Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-24
STOCKS AND MONEY.
The Volume of Investment and Specu.
lation Continues 10 Rule Light
HONEY EASY AT ALL CENTERS,
Gossip About Some of the Specialties of
the Local List.
STRENGTH OF THE HOME BANKS

haNC OSch ho PoieiSuAoiAt AohS'
worthy developments in the financial
world during the week ending to-day.
Money has ruled as abundant as ever al
home, and the improving feeling abroad,
noted a week ago, has been more marked
but with the exception of little exhibition
of life and buoyancy in Wall street, and 8
better feeling throughout the country in
consequence of excellent crop reports and
prospects, the situation has not changed
materially. A waiting attitude is still pre-
sented in both investment and speculative
lines In this section, as well as elsewhere,
the labor troubles have continued to exer-
else a depressing influence. Instead
of narrowing they have widened,
and the end appears to be some
distance vet in the future. The
tragic occurrence o. this afternoon, the
shooting OF Mr.. III, c. Frick in his office by a
fanatic not identified with the Amaigamat-
ed Association, but evidently in sympathy
with the locked-out Homestead wage-earn-
ers will not serve to decrease the influence
of the labor troubles for the time being,
though it may by its very awfulness serve
to hasten their end.
Street Railway Shares
Under this head operations have been
light and with one exception developments
of Importance were lacking. The exception
was the reSOluIlOu Ol Tue ScnlIdl dSScHScI
Railway people to construct an electric
line to East Liberty from the terminus of
the Central Traction 81 Center avenue branch.
The line, as outlined in The DISPATCH Friday
Is to be a through line from Esst Liberty to
the city and will run over the Central Trac-
tion's tracks from Fulton street cityward
and back and in the East End a portion of
the Duquesnes track will be utilized, the
new road to be operated by the Central
Traction Company. When the contract be-
tween the DuQuesne and the Central for the
use by the former of the latters downtown
loop for a consideration OF $4,000 cash and
rs per cent of the cost of keeping the loop in
repair was entered into, a clause was in
serted giving the Central Traction the right
to use certain portions of the Duquesne's
of IS per cent of the animal
cost of repairs, and it is in pur-
suance of this right that the Central Passen-
ger Railway Company. virtually the Central
Traction Company, will utilize such por-
ttons of the DuQuesne tracks as are neces-
sary to the construction of the new line.
The scheme is to ultimately extend the new
route to Williamsburg, and as soon as the
necessary ordinances are secured work
will be commenced A good many people
believe the scheme originated with the
acknowledgements combine, and that the
new road if 1t is constructed. will eventually
be controlled by the combine.
Very little was heard about the Pleasant
Valley and Plttsburg. Allegheny and Man.
chester deal Some of its projectors de-
clared to-day that it was still the
subject of official discussion, and that
with the exception of some minor details it
was practically closed up a rumor was cur
rent during the week that all negotiations
had been declared off, but it was said on
good authority to have no foundation what
ever One OF the Pleasant Valley leaders,
however, sent written word to the Pitts
burg, Allegheny and Manchester people that
he would not consent to the deal on the ba-
sis OF 81 500, ,0O0 Tor the Pleasant Valley.
Pittsburg and Birmingham showed the
greatest weakness the argument being that
the ROADS traffic was falling of, on account
of the large number OF mill men in idleness.
''Strikes in the iron trade hurt the roads
truversing the mill Districts" said a street
railway man to-day. "When the iron workers
are idle they and their families walk instead
of riding. The p. & b., believe, is hurt
more or less by the present troubles. The
Citizens Traction is also affected, as well as |
the Woods Run branch of the p, a. & NJ. |
These lines are always the first to feel the \
effect of hard times. The Troy Hill branch |
10 a certain extent the second avenue line.
The Pittsburg Traction, Duquesne Traction |
and Central Traction companies are but lit |
tie affected and believe their earnings are
larger than ever. Their July receipts will
beat the record"
Gas shares.
Philadelphia Company has ruled frmer |
during the week, and while some of the |
others have sofrened little, the general |
tone has shown increased buliishness. This |
has been due 20 the causes noted a week ago |
"a belief that the leading companies were |
in a vastly improved condition as to field re- |
sources, better management and better f. |
nancial condition. The Pinhook field is grow |
ing in the estimation OF the public and there /
is now little fear OF a scarcity OF gas during /
the coming tall and winter Prominent gas |
men say the PinhooE region is the best yet |
worked, but there are few who lack faith 4
in the staying power of the wells. Indeed,
gentleman VINO lives only short distance
from the well brought in last week by the |
Equitable company, says some of the wells
are already showing a weakening tendency.
1le EOnltaD bic we'll tested Qay this
week. 1t was shut in a hall minute and
showed pressure or 225 pounds. On this
showing it was rated the best well ever
struck in Allegheny county.
Westinghouse airbrake.
Realizing sales, accompanied by little
bear talk about slow business and excessive
production, sent Airbrake off somewhat,
ana the comments on this talk and the
course of the market excited some curiosity
to know a little of the history of the COM
pany. particularly among Eastern people,
who sent number of inquiries for informa-
tion.
The first Westinghouse Airbrake patent
was taken out in le69, but there we're no
operations under it, improvements on it |
Mestin 5house and patented. The company
haso has been .,p putting 3. out airbrakes.
quickacting device, under which
the company is now operating, was patented
in 1857 and, as the life OF Il patent is IL years,
4
expires by limitation, however, there is as
sulance that further improvement
will be made and patented which
will extend the company's practical
monopoly for another IL wears
The original capital of the company was
$500 OO0 which was increased to $500 600 DUR
Ing the time the company was fighting to |
have its system adopted by the British Par
lament During this time the supporters of |
the Eames vacuum system were also fighting |
for recognition by Parliament but after a |
long contest the home company came out I
victorious and its system WAS ordered into |
use on all the railroads controlled by the
English Government. Then followed a
boom in the stock The company soon had
an enormous revenue and paid enormous
dividends. One year it paid Ito per cent on | |
100000 and another year l60 per cent
% per cent regular and ITO special | ,
As the result of these fabulous ,
returns, and the announcement that the |
the stock ran up TO $500 per share. In 1854. i
however, the stock sold low as 2l0 and ,
ruled between 2l0 and 225 for nearly two
years. owing to some hitch in the pro-
gInmme to increase the stock and make the
allotment. In the spring of 1856, however ]
sales were made as high as 800 on the proba- {
bility that the programme would be carried
out as announced nearly two years pre- | l
Niously. In the fall of 1886 the increase to
IS, 600 600 was made and the increase al I
of fTe shares for one, and dividends I
were commenced ct the rate of l6 {
per cent per annum. Shortly thereafter the 7
new stock traded in at about 9S. In | f
January, lSSS the capital stock WAS further /
from So 900, 900 S. 600 000 which is
its present proportion. One million of this | r
increase was divided up among the stock
holders anu the other million sold at par 4
to railroad people in consideration OF I
their adopting the brake. After this move u