounds of pure copper in the first
half of 1891. Superintendent Mclaughlin
that he started the large furnace
at the Santa mines last Friday. The COM
pany has furnace capacity Of 300 tons per
day. The Butte and Boston Company is ap-
plying the full income of the silver branch
of its mining to develop that branch, and
most of the money is spent in underground
work.
Sales of local stocks on call yesterday were:
First Call-No sales.
Second Calico Philadelphia Gas at 121l
10 Pleasant Valley at 235s, 20 at 23h
Third Calico Philadelphia Gas at II, 10 at
121ss, 20 at II.
Bids and asking prices at each call are ap-
pended: