Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-07
certain that this is a genuine bull

I
based on the expectation Of 81
| dividend this month, which we believe
| will be realized. This will be equivalent to
| about 81 per cent on current quotations
| The company has just completed Its first
| year, and if in spite of all the drawbacks at
| tending that period in a new organization it
has done SO well, it will certainly do better
| in succeeding years. Another security that
| has verified our favorable opinion thus far
| is Westinghouse Electric first and second
| preferred. There are two reasons why 1t
| First, because there is compal atlvely
| little stock in the hands of Pitts
burgers, and, second, because the large
| holders know its value and are increasing g
| rather than diminishing their holdings We
| know from personal knowledge that this
| latter is a fact. Aside from the question
OF intrinsic merits and the improved condi-
| tion of the company under its present pow
| erful management, the stock should, and no
doubt will, move in sympathy with the
| course OF General Electric In New York,
| as well as investors. Our strongest indus
| trial, however is Airbrake, and its course in
the market and the annual showing to be
| made next month will, we are confident,
| justify all we have ever claimed for it.
| "We look upon the purchase of the nom
| dividend-payine Traction stocks in the same
| light as the purchase OF block of real es-
| tate in a healthy growing town.. They will
not likely decline much, and the enhance
ment of the next year or two will repre-
sent from 10 to 20 per cent on present
/ prices.
THE most recent strike in the West Eliza
| beth gas field this week has tended to stimu-
| late the advance in natural gas shares, and
they all close higher"
Tips From Wall Street.
Watson & Gibson to Oakley & Co.: "The
| decision by Judge Schuyler in the suit of
Gummere ct al VS. the Philadelphia and
| Reading and Lehigh Valley railroad COM
panies throws some clear light upon the
character of the litigation, both in the suit
at issue and the other cases pending. 1t
will not be argued for an instant that
if an Injunction had been granted
| and receivership appointed, any benefit
| pla nants. They would have mater
| tally suffered thereby, even though their
holdings OF stocks are 1nnn1tesimally small.
| Tue powers behind the throne have given
| notice through the newspapers that they
| intend to push their case to Il al determine
ton The Reading deal will have grown
| gray in the service OF Wall street when that
| event transpires. We do not understand
that the pleadings have brought the case to
| an issue whereby even reference to al
| examiner and master are in order.
| "The company has 80 days to plead, answer
| or demur to the bill. and if its position be
not maintained on demurrer reference to an
| examiner will be made. We do not see how
an examiner could take the testimony nee.
| essary for a master to frame an opinion
| under six months The questions of law in
| volved to be seriously considered by
| master. thereafter to be appointed, and the
| preparation of his report would take at least
three to six months additional Either
party would have the right to except
| to the masters report and these ex-
ceptions would be argued before the
| court in banc and its decision
could and would be appealed by the losing
years must elapse before the Gummere suit
| can be judiclally determined. Let us dis
| miss it. therefore, as factor of influence
| upon the situation. There are some good
| people in Wall street who have made their
| turn in Reading and are now predicting an
| adverse decision and decline. We must con-
the contrary, we feel like recommending the
| purchase of the stock. 1t is by no means
certain that an adverse decision will ever be
rendered. but ii it should be the existing
contracts between the READING, the Lehigh
and the Jersey Central will effect the same
| purpose as that secured under the lease in
question.
ave have been arguing in our market let
| tiers this week that the maintenance of gold
payments was not in the slightest jeopardy,
Notwithstanding the alarmist utterances Of
some usually wel-informed people. The
| bank statement to-day, as expected. show ed
| loss OF over five millions in reserve; only
one-fiith one OF which, however, was in specie
| The market was inclined to be little reac-
| tionary, but less so than might have been
| expected after q weeks steady rise. An at
| tempt was made to break the quotation of
| silver bullion, and as there are no specu-
| lative buying orders in this metal it was
| offered down to 81.
From sproul & Co.'s market letter: "Gen-
| eral Electric and Gas were active, and some
| of the Grangers made fractional gains only
| to lose them in the late trading. The bank
| statement shows a loss of over SIS, 400, 600 in
| surplus, which reflects the gold shipmen Is
of last week as well as the beginning or the
| flow of money to the West in connection
! with the crop movement. The belief is
| nevertheless general in financial circles that
/ little or no pressure will this year result
| from the latter cause, as the West is rela-
lively as well supplied with funds as the
| East"
| Financial Notes.
Unlisted street railway securities closed
| as follows: Pittsburg and Birming ham
Traction, 267s927 Duquesne Traction, 2s1S@
| 90; DuQuesne s., l0015QI005S Pittsburg, Allie
| gheny and Manchester Traction, 4414@45
Fl. NJ Long has bid Pleasant Valley con-
| solidated IS up to l0lH
| Rea Bros. & Co. were the chief BUYERS on
| Change to-day, taking Philadelphia Com
| pany and Pittsburg and Birmingham Trac-
| tion.
| Lawrence & Co. sold CHARTERS Valley Gas
| and Wheeling Gas. Caster bought the
former and Sproul & Co. the latter.
| Sproul & Co. and Kuhn Bros. were the sell
| ers of P. & B. Traction.
The July earnings of the Pittsburg and
Western were s2lS. LA, decrease of 81, S2l.
| Buffalo, Rochester and Pittsburgs july
| earnings were S270, 705, an increase OF Sis 366.
The net earnings of the New York, Penn
| sylvania and Ohio for the quarter ending
| June 80 were $2ll ,lSl, an increase of $50 593.
| People connected with the Wheeling and
| Lake Erie Railroad deny that they have at
| any time entered into any negotiations
who hold an option on the Cleveland, Lor.
| raine and Wheeling Railroad.
| The earnings of the Columbus Hooking
valley y. ana "a aGeGo Tor tse month Eo OF July
| months ended July 81. the earnings were
| 81 S23, 297, increase OF $lS6, or.
| Chicago operators have now turned to the
| other side and are sending in lot OF bull
| talk on Whisky Trust. They say it is now
| probable that at the next meeting of the
Distillers' and Cattle Feeding Company's
directors the dividend will be increased.
| The enthusiastic friends of Philadel-
| phia Company say it is earning IL per cent.
Bulls on Chicago Gas are still enthusiastic
| in their predictions. The property is said
| to be in hands that do not propose to be
| shaken out by fairy tales.
| The Bank of England rate of discount re-
mains unchanged at per cent, During the
past week the gold in the bank decreased
| eel, 900 and the reserve fS99 O00 the proper
ton OF reserve to liability being now A-70- 100
per cent, against A $500 last week and
| q 69-l00 year ago, when the discount rate
| WAS 2h per cent The bank now holds l6-
707,36 IN gold, against EFT, Is, ,05s year ago.
/ The statement OF T. the he Bank OF France shows
| an increase of SIS, 600 francs in gold during
| the week.
The chief idea of the establishment at
Chicago of - branch of the Compton Ma
| tional d Escompte de Paris is to take care of
| the friends and customers of the bank who
| go to the Worlds Fair. and it is expected
that the chief business will be cashing cir
| cular letters of credit. The bank now has l6
| branches and its line of depusits is over
| 200 000, 900 francs. The capital is 75,C0Q 000
| francs. IL is possible that the bank may de-
| eide to make loans upon grain and other
| standard collaterals and thus take advan-
| tage OF the higher interest rates prevailing
| in Chicago. II it does 1t will not only bring
| a great deal of capital in to Chicago but may
| become factor in influencing lower rates.
Close of the Market
Trading at the last call of the week to-day
was rather light, but the inquiry was active
and the tone of the market was decidedly