Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-24
ACTIVE AND HIGHER.
Local Stocks Continue to Advance
Under q General Demand.
THE LEADERS SCORE FRESH GAINS
And 8 Number of Shares Join in the Up
ward Movement.
GASSERS AND INDUSTRIALS LEAD

The strength that was the big feature of
the local stock market yesterday was more
pronounced to-day. The market was also
broader and more active. some of the street
railways that have been neglected for some
time coming to the front, and the tendency
of everything was decidedly upward, "even
poor old Luster," as one of the brokers re-
marked, showing disposition to advance.
The demand was not confined to two or
three sources, either, being scattered around
pretty evenly. Nearly everyone had
orders to execute. and they were
mainly on the buying side, the
selling being almost entirely in the way of
who purchased at considerably lower prices
some time ago. Thus, the chief selling of
Philadelphia Company was by firm OF
brokers who were the principal buyers
in the list and many of the leaders closed on
big gains. The sentiment at the close was
bullish as a rule, but conservative express
letters to-day from number of people,"
said Mr.. Brown, of Morris & Brown,
asking us write rtnok aoe%s es
they are from people 1 know never put a
dollar into any of the Westinghouse shares.
1 think will write a little conservatively,
for while the market looks like going higher,
everything has had good advance and we
should have something In the nature of a re-
action. We have traded a good deal in Phil
operations have invariably been attributed
to Boston account We have done some
thing for Boston, but the bulk Of our bus
iness has been for people in an entirely diff
ferent direction" There may be reaction, as
1ntimated. but 1t really does not seem to be
near at hand. The buying has grown stead
lily better OF late until It appears to have
reached such proportions as insure much
further advance.
The shares traded in on Change to-day
were Philadelphia Company, 2; 4 B. Trac,
oaSe fpess
Electric and Central Traction. Philadel-
phia Company continued its advance, selling
up to 2315 and closing at 1S1%@231a; p. & B.
stronger, selling at 2ssl@as1S and closing
at 265f bid; Switch and Signal re-
covered to IsN sales and bid; Peoples
sold At as7l, closing at $4,000. Westing-
house Electric second preferred sold up to
S4A, with the same price bid for more, the
Boston close being s44 sales. The sharpest
by Standard Underground Cable, which sold
up to rs. advanced to 76H bid on call and
closed after call at n bid. The course Of the
column that something was up and the semi
official figures regarding the COM
pany's earnings, also aiven in this
mand out from under cover. The
company's earnings this year are at the
rate of 10 per cent" said a gentleman who
ought to know, "and l would not be sur
point this year ever touched" To do that it
will have to pass 81.
There was little inquiry for Pittsburg
Traction that put it up to 5SN bid and
Duquesne Traction was some what stronger
at 29% bid. Airbrake lost fraction without
showing weakness. Luster was little
armer, Pleasant Valley and Citizens Trac-
less.
After the close n WIS bid for Underground
wss GcEad
@2o and 1855 was bid for Union Switch and
Signal
More Gossip on Electric.
Tho Boston papers are evidently trying to
see which can say the best things about
Westinghouse electric. The latest, which
follows, is from the Boston Gazette:
"The local market has taken no initiative
of late except on Westinghouse. Brokers
and traders cannot afford to pass by We est
inghouse any longer. 1t is easy to investi-
gate the finances OF this company. Boston
has one active director, Mr.. N. W. Bum
stead. The remarkable success of Mr.. West
in surviving amid all the wreck
age and disaster OF the past two years is a
good guarantee that under more favorable
people who stand by him with their
money. The rise in Westinghouse Elec-
sric stocks is fully justified by the
rise viii continue These stocks are cheap.
They are good purchases at current prices,
or at any prices which win be attained for
some time yet. The, preferred is already
cent ar $50 q share. But that is not all Be-
side being cumulative preference stock, it
is entitled to share equally with the com
mon stock in any dividends above per cent
on the common. And as for the common,
there is no use in saying now that a dividend
will he declared at such or such time. 1t
is sufficient that the company is earning
very large dividend on the common; and by
''large' is meant not per cent but great
deal more. And the electric business is now
Moreover, people who view the electric
business in its mechanical and commercial
aspects. believe that it is just as stable and
permanent as the manufacture Of steam en-
very bullish on Westinghouse. ana will fol
low any bulltsh lead OF Boston"
National Lead.
President W. P. Thompson is quoted as
follows: II do not know of any e1traordi
nary reason for the strength Of our stocks in
the market beyond the fact that perhaps in
W vestors st % have been investigating the merits
as safe and profitable as any per cent
going. The earnings of the COM
pany are steadily increasing and our output
any year since we have been in business.
We have $l,02l, 900 in one bank alone
In this city. The Natl onal Lead Company
ness. about one-quarter OF the castor oil bus
mess. about one e-eighth of the refining and |
parting of silver and about one-eighth OF the |
ssts in a of the afersnt forms of le,d for
paints, glass workers, wire cloth manufac- |
turers, etc. As to the taking up OF other |
enterprises o: interests. may say that we
use the bonds which was put in our charter
merely as precautionary measure, has |
been found to be unnecessary and has been |
not likely to be, single bond upon the
property"
Allegheny Valley.
The net earnings of the Allegheny Valley |
Company in June arc given at $751; |
1872. This is equivalent to an increase Of
more than $4,000 over the corresponding |
month Of last year. The improvement in |
The Philadelphia and Erie Company, which |
through the cutting down of the charges of |
,he Allegheny Valley by reorganization and |
increased earnings is relieved OF III; the liability
md Erie, the Northern Central and the |
are Jointly held for $l0O, QUO an
1ual guarantee. Asa holder OF the ALE.
Erie is also beneflted.-Philadelph Stock
holder.
Financial Notes.
Unlisted street railway stocks closed as
follows: Pittsburg and Birmingham Trac-
lion, 261SQ2s&; Duquesne Traction. 29ss0So;
oittsburg. Allegheny and Manchester Trac-
ion, 447&4H.
Andrew Ca ster sold 80 shares Union Stor-
lge at CO. and 10 shares Westinghouse Air
brake at 1921
The annual meeting of the stockholders of