Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-07
A STRONG OPENING.
Philadelphia Company Moves Up
ward on Heavy Trading
AND EVERYTHING RULES BUOYANT
Big Earnings Shown by the Westinghouse
Airbrake Co.
LOCAL AND GENERAL FINANCIAL NEWS

l. uUCAu AND 0ENEhAL FlNANClAh NEWo
TUESDAY, Sept. g.
As foreshadowed in THE DISPATCH, the
market for local securities opened up strong
to-day under the leadership of the shares
that led the downward reaction last week.
Trading was comparatively heavy, and yet,
strange 70 say, there was very little snap to
the proceedings ON change the explanation
of the big aggregate of transactions be-
ing that, as a rule, trading was in round
lots.
The shares most prominent in the bust
ness on change were Philadelphia Com
pany, Duguesne traction, Westinghouse
Electric Company and Pleasant Valley
Railway Company, with Philadelphia CON-
pany showing the greatest strength. Bos-
ton was credited with being the chief buyer,
| and as q house with Boston connections
took several hundred shares the credit was
| probably properly placed. At the same
| time there was some local buying for both
the long and short account, and the demand
| generally was good right up to the close of
| business. Duquesne traction was in fair
request but it was not forcible enough
ley developed little frmness,
but the demand was confined
| to the usual quarters Gossip had it that
the stockholders were generally signing a
paper in ratification of the proposed consol-
| fdation, but why that should be considered
a strengthening factor is hard to figure out.
There may be a cash dividend on P. V. be-
| fore the consolidation is effected, but there
will also be one on the p, A. & NJ, and at
current prices and in view of the probable
consolidation the latter is much the cheapest
stock and the best purchase of the two.
T. V. insiders, however, are bidding par for
large blocks of their favorite. Central and
P. & B. fractions were little f1rmer. but the
other street rail ways were without appreci-
able change. Union Switch and Signal
showed considerable strength, particularly
near the close of business. but the demand
ular significance attached to the gain estab-
lished over the opening quotations. One
round lot of Electric second preferred
price was little il any better from the close
of last week.
The Markets Action.
Duquesue traction sold at 29, closed at 290
2924 and was offered at 29A after the close.
Philadelphia Company opened at 224 sales,
an advance of full point over Saturdays
closing bid, sold up to 23A and closed strong
at 2SL@23ss: Electric second preferred sold
at 35k both here and in Boston, and the
close was 354@35A at both points. One
share of Pleasant Valley sold at 251%, 20
shares at 251s and 10 at 25ss. the close being
251s@2514, with 25 bid tor 500 shares or
any part by II. NJ. Long. Switch and
Signal was bid up to l711 by Caster,
at which point SS shares sold and the close
was l7ss@l75s,
In the inactive shares very few features |
developed. Central traction was. quoted t |
2sA@29. P. B. traction at 26@26M. Citizens
traction at 611a@6lT and PittsbuIg and p, |
A. & M. fractions were offered at go ana 40 1
respectively. Peoples Pipeage was firmer
at 1s9ls BridgsTater Gas 15s was quoted at
Heating Company at 75 Did and Wheeling
Gas at 20 asked. Airbrake was steady to |
cabe rea
above the market, and q. s. Glass was |
offered at 81.
Westinghouse Airbrake.
The annual meeting Of the stockholders |
of the Westinghouse Airbrake Company |
was held to-day at the company's offices in |
Wilmerding The meeting was not very
largely attended, but at the election for d.
stock was voted, the result being the cleo
tion OF the old board. The usual reports
were read, but owing to the secrecy OBJ.
served by the officials and others as
to what transpired very little OF any.
thing of a definite character could be
obtained. 1t was learned from a semi-off1cial
the part year approximated So O00, 900, the
expenses 81, ,60O 600. the net earnings 81 400 900;
an increase OF about 500 O0J, and that the
company has between ST. ooooOo and 81, 25o,O 900
1t was intimated on change this afternoon
that the company would pay 10 per cent
dividend for the current quarter.
Motolina.
The stockholders of the Motolina Mining
and Developing Company held their special
meeting late this afternoon in the Citizens
Insurance Company's building on Fourth
avenue and after a lengthy discussion OF
the company's condition and prospects a
resolution was passed authorizing the direc-
tors to issue a circular to stockholders an
an extension of the time in which
to subscribe for the 750O0 shares of
stock (par 81 The circular will state that
of this stock the creditors of the company
will take 40, 900 shares, thus wiping OUT the
and that unless the stock
holders subscribe for the remainder within
sixty days the lease will be surrendered to
pany and the Motolina Company will quietly
pass out of existence. 1t is understood there
have been no operations of any character at
the mines for some time past.
Pittsburs & Lake Erie.
The second track of the main stem of the
& Lake Erie, between Pittsburg
and Youngstown, says the Philadelphia
will peccompleted and opened for
traffic some time this month. The exact
date cannot De stated, as there is consid
erably heavy work yet TO be done. The
sixty-eight miles between the cities named
are now double-tracked, with the exception
Of five miles between Newport and New
Castle, and work on that interval is being
pushed. The heaviest grade on this section
Of the road is only thirteen feet to the mile.
and the alignment is sipgularly devoid of
curves. Since the Inauguration of this work
two years ago, the road has been practically
rebuilt at an expenditure of hundreds of
thousands of dollars.
Financial Notes.
Sales of Airbrake occurred on the street
after the close at 134k, and or Philadelphia |
Company at 2314.
United States Glass common is Offering
1uietly at 661d. The bears say someone is
1shing for n bid of 66.
Messrs. Long, Sproul & Company and
Campbell were the sellers of Philadelphia
Company and Hill & Company, Rea
Brothers, Fritz Stoney and Lawrence &
Company the buyers. the latter taking 72o I
shares.
Rea Brothers bought Electric second pre- !
'erred from Lawrence & Company
Morris & Brown sold their Switch and Sig
H Il. \ N. Long was the principal buyer of Du-
luesne traction.
Lawrence Co. and ]. D. Bailey, bought
Pleasant Valley.
According to street gossip there have been /,
recent sales of Allegheny Heating Company
1t better than 80.
C. L. McCutcheon is home from his vaca-
ion, and w. 1. Muslin is expected back to
The street next week.
There has been suddenly developed a bull :
sh feeling on Cotton Oil, because the grain !
markets for the product are in Europe, and
he three great ports of entry are Havre, :
and Bremen. where the cholera is
'eported particularly bad.
The September quarter has opened with '
he enlarged demand and advanced rates
hat usually precede the fall business A | {
.eneral range of to per cent Is not unwel- '
a mr. rrrff frv &c. d. |