Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-31
A FEW GOOD GAINS.
Airbrake and Underground Cable
Continue to Advance
AND P. & B.. TRACTION Is HIGHER,
But Most of the other Active Shares Rule
Heavy to Weak.
LOCAL AND GENERAL FINANCIAL NEWS
TUESDAY, Aug. 8


Traction were moderately active to-day,
and Standard Underground Cable and
| Westinghouse Airbrake were stronger, both
continuing to move upward, but otherwise
the market for local securities was cpmpara-
lively dull and featureless. The same in
explicable condition of affairs prevailed to-
dav as yesterday sort of q cross between
doubt and fear on the part of those who
would like to see prices break . little that
they were going up, and on the part OF
those whose interests would be sub
served by an advance that they
were going down. AS consequence hesita-
| tion was the most marked characteristic,
perhaps, though a fair volume OF trading
was accomplished. TO the superficial oo, =!
the direction of the July rut of dullness, but
close inquiry and observation developed the
| facts that considerable business was in
hand; that good many transactions were
occurring sub rosa and that stocks were get
ting into new hands, thereby creating a
basis for another movement. 1t Is
Of the the 5opsra aport' ssouss
may he responsible Tor the lack of positive
tendency apparent but it seems to be GER
bs
| way or the other. Few are looking for
general break. Stocks are holding up too
well, and the only Interpretation of which
their f1rmness is susceptible is a further ad-
vance.
| Duquesne Traction. Central Traction.
Pleasant Valley. Peoples Pipea"e and
| Union Switch and Signal have shown an in
clination to weakness Of late, and something
| of q demonstration has been made against
Philadelphia Company, but nothing has de.
clned suficIently to encourage open at
tacks. p. & B. Traction was bid up little
to-day by Kuhn Bros, VINO have at times
been prominent on the selling and depress-
| ing sides, but the movement was not such
| rs to stamp it important. At the same time
| it was said that P. & B. was about due for
rise.
There was no trading in Electric pre-
close at the latter point was s7szQ3so bid, with
| sales at 37E. After the close it was Of
| fered here at 3D.. The boom seems 10
! have been temporarily side-tracked. A
telegram to an afternoon paper states that
the reaction in the stock is due to the call
ing of by the Electric Company OF all nego-
tiations looking to consolidation OF the
two companies. The Westinghouse people,
it is claimed, were willing to go into the
combine on the basis o. new stock that
would be equivalent to 50~and 65 for the
Westinghouse second and first preferred. re-
>pectively. The Westinghouse people have
sfrenuously denied from time to time that
any negotiations of consolidation were in
progress. and statement that there never
was any basis for this latest gossip will doubt
less soon be forthcoming. There has been
great deal of misin formation on this Ques-
ton circulated in the East or in Pittsburg.
but it Is pretty generally admitted oy dis
interested and unbiased prople at both
points that the tw corporations have been
flirting with each other ever since the TIL.
and it will take pretty strong evidence to
convince them that the two companies Will
not ultimately join forces.
Action of the Market.
Trading on Change covered Airbrake, Du-
quesne traction, Philadelphia Company,
Underground Cable, Union Switch and Sig
nal, p. & B. traction and Westinghouse
Electric first preferred, A small lot of Air
brake sold at 135. the highest point ever
touched on the present capital and the
stock closed at l34 bid, with l34115 bid after
the close. Duquesne traction was moder-
stely active but weak, selling down to %
and closing at 2s1a@29H. Philadelphia Com
pany sold at %. closing at 22MQ2s; Under-
Union witch and Signal sold at ls1s. closin:.
at 175s@lssss; P. & b traction sold ut $500
26A ciosinI at 26ss@,6A and an odd lot OF
Electric first re,erred sold at 81, something
above the Eastern quotations..
Pleasant Valley was barely steady at 2514@
25ss; Citizens traction looked frmer, Bridge
waer Gas was a traction higher, Central
traction was about steady at 29Z @29% and
others were featureless.
Philadelphia Companv's Dividend.
At the last annual meeting OF the PhiIa-
elphia Company it was shown that for the
year ending March 81, 1892, the net earnings
of the company were considerably above
q million dollars, and that, too, for
year during which the supply Of gas
was short during the months when its rev.
cnue is heaviest. This year it is practically
free from indebtedness: it has IN abundance
of gas; it has a large number of new con-
tracts, and q conservative estimate of its
net earnings for the year is $l.25n,000. To
pay per cent on its capital of s7,500,0O re-
quires $780, 600, which wonld leave a surplus
of $SO0.OOO. Surely $500 900 is sufficient to
carry to surplus every year, even for cor
pora;ion that expects to be compelled to ex-
pend millions some time in the future for an
only $75olOO, the company would be
cause il the oracles are to be believed
the gas supply will last long enough to en-
annum to build an artificial iuel plant be-
fore the necessity for it arises. If the COM
pany's earnings are as large as estimated, or
anywhere near as large, the directors
should declare dividend in October at the
rate OF per cent.
Chicago Street Railways.
The break of 20 points in North Chicago
and of 2sA points in, West Chicago during
the past eek was greater than any of the
bulls expected and was sufficient to cause
some apprehension in regard 20 the future,
says the Chicago Hera d. Heavy margin
calls have been made on customers, some of
whom have responded, while others have
allowed their sock to be sold out. The
Philadelphia bull clique has apparently
taken no decided position, although the in
dividual members of the combination are
said to have been scalping the market
on the short side. Jameson, who
executed the bulk of the clique orders
in North and West Chicago, has gone to
Philadelphia, and the overloaded bulls who
are praying Tor some Moses to arrive and
lead them out OF the wilderness claim to be-
lieve that his visit will be followed by buy
ing orders from the people who are sup
posed to control the market Why they
should buy West Chicago at 200 when they
could just as well smash the market and get
it at 1S0 is question that the longs are not |
inclined to spend much time considering.
The Coal Combine.
Referring to the rumored special session |
of the New Jersey Legislature, to take |
stringent measures against the Reading and |
its recent alliances, a Reading official says:
Suppose Governor Albeit should call an |
extra session OF the Leg stature, what effect |
could it possibly have? Aside from the fact |
that we are Pennsylvania corporation,
there is nothin on which to base legislative |
action. We own our own coal and con- |
troll lot owned by other operators. |
We can sell it at whatever prices |
we please, and If the prices do not |
suit New Jersey people, why, they are not |
to buy. The so-called coal COM
bine' is not within the legislative juris.
diction of New Jersey, and it fs pure rot to
say they will legislate against it. am only