Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-21
HOME SECURITIES.
MORE BUSINESS, BETTER PRICES AND
A BROADER MARKET.

a Decided Improvements In the Speculative
Pulse-Some Handsome Gains and Only
Trifiing Losses-Big Jumps in Bank
Stocks-Review of the Week.
Local and general conditions were more
favorable to speculators last week than for
some time and not only was business more
active but the market was broader Closing
prices on the local Exchange, as compared
with those Of the previous Saturday, show
the following changes: Allegheny Gas i'm
proved 81 so, Consolidated Gas 81, Mannfac-
turers' Gas 81, Central Traction H, Pitts
burg Traction sl5o Pleasant Valley Il,
SECOND cA Ave1ue venue 81 o. tae aieotr1c ArDrake *
Philadelphia Gas q, Lnster q. Underground
Cable also declined.
The entire bank list was gone over yester-
year, to append quotations as basis for bor-
rowing money on this kind Of collateral.
Quotations were almost invariably higher
greatest advance was in Farmers Deposit
National. s1Oo Bank of Pittsburg showed an
Improvement of $21, and Arsenal of S. as
compared with December figures; There is
few. Several causes have combined to cause
these big Jumps among which might be
mentioned the prosperous condition of these
institutions, the abundance for several
months of unemployed money and growing
disposition to invest in reliable securities as
distinguished from those of q purely specu-
There was less talk yesterday about Trac-
tion consolidation than usual. While brokers
and investors, or at least those not on the
inside, are convinced that one or two i'm
portant movements of this kind are on foot,
they are unable to put their fingers on them,
and are going slow until further develop
ments. 1t is a little singular that the stocks
of the companies most frequently mentioned
in this connection continue to advance in
the face of repeated protestations that any
change is about to take place. 1t seems to
be case where denial fails to deny.
A. j. Lawrence & Co., in their weekly let
tor reviewing local financial affairs, say:
There was distinct improvement in local
financial affairs the past week. The auction
sale of stocks demonstrated that investors
are willing to pay full value for Something
safe;' the increased demand for the Trac-
tions, especially the non-dividend payers,
shows the faith in the future of these prop
critics, while the steadiness of the natural
gas shares, in spite of the fact that this is the
season when receipts are the lightest and
expenses the greatest, is point in favor of
better things later on There is one thing
that may be said of the natural gas com,
panies to-day, which could not be said in
any previous year, nanely,none of them
are engaged in building additional mains
and increasing their debt. but, on the con-
trary, the latter is being steadily reduced
During the week the Second Avenue
Electric Railway Company entered the
cent semi-annually, and the Westinghouse
Airbrake Company increased it's rate from
per cent to g. quarterly. The latter stock
advanced 2@2H per cent on the announce
ment and closed firm at 96aQ9S. Early last
month when Airbrake was quoted at 94695
we expressed our opinion in these letters
that it was one of the best purchases on the
list, and we reiterate that opinion now. In
trinsically, it is worth 500 share; at that
price it will pay 10 per cent, and it is as safe
as bank stocks which sell on A05 per cent
argued against it, and that is, its earning
power is based upon the value of patents.
The same argument may be used against
Bell Telephone or Pullman Palace Car Com
pany. Two years ago Airbrake sold at 1l5@
120. Everyone is familiar with the causes
which brought about the subsequent shrink
age, and these causes have since been very
largely removed.
LAST week we referred favorably to Cen
tral Traction, saying that we believed it too
low at II. Since then 1t has rallied slightly,
but is still depressed by the fear of an as
sessment. We believe that this assessment
will be levied, but we also believe that Cen
tral Traction will be the next street railway
to earn and pay dividend There may be
forced liquidationson the assessment, which |
will carry prices down, but on any conces-
sion from II we regard it as the best pur-
chase in the list of fractions. Its fixed |
c1harges g over operating era g expenses % s are but
and its operating expenses are necessarily |
low on account of the shortness of its route. |
Westinghouse Electric has been very dull |
but f1rmer at 13@l3H. The adjourned an
nual meeting on Tuesday is likely to be fur |
ther postponed, but from the progress made |
this month the probabilities are the COM
pany will be successful in the end If the |
matter is settled before July l, 1t will go a |
great way toward making the next six
months vast improvement upon the past
half year."
Sales on call yesterday were 90 shares Cen
tral Traction at 1711, Electric at 1234, 81, 600
per cent bonds at 102, 100 Bir-
mingham Traction at 201a.
Closing bids and asking prices for the week
are appended:
EXCHANGE STOCK.
Bid Asked, |
Pftfshur~ pot Stoct and Metal S3Q5 |