Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-15
LOCALS RATHER DULL,
But a Firm Tone Prevails and Some
of the Leaders Advance.
PHILLIPS DIVIDEND UNCHANGED.
Luster's Capital Stock Will Be Increased
Before Long.
AIRBRAKE CONTINUES TO ADVANCE

| trouUleS DttWeen tQe hedulug hdliTOdu duu
its employees, and ruled strong on buying
by London and the shorts until about P. M,
when Generalization set in consequence
of the announcement by the Board of
Health that there had been several deaths
from Asiatic cholera in the city during the
preceding "a hours. Under this influence
nearly everything broke more or less and
the close was at the lowest. The news did
not reach Pttsburg before the close
of the local board. and it remains to be seen
what effect it will have here. 1t cannot
well help being depressing, and it is possible
! that previous calculations regarding the i'm
| mediate future of the market will have to be
| revised.
| PhiI;ie's Dividend.
| The directors of the Philadelphia Com
pany met in regular session at o'clock this
afternoon and declared the regular quar-
| terly dividend of l per cent, payable
| October l. Transfer books will be closed
| September 20 and reopened October 2.
| A statement of the earnings of the company
| for the quarter, as well as a few figures
| showing its financial condition, will accom-
pany the checks for the dividend, and it is
| believed these will show tnat the reports re-
gardtng the ability of the company to pay
| higher rate were well founded. 1t is under
stood that some OF fhers.an the directors 6Ts
| were finally won over to the side of the ad-
| vocates of the old rate After the meeting
| Treasurer Caldwell stated that the mem
| bers of the board were unanimously OF the
| opinion that the dividend rate ought not to
| be increased at present. 1t is stated semi
officially that the earnings for the quarter
will compare favorably with those OF any
similar period since the orEanization of the
company. That an excellent statement will
be made is certain.
Luster Mining Company.
The Board of Directors of the Luster Min
ing Company held regular meeting this
afternoon, but no action was taken on the
matter of calling special meeting of the
stockholders to vote on a proposition to in
crease the capital stock of the company.
It is officially stated. however, that
the meeting will be called be-
tary Miller talked to The DISPATCH as
follows: There has been more or less talk
about an increase for some time past, and 1t
will probably ultimately be made, but the
directors are evidently in no hurry about it,
as the matter did not even come up for con-
sideration at this afternoons meeting. The
plant represents ten times as much as the
capital invested, and would sell any day
tor several times as much"
Westinghouse Electric.
According to the Boston NeUs Bureau a
Boston gentleman, who has just made a
thorough investigation of the Westinghouse
Elec trio Company with Mr.. George Westing
hoose, Jr, says it is about time to state facts
regarding the enormous business the COM
pany is doing. He says its business is upon q
cash basis; its percentage of net earnings
greater than any company doing like
business: that its goods have the preference
over all Others, and that prospects are that
it will double its present business inside OF
new INVENTIONS which it will put upon the
market shortly. The gentleman fur
l ther says that 1t is out out of of
to force consolidation, as those in
control of the stock to-day would not sell
out at double present figures. This same
gentleman says that if his statements are
doubted he stands ready to take a commit
tee composed of the financial editors of the
Boston dailies to the works of the WestinG-
house Company and allow it to publish the
result OF its observations and Investigations.
Course of the Local List.
Trading on Change to-day was rather
light. The market was generally strong.
however. though Westinghouse Airbrake,
at lSs4@i45. was the only stock IN which a
noteworthy gain established. The
shares traded in were La Noris Min
ing oSmpany Rsgneshe traction Essto
second preferred and Philadelphia Com
pany. La Noria sold at l2c per share, closing
at ll@l4c; Duquesne traction sold at 293, |
closing at 29s4@3O; P. a. & NJ. traction sold |
at A; Westinghouse Electric second pre- |
ferred sold at s. closing at 377s@3S4, and |
Philadelphia IL Ia.1sp Company sold at 2S1s, closing
at 230l23M
Among the shares not traded in P & B. |
traction was still quoted at 2575@26, though |
it did not appear to be quite Us strong as |
yesterday; Airbrake was bid up to 1897, |
offered ut l4O; Union Switch and Signal COM |
mon was steady at ls1sGlS5s; Westinghouse |
Electric unassented advanced to 81 bid; Cen
tral traction, Citizens traction anu Pleas
ant Valley were firm; Wheeling Gas was
barely steady at ls14@l92l; Bridgewater Gas
was point higher and otners OF the usually
active list were about steady as previously |
reported. Western Insurance Company de-
clined to 3S asked.
Financial Notes.
Citizens traction 5s were quoted on Change
at 1913 bid and Pittsburg traction 5s at JOG
bid.
At the noon board IS shares of Airhrake,
As shares Pleasant Valley and a small lot of
Citizens traction changed hands on the
quiet
One hundred shares Motolina were offered
at the last call at SOC per share.
Kuhn Bros. sold so shares Monongahela
just after the last call s. S. Pinkerton' sold
40 shares Duquesne traction to ]. Carothers
at 2934.
The Pittsburg, Youngstown and Ashtabula
Railroad announces a dividend of 81 per
cent on the preferred stock and 3 per cent
on the common stock, both payable at the
ork, on the Goth inst. Benjamin Thaw has
been elected director, TO succeed his
brother, W1ll1am Tnaw, deceased. |
National Lead is said to be negotiating for
the purchase of an electric process by which
the cost of manufacturing white lead will
be materially reduced.
At auction in Philadelphia Yesterday $500
Pittsburg water loan Is sold at 1l21%, ST, ,OCO
Western Pennsylvania Railroad As at lG2L
and 5000 Pennsylvania Railroad general
mortgages IS at lSl.
Kuhn Bros. and Long were the sellers of
Duquesne traction on call and Lawrence
& Co., Carothers and Rinehart the buyers
r. j. Stoney, Jr., sold Electric second pre- !
ferred to Morris & Brown. The latter were
bidding 371S at the close.
Carothers sold La Noria to Fritz
Long sold Philadelphia Company to Kuhn |
Bros, and the latter sold p. A. & NJ. Trac-
tion to rink.
1t is stated that without doubt dividend
will be declared in November on Lead COM |
mon stock.
W. l. Muslin arrived home from his West
ern trip this morning. as THE DISPATCH said
he would, and received hearty welcome
when lie put in an appearance on Change at
the last call. He signaliZed his appearance |
by bidding Westinghouse Electric una assisted |
up to 81. In talking of his trip Mr.. Muslin |
said Seattle was located right in the center
of the richest country on earth, but that
money was badly needed to develop it, "a |
lender can get 10 and IL per cent in Seattle |
with gilt-edged collateral security" said he,
'and any one can take a few thousand
dollars there and make comfortable living
lending money"
The Philadelphia Stockholder saws that at
the meeting OF the Western Unions Execu-
tive Committee sit was decided to increase |
the capital stock to an even 800 600 900, but |
the terms upon which it is proposed to put
out this eleven or twelve millions of new
stock were not made known. They will be |
doubtless for some time vet for
the purpose of making them available for s