Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-18
tober !, and on that date the bonds WIN again
be quoted at l07h,

or ~.
Union Switch and Signal ruled steady.
Its friends were cheered by fresh assertions
that the suit against the johnson Company
would terminate favorably and by the
statement that the earnings of the past seven
months were up to the most sanguine e1-
pectations. gentleman who was given a
line from the inside stated to-day that a
very large hole in the company's indebted
ness would be made out of this years earn
fngs.
Electric second preferred seesawed con-
siderably. closing somewhat below the
highest. The East made the market as
usual. Some of the interested Boston peo-
pie, who have been in Pittsburg the past
fortnight, went home charged with en-
some of it into the Boston papers. 1t was
reproduced here, but its circulation, even at
both ends, failed to produce any marked
effect. New York and Boston, however, are
again tipping it for another rise.
The only other features of the week were
the advances in Westin2 house Electric un-
assented, and Pittsburg and Castle shannon
Railroad, and the decline in Luster Mining
Company. The rise IN the first was legiti-
mate, because 1t was below parity with the
second preferred: the second continued 60
move mystery on" and the oreak IN Luster
was due to statements made in these col
umns that the capital stock OF the company
would be increased.
Regarding the increase in Luster. Secre-
rary Miller stated today that whatever the
increase was 1t would be distributed among
the stockholders as dividend. He also
stated that. contrary to general oeliet, the
company was nearly In position TO oegln
the payment of regular cash DIVIDENDS.
A Brokers Comments and Opinions.
A j. Lawrence writes TO the clientage Of
A. j. Lawrence & Co. as follows:
electricity has so intimately connected
all the great centers of trade throughout the
world that none can escape the good or bad
influences that may develop in any one of
the others No matter If local con editions are
OF the very best, they cannot entirely over
come unfav orable conditions from the out
side; especially. if the latter are at all wide
spread in their bearings. We had an Illus
tration of this last year. The United States
was blessed with abundance, while Europe
was stricken with famine. Everything in
this country favored une1ampled prosper
ity, and yet the conditions here were neu-
traliZed by those abroad, and the results in
all lines of business did not fulfill e1pecta-
tions.
''These observations bring us to consider
local stock market conditions. We would
like to be bullish for the immediate future,
but present conditions do not warrant that
position. Whether or not there is actual
danger of an epidemic of cholera the fear of
it has an unsettling effect, and words are
wasted in trying to convince the pubic to
the contrary. The feverish state of the
Eastern markets is proof of this, and in a
modified degree has an influence here. The
intrinsic merit underlying the majority of
local securities, however, will prove sus-
tanning factor and furnish the basis for a
strong rally when there is a restoration OF
confidence.
aside from the hesitation indicated, there
have been no pronounced features in the
market during the past week. As FORE
shadowed two weeks ago, and again in our
last letter, the board of directors of the
Philadelphia Company did not increase the
rate OF dividend at their meeting on Wednes-
day. The stock lost a fraction, but we be-
lieve this was due to selling by the East and
not to disappointment at the action of the
board which Is to be commended for its
Unless the reports of the
supply of gas are greatly exa ggerated Phila-
delphia Company is cheap at current prices.
Westinghouse Electric was also depressed
by the course OF events in the East, but its
net loss is comparatively slight. Airbrake
is about the only stock that scored an i'm
portant advance and at l40, at which price
it sold, it is IS per share higher than last
week Birmingham traction declined on
sales by holders who lear threatened COM
petition, and Duquesne traction receded on
the withdrawal of buyers, who evidently
be ieve that it is not a propitious time to bull
stocks.
while we look for no advance, and will
not be surprised to see q temporarily lower
market, we have no hesita tion in saying that
We feel bullfsh for long pull. We therefore
believe tina purchases on a scale downward
will show handsome profit before the end
of the year, for a market that could with
stand the july riots and strikes as well as
ours did, certainly has good foundation"
Tips From Wall Street.
J. S. Bache & Co. to Oakley & Co.:
1.-THE market opened at little advance,
with Europe buying few stocks and prices
held fairly strong all day and closed a frac-
ton better than last night. Northern Pacific
preferred WAS the only market exception
and it closes lower on account of heavy SELL
ing for Philadelphia account. Chicago Gas,
on the other hand, scored an advance of
tna of
of 69,G00 shares. which was to cover short
sales made a short while ago.
"The cholera scare is aDating quickly and
people are beginning to look at it in more
nearly q 900, 900 we cannot complain If one or
two cases occur a day. Our Health Board !
is able TO cope with any increase. The sani- |
tary condition of this city is as good as can |
be wished for. |
"This week has been an important one in |
Wall street, and has shown what we have |
been saying recently that the quotations Tor |
stocks which were made two weeks ago /
were merely nominal, as stocks could not be |
sold but at a concession. 1t was curious to |
see the best stocks suffer the most, and the |
Vanderbilt group particularly made the |
worst showing. St Paul also scored a large |
decline, as the short interest in this stock |
" as very small. 1t is hard to gauge the |
possible loss to commerce on account of the |
appearance of cholera in this country, but |
the railroads are sure to suffer somewhat, as |
the Immigrant business, which amounted to |
10000 people a year, will be greatly cur
Jailed, if not altogether cut off. The feeling
here is that immigration ought to cea Sc al |
together, as rhe class OF people that we have 4
been getting over lately have not been OF |
,he right kind. In fact, Mayor Grant has |
isked the President to issue proclamation |
closing our doors against the immigrant
class
"Outside the cholera scare and its bearing
IN business. conditions remain about where
hey have been; roads will from now on
lave to compare with the favorable exhibit |
)f last year, and We do not see, with the |
diminished crops which they will have to
laul, how the earnings can turn out to be |
out disappointing.
THE bank statement was better than ex-
1ected, and, although showing no change in
he reserve, showed a decrease of cash on
land OF s. 600 600. On account of the DELAY
n reporting goods less money has been Dsid |
nto the Treasury on account of duty
I'VE think the market will rally little
more the earlier part of next week, but on
allies people should take profits. We do
10 not see how any big rise can ensue for
'ome time to come"
Financial Notes.
Considerable Philadelphia Company andP.
B.traction changed hands on the street af-
er the close at about EXCHANGE quotations
P. & B. traction closed at 251k@25s<, Du.
luesne traction at 29@29A anu r., A q NJ
raction at ~ asked.
u Luster WAS quoted at s1lasss after call.
Ind 291S was bid Tor Duquesne traction.
Morris 4 Brown were the sellers of Phfla- |
lelphia Company and j. B. Barbour, Hill
Co., Sproul & Co., j. Ramsey and J. J.
campbell the buyers.
The selling OF p & B. traction was by
Kuhn Bros and the buying by Sproul q Co.
nd Hill Il Co.
New York dispatch says: Some dav the
treet may be able to appreciate that the
lew western Union stock, or the greater |
,art of it, is to be given to the shareholders,
lot sold to them. As the stock will repre-
ent surplus earning, this is only just"
Friends OF the Westinghouse Electric |