Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-20
A STRONG OPENING.
Philadelphia Co. Sells Off a Fraction
More Than the Dividend,
BUT MANY SHARES SHOW A GAIN.
Electric and Phillie Lead the List in Point
Of Activity.
LOCAL AND GENERAL FINANCIAL NEWS

The advices from the East to-day wer
decidedly encouraging, noting subsidenc
of the fear of cholera and tight money an,
an upward drift in prices on the New Yorl
Stock Exchange. '"The chief infuenc
affecting prices" said special to loca
house, "was undoubtedly the more rationa
view taken OF the cholera situation. 1t i
now recognized that New York and tn
country at large is not and has not been il
danger of visitation of the epidemic
Another factor, however, has beer
little inferior in its effects Money is appar
emily becoming easier. Foreign houses hav'
been induced by the prevalence of higt
rates of interest here and the accompanying
decline of foreign exchange to lend money
freely" A special to another house read as
doing their best to produce a panic in thil
city by means OF their sensational head
| lines are beginning to show a change and
| have at last become conservative We are
| told that this was only accomplished after
| very energetic means had been taken by
| some of their biggest customers in the retail
business. These houses notified the differ
| ent daflies that if they kept on doing every.
thing in their power to increase the ner-
yousness of the public it would be useless
for them to insert any notices in theil
! papers. as people would not come to their
| stores" No matter what produced the
| change, it was q welcome one, as the tension
here was very appreciably relaxed.
| Course of the Local List.
| Trading on Change was fair, and while
changes were slight they were nearly all in
| the direction Of Improvement. Duquesne
| traction, Electric second preferred, Phia-
| delphia Company, Electric scrip, Peoples
Pipeage, P. B. traction and Luster Mining
Company were the items traded in, with
Electric and Philadelphia Company most
prominent. Duquesne traction sold at 20,
| closing at 299294; Electric second preferred
sol sold at sa@S7a with sales OF fractional
| philadelphia Company sold ex-dividend of
| per cent at 2219@224, closing at 22@22H
the final quotations, loss of a small
| pared with the close of last week. Electric
| scrip sold at 80 per cent. Peoples Pipeage
sold at Is, closing at l59l5N; ?. q B: traction
share of Luster sold at So, seller 90 days.
Among the shares whicn did not figure in
the trading considerable strength was
shown. Airbrake was quoted at 1S9A@l ~;
Electric unassented was up to 2215 bid; Un-
derground Cable and the U. S. Glass, COM
mon, were better; Union Switch and Signal
was steady at !s@ls15; Pittsburg 4 Castle
Shannon was higher; Pleasant Valley Rail-
way and Citizens traction were fractionally
higher and in good demand, and others were
unchanged at about last Saturdays closing
prices
1t was rumored on the street that one of
the directors of the Pleasant Valley Railway
Company was out cunning for the stock at
25ss and fa1led to get any.
The unlisted street railway securities
closed as follows: F., A. 4 NJ. traction, 1870
A; do. SIS, 1861 bid; P. s B. traction, $500
~; DO. Ss, NS@l04 Duquesne traction,
29@29ll; do. SIS, l0las@l02.
After the close p, A. & NJ. traction was
offered at 437s. Luster at s5s and % was bid
for 500 shares Philadelphia Company.
Luster Mining Company.
THE DISPATCH has had considerable to say
of late about Luster Mining Company its
condition, prospects, etc. and the remarks
have drawn out the following communica-
ton from one who, while pretty close
to the inside, is not especially interested
and is known to be reliable and conserva-
tive:
PIrrsBURe, Sept. la.
Financial Editor Dispatch:
DEAR SIR-Now that Mr.. Thesis, the new
manager of Luster, will be at the mine in
prise feel very much encouraged and expect
substantial results. The company has met
with series oil mishaps, the last being the
faulty construction of the ovens; but quite
likely by this time that has been remedied.
One thing after another has interfered with
the successful operation of the mine, but
have never faltered in their confidence
in the company's future. Mr.. Thesis
Is the son of the inventor of the
process OF chlorination adopted by Lustre
and which has been in successful operation
at the Hale Mines. South Carolina, where 81
ore is worked at profit sufficient to pay |
per cent upon capital of half million dol
lars In series of experiments made under |
adverse conditions it is said that SS per cent,
of the assay value of the Lustre concentrates |
have been saved. and as, with the ovens now |
successfully worked. it begins to look as ii |
dividends were not as lar off as the COM
pany's foes would wish. Such is the talk of |
the friends of the company but l do not |
left here for the mines last Thurs
day, accompanied by his underground
with a"S his as rs tDe ne tnoT1pgny %
ment of the ores, having himself been for
two years in sole charge of the Hale mines,
it is to be hoped that in the course of two or
three months it will be demonstrated wheth-
er the process can be successfully applied to
this Luster ores under existing conditions
1t is confidently claimed that it can be DONE
and that as said before, it has been done |
at the mine in a series OF experiments. OF |
course, success is assured if but SS per cent
of s42 5O concentrates can be saved. even if
they now have they can roast Il tons
per day. 1t becomes almost entirely a mat
ter OF increased machinery and oven-rOom
uhder such circumstances; as it is generally
that there is an abundance OF ore
at the Lustre mines, averaging perhaps Sl4
to SIG per ton, although many question the
of 10, or more than ., tons into
one, owing to the abundance of iron pyrites
and sulphur. Forty dollars q ton, or say
$3.50 net per day, would yield fair return on
10000 and might Justify an increased capi-
al. r. f. S.
The Trolley Growing in Favor.
The big syndicate controlling the surface
ines of street railways in New York appear
20 be meeting with success in overcoming
he feeling there against the Introduction OF
he trolley lines. Several of the big dailies
With powerful influence have recently come
tut, says the Philadelphia Stockholder and
plainly characterized the howl about the ]
deadly" character of the trolley and de-
of it, ''as an instrument of DEATH"
Is the sheerest nonsense. They have also |
tated that the trolley is the only really
PRACTICAL method yet known for the use Of |
he citizens not to be deceived by the wild |
care raised in other places where every
hing in the way of an innovation is opposed
IN general principles.
p, Y. & AS August Business.
Statement of approximate earnings and
expenses of the Pitusburg, Youngstown &
Ashtabula Railroad for the month OF Aug
st, 1892:
anensss $50 sss 60
let earnings same month 1891. ......... 81 81 81
yet earnings eight months 1887 ..... .$sss 2S2 90
net earnings eight months 1881. ....... 3A $40 70
Increase. 81. TAB 20
Financial Notes.
Hill & Co. were the sellers of Philadel-
hia Company, and the buying was pretty
yell distributed.
J. B. Barbour sold Duquesne traction, and
,ong and Lawrence Co. were the buyers |
trio sacnnd | 4