Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-10


conspicuous feature. Philadelphia Company
moved up to 20A sales and BID; Pipeage sold
at ~ and closed at IA bid; W heeling Gas sold
ers was bid up to ~ without drawing out
any offers to sell. There Is an excellent
demand for it and higher prices appear
probable. The board OF directors met yester-
| day afternoon and declared the regular
monthly dividend of one-half of one per
cent: The inquiry for Wheeling Gas was
notable feature. a number of small lots
being bid for, indicating, as 1t did, a better
feeling with regard to the company's con-
dition and prospects. Mr.. j. W. Craig, dis
interested authority, says the company is in
good condition, and that it has very
any day to yield very handsome revenue.
At the present price of oil, however, the
compauy's production does not cut = very
big figure in the way of swelling the annual
receipts.
Airbrake was again one of the strongest
stocks on the list. being bid up to l29, with
made by the broker who made the bid. The
stock bulls very easily. there being little Or
none for sale at any price, apparently.
Union Switch and Signal gained a fraction
at 1873 bid and the other industrials usually
bid Tor and offered were unchanged.
The Westinghouse Electric stocks were
strong, though the new common was rather
freely offered by house with Boston con-
nectfons. 1t was taken well, however, at
291<, but it was still offered at 29L at the
close. The other items of the list were un-
changed, with the exception of a drop to
$50 in the price asked for Tradesmen's Ma
tional Bank.
The close was generally steady to strong,
though signs Of reaction in some of the
shares that have been advancing OF late
were not lacking.
Duquesne Traction Again.
A friend of Duquesne takes exception to
the figuring in this column on the combines
receipts and the prospects of a dividend on
Duquesne. His first complaint is that the
bonds are not taken care of in the manner
outlined, his starement being that both
roads are allowed $4,000 for interest, and,
as the Pittsburg has only half the amount
of bonds to care for that the Duquesne has,
the former puts half of its interest in its
treasury. According to this statement,
therefore. the Duquesne does not have to
pay the interest on its excess of bonds out
OF its share of the net. But even at that 1t
does not make SO much difference. Taking
the assumed gross earnings of $S03 600 for q
enough for operating expenses. we again
have $40l. 500 Ior interest and dividend pur-
poses. subtract from this Sl5D,0 900. which is
aa sne o's %s says for this
The The buquesne's net, or little
more than 81 per cent on s., ,OOO,0O0 The diff
sential. The second complaint is as to the
estimate of earnings and the prospects. To
use the complainants own words, "The com.
SZ,ZU
$sO3, 900 year, and by the first OF next JAN
uary l believe the daily average receipts
will be $1,000. The four months to come
September, October, November and Decem-
many OF the patrons of the lines are out of
town. They will be back doing the usual
amount of riding over the lines next
month. Then the schools will be open and
the school children will be good customers.
The exposition will be q great benefit to all
the street railways also, and their receipts
are always large in the holiday season. So
you see the summer months are not the best
ones for the street railways" Now let us |
take it Tor granted that the daily average |
earnings of the two systems are 81. 500. Then |
Tor less than go per cent, which is nearer
correct than 30 per cent. We then have |
SOL, $50 as the annual gross earnings or $685.
ting. Subtract from this the sl5o, 600 allowed
for interest and there is left $215.OO 4215 per
cent Of which, the Dnquesne's share, is S9l,-
575, or $3.50 more than per cent on its
81, ,O0O0OO capital
A NV Street Railway System.
novel street railroad system is soon to |
connect North Plainf1eld, N. j., with the |
electric street railway of Plainfield, N. j.
The rails on which the cars of the new
system Will travel will be hollow and con- |
nected with an air compressor at the power |
station. The air within the rails Will be |
kept under constant pressure OF 1000 |
pounds to the square inch. All along the |
rails will be valves, eight to each circumfer- |
ence OF the wheels, which will fit protuber- |
ances on the wheels which open tine valves
as the car passes, and the Compressed air |
within the rails will be brought to act on the |
periphery of the wheels just back OF the |
point OF contact. This, the inventor claims, |
will give the wheels a strong rotary notion
Already rights of way through theNprincipal |
streets have been secured and the road is 10 |
be in operation by October ].
Financial Notes.
Unlisted street railway shares closed a,
follows: P, A. & NJ. traction, 441x@44s<; Du-
quesne traction, ess4@So; P. & b. traction,
96@2615.
There was little trading on the street
after the close, in which Philadelphia Com
pany, Manufacturers Gas and Switch and
Signal figured, but no particulars were given
Morris Brown were the sellers OF West
Caruthers and Caster the buyers,
Manufacturers Gas was bid up by Dick
Brown, who also bought Pipeage, Wheeling
and Philadelphia Company.
W. z. Thompson & Co. were respons iple
for the strength of Phillie at the close, Denny
Lyons bidding it up and taking 70 shares az
2oA: While this was being done some one
Rea Bros, Sproul & Co.. Carothers. A. ].
Lawrence and Thompson & Co. sold Du.
Quesne Traction.
Hill Co. bought Citizens Traction at 90
from Lawrence & Co.
1t is said the Duquesne Traction Companv
Is about to equip It's cars with the Westfng- |
house motors. The Manchester will come
next and then the home company's ap-
paratus will be- in use on all the |
local lines. Those suits for Infringement
evidently threw a new light on the Value of
the Westinghouse motors. A year or two |
ago a friend expressed surprise I'm the |
presence OF Mr. westingnouse that the
street railways were not recognizing his ap-
paratus. Mr. Westinghouse simply smiled
and said he was sorry TO see thcm putting |
money into equipment they would soon
have TO discard for that manufactured by |
his company. Mr.. W. evidently knew what
he was talking euout
Consolidation IL becoming general IN |