Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-24
HOME SECURITIES.
A PERIOD OF LIGHT TRADING AND
OF SHRINKAGE IN VALUES.


The Market in Waiting Mood in Conse-
quence of Unsettled Foreign Affairs
Strong and Weak Features = Careful
Review of the Weeks Operations.
The past week was a dull one SOAR as
trading in local stocks was concerned. for
this the unsettled condition OF European
affairs was no doubt directly Responsible Dy
inducing hesitation on the part OF investors.
Conditions were greatly improved yester
day, however, and the worst was thougnt 70
be over. New York was active and strong'
while Europe was decidedly bull1sn on
American stocks. The New York bank state
ment was favorable moneK was easy, ana a
better tone prevailed generally.
A. j. Lawrence & Co., in their weekly letter
reviewing local financial affairs, say: "Tne
past week witnessed dull, waiting market
There seemed to be something in the ar
which deferred trading, and although there
were some investment buying OF bonds ana
speculative purchases of the traction STOCKS,
the market was not up to the average OF
previous weeks. 1t may be far-fetched TO at,
tribute this state of affairs to the unsettled
condition of foreign finances, and yet we De-
lieve that this statement may be demon
strated
"We are an important link in the financial
chain which girdles the globe, as may Dc
judged from the fact that the banking capi-
tai of Allegheny county is considerably IN
excess of 500 100000, Or larger than any one
of score of States and Territories of the
United States. A strain upon any single INK
is felt throughout the entire chain. In that
manner we may be said to have felt the strain
abroad, but at the same time it must be said
that the recent official test by the Controller
OF the Currency proves our link to De one
OF the strongest in the country.
"There is another channel through which
we have been influenced by current financial
events. There has always been an active
IN n PittGbnrO
the lapse of the oil trade this element has
gravitated to Wall street. The securities
dealt in in the latter market have been dl-
rectly affected by gold exports, and the feel
ing of local traders has reflected the hesita-
tion which has marked dealings in the East.
This view of the situation strengthens the
conviction that Improvement abroad and In
New York will be felt here, and as no city
in the country of the size of Pittsburg can
eqyal our list of home securities, we are
almost certain to have an active market.
"In a speculative way, Westinghouse Elec-
trio was dead, but in all that goes toward
putting the company in good shape, active
progress has been reported. During the
week a considerable amount of stock was for
warded to the Mercantile Trust Company
asserting to the proposed plan of reorgani-
zation. The consensus of opinion among
holders appears to be that the plan offers
the best solution to the problem, that the
largest individual interests have indorsed it,
and that delay in it's ratification means loss
to the company in new business which might
be accepted were the additional capital to
be secured by the reorganization immedi-
ately available. 1t is to be hoped therefore,
that prompt action will be taken by all
stockholders, in aiding. the officers to put
the company on its feet before the summer
and fall trade is passed.
Traction stocks were comparatively act =,
i've and promise to become more SO. The
announcement of a cut in Ia ses byone of the
lines competing for the East Liberty Valley
traffic adds new element to the specula-
tion, the result of which cannot be foreseen.
The sharp advance in Airbrake. and Under
ground cable is regarded in some quarters as
a significant indication of Mr.. Westing-
houses success in Electric"
The only feature of the market beyond the
ordinary was renewed interest in the Trac-
tions, the new ones being the favorites. This
was due to the starting of the Duquesne, to
apprehensions of spirited rate war and to
tions. These intiuenceJ were both bullish
and bearish and served to enliven the un-
unusually dull routing of office and street
talk. The result of all this was to cause the
history to overshadow the old time favorites
Electric and Philadelphia Gas. Hence
forth their position as the leaders of the
market seems to be assured: Their import
ance in the work of developing the city justi-
fies this prediction.
Yesterdays final bids, as compared with
those of the previous Saturday, show that
concessions cone were made in CHARTERS and
Pittsburg Traction, Pleasantly alley, Luster,
Electric and Monongshela Water Company
ALI confined to fractions excepting Pitts
burg Traction, which fell off S. share, and
Electric which lost 81. New York and
Cleveland Gas Coal was offered down a
point at Yesterdays call. The gains were
Pip ,age, Wheeling Gas, Second Avenue
and Standard Underground Cable-all
trifing excepting Second Avenue, which
added 81 30 to its credit; Airbrake s. rs, and
Cable, s6. The rest of the list was steady,
and in the main featureless. Total sales for
the week were 1881 shares, Duquesne Trac-
tlon leading with $50, followed by Birming-
ham with 800, and Electric with 356.
Yesterdays sales were rs shares of La
Noria at % cents, 30 New York and Cleveland
Gas Coal at 37ss, Is Luster at 12lI, 10 Pitts
burg, Virginia and Charleston Railway at
451a. Closing bids and asking prices for the
week are appended:
BANK STOCKS.