Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-29


vestment activity either late in the sum-
mer or early in the fall. The history of Wall
street for the past 15 years shows that
iation some time during the last
half of year. ACCOMPANIED by
substantial advances in prices, and the
present year is to beno exception. They are
all talking of a boom that is on the way, and
their talk is based on the ease of money and
the probability OF big crops. OF course the
| with the course of affairs in Wall street, but
it has been noticed time and again that
when activity prevailed East and West
activity also prevailed here 1t will be re-
me,nbered also that, barring the spring of
| 1891, when the Westinghouse Electric was so
| abnormally active, the most animated
periods in our market were in the last six
months Of the year. Last year the summer
| dizziness was broken about the middle of
August and, while conditions this year are
| not normal by any means, q number OF con-
| servative street people believe we will have
| revival some time next month.
Course of the Market
| Trading on Change to-day covered Du-
| quesne Traction, Pleasant Valley Railway,
| P. & B. Traction and Citizens. the total busi-
ness being 100 shares. Duquesne Traction
! was the strongest of these items, selling at
| 2s14 and closing in demand ut 2s3s. During
the day a71s was bid for 1000 shares and %
for 500. with 1000 offered at 2s2l. Pleasant
Valley Railway sold at 2511, q small lot of p.
& B. Traction at 2515 ana a similar sized lot
| or Citizens Traction ut 81. Westinghouse
Airbrake was stronger at 1241a@l25 with
| sales on the street at l25; Luster Mining Com
pany closed 10I@11, with little disposition
| to trade on either side OF the market; Central
Traction was strong. though not quite
| SO high as yesterday; P, A. & M. was soft
despite little support: U. S. Glass was
| wanted at IS: Philadelphia Company was
steady as a rock at 1sh@l9; Manufacturers
Uqc Tn II. a wa "
| was offered down to 64Z from &C, and other
| quotations were featureless.
Gossip and Street Railway Shares.
The future has been heavily discounted
by those who haye been buying street rail-
way shares says a Chicago paper. Shares
have been purchased, not for what the pres
ent dividends amount to, but for what they
are expected to be during the Worlds Fair.
1t is almost certainty that those who buy
now and pay for the shares in full will be
q BILE to make splendid profits in 1893 but
such a market as has been witnessed recent
Iy a dangerous one for spectators. Fluc-
tuations OF five points in day will soon ex-
naust big margins, and stock brokers are re-
fusing to trade for customers except where
they are willing to put up extremely large
margins on purchases.
In discussing local street railway shares
this afternoon broker said: "The future has
been largely discounted and buyers should
consider present conditions ana earning
powers. Those who buy now will reap q big
harvest some years ahead, but it is too long
non-dividend payers are not promising
enough in respect to early dividend paying
ability to attract investors.
As was announced in this column recently
the Metropolitan Traction Company, of
Philadelphia, which controls most OF the
important street railways of New York and
is negotiating for the purchase of the rest
is to be reOrganiZed Eastern papers bring
further details of the reorganization. AS
was stated the capital stock of the new cor
poration will be $50, 000, 900. Each kholder of
l20 shares in the new company, the bonus
representing dividends that should have
been paid during the long litigation with
the New York authorities There will thus
be disti ibuted to present stockholders $24,-
0O0, 600 of the present capital. 1t is also pro-
posed to allow present stockholders to sub
scribe for 10 per cent of their present hold
invs in new stock ut par. This will call for
$2,00O,OU0 more of new stock and will put
that amount of money in the company's
treasury. The remaining 81 oOO.O 900 of stock
the stock goes to 200. thus realizing S., ,00O OOO
which will be expended in adding to and
improving the properly.
1t appears, it is further stated, that the
charter OF the Metropolitan Traction was
gotten under Jersey laws, that were not as
liberal as desired by managers of that cor.
poration. The consequence was that the
New York Legislature at its last session
passed general corporation law that will
enable the Reading combine, the Sugar
Trust and the Metropolitan Traction to do
pretty near everything that could be de- |
sired by the most public-spirited sort of q |
trustee or 0by the most expansive sort of a |
millionaire. The Metropolitan concern has |
been the first to take advantage of the new !!
law. and has prepared itself with brand |
new charter OF $50 600, 600 capital into which |
the assets OF the present Metropolitan Trac- |
tion Company are to be dumped in q lump.
The Brooklyn City Railroad Company mas |
increased its capital stock from $6, ,000 900 to |
$l2, 600 00O. The new capital Is to pay for |
electric motors. the reconstruction of the |
roads, the equipment and the power houses, |
Financial Notes.
At the last call 27sl was Did for westinp.
house Electric new common and A5L for the |
preferred. Plttsburg and Mexican tin was |
offered ut 25. Electric scrip was quoted at |
S7@ss.
John NJ. Oakley left for New York yester- |
day, from which point he will take one of |
steamers tor Europe. He will be |
gone until December. |
There have been recent sales OF Standard |
Oil Trust in this atty at 160, according to |
one of the brokers, and l6O is bid for more.
Andrew Caster reported sales of two small |
lots of Airbrake at LIS and another block of |
Allegheny Heating Company "at the |
market" probably somewhere in the neigh |
Unlisted street railway securities closed
as follows: Duquesne Traction, 2sL@2sH; do |
5s, l00as bid: Pittsburg and BiriHinn liam
Traction, 25l40251a: do IS, 10lss@IOI11; Pitts
DHTP, AIleSuen dHU manchester Traction.
4s11@A.
A gentleman who generally speaks by the
card on the Westinghouse stocks SAYS a |
dividend on Union Swith and Signal pre-
ferred this fall Is II sure thing.
The earnings of Pittsburg and Western for
the third week in July were s53465, an in
crease of 1926.
The Baltimore and Ohio Southwestern svs-
sem report. decrease of $5,72s for the third |
week in July.
The earnings of the Buffalo. Rochester and
Pittsburg ior the third week in July in
creased $l2 $40.
The Westinghouse Electric COMPANY fs
putting through the works the two ZOO horse
power stl eet railway generators for use on
the Atlantic avenue line in Brooklyn, Two
years ago generators from 80 to IOO.horse
power were the largest offered for sale bur
now none of those turned out by the West |
inghouse people are under lOO-horse power
while the majority range between $50 and
400-horse power. The success which has Mt |
tended the coupling of the dynamo and en-.
gine shafts together, thereby dispensing
with belts, has already brought the company
o large amount OF business OF this character.
and the rapid extension of the use of this
class of apparatus will follow as a result of
the great economy Of floor space and de.
creased cost Of maintenance, The Wrestling. |
house Company have their motors and cleo