Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-02
HOME SECURITIES.
RUMOR OF A BIG DEAL BY THE SWITCH
AMP SIGNAL COMPANY.
The Westinghouse Patents Said to Be In
voIved-Signs of Friction at the Coming
Meeting of the Electric and Manufactur-
ing Company-Market Features.

| The Westinghouse Patents Said to Be In.
voIved-Signs of Friction at the Coming
Meeting of the Electric and Manufacture
ing Company-Market Features.
| There was a better feeling in business cir.
| cles yesterday, owing to the signing of the
iron scale and the belief that the carpenters
| would soon resume work, but there was no
| improvement on the Stock Exchange. Sales
| of ITO shares comprised the days business
| AS compared with the previous close, Phil
| adelphia Gas and Citizens Traction were
about steady. Pittsburg Traction and Pleas
| ant Valley were down a and H respectively.
Luster advanced 5 and Electric e. The un-
listed fractions held to their former posi-
tions, except Manchester, which was frac-
tionally weaker.
1t is stated that considerable Electric stock
held here will not be surrendered to the
| Reorganization Committee, and this prom
ises to lead to grave complications at the
meeting to be held on the 18th. The follow
ing from the New York Journal of Finance is
of interest in this connection:
"NOw that the Westinghouse committee
has placed a time limit in which to send in
the stock for reorganization, the street is
waiting with curiosity to see what the result
will be. There are still quite number who
avow that nothing can induce them to give
up their holdings. and there are hints of the
matter being brought into the courts and an
injun ctionSasked to restrain the company
The company claims that it could have pro
ceeded with the reorganization when
majority of the stock had been deposited
but that it did not wish to do this with only
a bare ma jority, and hence has waited until
1t had about 10J, ,0G0 shares
"The placing of this time limit is expected
to work very satisfactorily and the friends
of the company say it should have been
done some time ago. Those shares which
remain unassented will, it is said, be treated
quite differently from the assented stock,
which really becomes second preferred
Stock
The street has settled down to the opinion
that the Switch and Signal Company is work
ing an important deal of some kind, but
what it is is SO far q close secret. This
opinion is partly based on the fact that
certain brokers have lately received orders
to buy several 100 share lots, but as there is
cessful. That there should be none ON the
market, with these orders known to exist is
suspicious, and bears out the idea that
something is going on. A prominent broker
said yesterday he believed it involved the
purchase of the Westinghouse patents. So
far as known there is no trouble in the man.
agement.
Bonds of the Manufacturers Natural Gas
Company amounting to $1S5 000 fell due yes
terday. The holders of $l15,0O0 of the bonds
have already assented to an extension at
per cent till July l, 1894. The company pro-
poses to deposit a 900 per month in the Ger
mania Savings Bank, and when such de-
posits amount to 10 per cent of the outstand-
ing bonds and interest it will be paid to the
bono holders.
Sales of local stocks on call yesterday
were:
First Gallo Luster at 12A so Citizens
Traction at &c.
Second call-50 Electric at 121ll.
Third call-No sales.
Bids and asking prices at each call are ap-
pended: