Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-17
STOCKS LESS BUOYANT
And the Volume of Trading Seems to
Be Tapering Off.
THE GASSERs SHOW STRENGTH
And Majority of the Other Active Shares
Are Barely Steady.
ANOTHER BIG PlNBOOK GAS WELL

TUESDAY, Aug 16.
The volume of business in local securities
seems to be tapering off little and the
strength of the leaders to be little less
pronounced. This is due almost entirely
to the realization Of profits, which in
variably takes something off values
and keeps fresh buyers from COM
ing into the market. 1t cannot be
said, however, that the intrinsic value of
anything on the list has been lessened.
The same arguments that were used on.the
upturn are, while temporarily shorn of their
potency, just as we'll based as ever. Moth
ing of an unfavorable character has
occurred with respect to the
condition and prospects of any
of our leading corporations. No fresh de-
pressing factors of general character find
a local reflection. and it would seem, there
fore. as If the advice ofprofessional tipsters,
to "buy on the breaks, was good enough, in
this instance, to follow.
2 The market to-day, besides being COM
paratively slow, was narrow, only five shares
figuring in the trading ON 'Change. These
were Pleasant Valley Railway. Union Switch
and signal, P. s B. Traction, U. s. Glass and
Philadelphia Company, and only in Union
Switch and Signal and Philadelphia Company
was there anything approaching activity.
Switch and Signal opened with a sale
at l71, sold down to 17s and closed at 17@
'lIN after looking for a while as If 1t was
destined to close below II. There is q sus-
picion entertained by some of the street
people that the realizing sales are about
Overland that after little rest the stock " i'll
again move upward. Agentleman supposed
to be thoroughly conversant with the affairs
OF the company remarked to-day that it was
earning dividend on the preferred. Phiia-
rssBer fee1yP Sered at nfmsn the secOna %ns
call from source that absorbed
several hundred shares considerably
below 20 some weeks since, but the offerings
were well taken and the stock closed on
ments have recently occurred on the Pm
hook anticlinal, near where the COM
pany has number of farms under
developments are materializing, together
with the general expectation of an
increase in the dividend rate next quarter,
are not only operating to prevent decline
In the stock but are creating considerable
have heretofore been instrumental, through
word and action, in preventing RISE Even
the chronic bears are now talking 25 for it in
the near future At the current price it is
nearly per centinvestment.
In the street railway shares little note
worthy transpired. A small lot OF Plea SAINT
Valley sold at 25ss and one OF P. & B. Trac-
ton at 2eh the closings being 2514@.6% and
inquiry for Citizens Traction, but the bid
ding and offering on the others were more for
the purpose o. seeing the figures Oh the
board than with view of executing orders
In the remainder of the liss the features
we're a. less buoyant tone in Air Brake and
U. S. Glass, the latter selling at 6915 and
closing at 69N bid; steadiness in Under
ground Cable, firmness in the Electric
stocks and a further advance in Peoples
Natural Gas to 2511 bid. The close was IT.
regular, with the demand Indifferent ex-
cepting in Philadelphia Company and Elec-
trio second preferred.
More Natural Gas.
Another big gasser has been brought in in
the Pinhook region. The Pennsylvania Salt
Company was reported to-day as having
BROUGHT ia well on the Steele farm in Allie
gheny township. 81 miles back from the Al.
Iegheny river, that showed q rock pressure
the e
that the report was we'll founded. Manager
Brown said they had received no
Official report regarding the well. as
that it had been sent in to them as
being on the Steele farm in Allegheny town
ship. back OF CHARTERS station, on the >Alle-
nhy minute pressure Of 40 @ pounds. Ths we'll"
said Manager Brown, ..is in the Murraysvile
sand and not the fifth sand. in
have been made, and it is therefore q much
more important development We have
q number of farms under lease in the vicinity
of it, the Kenley, Artnlan, Klingensmitl
Armstrong and others. and are at present
engaged in putting down q we'll on the Arm.
SuperintendentBe Benney said the we'll
was big one and increased the value of the
leases, which are nearer the line
than the one on which the new roarer was
found.
The Burrell and Kensington Improve
ment Companies have drilled q well on the
Stewart inrm, just back of the heart OF
and struck a good flow OF gas
at ], 700 feet. Their intention is, however, to
drill on to the sand in which the Pinkook |
wells have been found, the fifth sand.
Railroad Earnings.
The statement OF the business Of the Pitts. |
burg, Cincinnati, Chicago and st. Louis Rail- |
way Company, including the Little Miami i
for July, 1892. as compared with |
the same month in 1891, shows: |
Increase in gross earnings. .... .......956 $50 So
Increase In expenses "a. 306 81
Decrease in net earnings. SOL 6s6 ss
The seven months of1s92 compared with the |
same period of 1891, shows:
Increase In gross $780, 321 OF
Increase in expenses. 910, TO rs
a Decrease in net earnings. .........s2 20 800 rs
Following is comparative statement of |
the earnings and expenses of the West Vir- |
ginia Central and Pittsburg Railway system /
for July:
1892, 1891. Decrease. |
. ---I----l--
Expenses 81. o7s 6s 81 43a s6 s54 ss