Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-04
THE BOOM VIGOROUS.
No Loss of Strength and No Signs
of a Return to Dullness.
Q. S. GLASS ON A. HIGHER PLANE.
The List Generally Continues to Show an
Upward Tendency.
LOCAL AND GENERAL FINANCIAL GOSSIP

LOCAL AND GENERAL FINANCIAL GOSSIP
WEDNESDAY, Aug 3.
Trading was again active, and we'll dis
tributed on the local board to-day and the
strong tone which began to make itself felt
a week ago showed no diminution. The
orders in the hands of the brokers appeared
to be quite as numerous as ever, the size o.
large and the disposition to meet the views
of holders just as manifest Besides thil
there was more or less conclusive evidence
that fresh blood had come into the market
within the preceding "a hours This was
reflected in the small orders executed and
the inquiry for small lots of the leading
specialties, indicating that the investors
and speculators of modest means had begun
to take hold. If there was no other proof
of strong and healthy market this would
be sufficient, as these classes, like Davy
Crockett, always take great pains to be sure
they are right before they go ahead When
they come in things are pretty nearly right.
Their operations are barometer which
seldom fails to indicate the actual charac cter
of the market.
Features Of the List.
The business on Change covered P, A. &
NJ. Traction, P. & B. Traction stock and
bonds, Luster Mining Company. Westins-
house Electric scrip, o. s. Glass. Philadel-
phia Company and Central Traction. P, A.
& NJ Traction sold at ~. with the same
price bid for more. P. q B. Traction was
not quite as high as at the previous close,
but the demand was unabated ut the slight
decline shown. Indeed, it seemed to be In
creased. l,nSter MINING at
l0A subsequently declining and closing
weak at 9H@l0. The principal offers
to sell come from what Is called
the Luster crowd, and were accompanied by
quiet intimations of uniavorable develop
ments at the mines. Sometimes. however,
cliQues find it an easy matter to depress a
In U. S. Glass the feature was the sale of 100
shares at II. The close was steady at 1870
rs, with few indications that the boom was
still quite vigorous. The stock has had a
based on more than has yet appeared it
would seem as If q reaction of a point or so
was about due. Central Traction was lit
tie firmer at 29T sales and bid and two or
three small lots of Westinghouse Electric
scrip sold at 90 per cent.
Among the shares which were not traded
IN there was tncreaseds frmness in Westing-
house Airbrake, an advance from 20 to 2l in
Peoples Natural Gas, continued strength in
Duquesne Traction and a generally steady
to firm tone throughout the list.
The bringing in of the big gas we'll in the
Elizabeth field had no appreciable effect on
natural gas shares, though they continued
strong with an improving tendency. The
well was brought in by Mr.. Snee, and the
wells he develops go the Carnegie line The
Philadelphia Company has some property
in the immediate vicinity of the new roarer,
and Mr. Uptegraff told the writer this alter
noon that the company would start a we'll
or two thereon at once.
July Railway Business.
The July business of the Western RAILWAYS
entering Chicago was very heavy and the
outlook for further heavy business has been
improved by the progress OF the corn crop,
ssere Is SIDE to shis spran anS
1t lies In the general disposition to cut
rates. Uuless this tendency is checked it
may have serious effect in reducing net
earnings. Large gross earnings are of little
value If the expenses are disproportion-
ately large. There is plenty of business in
sight for all at good rates. If the knaves and
fools among the traffic managers can be
kept in check. 1t is nigh time for railway
directors to direct, and not to wait for the
annual report to tell them what has been
done.
Western Unions Scheme.
The friends OF Western Union have had
their hopes buoyed up by assurances which
they claim came from Gould sources, that
the $A, 000, 900 surplus will be divided at the
annual meeting in September. The scheme
has not been fully uniolded. but it is prob
able that the capital stock will be increased
to $l0o, ,0O0, 900 and that $40 600 0C0 of the new
stock will be offered to stockholders on
favorable terms The remaining sl OOO. 900 in
round numbers, will be reserved, in case the
stockholders of the American District Tele-
graph Company should be given the privi-
lcge of exchanging their stock share for
share, instead Of ratifying 50year lease at
8 per cent.
A Reading Dividend Posstble.
careful study Of the recent Reading
statement shows some interesting and re-
markable results. In 1891 the fiscal year up
to June 80 showed a deficit of sl70335; Tor
the same period this year there is a surplus
of $96s, 100, an increase of 81, 13s, ,495 As the
surplus Tor last year was 81 1884, $751; it is evf-
dent that in the last five months Of 1891 the
two companies earned s2,0S5, 296 over and
above ali fixed charges. Taking 1t for
granted that the two companies do as we'll
the last five months Of this year, and the
estimate is most conservative one, the
surplus earnings at the end of the year
would be So, 003 456. an increase of 81, 13S495
1t requires 50 sO4, $40 to pay the full per cent
gage loan bonds which would leave sos. .5l6
applicable to the stock. But the first month
Of the last half of the fiscal year has shown
gain over the same psrioI last year, and
no one doubts but that the remainder will
do equally we'll or better, 30 that the asser-
ton of Il small dividend on the stock is NO
ole talk, Dut disability.
Financial Notes.
Unlisted street railway securities closed
Is follows: Duquesne Traction, 2ssk@2sL
10. 5s, 100ss@lo014: P. & B. Traction, 26H@s6sI;
10. Is, lol7k@l0lH; P, A. 6 NJ. Traction, ~
did.
Westinghouse Electric preferred closed at
After the close l26 was bid for a small lot
u Airbrake.
H. NJ. Long was again a buyer OF street
ailwny bonds; Mr.. Long also bought U. s.
John I. Patterson bought all the Electric
Hill & Co. bought Philadelphia Company.
Central Traction and Pittsburg and Bir-
Traction, and sold Pittsburg and
5s.
Kuhn Bros. sold Pfttsburg and Birming-
,am Traction late after buying early, and
old Luster Mining Company.
W. J. Robinson was the chief seller of
Philadelphia Company.
The Pittsburg Incline Plane COMPANY has
leclared quarterly dividend of ~ per cent,
payable on demand at the office Of the COM
,any.
The inquiry for the street railway stocks
md bonds Is coming from excellent quar- |
ers.
Reading will have to increase its profits |
400 00O each month for the remainder of the |
iscal year in order to show 8 per cent on the |
tock. me 1ull interest ON all the income |
1t is generally believed that strong infiu-
,nces will be brought to bear upon Presi- |
lent Sam Sloan and his associates to induce |
hem to declare an extra dividend of per |
'ent before the close of the fiscal year, and |
20 put Delaware & Lackawanna on an per |
cent dividend basis by the time the annual |
nesting takes place next January.
The Philadelphia Traction Company has
made an additional issue of 10000 shares Of |
tock OF $50 par value, amounting to 81, ,OOO-
10 additional capital, making the aggregate
'spita1 of the company s8,0O0.0O0 This new