Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-19
HOME SECURITIES.
FEATURES OF THE EMAR-
KET DURING THE WEEK.

Settlement of the Electric Difficulty Cause
for OBSERVATION-DISCLOSURES to Cast
Shadow Over the Outlook-Sales and
Quotations-Review of the Field.
The outcome of the stock market the past
week was better than had been expected.
The elimination of the Westinghouse COM
plication impaired stronger tone, and
steady values were the natural sequence.
Sales aggregated 1910 shares, against about
6O0 the previous week. Luster led, with 36o
shares, followed by Hidalgo with 300. and
Philadelphia Gas with 41 There was fair
demand all through for the leaders, showing
that buyers had not lost confidence and
given the market the go-by.
Closing prices as compared with those OF
the previous Saturday show the following
changes; Switch and Signal gained z, All,
brake u, Underground Cable 1H Central
OF the trasctions, Pleasant Valley, Second
Avenue and Citizens were nominally lower,
but as final quotations were dividend OH,
there was practically no change. Electric
be seen, was narrow, but nothing transpired
to impair confidence or cast shadow over
the outlook.
"The principal events in local stock circles
during the week were the adoption of the
Electric and Manufacturing Company's re-
organization plan and the declaration of the
Passenger Railway.
Gas is well known, the embarrassment OF
the first named interest, one of the most i'm
portant in Pittsburg OF the country, seri-
stock market, it was literally an old Man of
the Sea- acting as foil to every forward i'm
pulse. 1t is clear, therefore, that the re-
moval OF this incubus will have q stimulat-
ing. effect upon business by permitting other
and favorable conditions to exercise their
legitimate office, which is to strengthen con:
ndence In the soundness of the financial
situation, inspire hope of better things to
come, and point out TO owners of securities
the necessity of keeping out of the market
until the time arrives for reaction. For
time it was feared that compulsory liquida-
tion would make serious impression upon
values. 1t is now thought that this danger
is over. As q rule, stocks are in strong
hands ana will not be forced upon an un-
willing market
'The dividend of the Pleasant Valley
Street Railway gives an inadequate impress
sion of the profits of the road. The figures
pla ce them at the rate of per cent annu-
ally, when they are really or 9. 1t was
thought best to keep the dividend down to
the regular amount and augment the sur
plus, SO as to maintain the company in a
position to carry out its various projec for
Improvement. The Pleasant Valley, in
point OF earnings is next to the Citizens
Traction. None but good words can be
spoken of the entire rapid transit system of
Pittsburg. All of the roads are running
smoothly-the Duquesne showing very de-
cided Improvement in this respect. Rivalry,
while still acute, is less aggressive, the
adoption of adequate measures to prevent
accidents has strengthened the confidence
of the public and travel has increased
am as strongly as ever of the opinion that
street railway stocks are a good purchase
at ruling prices. In saying this, I look to
the future even more than to the present.
The growth of the city should be kept in
view in estimating the value of these securi-
ties.
"In regard to the financial situation, there
is nothing especially new to be said. While
there has been some Improvement in the
Pittsburg market, due to a better call for
commercial paper, denoting more activity
in general trade, conditions bearing upon
the supply and distribution of money re-
main practically unchanged. The outlook
however, is decidedly better. With Europe
destitute of breadstuffs there is no danger of
further gold exports except in the ordinary
way of squaring balances, and they are far
more likely to be in our favor than against
US. At some points the tendency is toward
increased frInness in interest rates as q
means of discouraging outside loans pend
ing gthe marketing of the crops, which Is sure
to stimulate the demand for commercial
paper. The situation, viewed from almost
any standpoint, is gratifying. Good times
will come. They are coming. Every factor
that enters into business is tending toward
this consummation."
The only transaction yesterday was IS
Pleasant Valley at %. Final bids and ask
ing prices for the week are appended: