Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-11

Liberty National Bank. k.............l03 l0s
Monongahela National Bank......Is0 139
Philadelphia Company. ............. I'm ~
central traction. n..-................ lSA 20
Pittsburg Traction. n........-........S S6a 6s
Pgh.. Youngstown @ Hshtabula... as q
n y; Cleveland Gas Coal....--. S,S %
Union Switch and Signal. lSs
Westinghouse Airbrake ...........1e8 1S
Underground Cable. g. ~
Views OF a Broker.
The literary end of the firm OF A. j. Law
renee & Co. says of the market:
almost all the leading stocks on our list
have had their ups and downs this week, and
the result of the fiuctu ations places the
ups in the majority. 1t has been good
market to trade in, with opportunities
equally distributed among investors and
Spectators for a quick turn. The latter
were especially favored in Westinshouse
Electric as this stock is more under the in.
fiuences which dominate the Eastern mar.
ket than any other local speciality, There
has been less heard OF manipnla.
tion in it than previously and Pitts
burg is undoubtedly increasing its
interest in these securities. The street
railways have not been as active as we had
hoped, which may be duo to the efforts of
the gentlemen of the press to anticipate the
work of the managers In consolidating all
the lines in the city. The course of events
here and in other cities indicates an ultimat te
combination or traffic arrangement, but the
means Dy which II Will De accomplished are
as vet in the back ground There have been
instances where squeeze was found neces-
sary and while those who withstood the
pressure came out all right, weak holders
anyone can get hung up badly in the trans
actions at present prices, and believe all Of
them to be a purchase on any decline.
zone of the features OF the week has been
the rally in Philadelphia Company to 23l<3
2315 These little reactions and recoverfes
inuicate very healthy condition of the
market for the stock. They help to decide
the holder who has concluded to take his
profits, and they encourage new buyers who
are waiting for moderate concessions. A
considerable amount of the stock has gone
into strong hands the past few days. and
there is no doubt that some of the buying
has been on the belief that the rate of divi-
dend will be increased at the comm z meet
ing of the board. We have tried to secure
something definite ON this point and confess
that the result has not been encouraging to
the idea that the rate will be increased for
this quarter. But if present prospects for
gas are not marred, there is little doubt that
the April dividend will be at the rate oil per
cent per annum.
1.-The annual meeting of the Westinghouse
AfrbIake Company was held during the
week. In expressing our qualification over
the financial statement, You will pardon us
for making two brief quotations from recent
letters. On July 30 when the stock was sell
ing at l25 wrote: We would be at a loss
to suggest a better s per cent investment at
The annual showing to be made next
month will, we are confident Justify all that
we have claimed for it, Since those two
sentences were written Atrbrake has
previous gain Of SIS. and ~ we be-
1ieve readers of the daily papers who saw
the report made at last uesday's meeting
will coincide with us that the stock is still
cheap as an investment. The 81. 400 900 net
earnings for the year were equal to 4s per
cent on par. or l8 per cent on $50.
Many conservative Investors calcu-
late that manufacturing stock should
net the holder 10 per cent in order
to offset the dull years liable to occur in
such business. A1rbrake has plenty OF room
for further advance even on that basis, for
it earned l2 per cent on $500, notwithstand-
ing some dull periods during the past year.
What we regard as the most important
thing about the showing is the large cash
balance remain ing after the distribution of
IS per cent in dividends to stockholders
1t Is not only evidence of conservative
management, but it dfsposes of the asser-
tions of disgruntled bears to the effect that
the increased dividends were paid out OF
the denominations OF previous years-a point
on which even some friends were q little
doubtful.
"The phenomenal increase in net earnings
is due exclusively to the improved facilities
and labor-saving machinery of the new
plant ut Wilmerding. One of the latest ad-
ditions to the latter is an extensive store
house, and it is the intentio now to keep
80
will insure the steady operation of the
works throughout the year. Heretofore all
work has been done on orders. 1t has fire.
ouently occurred that q large order has
been received just at a time when there was
a heavy run of repair work. This neces-
STATED night work and the temporary
doubling of the force, thereby increasing
the percentage of expense.
1--WE would like to make another predic-
tion relating to brake-namely, that next
months dividend will be 10 per cent, the
regular per cent quarterly and per cent
special"
Wall Street Opinions.
j. s. Bache & Co. to Oakley & Co.:
"The market opened somewhat lower on
account of the arrival of another pest ship
and also because a poor bank statement is
expected and because of the fear that the
engineers, brakemen and firemen on the
Reading road would strike next week. At
the conference held yesterday nothing was
effected, but another one is to take place on
Monday, and no doubt some conclusion will
be reached. President McLeod's stand
against all labor unions has caused a great
deal of bitterness, and the different labor
see that it is matter of life
and death for their association.
money is attrac ting attention on account
of the stiffness in rates ana we would not be
surprised to see a stiff per cent m oney
by the middle OF next week. There
is also o chance for some gold to go out, as
some of the quick steamers that were to
have sailed to-day will leave on Monday or
Tuesday. The last shipments of gold to Eu-
rope have not been remunerative, for the
reason that the coin given to the bankers
WAS light weighted, it being part o ( the ship
ment OF $40. COO, 900 of gold that the Govern
ment brought in from san Francisco some
time ago. Still the Austrian Government
needs considerable amount to make their
plans effective, and unless exchange rates
leave off cent or so they will have to draw
gold from this centre. The banks now hold
about 100000 reserve, and with the ship
ments of money going West to move the
crops, this supply will probably be wiped
out before month has passed.
The most important rumor this week has
been the OLD story of the New England con.
troll by the Reading, but it really looks to us
as if the Reading had enough irons in the
IRE and had oil 1t possibly can do to take
care OF them.
"The cholera scare is still on, but people
do not show any great fear, as they are in
hopes that the present Board of Health will
be able to keep out all cases. Still, it is a
question whether the authorities will be
successful They are surely straining every
nerve and are doing their full duty We do
not doubt that next year Congress will pass
law stopping Immigration for a year or
more, and we think that it would be q good
thing, as the people we have been getting
over lately are quite undesirable. Accord
ing to statistics. the foreign-born element in
this country is Il per cent of the present
York is 80 per cent.
I'VE see nothing in the situation to bull
the market, and expect to see lower prices
next week. The railroads are now having
the first rush of freight, but we think when
this is over they will show decreases on &C.
count of demoralized rates and decreased
freights brought about by short crops"
Financial Notes.
P. & B. Traction closed at 255S@26 Duquesne
Traction at 29lI@293< and P A. A M Trnc-
tion at 435s bid.
For Citizens Traction 5s, l071S was BID and
for Pittsburg Traction IS, JOG.