Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-21
HOME SECURITIES.
BUSINESS LAGS, BUT THE MARKET DE
VELOPS A STRONG TONE.

Holders Willing to Take Profits, but De-
mand Outside Figures-Moss of the
Leaders Higher-Boston Gossip About
Electric.
The business end of the local stock market
yesterday was suspended between wind and
water, as itwere. Little was accomplished
in the way of sales, the total footing up only
IA shares, furnished by Philadelphia Gas,
Electric, Switch and Signal, Pipeage and
Birmingham Traction. The range of prop
critics was wide enough, but buyers held
back.
Selling orders predominated, holders of
stocks evidently thinking it good time to
take profits, in view of possible complica-
tions in one or two local interests and the
unsettled condition of affairs abroad, 1t was
noticeable, however, that they resisted the
pressure for concessions, showing that they
had too much faith in the future of the mar
ket to realize at a sacrifice This feature
was especially prominent in the street rail-
way list. Nearly all the price changes were
Improvements. The close, as compared with
that of the previous day, shows gains in
Philadelphia and Wheeling Gas, Central and
Pittsburg fractions, Second Avenue Passen-
ger Railway, Electric and Airbrake. Second
Avenue added 81 to its credit.
Speaking of the fractions yesterday a
broker remarked: 'If the Birmingham peo-
pie want to market their stock in this city,
they should arrange for the transfer of GER
tificateS here, instead of Philadelphia. 1t
looks strange for Pittsburg company to do
q material part of its business in an outside
city. The change suggested would be greatly
to the convenience OF both brokers and in
vestors."
While electric held its own and little
more, it was entirely featureless, both here
and at Boston. The Traveller, of that city, of
Tuesday, says of it: "Some of the Pittsburg
stockholders of the Westinghouse Company
are, it is said, disposed to object to the plan
nf ro11iZ ion nd a he
ton as to the legal right of the company to
make a discrimination in the way of divi-
dends against the non-assenting stock. The
opposition, however, is not serious, and no
trouble from it is anticipated. 1t is now re-
ported from Pittsburg that 10000 shares of
stock have already assented to the plan of
reorganization, and that Il, 900 more are ex-
pected to be deposited to-day. The present
total outstanding stock is about $4,000
shares"
Eastern advices say the copper market is
large purchases by manufacturers have been
made but they lack confirmation. The
price of Lake copper is uncertain, but 1t
seems to be q fact that no more can be
placed at 1870. Arizona ingot can be bought
at 122sc and casting brands at ll@ll4c. The
English market is somewhat better.
New York was moderately active and
strong last prices being in many cases the
strong, the majority of stocks being n per
cent higher than on the previous day. Con-
SOlS were u nlgher, making rise OF u per
cent in two days. The feeling abroad was
much improved, according to one report,
but another said that the Belgrade incident
of the expulsion of Queen Natalie had dis
quieted Continental markets generally. As
this was not reflected in London, there is
ground for doubling the accuracy of the
Statement.
Sales on the local stock board yesterday
were:
First call-Fifty Philadelphia Gas at 12s4,
10 at 25s, 10 Electric at Az, 8 Switch and
Signal at 50, 25 Pipeage at 10.
Second call-No sales.
Third call-Fifteen Birmingham Traction
at 2113, 25 at 2lA.
Bids and asking prices at each call are
given below: