Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-04

was revealed that this one we'll was pro
ducing more gas than the other Sc COM
bined. The Philadelphia Company owns
the farm adjoining the one on which the big
Snee well is located, and are putting down
q well within 10 yards of it.
There seems to be little danger Of a short
to come. The Peoples Natural Gas Com.
pany, and all the other producers of gas, are
in excellent condition, and there Is no
doubt that those who know most about the
gas companies are quietly picking up their
stocks.
Treasurer Caldwell, OF the Philadelphia
Company, who has been away on an e1-
tended vacation, was seen this afternoon
home, particularly since l find the COM
pany out of debt, with good bank account
and an abundance of gas and good gas terri
tory" Asked about the dividend, he re-
piled: 81 am not able to say whether the
rate will be increased or not That Will be
determined at the meeting of the Board OF
Directors on Wednesday,, September IA"
Brokerage Firms Views.
In their regular weekly letter A. ]. Law.
renee & Co. say: "Our market had just got
into shape to respond to improved indus.
trial conditions and the return of influential
traders who have been absent during the
summer, when the cholera scare struck
Wall street and sent a tremor throughout
all speculative and investment circles. Our
weakness, although there we're but two of
them that suffered materially. These were
Philadelphia Gas and Westinghouse Elec-
trio, both Of which-and especially the lat
ter-are largely held in Boston and New
York. The gas stock steadied at 2l12 and
Electric, after dropping to "a, rallied to IS
and S6
ITO our minds the most serious conse-
Quences that might come of the cholera
scare would be the postponement OF the
Worlds Fair. We cannot feel that in the
present advanced stage of scientific knowl-
edge there is much ground for apprehension
as to the probable mortality that would at
tend the disease even If ii should get foot
hold in this country. And we do not be-
lieve that International commerce will be
greatly interrupted on account of the strin-
gent measures adopted to guard ports of en-
try 1t might be found expedient, however,
to postpone the fair one year in order that
even the appearance OF danger may be
avoided. Suppose the Fair is postponed,
what will be the probable effectsf The i'm
mediate effect would likely be the further
depression of railroad stocks The more
remote effect in Pittsburg would be to with
draw one stimulating factor from the iron
trade. Railroads and builders would
proceed more leisurely in making
projected improvements. Hence the de-
urgent and we might have dull period in
the iron market This condition makes
dull money market, and when money ac-
cumulates there is usually an en- enhancement
III SlOCh anu DOLu NdluoS " ucH ulOucy Is
tight manufacturers and merchants sell
stocks to get funds for their regular busi-
ness, and when the latter is dull they en-
ploy their surplus in other investments.
Then there is another consideration: If the
Fair is postponed people will stay at home,
and the money that would have been spent
in Chicago and Europe will be spent at
home-some of it, for instance, in street car
fares. We prefer to look on the bright side
always, especially when there is no danger
OF becoming blinded to the real situation,
and we see nothing alarming in the past
weeks declines nor in future prospects.
"What of the market for To coming
week? We do not care to express decided
opinion. There will be no business on the
exchanges until Tuesday morning, and in
the meantime opportunity will be given
ground. There is one suggestion we will
make: For some time past there have been
rumors in tine street regarding the probabfl-
ity of an increased rate Of dividend on Phil
adelphia Company. At present it pays 4
per cent year, or 50 share on par. 1t has
declined just 81 a share, and it is worth as
much to-day at 2l13 as it was few days ago
at 2311, because, cholera or no cholera. the
will be able to sell all the gas 1t
may produce. Therefore, buyers now have
the advantage of a clear 4 per cent over
buyers of a week ago."
Wall Street StrawN
j. S. Bache Co. to Oakley & Co.: "It was
known before the opening that the steamers
Normania and Rugia from Hamburg had ar
rived in this port this morning with cholera
aboard of both vessels and some little stock
was sold at the opening on this news; still
London was again disposed to buy, and this
helped TO produce steady market. The
bulls engineered rally on the shorts and
and made them oover and we think the
short interest in the room is pretty well
covered up. The large traders are of course
short of line of stock and it remains to be
seen what they will do next week.
"The bank statement showed about what
was expected, and the banks now hold be-
low IS, ,0c0, 0C0 above the legal reserve. This
decrease does not include the 50, 800 900
shipped to Europe, so that the real reserves
In the bank at the present time will hardly
figure out Sc 900, ,00O There is no doubt in
our minds that the Gould interest is short of
stocks and is waiting for a chance to get
even with some of the people that made him
contribute to their wealth a little less than
a year ago, 1t is known that the money
market has always been his pet way Of
operating and it would not surprise US to see
the rates Tor money harden considerably
next week and thereby shake out holders of
stocks.
shipments this week of 50, 600 900 gold to
Europe was surprise to Wall street, but the
Government is in need of this gold
and must buy at any cost. There was more
gold ordered by Europe, but the bankers
thought it wise not TO ship any more a s it
might add materially to the uneasy feeling.
It fs, therefore, more than likely that a
couple of millions more gold will go out
next week.
The cholera is still a menace to the
market and as trade with Europe will be
seriously interfered with it will retard the
shipment of grain and therefore keep ex-
change firm. At 81 81 it is cheaper to buy
gold sovereigns from the Bank of England
than to import gold from this side. Any
Thing that affects general trade is bad
hing for commerce, and must in time be re-
1ected in the price of stocks. We therefore
advise our friends to be conservative and
make use of the rallies to sell out their hold
nGs, fully believing that we will see lower
prices ere long"
Financial Notes.
Duquesne traction closed at 9s5z92s, P. & B
ra ction at 2533z@26 and P, A. & M. traction
It A asked.
Hill & Co. sold $4,000 Duquesne IS to b. NJ.
long at 1905 and interest.
Caster and w. j. Robinson were the prin-
,ipal bidders for Switch and Signal and Cas-
er bought 10 shares from A. j. Lawrence &
20. at III.
Morris & Brown sold Duquesne traction
% Long. The latter was the chief bidder.
Electric second preferred closed ut S5 bid
Rea Bros. & Co. sold 30 shares Airbrake
Company. Limited, at 90. This is the first
II n long time.
Uncle Rufus Hatch is quoted as saying
hat he can't bull stocks while we are i'm
porting cholera and exporting gold.
There is authority for the statement that
dividend OF ~ per cent upon American
sugar common will be declared about the
middle of September unless the directors
rave changed their policy within the last
lay or two. and subsequent dividends will
% declared quarter ly at that rate.
Close of the Market
A steadfer tone was apparent on Change
,o-day and some of the shares, notably Phila-
ielphia Company, Electric second preferred,
1uquesne traction and Union Switch and