Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-19
SHARP UPWARD TURNS
In the Westinghouse Electric Stocks
and Philadelphia Company.
ACTIVE DEMAND EAST AND WEST.
No Really Weak Point Develops Anywhere
in the List.
LOCAL AND GENERAL FINANCIAL NOTES

THURSDAY, Aug. 1a
Trading in local securities was not very
active, the volume of business on Change
being the lightest recorded for some time
past, but the market was strong and gen.
orally interesting under the lead Of the
Westinghouse stocks Electric, second
preferred, was prominently strong, especi-
ally in the East, where it closed on rather q
sensational advance, and Philadelphia Com
pany moved up sharply, both closing
! buoyant at the best price of the day. Elec-
trio (old) was also higher in sympathy with
the second preferred. 1t sold at 1917 be-
fore the opening of business on Change,
moved up to 20 bid at the sec
ond call, but was subsequently offered
at 20, with 19x bid. The second preferred
opened with a sale at 81, was bid up to 31Ss
at the last call and to 80 on the street alter
the close. In Boston quotations were higher
than here, the close there being at 321a sales
and the old, or unassented. at l9A. the two
stocks are about on a parity. What stimu-
lated the sharp advance was not known.
The General Electric and Westinghouse
shares have been moving mp steadily OF late,
the former q little the most rapidly, perhaps,
and the basis OF the movements nave been
the same in each case-reports OF big
earnings, etc. There has probably
Of General Electric than Westing-
house, but the sharp advance in the latter
tion in which stock the market workers
were doing the most business. To many
the movements in these shares give color to
the talk about the consolidation of the two
big companies. 1t is argued that the Gen
eral Electric people, in order to dictate
terms to the WESTINGHOUSE people, decided
to have the market value of their stock
placed so high above that of the Westlng-
house that the latter would look cheap and
Insignificant and that as soon as the
Westinghouse crowd saw through the scheme
own stock moved upward. This is the e1-
PLANTATION given in certain quarters, and it
looks plausible enough. At the Same time
the majority believe the stock of the home
company is advancing solely on its merits;
that there will be no consolidation: that
there is and will be enough business for
both companies, and that electric stocks
will be the leading investments OF the
future.
Philadelphia Company's strength was due
to continuance OF the demand for both
ence of which It sold up to 2l15 and closed
Gas was higher at ssN bid;
oqssa sns ana sas
An odd lot OF Pleasant Valley Railway sold
at 254 and l0share lot OF Underground
Cable sold at "A, which was the extent OF the
brake was firm at 1891 bid; Monongahela
Water was in demand and frmer: Union
Storage was up to- 59@60; switch and Signal
was steady at l1@l71a and others were feat
ureless. Tne Street railway shares cut no
figure whatever in the days operations.
The Short Line.
The Pittsburg and Birmingham Traction
Company's Short Line branch commenced
operation to-day as an electric line. Four
cars were put in service, and this number
will be increased as necessity requires. The
contract between the rraction company and
the bridge company was signed day be-
fore yesterday. The DISPATCH understands
that it binds the traction company 10 pay 60
bridge, to assume the burden of the insur-
ance thereon and to pay the bridge companyA
per cent per annum upon their capital
two Ooas or Of rhe
con- panies have cancelled their policies
since they were notified that the contract
ton company nan would be ratified. This, too,
the rate was increased
from ~ to ~ per cent on account Of the in
creased hI hazard; r Ine companies claim, now.
sufficient to justi y risks on property where
electric power and electric Lighting are
factors to be considered.
United states Glass.
An ex-director Of the United States Glass
Company stated to-day that it would have
been the part of wisdom If the directors had
not yielded to the clamor for dividend this
year. "A good deal of time was lost during
the first half of the year," said he, "and there
was also q loss of s2O,OOO net by the fire at
Factory u, which. but for the fire, would |
have earned $S5.OO0 at least. They should |
not have commenced dividends until they |
had built up good surplus, tor there is not q |
year that somethins disastrous is not liable |
to happen 10 the glass trade. At present |
tho l6 factories have immense stocks Of |
and it takes money to carry them, especially |
if some OF the patterns happen to become !
unatti active" The treasurer's report |
showed that for the six months ended De-
cember 81. 1891, the net earnings were S74, 0OO, |
and Ior the six months ended June 80, 1892, |
they were $lsl,0O0 making the total net |
$255.0O0, which WAS given as the net in this
column yesterday. President Ripley re.
CARDS this as a pretty good showing, but
intimates that twice as good a one
will be made at the next annual
cent ON the entire capitalization, which, as
stated at the recent meeting, is $640, 900 pre-
ferred stock and about s., SOC, 900 common. |
At 10 per cent, however, the cuu, pany would |
not he making as good a showing As the vari-
Gus companies did be lore the combine was
organized. as their sworn statement shows
average earnin of IL per cent per annum.
The ex-director quoted above says the |
stock is tree of water, but the friends of the
company claim that, while there was about
$500, 900 worth of water injected into it, the
common stock at 691 indicates that the
water has been pretty well squeezed out.
chicago Street Railways.
There is no end Of talk among Chicago
brokers and others regarding the inten tions
of the Philadelphia crowd. Most people do
not believe that any consolidation Of the
North and West Chicago street railway
lines will be formed. They think the |
scheme is to "cut a melon" for the benefit of
North Chicago and to cut another juicy
melon for the owners of West Side stock
The North Side company could easily issue
par by stockholders. The company could
pay 10 per cent dividends annually on the
new capitalization and still have left a good
,ome of the bonds every year. This course
has been adopted by the Southside Street
Railway Company several times, and even on |
It's present capital stock of s700O.0O0 1t paws
yearly dividends of u per cent, and shares
sell at the enormous price Of AS Frienus of
that company can in the future make as
much money as the Southside line. and they
predict that in q few years shares will sell |
ust as high, even IL theDcapital stock be
made 50, ,000. 900, an increase OF $l000, 600 over
The present capitalization. The Chicago
City Railways bonds outstanding are only
! trif1e less than those of the Northside
Company, and the Northside lines entire
,apital stock, including the old $500 900 OF
shares that pay 30 per cent dividends to the
original owners, is only IS 500 0O0 or 81 500 600
ess than that OF the Chicago City. The last
named company holds . controlling nterest
N the Southside elevated, but VIII ether this
n tn IA n a0ur(.a nj prof1r Ia dn,