Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-13
STOCKS RATHER WEAK
A Decline in P. & B. Traction Follows
the Company's Annual Report
STREET RAILWAYS ALL SOFT.
Only Two or Three Really Strong FONTS in
the List.
LOCAL AND GENERAL FINANCIAL NEWS

LVCAu AM UENEhAL FlNANClAb NbWC
WEDNESDAY, Oct. IL.
Pttsburg and Birmingham traction fell
off somewhat to-day as one of the results of
board. and the decline, which was only
fractional, was generally accepted as mean
ing that the statement of the company's
operations of the past fiscal year was not
very svorably received. The showing of
the first quarter of the new fiscal year,
which was rather bullish on paper, was e1-
planned to-day by the assertion that
maintenance charges were light in conse-
quence of the new motors, ETC., in
use; and this assertion, together with the
statement that such charges would material
ly increase during the ensuing quarters,
tended to rob 1t of its bullishness. On the
whole, however. it must be said that the
sentiment on the stock is not particularly
bearish, and that something of a disposition
is shown to support it at about current
prices.
The other changes in the list, with one or
two exceptions, were also slight losses,
which were sustained by Duquesne tIac-
ley railway. Philadelphia Company
and United States Glass common.
The most notable exception was Alle-
gheny 70 Heatins Company. which advanced
in these columns of the regular and special
dividends, making per cent for the quar-
ter. Peoples Pipeage was also stronger on
the intima tion that the checks for the reg
ular dividend would be accompanied by
checks for special. Union Switch and
Signal was another strong point, though its
close. 1t held at lsll during the calls. but
after the last board it was bid up to 1874,
with none offered under l9.
The increased interest which has de-
veloped in bank shares of late was
maintained, but no transactions result
ed. Third National Bank of Pittsburg
advanced to 1923 bid, and Enterprise Savings
Bank of Allegheny to 1sM bid.
United States Glass preferred maintained
its position, and Underground Cable and
Airbrake held their own, but Electric was a
little less firm, especially the second pre-
ferred, which closed at 3S24 asked, against 50
asked during the early part OF the Cay.
Others were featureless.
Movements of the Market.
Philadelphia Company sold at 22N at the
first call, at % at the second and at 221s at
the third, closing at 2s@22A. Peoples Pipe
age sold at l51s, closing at l5ss bid Duquesne
traction 5s sold a. l01 and interest. p. & B.
traction sold from 25115 down to 25l4, closing
at 2515@2555s, and the 5s sold ut lO3 fiat Du-
quesnc traction sold at 2S19 closing at $3.50
2S1a. Electric scrip sold at 921a per cent,
Bonds were quoted as follows: Citizens
traction 5s, lO6 bid; Pittsburg traction 5s,
lO4 bid: Pleasant Valley IS, l02 bid; Duqusne
traction 5s. lolH asked: Manchester trac-
p, A. & NJ. traction was offered at 45 early
in the day, and 44A was bid at the close.
Allegheny Valley Railway preferred was was
offered at Is, American Brake at Sc and
Natatorium at 100.
The Oil Market Still Alive.
to.
day to the effect that certain oil producers
who made inquiries at the office of the M
tional Transit Company were told that there
was no market for Oil, meaning, presumably,
that the Exchange market had joined the
silent majority. At the same time sales
were at 52c on change and 5l7sc was bid for
more, The Producers Oil Company was
oil in bis lines could have sold his bal
ances at 5l5sc. These facts prove there was
a market, and in their light the statements
of the National Transit people cannot be
construed as meaning anything but an at
tempt to belttle and discourage exchange
operations. They also serve to throw dis
ard was about to lend it's aid to efforts to
revive interest in certificate speculation.
Western Unions Meeting.
The annual meeting of stockholders of the
Western Union Telegraph Company was
held at noon to-day Mt the company's
offices in New York. Thirty directors were
elected for the ensuing year. The only new
names appearing on the ticket are those of
Henry B. Hyde and W. Murray Crane,
chosen to fill the vacancies caused by the
recent deaths OF Sidney Dillon and Cyrus
w. Field
President Green submitted his annual re-
port. which showed that the revenues of the
the expenses sl6,3J7 s57. leaving as profits
81, ,S9S, ,547. The increase in revenues over the
last previous year was S672,07 and expenses
Were reduced $le0,s About SIC 100000 was
paid out for salaries, nearly 20 Der cent OF
the years expenses, and over 600 additional
offices have been established. The earnings
for the transmission of mes sages or all
classes were So, ,045 ,425, and the average toll
per message was BIG cents. The bonded
debt or the company is $l5. 9s. 060, but of this
there is a balance of sinking fund appropr-
ations not used for the redemption OF bonds
to the amount OF S3SS 030.
Financial Notes. -
H. NJ Long arrived home from the East
this morning.
John L. Patterson sold ls shares Allegheny
National Bank at 81.
Lawrence s. Co. and Sproul & Co. were the
buyers of Philadelphia Company and j. j.
Morris & Brown and Robinson
Bros. were the buyere.
Kuhn Bros. sold Duquesne traction and
Hill 4 Co.. Thompson & Co. and j. B. Bar
bour bought.
Hill & Co. bought Duquesne 5I from B. +.
and Carothers sold Z. & B. IS to |
kinehart. |
Stoney, Barbour and Hill & Co. sold P. & |
B. traction to w. r. Thompson & Co. and |
Kuhn Bros. |
Morris & Brown sold Pipeage to Castor.
According to statement made by the Bu- |
reau o! Statistics the exports OF mineral |
oils from the United States during the |
month of September aggregated Is, ,273. 3j9 |
gallons, valued at $, 59S, ,9tS, and for he cor
in,p 1,lpn N 81
gallons valued al So, ,950, ,.9l. The exports OF |
cotton in September were lS5, 206 bales, weigh
ing 90, 253 a60. and valued ut So 9t3,055, as
against 2s7,796 bales. weghing ll5,9lI,o5l
pounds and valued at $40, 1857, 354.
The Stockholders of the Evansville and |
Terre Haute Railroad Company will vote
next Monday on the proposition to increase |
the capital stock from 5000 600 to S6 000, 600.
1t is ated that sufficient number or hold
ers have already assented to carry out the
plan.
Treasurer W. Howard Glider, OF the Tole-
do. st. Louis and Kansas City road, says:
"Should the stockholders approve the con-
te:nplated issue of $l3,5o0,0 0OJ cons olidated
first mortgage ~ per cent 50-year gold
bonds, the fixed charges will 1e increased |
S., 500, but the net gain to the com mpany at
once would be 9.7sl 81"
M. NJ Jameson says: 81 look for higher
prices for the street railways, and the III
People are becoming more accustomed to
buying street railway and industrial stocks
and the tendency is to buy them
instead OF railroa shares, which are sold at
much higher prices in most cases. The in
dustrias on the New York Stock Exchange
are coming to the front, and are advancing
on the big buying. People here are not yet
TO buying the industrials to
the extent that is done in New York, but
tney are gradually coming around to it''
Ether dav nr.eted thst
would 20 to l5o. The speedy introduction
of natural gas would, he said, not only