Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-02
GOSSIP ON STOCKS.
Street Talk of a Decidedly Bearish
Complexion, but Some
SURPRISES MAY BE FLASHED Up.
Why Philadelphia Gas and Electric Are Still
Deeply in the Dumps.
THE FRACTIONS ALSO UNDER A CLOUD

To-day business will be resumed at the
Pittsburg Exchange after the longest vaca-
tion in its history, There was very little
stock gossip on the street yesterday, but
what there was had a decidedly bearish
flavor. The strongest stock spoken of was
Wheeling Gas. Its strength was attributed
to the prospective declaration of dividend at
the meeting of the company next Tuesday.
Philadelphia Gas was in the dumps, being
tractionally weaker and neglected. While
nobody seems to be able to give diagnosis Of
the disease with which this stock is troubled,
all admit that there is something wrong. The
persistency with which it hangs around 40 is
attributed by some to the manipulations of a
bull clique who want it at lower figure.
Others maintain that it has reached its top
price, and is tottering on the apex before TAX
ing a plunge downward. So far as
known there has been no recent
change in the condition of the COM
pany to affect prices either way, unless it be
the proposed Bellevernon extension, and to
maintain that this indicates falling off in the
present sources of supply would be unwar-
ranted from all that is known. When the
brokers come together to-day they may be able
to disclose the true inwardness of the depres-
sion.
Electric is SO deeply involved in litigation
and there are so many stories of combines and
absorptions afioat that there is manifest dis
position to let it alone until these disturbing
elements are removed. That it has reached
the eliminating point no one believes, for it
represents an interest that has imitless possi-
bilities. Every day, almost, opens up new
uses for electricity, and every such invention
or discovery should increase the value of the
stock. Once diyested of its legal complica-
tions and the plant put on solid basis, the
stock must advance to q much higher point
than it has yet reached.
In regard to the fractions, the talk was not
very encouraging. The increase of the indebt-
edness of the Central was looked upon in some
quarters as the beginning of the watering pro-
cess which has ruined many otherwise valuable
stocks. Other causes of depression were ir-
regularity in the running of the cars and fire.
quent accidents, making the companies liable
to heavy damages. But, with good manage
ment and a just regard tor the rights and COM
fort of passengers, these objections may soon
be overcome. That the business of the roads
will grow as the districts through which they
pass become more thickly settled is patent to
every one. AS the earnings increase the de-
mand for the stock will improve and higher
prices for it will necessarily follow. Like Elec-
trio, the Traction foads have bright future
before them.
Very little was said about Switch and Signal
and the mining shares. The former seems to
be manipulated by a clique who are not press
ing its sale. By holding it back they expect to
realize better prices for it AS the business is
growing, they will probably not be disappoint-
ed As to the mining stocks, so long as the
public is kept in ignorance of the condition of
the works material improvement is out of
the question. 1t is not often that a man wants
to buy pig in poke.