Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-16
A FIRMER FEELING.
The Inquiry Improving and Many
Shares Tending Upward.
NO POSITIVELY WEAK POINTS.
Luster Mining Company and P. & B. Trac-
tion Slightly Lower.
ALL THE BIG CHANGES ARE ADVANCES

FRIDAY, July 15.
Another quiet day in the market for local
securities. There were but three transac-
tions on Change, and all of them we're de-
cidedly retailish in character. There was,
however, slight improvement in the gen.
eral tone, and, while many of the brokers
and traders complained of continued and in
tense dullness, there seemed to be more
looking around, more inquiry and more
people in the street and Offices than usual of
late, aud the hardening tendency notch in
some of the leading specialties yesterday
was much more conspicuous. This ten
| dency is one of the most encour-
| aging features of the situation,
and the steadiness of the general list
in the face of the dullness indicates that
there is nothing too high and that almost
anything will do to buy. Talking on this
subject to-day representative of Fourth
avenue banking house said: 'The stub
borness with which large majority of the
stocks not only hold up under the dullness
but promise to advance whether or no, is
remarkable. IF the fact struck everybody
as forcibly as it has me, there would be
more business. To my mind their tenacity.
not to say buoyancy, is a positive proof Of
inherent merit, and means a higher range OF
prices when the midsummer season
is over and the Industrial troubles are at an
end. 1 have been buying few shares
in investment way lately, and
1 believe I will be- able to sell
profit ns II choose to ao
and nothing but sensational advance
would tempt mo to part with any of my
holdings. Now, 1 believe, is the time to
buy; and, with a few exceptions, it does not
! make much difference what one buys. 1t
will probably be the old story, though, of
trying to get aboard after the train has
started"
The Days Operations and Changes.
Central Traction opened the proceedings
with a sale at 29J4, Citizens Traction followed
with one at 625s ex-dividend, and the only
other transaction was a small one in Phila-
delphia Company at !sss.
Besides the sales in the street railway
group mentioned, there was more or less in
qury for all the members of it. and all of
them showed steady to strong front ex.
cepting p. & B. Traction, which was frac-
tionally weaker.
Gas shares were frmer, but there was no
change in any OF them excepting Philadel-
phia Company, which sold, as noted, at 1874
on Change and at 1871 on the street, with a
fairly strong close at 1s74@ls There was
report current that another new well had
been brought in in the Pinhook field, the
popularity OF it being thati was discovered
in the fourth sand instead of the fifth, where
the others in that territory were found,
which adds considerable importance to the
field.
The we'll was also reported some distance
away from those previously struc k, which,
as is well known, are grouped pretty closely
together The pressure Of the new find was
not known before the close of business, but
of the report-one of the most prominent
men in the oil and gas business, and who is
not financially interested in the Pinhook
region-had declared 1t to be one of the best
yet struck. Whether this was responsible
for the stiffening in Phillie or not remains
to be seen. The stock is pretty firmly held,
and it is doubtful if much of it can be pur-
chased below 1915 The other gassers sympa-
thize little with the leader, but they re-
manned unchanged in price.
Luster opened at bid, advanced and
tions that il could be purchased nearer 10
so far as known no one is hurt.
slight recovery, and Airbrake made O sharp
gain, presumably on the probability of the
bill compelling railroads to use automatic
such a law the Airbrake company, no mat
ter how largely increased facilities, would
be taxed to the utmost all the time.
junction Railroad was bid up to 34L and
ating in the East, to benefit the road. The
nature of it, however, was still mystery.
Enterprise Mining Company was lower,
Freehold Bank was bid up to the highest
point ever touched. NJ. & NJ. National Bank
was offered down point and everything
else was featureless.
The Storage Battery System.
The opponents of the trolley system in
New York are rejoicing over the fact that
two street railways have just determined to
use the electric storage battery as a means
of propulsion. The Second Avenue Pas
senger Railway line claims to have found a
system reliable safe and fast. The name of
the system is not yet made public, but on
the expressed merits of it the company have
secured the consent of over half the prop
erty owners along the line to have the sys-
tenn introduced. 1t is claimed that cars can
be run as fast as 10 miles an hour and yet be
perfectly under control by means of infal-
1ible electric brakes The Elevated Railway
Company will substitute the storage bat
terry for steam, claiming that the new sys-
tenn will be decided Improvement over the
old. Among local electricians and street
railway people 1t is not believed a storage
system has yet been perfected. Many of
perfected some day and ultimately be in
general use.
p, C. & ST. LIS June Statement
The statement of the business of the Pitts
burg, Cincinnati, Chicago & st. Louis Rail-
way Company, including the Little Miami
Railroad, for June, 1892, as compared with
the same month in 1891, shows:
crease in expenses, ss2, ,9s4 IS; decrease in net
earnings, s35, ,s56 90
The six months of 1892, as compared with
the same period of 1891, shows:
Increase in gross earnings, $ss9, ,359 IS; in
crease in expenses, 1886, 459 Is; increase in
net earnings, $52, 800 Oh.
Financial Notes.
The directors of the Buffalo, Rochester
and Pittsburg Railroad have declared a |
quarterly dividend of ~ per cent OH the
preferred stock.
1t is reported that active work is being !
done on the extension from Stroudsburg, |
Pa, to the Wilkesbarre district in the inter- !
est of the New York, Susquehanna and |
Western Railroad Company.
At auction i'll New York yesterday $1,000 !
Western New York and Pennsylvania Rail- |
road first mortgage IS. due 1887. sold at 10l1. |
The Pittburg-Duquesne combines re- |
ceipts will approximate $50 600 unless there
is a decided falling off during the remain
der of the month.
The Second Avenue Electric Railway Com.
pany would save the public a good deal of |
annoyance, and might prevent any more
serious accidents, and possibly some. law
Suits if they would either lay or remove the
rails strung along Fourth avenue, between
Wood and Smithfeld streets
Westinghouse Electric scrip is offered at
go Pittsburg and Mexican Tin Is quoted at
25 bid and Electric Metal at par.
George B. Hill & Co. sold 900 shares En-
terprise Mining Company at T.
{ There was sale of Phillie after the close |
at lsA.
The directors of the Huntingdon and
Broad Top Railroad have declared semi-an-