Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-17
IS, @s, ss2 Is 3I, 7s3, 2s7 IS Ss, SIS, ss4 80
4 Jan. l. ,9l. to Mich 81. 81 las. 356 "a
$3.50. SOL a

| eohs... 10, OIL n - .
| These figares, in connection with the bal
| ance sheet, which was decidedly favora
Bile one, show the company to have been
doing 4 wonderful business during that year
| and when it is taken into consideration That
during this period the company underwent
the process OF an entire reorganization. 1t Is
| evident the company is now in condition,
financially IS we'll as otherwise. far beyond
| a comparison of former years. The reasons
| far this great improvement of the electric
company as manufa cturing property are
| manifold. In consequence of the reorgani-
cation the affairs OF the company have been
placed upon sound financial basis. The
| management is composed Of men who have
| a national reputation in the business of con-
| Quoting the affair. of such an important cor
| poration. In addition the field of opera-
tions in which the company is occupied has
| been greatly increased during the last
year, and its productive capacity Is
now much larger than ever 1t was.
In TACT, the company is in the front rank, an
| that .he Worlds Fair Company awarded the
| contrnct OF furnishing the electric lighting
| for the coming Columbian Exhibition to the
Westinghouse Company. This contract Is
| by far she largest contract ever Obtained by
1 an electric company.
During the first years of the company's
| existence the principal article OF manu-
| facture was the alternating current light
ing apparatus whereas to-day the company
manuiactureS-in addition to having greatly
improved upon their direct current ap-
DalHtuS-afC apparatus, cleCbTlC
street railway apparatus and long dis
tancc power transmission apparatus.
Considerable attention has been devoted
of late in foreign countries, as well as in
this country, to the so-called multi-phase
system of power distribution by means OF
which waterfalls at distances from 90 TO so
miles may be utilized for furnishing power
for manu- acturing and other industrial pur-
poses. This system was the Invention Of
Nicola Tesla, and the Westinghouse Com
pany, having the exclusive license under
the Tesla patents, has already felt the pene-
fetal results.
The company is ct present operating fac
tories at Pittsburg, New York City and New
ark, and is now preparing tn utilize the
house Air Brake Company in Allegheny.
The large generators to be specially manu-
factured for the lighting of the Worlds
Columbian Exposition will be built in the
The business of the company since the
beginning of the present fiscal year has
been running at the rate of between 81, 000, 900
and 100000 per annum and is constantly
increasing.
Position of the Gas Shares
A drmer tone developed in this group
during the week, but no material price
changes occurred. Philadelphia sCompany
gained small fraction, however, and in a
general way the sentiment was more favor
able. The developments in the Pinhook
region and its probabilities have been
mainly responsible for the improving ten
dency on gas shares in general, but other
things have arisen to increase interest and
strengthen the tone in this class of securities.
The resumption of dividends by some Of
the minor companies has had good
effect, and the hustling for big con-
tracts by some of the companies always
supposed to be light-waisted as to field re-
sources mas not been without a stimulating
influence. as their actions have implied big
supplies of the great natural fuel. some of
the best posted people on the gas fields and
the gas business are quite bullish on gas
shares. There is no lack of bears, however;
but their only argument is that the gas
fields are gradually petering out.
The new gas well in the Pinhook field,
mention of which was made in this column
pany.
A Few Notable Features.
Airbrake advanced materially during the
last three days but what its movement was
based on, other than big earnings and the
House bill requiring railroads to use auto
matte couplers and brakes was not learned.
From ls7 the stock moved up to 1881 bid,
Union Switch and Signal declined early in
the week, subsequently recovering and clos
ing strong at l5A bid.
Citizens Insurance returned dividend
payments and closed firm at 80 bid ex-diyi-
dend.
Freehold Coal touched high water mark at
". ..
advance at ll6@lls.
The bullying feature OF the week SO far as
movements were concerned was furnished
by LIster Mining nn Company The s stock shot
9 and fraction, but the advance
was not sustained, and the stock
fell back to close at 9 bid, l0X asked. The
movement was engineered against the short
interest, but it was not very successful,
though it was rumored that one or two of
them settled. Talking about the movement
said: "Luster Mining Company was organ
lied eleven years ago by W. T. Lindsay, H. |
d. Gamble. j. X. Darlington. j. K. Lanahan |
and others under concessions from the Mex |
lean Government. The company has two |
or three properties, all low grade, refractory |
ole. Some of the organizers went broke |
on it,, and are now, in connection |
market in order to get out even.
The company originally had capital |
Of 500, 000, which was subsequently increased /
to Sl5O,OOO and then to $500, 900, its present |
The floating debt, as shown
at the last stockholders meeting. was SIC, ,O0o
the limit under the company's bylaws, but |
have heard that since that meeting the by
violated. My belief is that the whole scheme,
while ostensibly play against the shorts, is
20 put the stock up to price where it can
De unloaded o rthe capital stock again in
creased for working capital purposes"
However this may be the stock has friends
" no believe it to be valuable, but they adj |
nit that II tle ores cannot be successfully |
rea.ed by the chlorination process they
will have little hope. The chlorination plant
vas started June 2Sth last, but up to date
he results are unknown to the street.
A BrokerAge Firms viewa
In writing of the market to their custom
rs A. j Lawrence & Co. say:
''There have been enough buyers looking for
argains to hold stock values fairly steady
uring the past week, and there were few
olders frightened into selling on account
f the labor strike, and, a a result dullness
almost to stagnation was the re-
ult. When one looks over our list OF special
les it will be seen that there is no good rea-
on why the usually active ones should be
ffected by tile labor troubles. Even the
atural gas companies will not be affected
S much as formerly by the shutdown of
he iron mills, because the more important
L the latter supply their own gas, and the |
phia Company, Peoples Pipeage, |
and Weeeling reap their |
argest net profits from domestic consumers |
"An item OF general Underestimate especially
important to the shareholders in one OF
greatest manufacturing con- |
erns was the passage by the House of a |
i'll compelling interstate railroads to equip |
heir cars with automatic brakes and
ouplers. This bill is almost certain to be- |
resent Congress, and 1t Is equally certain |
vill play an important part in meeting the |
rovisions of the bill relating to its spec
atty. The company's apparatus is known |
hrouph0ut the world where |