Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-22
Luster Moves Upward and Philadelphia
Company Gains . Fraction.
GOSSIP, SALES AND FINAL PRICES
THURSDAY, July 21


to Central Traction, Citizens Traction,
Westinghouse Electric preferred and Phils-
delphia Company. Central Traction sold
at 2sss@2sK, closing at 29H asked; Citi-
zens' Traction sold at 81, closing at 61A@
6211s: Westinghouse Electric preferred sold
at 4sH, closing at 4tA@45h and Phila-
days. with a close regular at lsN@1s.
In the remainder of the list there
were few features beyond an advance
brokers who is identified with the Luster
crowd said letter had lately been received
from Mexico containing news Of encourage
nothing definite could be learned. Union
Switch and Signal was steady to firm at
l6A@le9c, and other quotations were
day. Bids and offers in the bank and in
suInnce shares were more numerous than
usual, with something more of disposition
to sell than to buy, which was particularly
noticeable with respect to the bank shares.
said: "There seems to be good many bank
stocks for sale but the trouble is those that
are wanted are not being offered, and those
erably above the views OF investors"
No bid was made for Airbrnke. There was
little Offering ION the quiet at 125, but it
titled with the company said that new busi-
ness had been coming in slowly for some
weeks past. but that orders were now be-
ginning TO come in again and that a good
percentage of the surplus production would
soon be worked OF. The machine shop has
been running on three-fourths time but the
foundry and other departments have been
running pretty well up to their capacity.
The most pronounced movement was in
Central Traction, which sold as nigh as 29115,
as noted above, against close yesterday at
the stock, but whether or not 1t had any
connection with the various stories afloat
about extension, absorption, q new line, ETC.,
was not intimated. It is certainly worth
the recent statements as to its earnings are
correct it is worth considerably more.
Pleasant Valley Railway. p, A. & M. Trac-
pletely neglected, the uncertainties sur
rounding the much-talked-of deal between
the two former and the failure Of the d.
dividend matter being quoted as RESPONSE
BILE for the neglect.
The sale of Westinghouse Electric pre-
ferred was the fourth made on the floor
and the first for several weeks. Trading in
it in Boston Of late, however, has been quite
active.
Industrial Stocks.
The time was not very long ago when in
dustrial stocks were looked upon with gen.
eral disfavor in this country, says the Wall
street Ne,0s Tho idea OF capitalizing large
industrial enterprises and Offering the stock
to the public for Investment was very gen.
orally regarded asa foreign importation, and
one with which the American people cared
TO have nothing todo. The experience Of
pecially in England, has beeA so very salts
factory, however, that American capitalists
who gave the subject close attention
sition here to industrial corporations was
due almost entirely to ignorance as to
their real merit. and that all that was neces-
sary was tS educate the people BY few
Company was the pioneer enterprise of this
kind, but its stock was very closely held and
it was not until Cotton OIL, the Sugar Trust
that the public really began to take general
interest in stocks of this class. One of the
particularly favorable features connected
with the industrial stocks, is that the prop
critics represented, the accounts and every
thing connected Herewith, undergo
searching investigation by able experts be-
fore the stocks are placed on the market
panies have 80 far been able to pay make
them also very attractive to people who
have money to invest.
More Securities Listed.
The following securities have been listed
on the New York Stock Exchanges: Pitts
burg and Western Railway Company-s5.OO .OOO,-
600 preferred stock and $1,000 900 common
stock, which are regular company's certifi-
Gates simply substituted for the voting trust
certif cates the voting trust having expired
July 15 General Electric Company-$, ,0Oo, 900
per cent gold debenture bonds Of 1922 The
authorized issue of these bonds is SIC, 000, ,O0O
of which but "a, ,0O0, 900 will be issued at pres
ent, and this amount has been fully SUBJ
scribed. They are convertible into full-paid
for 500 Of stock. million and a half Of
the proceeds of these bonds has been used
toward extinguishing the floating debt. and
it is intended to use the balance for the
mn arh NV ho
chase from the companies of the stocks and
bonds Oh other securities held by them.
Tho p. r. r. in Line.
According to the Philadelphia Inquirer,
the Pennsylvania Railroad will shortly an
nounce an advance OF about Is cents ton
on tidewater shipments. The new rate will
go into effect on August !, and the required
ten days notice will be sent to the Inter-
State Commission to-day. In April Mr.. Joyce
f xed the rate from the mines to tidewater
at 81 "A, being 40 per cent OF the estimated
selling price at tidexater, which was be-
between 81 65 and 81 20. There are large
number of individual shippers on the Penn
sylvania Railroads lines; in fact the bulk of
operators. The important point in the
transaction is that it explodes the silly
rumors that the Pennsylvania wants to
pany is as anxious to make money as any
other, ana will not throw away quarter OF
a dollar ton on business aggregating
nearly 5000, 900 tons year whom there 10 no
occasion for doing SO.
Financial Notes.
The South Chicago Electric Railway Com
pany has contracted with the Westinghouse
Electric and Manufacturing Company for so
20 horsepower motors.
The earnings of the Buffalo, Rochester &
Pittsburg Railroad for the second week of
July were S64, 49, against $50, 205 for the same
week last year an increase of $l3 910.
At auction in New York yesterday 80, 900
Lake Erie, Alliance and Southern Railway
Company first mortgage per cent gold
bonds due 1917, sold at loo.
After the last call Morris & Brown bought
80 shares Westinghouse Electric preferred at
45A.
quoted at 25@40.
The demand for all the leading westing-
house shares Is gradually growing.
Checks for the usual dividend of " per
cent are being received by the stockholders
of the Hazelwood Oil Company.
An iron trade straw is found in private
terminating in that city are in the market
for steel rails to the extent of &c, 900 tons.
Philadelphia has report that an extra
dividend on Lehigh Valley will proba bly, be |
declared out of this years business, which |
was said to be turning out much better than |
had been anticipated. |
One OF the reports in connection with tho |
Boston trading in the electric shares says
the Journal Of Finance. is that the big combi- |
nation is now about ready to take in the Fl. |
Wayne Company on 4 per cent basis. |