Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-29
SWITCH AND SIGNAL
Leads the Shares That Continue to
Show an Upward Drift.
DUQUESNE AND P. & B. FRACTIONS
Continue to Be Most Prominent With
Eespect to Weakness.
PHILADELPHIA CO. SOMEWHAT HIGHER
FRIDAY, Oct. %

PHILADELPHIA Gu. SOMEWHAT HlGhEk
FRIDAY, oct. 2a
No change occurred in the general tone
of the local stock market to-day-the shares
that have been strong of late Continuing to
show strength and the ones that hate been
weak continuing to show weakness. OF the
latter class Duquesne traction was most
prominent, and of the former Union Switch
and Signal was the leader, with the follow
ing of each about equal numerically.
Union Switch and Signal opened with
sales at 1917, sold up as high as 1917,
reacted to igA sales and closed strong at
D1quesne was without movement until
/ the last call-though disposition to sell
was noticeable at the preceding boards
! when it sold down from 2s1a TO 2s1s and
ioO shares offered at %. P. & B. traction was
also weak, selling at 2411@24ls and closing
| offered at the latter figure. Tne other trac-
| toEs sympathiZed with Duquesne and p. &
| T.. but they sustained no quotable change,
Philadelphia Company was in better de-
mand and higher: Peoples Pipeage sold at
Is, CLOSING ut A7l@I51s, and the other mem:
bers OF the group were neglected, though ~
was bid for CHARTERS and Wheeling was
offered at 1917.
AirDrake closed at l26@l2s1S. There are
| undoubtedly a good many buying orders in
| within the quoted range, but there Is un-
| questionably more or less uneasiness preva-
lent about the outcome OF the pending liti-
| CATION.
Westinghouse Electric was stronger. The
| second preferred sold at 3S34 closing at 89Z
! bid: the unassisted was bid up to %, the
| scrip was quoted at 94@95 and the first pre-
| ferred was wanted Mt 4915
Underground Cable, U. S. Glass and Luster
were steady to strong; La Noria was higher
and others were unchanged.
Union Switch and Signal.
Through the courtesy of an official of the
Union Switch and Signal Company THE Dis
PATCH is enabled to lay before its readers
this morning something regarding the
company's earnings and prospects which
| may account for the upward drift OF the
| stock: For the first eight months OF this
year the net earnings, above all expenses
and fixed charges, were $9S 800. During this
period $500, 900 wOrth of work was finished,
| and contracts tor fully $500 900 worth more
securing another contract this year the
| company would be able to run its works to
their full capacity for the remainder OF the
| year and the first four months OF 1898. But.
more have since been secured, and there Is
good reason to expect a big contract will be
| placed with the company oy the Read:
which was given in these columns yes
terday. Taking the net of the first eight
months (s9s, ,5O0) as q basis, it is reckoned
the net for the year will be anywhere from
$4,000 to $l6O,O6O. The entire capital stock
issued, both common and preferred, is
81, 400, 900, so that the estimated net earnings
represent about 1o1a or II per cent on It the
par value of the capital stock, or about 2S OF
30 per cent on the current market price.
The bonds outstanding amount to 1926 0OO,
due next April, but, as there will probably
be dividend on the preferred next
January, a portion of the bonds will proba-
bly, be extended. You may say to the read
ers of The DISPATCH" said the gentleman
who furnished the above Information, that
the company was never in better condition
than now, and that its prospects were never
quite SO bright. The intention OF the direc-
tors is to pay dividend as soon as 1t is
earned, and the figures show that one is be-
ing earned"
Low-Priced Petroleum.
Oil sold on the Exchange to-day at Soc per
barrel, the first time that such low point
has been touched legitimately since 1882.
In August, 1882. the market fell 20 49L,
mainly as the result of overproduction. In
1854, when the Penn Bank collapsed, oil
dropped to 501a as the result of the panic
the failure of the Penn Bank deal started"
August 8, 1891, when the premium so
suddenly taken Off the white sand oil, the
market broke to SO, but reacted to 60 the
ent low price are said to be the battle be-
tween the Standard and the Russians for
supremacy abroad and the stagnant condi-
ton of speculation.
Readings Earnings.
The statement of the Philadelphia and
Reading Railroad Company for the month OF
September 1892. shows: Gross traffic re-
ceipts. 81, l64, 9s2 IS; traffic expenses, s1o73-
40 %; profit in operating. $1,091. .4s2 "a; re-
ceipts from other sources, $20.s50 l3, making
the total profit for the month 81, lis, 332 50.
Against this is charged $9,6l7 81 expendi-
lures for permanent Improvements and
$625, GOO as one-twelfth of the current years
fixed chargeSs leaving surplus for the
month OF $477,7H 95 against $493.ss7 96 for
September 1891. The surplus for ten months
OF the current fiscal year is 81. 5s., ,S03 9s an
increase of s776.41S 81, compared with the
corresponding period. of the last fiscal year.
The statement of the Philadelphia and
Reading Coal and Iron Company for Septem-
gross expenses, 81, ,6s9, ,70l %, leaving a profit
from mining OF $2l2 S47 36. From this is de-
Quoted $68 900 as one-twelfth OF the current
1sd cha n
$69672 compared with September, 1891. The
deficit for ten months of the current fiscal
year is $ls5. $40 63. The deficit for the COR
sssPss. ssPs1o'ns peri0a 'ne 'a'' nS'A' year was
The result OF the operation Of the Phila-
delphia and Reading Railroad Company.
month of August, 1892, shows: Receipts.
earnings OF s44s.e %. an increase OF SAL,
l47 40, compared with the month OF August,
1891. For the nine months ending August 81,
1892, tho earnings were So. 260 2l0 5S an in
crease of $685., ,479 25, compared with the same
period OF the preceding fiscal year.
Financial Notes.
At auction in New York yesterday shares
Westinghouse Electric second preferred
sold ut $50 and shares of the first pre-
ferred at 49155; 81, 600 Wheeling. Lake Erie and
Pittsburg Coal Company first mortgage
per cent bonds, due July ], 1919, also sold at
80.
For the third week of October the earn
ings OF the Buffalo, Rochester and Pittsburg
Railroad were s64, ,766. an increase OF 81 1927
The Beaver Falls Hotel Company, capital
S35, ,OCO was chartered to-day. The directors
are Alexander Graham and Joseph Hanna,
of Beaver Falls, and A. NJ. Johnston,
Rochester A charter was also issued to the
Ferrous Chemical Company, of Pittsburg,
capital $50, ,OOO The directors are E. A.
Shaefer, G. E. Succop, George Looderman,
Joseph Il. Hunter and G. n. Stengel, Pitts
burg.
The Boston News Bureau states authori-
tatively that the Chicago. Burlington and
Quincy Railroad Company has made q con-
which the latter will occupy all the lines in
the Chicago, Burlington and Quincy system
Oh and after January next. The Bnrling-.
ton lines have been occupied heretofore by
the American Express Company east Of the
pany west of the Missouri river.
The action of prominent New York trust
companies in increasing the rate OF interest
on deposits is an indication of the growing
belief that the advance in rates for money
is the result of conditions that are likely to
be more permanent than the mere require.
ments incidental to the crop movements OF