Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-04
HOME SECURITIES.
REVIEW OF THE WEEKS OPERATIONS
ON THE STOCK EXCHANGE.
No Surprises and No Material Changes in
VaIues-Gains and Losses-Removh of
Distinctions to a Revival-Local and
General Conditions Iuproyinp.


VaIues-Gains and Losses-Removal OF
DISTINCTIONS to Revival-LocaI and
General Conditions Improving.
1t was too near the Fourth for business on
the Stock Exchange yesterday. At the last
call effervescent patriotism broke out, and
as soon as the hammer fell the brokers com
menced firing books at each other and per.
forming high jinks generally. All were
happy in anticipation of the holiday.
The market was dull and featureless during
the week and declines in the majority.
Closing prices as compared with those OF
the week before show the following changes:
Philadelphia Gas improved 4, Pleasant
Valley II, Luster Il and Electric y. Central
Traction lost |: Citizens ~ Pittsburg Il,
Wheeling Gas ~ Airbrake, 5t ManIfaetuFers' rds,
closed nominally weaker. Buying orders
were scarce, but holders manifested a de-
cided indisposition to crowding an unwill-
ing market. Office business was also dull.
There were reports of considerable blocks
of Traction stock changing hands, but they
were not verified.
"Skirmisher'' furnishes the following re-
view of the weeks operations: "Semi-an-
nuai settlements are proceeding satisfac-
torily, and until they are concluded little
activity can be expected. Besides, we are
in the midst of summer, always dull season
in the speculative markets. By the middle
of August or the first OF September, judging
by the sound financial condition of the coun-
try and the temper of the people, there will
be q forward movement sufficient to satisfy
the most eXacting,
Conditions are improving both at home
and abroad, and confidence is rising. These
considerations alone are sufficient to war
rant expectations of activity. The local
situation is more assuring. The affairs of
the Electric and Manufacturing Company
are in a fair way for settlement. There is
talk of litigation by some of the unassenting
haliPVa a
passionate survey of the situation they VIII
agree to the reorganization plan, which ap-
pears to me to be the easiest way out of a
grave difficulty. have no f1nanc cial interest
in the company, but would advise the sur
render of the stock on the principle that
half a loaf is better than no bread.
'"There has been some improvement in
street railways, showing that they are grow
ing in public estimation. Holders seem to
realize the force of this fact. and are not
forcing the stock on the market. As the
city expands and the suburbs are built up
their earnings will increase. There is still
more OF less talk about the'consolidation OF
certain lines, the only effect of which so far
has been to induce caution in handling the
stocks. If consolidation be effected it will
almost certainly add to the value of the
properties, and should not, therefore, be re-
garded as inimical to the bonds and stocks.
"The bears have been busy with the nat
ural gaSSers, and have worked the old story
of exhausted resources for all they could get
out of it, but they were not able to depress
deavor to run down report as soon as hear
, of it. l did so in this case, and my deliberate
conclusion is that the supply Of gas is in
creasing instead of diminishing. There is a
large stock held in reserve for next winter,
and several new and promising fields will be
opened as soon as needed The pressure at
the old wells shows no material diminution
From all that can be learned from inquiry
and investigation the supply of gas for do
mestic purposes, if nothing more, promises
to hold out for years to come.
GAS stated, for month or six weeks prob
abilities favor a dull market, but this does
not necessarily imply weakness. The only
thing that can break prices is forced Hquida-
tion. But as most of the stocks held in
Pittsburg are in strong hands-the small fry
having been shaken out last winter and
spring-there is not likely to be much of
this. My advice to all stockholders is to
keep off the market until the public mani
tests a desire to buy. In all lines of busi-
ness the scarcer an article is the more it is
wanted and the higher the price. This ap-
phys with as much force to stock trading as
anything else"
Sales OF local stocks on call yesterday
were:
First call-No sales.
Before call-Seventy-five Pleasant Valley
at 1885
Second call-Ten Electric at 12%.
Third call-Ten Electric at 123s.
Final bids and asking prices for the week
are appended: