Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-16
NO SNAP IN STOCKS,
But an Average Volume of Business
Is Completed at Fair Prices.
A FEW SHARES SHOW WEAKNESS
And an Equal Number Show Disposition
to Move Upward.
LOCAL AND GENERAL FINANCIAL NEWS

MONDAY, Aug. IL
The market for local securities opened
the new week with lack of snap apparent,
there being no rush in any direction, but,
as will be noticed by the record, sales were
about up to the late average and the lack OF
spirit failed to exercise much of a depress-
| ing influence. Indeed, so far from being
| depressed the market was strong, some of
the shares which closed the past week
| on reaction showing a recovering tend
| ency Principal among these was Phila-
delphia Company, which closed at 2O1s@
2OH Saturday. 1t opened at 201l sales un-
der good demand, held around this figure
! The character of the demand was the same
as last week, when reports that insiders were
buying were circulated. Peoples Pipeage,
in which something akin to weakness de.
veloped at the close of last week, was still
| without support, and dropped to 15 sales
and a close at l4@l5h. Peoples Natural
Gas was stronger tr and higher, at % a BID, how
shares Very little life developed. 4
small lot Of p y B. traction s.NaG..
| ant VALLEY Railway and Citizens Traction
| were strong at 2o1s@s6 and 6lk@621s respec-
| lively and the others were neglected. Du-
| quesne Traction bonds sold at 1909 and l0OM
| was bid for more. Union Switch was with
out positive tendency. 1t was offered at ls1S
at the last call, but l7sA was the best bid.
| are confident it will ultimately be higher:
| After Philadelphia Company, the active and
strong point was Westinghouse Electro
second preferred. 1t was well supported at
291A though it closed at 29z@29H. A Boston
| telegram received near the close read as fol-
lows: ''295z bid for 800 shares Electric second
preferred; 100 offered at 30; nothing doing in
Philadelphia Company"
Airbrake was nominal at 12s@l3O, ana Un-
derground Cable at 6s@H Westinghouse
Electric unassented was steady at l7A@ls,
and Luster wss a little better at 9@l0. The
remainder Of the list was featureless.
After the close l7sS was bid for Union
Switch and Signal. with 80 shares offered at
1s, and 9osS was bid for 300 shares Philadel-
phia Company.
Westinghouse Electric.
The work of installing the electric light
ing apparatus at the Worlds Fair is being
pushed with vigor. The generators being
constructed for this work have been de-
signed to run motors of what is known as
the "multiphase SYSTEM" employing two
separate currents one OF which is at its
ma ximum effect while the other is at zero.
This invention was made by Nicola Tesla
and has proved to be the solution of the
question or long distance power trans
mission. The generators for the Worlds
Fair will. therefore, L not % only II, be the the
of unique construction, and especially
adapted to illustrate the facility with which
power can be transmitted cheaply and econ
position authorities will provide engines of
5000 horse power to drive six of these ma
chimes, and the Westinghouse Company will
provide four machines with the Westing-
hnr Nnr11rn nd q n n W
each. the shafts of the dynamos and engines
being directly connected. The designs tor
these engines and dynamos have been COM
plered and indicate the massive character of
the plant and the beautiful mechanical
shape into which it has been brought.
Regarding the company's earning power,
Mr.. estingheuse is reported as saying that
the Westinghouse Electric Companyis do
ing a business of between s1,s00 900 and
s., ,000, 600 net tor the year. Net earnings of
s. 900, 900 would pay all fixed charges. per
cent on the preferred, per cent on the
That Oil Deal.
One Of the oleaginous oracle had the fol-
lowing to say to-day about that reported
deal between the Standard and the Roths-
childs: "About three years ago the Stand
ard made a big mistake. The Nobel
brothers sent agents over here at that
time with proposition to divide
up the European and Asiatic trades in
by the Americans and the Russians The
Standard was on its dignity, however, and
scornfully refused to treat with them. On
their return to Europe the No6els went to
bank their business, since which time
they have made rapid inroads
upon the markets enjoyed for SO
long by the Standard. Becoming alarmed
the latter sent agents over to treat with the
Rothschilds about year ago, hut the great
bankers, in turn, scornfully refused to treat
with them, saying they did business only
thprincipals. Then followed the trip of Mr.
Archibald to Paris, as THE DISPATCH stated
last week, and the visit of two foreigners
at 26 Broadway, New York shortly after his
return, was probably to close up some agree
ing with the Rothschtlds or course whether
an agreement was made or the nature of it,
is not known, but the necessity for
for some understanding between the
been apparent for two years, and that it has
been reached seems quite probable. They
could not combine their interests, owing
but the distance between the two producing
sections. The Russians can make as good
refined from their crude as the Standard
can, but the Standard can make a good deal
amount of American crude than the Rus
SLAMS can from the same quantity of
Russian oil. II the Russians made the same
grade of refined the Standard does the lat
ter could underseIl them in every market of
the world and make much larger pl oflts
than at present. Ii they have agreed, they
have agreed on division of the markets
and to sell at a scale of prices for each Oil to
be regulated by production and consump-
tion. Whatever the agreement, it will prob
ably come ont only through the trade devel-
opments of the future"
Financial Notes.
The earnings of the Buffalo, Rochester and
Pittsburg Railroad for the first week of
August were s6S, ,599, against s6O, 223 for the
same week last year, an increase of 1885
Unlisted street railway securities closed
rs follows: P. & B. traction. 26s6@S6%:
Duquesne traction, $4,000: do. IS, 10GsI bid.
Mr. Fred Fisher stated that at a time when
oil was selling at 75c per barrel the Wheel
ing Gas Company could have sold its plant
leases ETC., for $50O, 900. He also said that II
Wheeling Gas stock was not one of the best
purchases on the list then there was no use
buying anything.
A Philadelphia paper says the chances are |
that q gigantic corporation will be formed |
under an act passed by the last New York
Legislature that will buy a controlling in |
terest in all of the anthracite companies, |
and that will offer to buy all the stock out |
us that is done. and the ownership is con. |
cen trated under one head, it will make no |
difference whether there are leases or not.
The control is now practically under the |
Vanderbilts, but the corporate form will |
probably be adopted as soon as the legal |
Questions involved have been settled by
court decisions in New Jersey and Pennsyl- |
vania. AS some $500 600. 0OO worth of property |
is involved the undertaking would, indeed, |
be gigantic.
Philadelphta Company and Electric I'd pre-
aallers hpinO Morris O. Rrorr