Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-31

| time for local investors to appreciate the
| changed conditions in the company's at
| fairs. One Of the most important changes
is the fact that it is not n@w depcnden,
upon the energy. and resources of one man
II has all the energy which formerly ena'
| bled it to get business, and in ad-
dition is backed by a syndicate of capitalists
| who have no superiors as financial managers
| of large enterprises, and who have every ad.
| vantage OF ample capital and large business
| experience We have received semi-oficial
| confirmation of the newspaper reports that
| tho company has booked contracts to the
amount OF S3,O0O0 00 during the past five
| months, and is now earning l2 per cent. net
on the entire outstanding common and pre-
| ierred stock, and VIC believe these facts are
bound to have their effect on the market.
From what We have seen of the buying, It Is
apparent that the object has been to accu-
mulate stock and not to bull 1t.
1--WE have frequently expressed a very
favorable view of Central and DuqGesne
| Traction, and we still think they will be
| leaders in the advance. Our belief Is not
based upon the current rumors OF the aD-
| sorption of Central by the Pittsburg-D Du-
quesne combine, beca use we do not know
| anything definite of such a deal, but we do
know that tie former Is earning dividend,
and, whether it is disbursed in October or
January, there can be no question as to the
Intrinsic merit behind the stock. As to Du-
quesne. the earnings of the system are
beyond expectations and the improvements
along it's 2s miles of lines. both by the
municipal authorities and by individuals,
are more extensive than in any other sec
tion of the city, thus enhancing the value OF
its franchise. Birmingham Traction has
strengthened simultaneously with the re-
turn of its President from Europe, and while
it is improbable that dividend will be de-
clared before October, we are in formed from
an Official source that the company is now
entirely free from floating debt, and no OBJ
lection will now be made to the distribution
OF net profits to stockholders.
"The strength of the natural gas stocks
has been very favorably commented upon
by everyone. With so many mills shut
down, and with domestic consumption ut a
minimum, it would not have been remark
able if values had declined; but, on the con-
trary, they have advanced and closed
strong. The realization of profits on Air
Brake was not so extensive as anticipated,
and on a light demand the stock rallied to
l25. We would be at a loss to suggest q
better per cent investment at the price.
There Is a very general feeling among the
business community that the backbone of
the iron strike is broken, and that all the
mills will soon be in operation, and to this
we attribute the Improvement that has
already taken place."
Financial Notes.
The unlisted street railway securities
closed as follows; P. & B. traction, 95ss bid
Duquesne traction. 2s4@2sss: do bs. looss@
lC01S: P, A. & N. traction, "A bid.
Allegheny County Light Company IS were
offered on Change to-day at Jos ex-interest,
which is payable Monday,
westinghouse Electric new common sold
at ss3s in Boston yesterday instead of 273s as
the types made US say.
The statement made in this column sew
eral days ago that the Philadelphia Com
pany's next dividend ould be at the rate of
per cent has been semi-officially confirmed.
Some of the street people have 1t that
P;ttsburg and Birmingham traction is to be
quietly worked up to 30 within the coming
fortnight.
The stockholders of the Laurel Land Com
pany held their annual meeting Thursday,
at the headquarters l55 Fourth avenue. The
Secretary and Treasurer's report showed
Quite a number of lots have been sold with
several houses under way. The following
officers were elected for the ensuing year:
President, A. H. Mercer; Vice President. W.
W. NJ. Pollock: Directors, M. l. burst. A. NJ.
Tresspl, L. W. Bigham, A. II. Mercer, w. L.
Washington.
The buying of Sugar is getting to be al
almost craze" The general public has
had several bitter experiences in the past in
handling Sugar on spurts like the present.
but the public's memory is, unfortunately,
very short. The talk on Sugar is now ram
PANTY bullish as ever. but the operator will
be wise who discounts present predictions
by large percentage. It is good thing to
keep in mind, when listening to enthusiastic
bull talk on it, that it has already gone up
about seven points, and that reaction is
now overdue.
Crop Expert Prime s latest: Northern Ohio
shock. Wheat will move early regardless
of price; yield one-third less than last sea-
son; lower grades wheat as cheap as corn.
Great amount of wheat will be fed to stock,
which will increase consumption materi-
ally.
day and w. X. Thompson & Co. as sellers.
The latter bought Duquesne Traction from
Rea Bros. & Co.
Philadelphia Company was bought by Hill
n N a.aH II nd sol, hx, 4
Ramsey.
H. NJ. Long desires to go on record as pre-
dieting that the next dividend paid by the
Philadelphia Company will be at higher
rate than the last one, which was per cent
quarterly.
The Wall s rect Journal says: "There has
been good buying OF National Lead pre-
ferred during the past month. People VINO
have made money in other Industrial stocks
have been looking into the condition of
lead and have received assurances which
make them believe Lead preferred to be in
value substantially on q par with Sugar
preferred. People who have bought
Lead preferred below 80 have done
so with the expectation of seeing the
price cross par on demonstra-
tion of earnings sufficient to preclude the
probability of any curtailment OF evidences
recently that while Lead common was spec.
ulative with, they thought, an improving
tendency, Lead preferred could be laid
AWAY as a safe per cent investment" In
!"
cent on the common.
The Journal of Finance says that it can
sta te positively that the National Lead Com
pany during the first six months of the year
earned the 81 per cent dividend on the pre-
ferred stock, and over 81 per cent on the
common. The prospects of the company
are such that this year it will earn besides
the per cent dividends on the preferred
over per cent on the common.
Close of the Market
The market closed strong to-day nm der the
lead of Philadelphia Company, which moved
up to 1915 sales and 1917 bid. Duouesne
traction, P. & B. traction, Westinghouse
Electric ard Airbrake were in excellent de-
nand, with the latter strong and higher at
ls5Gl.6. There was also II lair inquiry for
Union Switch and Signal, U. S. Glass and
Under. round Cable. Sales at the call were
follows:
60 shares Westinghouse Electric tnew).... q
iyo snares Duquesne acuion.................- 2Ss
200 shares Philadelphia Company. ..,,.,,.... leX
30 shares Philadelphia Company. .......,.... 1871
Total sales, 400 shares. Closing bids and offers:
BANK STOCKS.
BID. ASKED.
Exchange Narional Bank. nk..-...........8 84X -.
Fourth National Bank: ................ -. ia
Iron City National Bank. ..... ..,,.,,. 80 as
Liberty National Bank
Metropolitan National Bank............iis III
Monongahela National Bank. k............l3s -.
Sdd Fei,ows' savines Bank. "
Tradesmen's National Bani............ Bi... ~. aa
Union National Bank. ank....................F5 49,.
ALLEGHENY CITY BANK STOCKS.
Enterprise Savings $3.50. ........... 80 -
Second National Bank. a..
INSURANCE STOCKS.
SltlLens ................ ................ S3