Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-13
LUSTER LOOKING Up.
The Stock Advances Sharply as the
Result of Raiding Shorts
NO OTHER NOTABLE CHANGES,
Though the Majority Are Slight and Insig.
nifcant Declines.
GOSSIP, SALES AND FINAL PRICES

TUESDAY. July II.
The market for local securities exhibited
little improvement to-day, either in the
general tone or the volume Of business.
The gossip of street and Office continued to
reflect comparative dullness, oorroborating
the tale of quietude told by the proceed
ings on Change; but the encouraging under
tone noted yesterday was still quite as
marked as ever. The street seemed to be
about evenly divided regarding the pros
poets of the immediate future of the mar
ket, one contingent predicting dullness
throughout the remainder of the summer,
and the other asserting that trading would
again become fairly active before many
more days The latter argued that the
Industrial sky was clearing; that the
list offered good many in
ducements to investors and spectators, and
that the supply of money was SO largely in
excess of the demand that it must find its
way into the stock and bond market as
soon as the uueasiness that has prevailed
for several days past has been dispelled. The
arguments of the former consisted chiefly
of statements that dullness was here and
and that weather and industrial conditions
were not such as to promise any early
change in the temper of the public. As
rule, business of all kinds is usually quiet
at this season of the year, but as yet we
have seen nothing like the stagnatIon,
particularly in securities, which pre-
vailed year ago this time. Barring
the industrial situation, general conditions
are also more favorable than they were last
summer. and when considering the existing
conditions in efforts to forecast the future
nOt4ncv n
ally easy money must not be overlooked. 1t
Is dull but it might be worse, and the per-
centage Of chances favor an Improvement.
Luster the Big Feature.
Trading at the calls covered only Luster
Mining Company, U. S. Glass. Philadelphia
Company and the transactions aggregated
but 60 shares. Luster was the most promt-
nent, bullying to l01< bid on call and II imme-
diately after the call, principally the result
of the raid on the shorts which was inaugu-
rated a day or two ago. There were rumors
that some stimulating news had been re-
ceived by telegraph from the mines. but
they could not be traced to any reliable
basis. 1t is known, however, that two or
sions in Mexico, and It is probable they may
have wired their friends to buy the
stock. In this connection it may
not be amiss to recall the fact
mainly to bullish advfces received from
some Of the heaviest stockholders then at
the mines. These advices, it is needless to
say, were misleading, as the stock failed
miserably to hold its gain and subsequently
dropped, with insignificant reactions, below.
par (10). Whether the present movement is
based on favorable Developments at the
the capital ca Of the company is small (ssco, o,ooo),
making it an easy matter to run the
shorts to cover. warrants the CON
clusion. in the absence of news
is due to a concerted movement against the
shors interest Regarding tho inherent
worth Of the stock one Of its friends declares
that if the chlorination plant now supposed
it is easily worth so. After the close 25 was
bid to call 100 shares next week at Is, which,
all things considered. was not a very liberal
one.
Leading speclaltios Featureless.
Philadelphia Company exhibited . little
nrmness during the day on report that
the company had struck q new we'll in some
indefinite region, but It closed somewhat
below yesterdays quotations. Peoples
was a little less firm. Wheeling Gas
w9 was quoted Sa, At lsss@ls% and CHARTERS was
In the street railway group Pleasant VAL
ley sold at 26ss, with q sale after the CLOSE at
26!1. p. & B. traction softened little, and
others were feRtureless.
U. S. Glass, common, sold at 6515 in a small
way, but there WAS no perceptible change in
anything else on the list, excepting n slight
softening in Switch and Signal. In short,
but little interest was manifested in any.
thing but Luster.
Heavy Fire Losses.
The fire loss of the United States and
Canada for the month of June amounted to
30 26o, $50 The following table will show the
losses during the first six months OF 1892, as
with those of the same period in
1890 and 1891: