Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-27
To Many and Others Are Looking for .
Higher Range Of Prices
LOCAL AND GENERAL FINANCIAL NEWS

thought he detected signs of re-
dictionary tendency in soma of the
shares that have advanced most of late.
There certainly were no further advances
of note, excepting in one or two instances,
and those who favored the idea Of reac-
tion pointed to this fact as justifyin2 their
position. They also called attention to the
evidences of realizations in Electric second
preferred, to its failure to hold up to the
highest point OF the dav, and to what looked
like slumping tendency in P. & B. Trac-
tiou and Central Traction. Besides all
this they claimed Peoples Pipeage
gassers were only about holding their own,
and that the general demand was compara-
lively feeble. On the other hand, the en-
thusiasts AMI optimists claimed that the
market had merely bolted to get q fresh
hold: that there were plenty of buyers
ready to rush in as soon As they saw prices
were not going to break, and that big orders
were already on the books at slight conces.
sions from current prices, the execution of
which would place all the leading shares on
a much higher plane. There is, in a general
way, great confidence in the stability OF the
present market. 1t is not believed that
prices have run ahead of actual values, ex-
cept, perhaps, where manipulation has been
at work, and the abundance and case of
money, it is argued, will work out the sa Iva
tion Of all who believe stocks are yet too low.
At the Same time it is admitted that re-
action is possible, if not probable. 1t will
be we'll, therefore, to look out for squalls, as
q natural reaction often hurts as badly as the
sudden collapse of an unhealthy boom.
The Markets Course.
Tho items which figured in the days
trading on Change were P. & B. Traction,
P, A. & NJ. Traction, Pleasant Valley. Gen.
tral Traction, Union Switch and Signal. Un-
derground Cable, Duuuesne Traction 5s, Phil
adelphia Company and Westinghouse Elec-
-; q n Of iop od
at 261S sales, sold down TO 1884 and closed with
an unstesdv look at 28s5@2615. P. A. & M.
Traction sold at t4@441s in small way, and
while the same price was bid for more,
weakness Pleasant Valley sold at 25115.
also in n small way, and the final quotations
were 254@25M, with no positive tendency
apparent: Peoples pipeage was barely
Central Traction was weaker at 291 sales
and a close at lx@29k. Union Switch and
Signal sold at 1S11, closing with toppy look
at 1s@lss4 Underground Cable stored the
only advance. selling up to 7s and closing
strong at 7s@79. Duquesne Traction IS sold
at 1C0H anu interest," but the stock was a
trifle weak at 29z asked. Philadelphia Com
pany cut a small figure sI lin; in the days ~
strong at aa@ sax. Westinghouse
Electric second preferred opened mp at 3SN
sales, ruled barely steady and closed slightly
occurred at 3s in Boston, the business being
in the way of executing stop loss
ORDERS which indicated that decline was
in progress.
Among the inactive shares few features
developed, and SO far as news or gossip af-
fecting any of the stocks was concerned the
day was barren one. There was
q little fresh talk on Central
being revival of the story that the
or rather the Pittsburg-
DuQuesne combine, is to operate the Gen.
tral fractions short route to East Liberty,
which is to be built by the Central Passenger
Railway Company. The Duquesne is laying
another track from East Liberty to Wilkins
burg on the north side of the Pennsylvania
Railroad TO get the traffic Of the little towns
between East Liberty and Williamsburg, and
the only way they can get and keep it from
the Citizens Traction Company, which Is
also laying a line through that district, is to
have the shortest through route, which they
will secure, as mentioned above.
There was also an intimation that the
Westinghouse Electric Company had dis
covered some new method of producing
ifit is che process of produc-
ways claimed would be discovered sooner
or later, the company can arise and safely
declare the world is theirs.
Readings Earninss.
The Philadelphia and Reading Railroad
statements for the month of July,
1892, shows: Gross trafc receipts, 81 SsI IS53 80;
gross expenses, 1886 400 73: profit for the
month, sy7I, $40 76; from this is deducted
sl3, ,979 81 expended for permanent improve
ments, and $625 600 as one-twelIt til OF the cur
rent years fixed charges, leaving q surplus
of S352 99o 70. decrease OF $50. $50 Sc compared
with the month Of July, 1891 The surplus
for eight months OF the current fiscal year
is $1,7l0,l93 IS, All increase of $673,lT 10 COM
pared with the same period last year.
The statement of the Philadelphia and
Rea1ing Coal and Iron Company for the
month OF July shows: Gross receipts, $685.
4ss 6o 81 g. saa s sot i as
From this is deducted s6s, 900 as one-twel tn
of the current years fixed charges, leaving
a surplus of S39, sos Is, q decrease of S3479 0S
compared with the month OF July, 1891. For
eight months Of the current fiscal year
there is a deficit of $s49. 237 40. q decrease of
s392, 46 y compared with the same period
last year.
The result of the operation OF the Phila-
delphia and Reading Railroad Company,
lessee of the Lenigh Valley Railroad, for the
month Of June is: Receipts, 81, $40 Sl Al: ex.
penses. s1,059,2 23l 81; earnings, $46l l679 "a, an
increase OF Ssl,095 40 compared with the
month of June, 1891. For seven months of
the current fiscal year the earnings are
81 962 $50 30 an increase OF $729, l47 26 COM
pal ed With the same period last year.
As, lessee of the Central Railroad of New
Jersey the Port Reading Railroad Com
pany's statement for the month of July
shows: Earnings, sl,3l0,91s 10: expenses, $745,-
$40 63: net earnings, S565 .0SS 78, decrease of
s32, 79l SO compared with the month of July,
wear net earnings ARE 81, S33 $50 76, an in
increase of $S5, 1876 10 compared with the
same period last year.
Financial Notes.
Unlisted street railway shares closed as
follows: P. & B. Traction, ,967f026k; Duquesne
Traction, esA asked: p, A. & ii. Traction,
"A bid.
Alter the close Electric scrip was quoted
at e3@lO0, and Philadelphia Company was
offered at %, seller 10.
ings OF the Wheeling and Lake Erie were
s2s, ,2s4 against s26,7s5 for the same period
last year, On increase Of S2,49s.
Hill & Co. sold Duquesne Traction bonds
to w. r. Thompson & Co.
ground Cable to Hill Co.
Lawrence & Co. and Morris & Brown
bought Electric second preferred. and Long
and Sproul & Co. sold.
Hill Co. were the chief sellers OF P. & B.
Traction, ana Kuhn Bros. and Lawrence &
Caster and Hill Co. sold P, A. & M. to
Fink and Sproul Il Co. sold Pipeage to A. A.
Adams.
lawrence Co. sold Central Traction to
Billy Robinson sale Pleasant Valley to
John ID. Bailey.
There was a sale Of Electric second pre-
ferred after the close at 3S and one OF Phfla-
delphia Company at %.
"Look ont for the fractions; they will
soon be given another whirl."-H. NJ. Long.
The Comptroller of the Currency has sent
q circular letter to the cashiers OF all the
national banks in the country calling upon
them for a statement showing the amount
of exchange drawn by their association on
AMI other banks in New York, Chi
md nr1fo At .1
charged during the year ended
June 80 last.
A short time ago. when oil was selling
around 81, we called attention to its attrac-
tive speculative aspect. Since then it has
been steadily advancing. and we believe 1t
will soon sell ten points higher than its clos