Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-01
NOT MUCH BUOYANCY.
Cholera Reports Cause Weakness
East and West.
A FEW STRONG POINTS LOCALLY,
But the General Tone of the Market Is
Unsettled.
LOCAL AND GENERAL FINANCIAL NEWS
WEDNESDAY. Aug. 81.

change Transactions are about one-half tn
total business, so that the volume of tradin,
for the month must have been somewhere il
the nelghborhood of $1,000 share
of stock and 100000 bonds
Bonds, however, were unusually active of
Change during the month, and it is doubt
full, therefore, if 5000, 900 approximates th'
actual total business. While the record il
not particularly startling. it largely ex
| ceeds that of the corresponding
month of previous years, and. a:
the volume OF business and course OF price:
have brought fulfillment to the July predic
| tions of THE DISPATCH, the record is CRAFTY
| ing to some oneoutside the brokerage fra
| ternity. and this reference to it is pardonable
| to say the least.
| Cholera Reports Cause Uncasiness.
The report that the cholera had arrived
off New York via the steamship Moravia,
from Hamburg caused considera BILE uneasi-
ness on Fourth avenue this afternoon, and
the weakness and depression in the East.
ern markets caused by the announcement
of the arrival OF the terrible soouige
found something of a reflection here.
Brokers and others passed jokes and light
remarks about it back and forth, but un-
derneath the careless tone an appreciation
of the gravity of the situation was plainly
observable. In sober conversation the
opinion was general that it would not
| take long for the unwelcome visitor to reach
Pittsburg once it got foothold In the East,
and all sorts of business disasters and panic
possibilities were outlined as the result of
its getting this country or any considerable
portion OF it in its grasp. There Is no wisdom
in borrowing trouble, however. The
cholera is not here yet. 1t
is not in New York yet, and the reports NAV
be exaggerated. The rigid quarantine
measures that will be enforced, also, and
ba init lI.1i
ing made to keep it at a safe distance may
be successful 1t it does come it will be
fought as it hasnever been fought before:
but its presence will stagnate business and
depress prices. Then there will be oppor-
tunities for those OF nerve and means to
pick up bargains that will net big profits.
Course of the Market
Trading on Change to-day was on about
the same scale as yesterday and the day be
fore. but the tone of the market was gen.
orally weak. Declines, however, were few
and without significance, and some shares
were stronger. P. & B. traction. Pleas
ant Valley, Central traction, Electric first
preferred, Philadelphia Company, DuQuesne
traction and Citizens National Bank figured
in the business at the calls, with noticeable
activity only in Duquesne traction. The
stock was in good demand and was freely
taken at 29929H, closing at 29@ 81. OFF
Grange it was active, representative of
one of the brokerage houses reporting
knowledge of ansaction involving 500
shares at about g. Altogether it was esti-
mated that 1900 shares changed hands
during the day. The stock may so
up, but the present time does not
appear to pe good one for even strong and
shrewd manipulation. Stocks would un-
doubtedly be thrown overheard on a vista
tion of cholera, and no business would
suffer more seriously than tho street railway
business However, street railway shares
are unquestionably purchase for long
pull.
More pressure was brought to bear against
Philadelphia Company to-day and 1t yielded
clined to 2211 sales and closed at 2215@22sss
looking STEADY to strong at the decline
The other gassers were featureless.
Pleasant Valley Railway sold at 251I@25%
was weaker at 99L saies. closing at 29A
asked. T. & B. traction sold at 26sf@263<. but
the close was littleun steady at 26ssG265S.
The other tract fractions on. w, We're practically @ IN
traction at A appeared to be somewhat
better.
Among the industrials Airbrake was
stronger at l35 bid, Underground Cable was
steady, Switch and Signal showed droop-
ing tendency and q. S. Glass common was
offered at SO. There was no public bid on
Underground Cable, but it was stated that 70
was bid privately during the day. 1t was
also stated that U. S. Glass could be pur-
chased considerably below So.
Outside of the active list the only feature
was d SAFE Ol CltlZeHS national BANK at 661L.
Grand Rapids and Indiana.
Rumors were in circulation yesterday
(Monday), says the Wua Street NetOs, to the
effect that the management of the Grand
r pids and Indiana Railroad Company
had decided to default upon the inter-
est due september l on the general
per cent bonds. This in
terest amounts TO ~ per cent and there
are about $3,500,OO0 of the general
mortgage bonds outstanding The Pennsyl-
vania Railroad Company controls, but does
not lease the road. 1t guarantees the inter
est on some of the prior liens, but not upon |
the general mortgage 5s. Wfnslow. Lanier
& Co. say that no notification in regard to |
the payment OF interest had been received |
from the management of the COMPANY
but that there was still time. in some cir |
cles it is believed that the Pennsylvania |
Railroad Company contem plates playing, in |
with the Grand Rapids and In |
LLAMA, the role enacted several years ago by |
the Illinois Central with the bondholders of |
the Dubuque and Sioux City Railroad Com
Dany. These carping critics insist that
lfter a little litigation the Pennsylvania will !
;urn up in absolute control of the Grand |
Rapids Company. About s., 600 00O of these
ponds are held in Pittsburg.
Financial Notes.
Westinghouse Electric second preferred
closed at 81 asked here and at 37637L in |
Boston.
Unlisted street railway shares closed as
ollows: P. B. Traction, 26S@265s: Du-
luesne Traction, E9@291a; P, A. & Nj. Trac-
ion A bid.
d. NJ. Long sold 100 shares Pleasant Valley
Rail ay at 255s
Dvquesne TTaation was offered at 29L after
AL 251a was bid for 2. & B. Traction and
~ was bid for $50 Philadel phia COMPANY,
Tne monthly report OF Oil operations is
Moderately bullish, but the marnet does not
ppenr to be in condition to respond to any
.nything. |
Morris and Brown were the sellers of Phila-
elphia Company at the last call, and Sproul
Co. the buyers.
Hill & Co., Pinkerton and Long bought Du-
uesne Traction, and Morris & Brown and
lawrence & Co. were the sellers.
Carothers and Sprou & Co. sold P &B
traction, and Rea Bros. q Co. and Ramsey
ought
Sproul & Co. and Ramsey sold Pleasant
alley, and stoney, j. u. Bailey and Rea
'ros. bought.
Your estimate of the Philadelphia Com.
any's net tor the current year." said a gen |
eman to-day who is close to the inside "is
east"
II Deacon White went to Boston to mako
for a deal In Westinghouse
,lectric it was evidently a deal on the short
ide.
An advance in the dividend rate of the
Olson Electric Light Company of PhiladeI-
hia will be made in October 1t will be in
reased from 6 TO s per cent
The Central Railroad of New JERSEY ON |
lon day put in operation a pneumatic block
gnal system between Jersey CITY and |
ouud Brook, distance of 81 miles The |
emaphore blades work automa aticalIy by
leans OF electricity and compressed air.
one of the arguments against further gold |
xports is found in the rapidly reduced
oiume OF our imports of foreign goods. In
nc past week their total value was only So
,6, 500, which leaves it only slightly in ex-
ess of the export movement. But in view
t the heavier imports OF previous months.
lie balance against US must still be consId.
rabie.> As to this, however, one OF the best