Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-08
AN IMPROVING TONE.
Leaders Of the Local List Rule Strong
Under a Better Demand.
GAS AND STREET RAILWAY SHARES
Most Prominent in the Trading and Up
ward Tendency.
LOCAL AND GENERAL FINANCIAL NEWS
WEDNESDAY,, Sept. 7,


Improvement In the general tone Of the
market The demand as awhole was not
very urgent, but 1t covered the usually
active shares pretty we'll and in few of
the leaders was persistent and strong, re-
sulting in fractional gains over yesterday
closing quotations. Gas and street railway
shares were most prominent In all respects,
the leadership of the former being taken
by Philadelphia Company and of the latter
by Duquesne Traction.
The demand for Philadelphia Com
pany bore q resemblance to
that which prevailed fortnight ago, when
the street was full of talk that insiders
were buying, and while the stock failed to
advance much. it appeared to be held down
by those who are known to be operating
with the expootat.. n that prices are going
| to be materially higher Fresh talk was
hoard on the probable dividend for the cur
rent quarter, which will be declared next
| Wednesday, the idea that it would be at the
rate of either or per cent per annum be.
| ing received with more respect than hereto
| fore. People pretty close to the inside be-
lieve the dividend for the quarter will be
! ~ or ~ per cent, the majority naming
| the lower figure, but it would not surprise
the conservative element if the regular l per
| cent was declared. There is little question
>
| dend rate; whether the directors think an
| increase advisable remains to be seen.
| DuQuesne Traction was in general de-
mand but it failed to advance above 20 bid.
The character of the demand, however. was
| high and justified predictions of higher
| prices. The bulk of the buying of the past
week, it is said, was for tile account of in
siders. At present prices the stock has been
| shown to be high enough, but II the clique
want it to go up it will go without regard to
merit.
| Pleasant Valley Railway, Pittsburg & Bir-
mingham Traction, Union Switch and Signal,
| La Noria Mining Company, Brtdgewater
Gas, Central TRACTION and Peoples Plpeage
| a shade weaker. but others were featureless.
The only fresh piece OF gossip of the day
was to the effect that the Pittsburg-Du-
the Citizens Traction Company in their own
peculiar style. The statement was positive
in some quarters that the deal fol for
was emphattcally denied by the officials of
the companies concerned. Another state
ment was that 65 had been bid for control OF
the Citizens and s. asked, with a prospect
OF deal somewhere between these ex-
tremes, which was also denied. There is
evidently something up, but whatever it is
1t will probably have to leak out In the usual
slow and piecemeal manner. An official an
nouncement Of the deal would surprise no
one, as consolidation of all the roads lead
ing to the East End has for some time been
considered a certainty. 1t would be right in
line, also, with the idea always entertained
by close observers of street railway affairs
that the consolidation of all the lines Of the
two cities was only question OF time.
Course of the Market.
The first sales of the day on Change were
in La Noria Company, two l00-share lots
selling at l2c per share: subsequently, the
stock advanced to A9l5c, something above
recent quotations established by sales. The
presumption was that the probability of the
lease being surrendered by the Motolina
Company strengthened the stock. As a bull
card the surrendefing OF the lease wonld be
open to suspicion, to say the least,
as its surrender would justify the infer
ence that it was worthless. If the Motolfna
leaders were satisfied the La Noria mines
or rather to redevelop them, would soon be
forthcoming. Philadelphia Company open
ed at 2s sales sold sp to 2s declined to
28ss@23H after the close. p. A. & NJ. traction
sold 435z@A, and 43A was bid for more
Pleasant Valley sold at 25H and closed at
Duquesne traction sold at % and considera-
BILE more could have been sold at the same
price. 1t closed offered in q small way at
a9H Union Switch and Signal sold at 17s4
closing at 17x@ls; CHARTERS Valley Gas sold
at 121%, closing at 12z asked, and People's
Pipeage sold at I615@lSss closing at l51l@Is
the trading Westinghouse Electric unas-
sented was quoted at Is bid and the second
preferred at S6 bid, despite the fact that the
Gas was higher at 8oX bid; wheeling Gas
was in better demand and Airbrake was
steady at lSS16@lS4A.
Foreign Financial
PARIS, Sept. 7.-Three per cent rentes, 100f
75c for the account.
LONDON, 4 P. NJ, close = Consols, money,
syivania and Ohio lists, 3256; Canadian Pacific
9O15; Erie, 261s; Illinois Central, loOx; Mexi-
can ordinary. sSA; st. Paul common, s3ss;
555S: Reading, s7ss; Mexican Central, new
IS, 6S3z bar silver, 3716d; money, Il per cent.
Rate of discount in the open market for
short and three-months' bills, l5-16@l per
cent.
Financial Notes.
P. & B. Traction closed at 26@261s; Du-
quesne Traction at 2s92s1s, and p, A. & M.
Traction at 43A bid.
La Noria was sold by Carothers to Kuhn
Bros. and Long.
The sellers of Philadelphia Company were
Lawrence & Co., Sproul & Co. and Watt and
the buyers were Rea Bros, Caster, Patter-
son and Ramsey.
II. NJ. Long sold Pleasant Valley to Stoney
and Caster, and the latter sold CHARTERS
Gas to Sproul & Co.
DuQuesne Traction was sold Dy Srroul &
Co. and Kuhn Bros. and purchased by
Messrs. Pinker:on and Arensberg.
Lawrence q 20. ana u. ~. Bailey SOlQ P1pe-
age to Sproul & Co. and A. A. Adams.
The Hidalgo Mining Company has de-
clared a dividend of l per cent, payable to
stockholders of record on the 18th instant.
Pittsburg and Mexican Tin is offering at
81, and Electric scrip at 90
Gross earnings for August: Pittsburg and
Western, s2Os. 2l3 decrease, S.. l0l; Lake Erie
and Western, s3A,344; increase, $3l, ,7S2;
Wheelins and Lake Erie, sl3l, 100; increase,
Sl1 626; Buffalo. Rochester ana Pittsburg,
~
The receints of the Chicago West Side
Street Railway since Jan. have been s., 947,-
567, as compared with s., 699, 22s in the CORE
sPon1ddinngG .nG period Of lssl showing an increase
year.
Omitting the receipts of one dav, July 80,
the figures of which are missing in the re-
turns, the receipts OF the Baltimore Trac-
tion Company from January l to August 81,
have been $4l9 7s6, as compared with 1922 6sS
in the corresponding period of last year,
A charter was granted at the State De-
partment today to the Philadelphia and
New England Railway Company of Penn
The Sugar Trust Directors late yesterday
afternoon declared O dividend of ~ per
cent on the common stock, making the divi-
dend rate 10 per cent per annum. Hereto
fore the dividends have been 4 per cent
semi-annually, or at the rate OF per cent
per annum.
The directors of the Distilling and Cattle
Feeding Company have declared a quarter
ly dividend of one-half per cent.
st. Paul's Directors will meet Thursday. 1t
per cent will be declared on the common,
with a Recommendation that If the earnings
warranted 1T an extra per cent, making the
ANIMAL rate per cent, will be forthcoming
Sales and Final Prices.
Transactions on Change were as follows:
FIRST CALL.