Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-23
STOCKS ARE BU0YANT.
Electric and Philadelphia Company
Leading the Way Upward.
AIRBRAKE AND CABLE HIGHER
And Union Switch and Signal Receivers q
Part of Its Loss.
LITTLE DOING IN TIE FRACTIONS

OF the local stock market to-day. Trading
was light, mainly because orders could not
be executed by the brokers at the prices set
by principals During the closing calls of
last week something of a reactionary tend
| ency was witnessed in a number of the
leading specialties, and it was generally
supposed that continuance of it would be
| apparent to-day. The market gained
strength over Sunday, however, and those
who came to the first call this morning to
take advantage of slumping prices were
surprised to see the list open up above Sat-
urday's close. Doubtless some of the
belated bulls had made up their minds
to get aboard the train before the fare was
raised again, but they not only found that
the cut rates of Friday and Saturday had
been abolished, but that they would have to
pay little something extra to get into the
swim. A few tardy shorts also manifested
little eagerness to take their medicine. but
they found it difficult to get hold of. Stocks
were too firmly held. In only few in
stances did the bidding up process succeed
in dislodging anything of consequence, and
then only because the successful bids repre-
sented good round profits.
The items traded in on Change were
Duquesne Traction stock and bonds, Phi ila-
delphia Company and Westinghcuse Elec-
pany was the most active and was also
one of the strongest stocks of the list, scor-
ing good gain over Saturdays closing
price. 1t opened at ,2lM sales; sold up to
sold at 22ss@22H after call, with 2211 bid for
more and none offered under 22a<. Westing.
house Electric second preferred recovered
to 3Sh sales and closed at S3H@34. The
last quotations sent from Boston were
3SH@3354. The demand for Electric
ana Philadelphia Company was on Boston
thing like reawakening of interest in
Duquesne Traction, the stock selling at 293l
and the bonds at l00I and interest. Besides
Duquesne there was q little inquiry for Citi-
zens Traction and Pleasant Valley that re-
fected a desire to do business, but in gen.
featureIess Peoples Natural Gas was bid
up to 2719; Peoples Pipeage was higher at
l5H bid: Airbrake was bid up to 1921 with
no offer to sell until after the close, when
a little was offered at 135: Union Switch and
Underground Ca BILE moved up to 7514 bid.
There is no accounting for the sharp ad-
vance in Airbrake excepting on the pre-
sumption that the floating supply has been
point where 1t properly belongs.
There seems to be something up in Under
ground Cable. At least it is stronger, and
pany was organized in 1882, with capital OF
s3,00o0OO and New Jersey charter.
In 1889 it was reorganized under
cut down to $1,000, 600. stockholders surren-
dering two-thirds OF their holdings. At the
time of Its reorganization Mr. Westinghouse
became identified with it, but, while he is
still nomfnally President, the management
is in other and probably just as capable
hands. During one year of his management
the company earned 100000 net, or 20 per
cent on it's capital. For the last fiscal year
its net earnings were between $65.000 and
$40, 900, and 1t is expected that the net Tor the
current year will reach $4,000 or $l00, 900.
The company is in excellent shape, and with
such an earning power it is difficult to un-
derstand why it should not sell at par. The
highest the stock ever sold at under its new
Jersey charter and big capital was 80. The
high point under its present charter and
capital to date is 81 and the lowest 81.
Westinghouse Electric.
There has been quite movement in West
lnghouse stocks of late, says the Boston
Bulletin and the prospects are that they will
sell much higher before the first frost West
inghouse preferred has as much merit as
any stock on the list; it pays dividends at
the rate of per cent, cumulative and is a
features of a bond. Neither is it limited to |
per cent, for both stocks share equally |
after Z per cent on the common. A very i'm |
growing popularity of the company's street |
railway apparatus. During the past twelve |
months, old apparatus of some other manu- |
GnosSer
Of Importance, is the small expense
account as compared with the other
large electrical companies. The West
inghouse people are thorough mechanics.
and because of this mechanical knowl- !
edge, a vast amount of money has been
saved to the concern. Our readers are more I
the Westinghouse Airbrake Company, and |
the success of the latter is partly due to
splendid management in the mechanical de-
partment. The other big companies have I
1
first contracted costly and extMvagant
habits, and these have SO grown upon them, |
any appreciable reformation. This is
factor which will ultimately make itself felt;
has made itself apparent in Westinghouse
affairs in one short year: There is talk that
street railway contract and possibly
that of the Lynn and Boston.
Apropos, it is current in certain quarters
that the Thomson-Houston Company is be-
ginning to find out that 1t got the worst OF
The bargain with the Edison Company. At
the time Of the consolidation, the TIL, was
aoating debt of about 5000 900, and was in
other respects less strong. Then it is re-
ported that both Messrs. Edison and Willard
Ire practically out of the con nsolidated COM
oanY. Some friction occurred OF which the |
world does not know. Elaborate offices were
lifted up for MI. Edison in the General Elec-
,rtc Company's offices, but he does not use
hem and has rented offices in another
street. 1t Is also understood that Wizards
Milwaukee street railway will change from
Edison to Westinghouse equipment.
Treasury Officials Serene.
Treasury officials state that the depart
nent has a balance of $5O,000,00O and the
evenues, Notwithstanding the loss of the
80, ,0OO, 900 on sugar, are increasing at the rate
If ST, 900 900 a month from customs alone
This rate of increase has been going on since
he 1st of March. The increase of internal
evenue for the year closed July ! was
., ,0C0, 900 over the year before, and this year
here will be an increase of Sc 000, 900 over the
rear Just closed. 1t is estimated that the |
customs revenue this year will produce |
urplus of SIS, ,OOO, 600 over expenditures. Sec
etary Foster is not at all apprehensive that
he Treasury Department will experience
my trouble in the matter OF the shipment of
,old during the present year. He SO ex-
pressed himself to-day. The Secretary be- |
ieves that things are safe with the large
WINS, viz: $ll0,000000, and thinks it will
axe many a demand to seriously depleteHl
his store, when constant accessions to it |
re being made Nothing has been done
ooking to prevention of the shipments of |
old from this country, said the Secretary, |
nd nothing will be done.
Financial Notes.
Unlisted street railway securities closed
8 follows: Duquesne Traction. 291s bid; do
s, l0Osss bid; 81 B. Traction, 26@a615; PA &
T. Traction, Az asked
Ii. III. Long sold 80 shares Standard Under
round Cable at rs.
Lawrence g. Co., Sproul & Co. and B. F. |
were the sellers of Philadelphia |
after the close and Messrs. Morris |
Blown, Campbell and Stark were the pur-