Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-25
A Brokerage Firms Views.

in sight, who took their profits, and their
realizations forced the price to l25. We
Afrbrake Company affairs, and are will
| ing to go on record that 1t will pay
not less than 20 per cent during the next
Twelve %3n1hs 5ss That would mean me m Per
| point that man nufacturing stock should pay
| 10 per cent, while bankers and investors
realize only and per cent, is not well
taken. Neither is it supported when one
looks outside local bounds. We have inquired
| into the subject, and here is the result.
| Pullman Palace Car Company, a manufac-
current quotations: American Sugar Refin-
cries, the puppet of speculation and the
| bette noir of legislative demagogues, pays 8
per cent? the General Electric company,
| which has such q formidable rival in the
| Westinghouse company, pays less than per
| cent: Standard Oil, the target Ior a thou
sand judicial darts, pays less than N per
| cent, and so on throughout the list of IA score
| of companies, not one of which enjoys the
| peculiar advantages of AirbIake.
"As to the outlook for the general market
| we believe the ensuing three months will
| contain numerous bargain days. The Pitts
| burg banks, State and national, have De-
| tween So, ,010 900 and a, 600, 900 idle money
| hand, and under ordinary circumstances
| this fact would be a big bull argument. But
| prevailing circumstances are not ordinary.
| We are passing through an extraordinary
period of labor strikes, and will shortly en-
| ter a hot political campaign, in which the
| tariff will be the stake. With the possibility
| of tariff revision, business men will wait un-
| til the outlook becomes clearer. the large
accumulation of capital here and in the East
| is partly the result of a lack of confidence.
The condition of affairs has a tendency to
make holders sell stocks-some through alb
solute fear and others in the hope OF being
able to buy back cheaper. 1t is on these oc-
casions that money, backed by what the
street calls nerve, finds its opportunities"
Financial Notes.
The statement is made positively. by in
terests prominent in the advance in Lake
Shore that before the end Of this year the
dividends would be advanced to the rate of
7per cent per annum and that the plan to
refund the debt in general consolidated I
per cent mortgage would be promulgated
before October l, when 1924 600 Ashta abule di-
vision bonds mature.
Central now pays per cent at 112; with the
Chicago Exposition in sight it ought to re-
cover its recent high price, 119 Canada
of the Worlds Fair Texas Pacific land
stock at Is is probably the cheapest on the
Exchange, as it represents 35 cents an acre
and the company gets from 81 to $40 per
acre.
Oil Company for the first nine months OF
the present fiscal year will, it is said, show
about ST 500 900, equivalent to per cent on
both classes of stock.
Enterprise Mining Company stock sold
this week at SIS and S. 15.-Jolundi of Finance.
1t is stated that the directors of the
cash dividend of per cent in September.
payable in October. making IA per cent Tor
the year.
Tie Westinghouse Electric Company
have contracted through their Boston office
with the Wakefield & Stoneham Street Rail-
way Company, OF Wakefield, Mass, for four
car equipments, consisting of two 20-horse
power Westinghouse single reduction mo-
tors ior each car. The road will be in oper-
alton August L They have also just
closed another contract in Brooklyn with
the Brooklyn and New Town Railway. 1t
calls for four 3O0-horse power generators
and tie equipment OF so cars with motors
as those built for the Central Traction Com
pany, of this city, which was the first to
adopt this improvement.
Holidays will be observed in the Liver
pool market IRON Friday evening, July o.
until Wednesday morning, August3 g.
From Sproul & Co.'S market letter: "Rail-
road men talk encouragingly regarding
business and earnings, and the Secretary of
the Treasury comes out sQuarely to the cf-
feet that the Government will not restrict
its payments of gold. The latter fact may
have some beneficial influence abroad,
where something is certainly needle to
stimulate interest and confidence in Amer
ican securities!'
Sales of Luster were reported on the
An application has been filed with the |
Comptroller of Currency for authority to
organize the Wilmerding National Bank |
wilmerding, Pa, by John +. Miller, of Will |
merdiag, and his associates. |
Sharpsbur;g Council last night passed or |
dinances granting rights of way through |
that town to the Millvale, Etna and Sharps- |
burg Street Railway Company. The latter |
is practically the Pittsburg, Allegheny and |
Manchester Traction Company, which will |
extend its lines to the boroughs named.
At the annual meeting of the Union Elec- |
trio Conduit Company, held yesterday, the |
following officers and directors were elected: |
President, George ]. Whitney; Secretary, E. |
E. Hamilton; Treasurer. Henry Metzger; |
Directors. George /. Whitney, D. Leet Will |
son, Henry Metzrer, John G. Stoake.. E. E. |
Hamilton. A dividend of per cent was de- |
clared payable forthwith.
Three tanks of oil, one at Rexford, Pa
and two at Allegany, n. Y, having total |
by fire yesterday, and the Secretary of the |
Exchange has received notice of All assess.
ment of six barrels on every l000-barrel GER
tiflcate to pay the loss.
John ID. Bailey sold 25 shares Exchange
National Bank OFF Change to-day at S.
The recent decline in nsyfvania Rail-
of sales by English stockholders who do not |
understand the varied nature of the COM
pany's traffic. The annihilation of the
whole Carnegie plant and the entire loss of
the tonnage now derived from 1t would not |
affect the Pennsylvania materially and GER
ta1nly not enough to cause any difference in
the dividends receive d by shareholders
The improved prices for coal and increased
freight rates that will accrue TO the COM
pany through the anthracite deal are worth
much more than the Carnegie property, i'm
The report is revived that Vice President
A. J. Cassatt will succeed President George
B. Roberts, of the Pennsylvania Railroad,
upon the latter's return from Europe 1t
would seem quite as reasonable to suppose
that MI. Roberts would have resigned be-
fore rather than after the trip to Europe.
Ali the street railways in New Orleans are
to be consolidated under one management,
which will oper rate them by electric power. |
The deal involves $4,000, 600. Philadelphia
and New York people are in it.
Watson Gibson to Oakley & Co.: "The
condition and prospects summed up: The
v volume OF transactions indicate an improve
ment Crop prospects decidedly better.
Gold exports checked. Treasury gold bal
lance increased. Congress done little harm
Labor situation worse in respect to number
Of men on strike, but this indicates an
earlier termination of the trouble. The
bank statement today shows nearly s8 000-
700 I'm the reserve and an increase of over 81
BOO. 900 I'm specie. The outlook for money In
iicates continued low rates."
Z. & b. Traction closed at s5Gs5x and