Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-27
LOCAL STOCKS FIRM.
Trading Moderately Active, With the
Drift of Prices Upward.
A BIG ADVANCE IN AIRBRAKE.
Electric Stocks Also Reach Higher Plane
of Va;ue
GAS AND OTHER SHARES WE'LL HELD

| otherwise, though no pronounced demon
stration was made by the contingency in
favor of higher prices and the days opera
tions resulted in few marked gains. London
was prominent on the buying side on the
New York Exchange, but the shorts were
the most active buyers and they went to
such lengths that they were thought to
have pretty nearly covered their
lines in many of the leading
shares Mr.. Keene was conspicuously in
control of the market however, and, despite
| the elimination Of good percentage or the
| and he confidently predicted higher prices.
| On the Chicago Board OF Trade the week
| opened with steady to strong tone preva-
lent and with the indications promising i'm
| provement in both trading and prices.
| On the Local Board.
Trading in local stocks opened dull
and closed moderately active. The
strength apparent at Saturdays close
not only held without impairment
| over Sunday but became more
marked as the day wore away, and was
most noticeable in the final dealings, being
partially reflected in gains of more or less
consequence in number of the leading
shares. The stocks traded in on Change
were P. & B. traction, Philadelphia Com
pany Westinghouse ELECTRIC siras SECOND psa1Pas pre-
| Pipeage, Pleasant Valley Railway, Luster
Mining Company and Westinghouse klec-
| trio unassented.
| 257a@26 The first sale of Philadelphia Com
pany was at 22as, seller opening OF the books,
| and Subsequent sales were at 2211 regular.
stronger, selling readily at 3S and closing
4 at 3S@SSL. Union Switch and Signal was
also tirlner, though it failed to close uD to
Saturdays final Quotations. The sales OF
/ W at 1857 and the clOSa 1S1LED
| lSH, against a close Saturday at lSA@l9
Peoples Pipeage sold at 152@l5ss, closing
strong at l511 bid. Pleasant Valley was
shade better at 2514 sales and q close at e5ss9
251S. Luster Id at sss, closing at sss0sA
and Electric anassented was higher at ~
| sales and bid.
noun cement of the regular and specia!
| dividend of per cent each; Underground
! Cable was frmer on the announcement of
| the regular quarterly dividend, and Citi-
| zens traction and Central traction were
| fractionally higher on continuance of the
| improved demand noted at the close of last
week.
The close Of Philadelphia Company was
shade under the highest at 22% bid for 10
shares and 100 offered at the same price.
Dividends and Interest.
As foreshadowed in these columns the
| directors of the Westinghouse AirDrake
| Company have declared the regular divi-
dend of per cent and special dividend of
per cent both payable to stockholders of
| record October TO- Transfer books will
| close October and reopen october II.
| The Standard Underground Cable Com
pany announces the regular quarterly
dividend OF "a per cent, payable October To-
Transfer books will close october 10 and re-
| open October l6
The CHARTERS Railway Company has de-
clared a semfannual dividend of 4per cent,
payable on and after October !.
The coupons of the Pittsburg, Akron and
Western Railroad first mortgage gold bonds
| due october will be paid on and after that
| date at the German National Bank of Pitts
burg.
It was stated on Change during the last
| call that P. & B. traction would pay divi-
dend of ~ per cent next month.
Why Bank Deposits Decrease.
The New York Evening Post explains the
important changes in the recent statements
of the New York associated banks as fol-
lows: "Since the last bank statement of Au-
gust the deposit account OF the associated
banks has decreased S38. SOC, 900, and the loan
account, which naturally follows the move
ment of deposits, has fallen of $4OO0,00O
Taken in connection with the westward
shipment OF currency, people have been
Flea ping to the conclusion that the supply
of loanable funds in Now York is being
heavily contracted. But nothing OF the kind
is true. A glance at any of the last four
bank statements will show how very far the
! weeks total interior shipments of currency
failed to account for the total shrinkage in
deposits. Last week, for instance, when in
terror shipments barely exceeded a million
dollars, deposits fell of more than $!1 000 600.
The fact is that the bulk of this money
withdrawn from the clearing house banks
has not been withdrawn from New York ut
all. Mosts Of the decrease came from the
calling In by trust companies of their own
bank deposits. The purpose of such with
drawal by the trust companies was of
course to lend out the money themselves at
a higher rate of interest"
London Buys Pensy.
The Philadelphia Stakeholder says: 1t now
transpires that of the Pennsylvania shares
purchased in the local board during the past
week, with the result of advancing the mar
ket price about 2 per cent q considerable
amount was taken for English account. The
incident is probably one of the effects of the
impression President Roberts made abroad.
1t furnishes another refutation OF the charges
made by the enemies of the Pennsylvania
Railroad Company. that the English holders
of the company's securities are dissatisfied.
The shares are now in the open market
tion above the last quotation for those of
the New York Central.
Financial Notes.
p, A. & NJ. traction closed at "A bid; P. &
B. traction, 2515@26 do IS, 102A@l03sl; Du-
quesne traction, 2s2 bid.
After the last call l04 was bid for Mercan-
tile Trust. Electric scrip was quoted ut 92@
20 ana fltCSDur2 Clay fOt company at S4GQ
IS. Manufacturers Bank was quoted at IS
@so
Sales of Citizens traction occurred to-
day at 6SA.
At the second call l2T was bid for Alle-
gheny Valley Railway, preferred.
The offers of silver to the Treasury De-
partment to-day aggregated s75OO ounces,
and the amount purchased was 60, 900 ounces
at .S3S3@. S3S5c.
George J. Gould and C. McGhee, who were
elected directors of the, Richmond Terminal
Company at the special meeting, have noti-
fed the officials OF the company that they
decline to serve. c. M. McGhee. who is one
of the receivers of the East Tennessee Com
pany, was tho only one OF the Thomas party
that was reelected and his declinatton indi-
Gates renewed hostility between General
Thomas and the present board.
Kuhn Bros. were the buyers of P. & B.
traction and Lawrence Co. and Patterson
sold.
Morris & Brown sold Electric second pre.
ferred and ]. B. Barbour ana McCutcheon
Hiil & Co. sold Philadelphia Company to
Morris & Brown and J.J. Campbell.
Peoples Pfpeage was sold by j. d. Bailey
and purchased by Adams and McCutc heon.
Sproul & Co. and Eaton were the sellers of
Switch and Signal, and Barbour and Morris
& Brown the buyers.
The Illinois Central Railroad Company to-
for the fiscal year ended June 80, 1892. The
gross receipts of the company from the
operation of 2 ss6 miles of railway were Sl9-
291 760 against SIT ssl ,555 during the preceding
year. an increase of $l4l0,e ESQ., expenses and
taxes amounted to $4,000 ls, an increase of
l,30S, ,973, and the net earnings were S5221 74O
an increase of $40, ,232. The net income from
all sources amounted to Sc, 6,407,438 out OF
amount Of 81, 9s2, l05. leaving s2475,a3S. Divf-
dends payable March and September ap-
gregated s., 25o.ooO leaving surplus of $225-
,,.x>n .hoocod h.ua. f..- rr.,, -