Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-02
SOME GOOD ADVANCES.
Airbrake and Phillie Move Up and
Duquesne Starts to Recover.
SWITCH AND SIGNAL BUOYANT.
Pittsburg and Birmingham Traction the
Only Point of Real Weakness.
LOCAL AND GENERAL FINANCIAL NEWS

spots in the market and further additions
were made to the value of those shares
| which have recently reacted from more
or less extended downward movement Ol
these shares Airbralze was conspicuous with
an advance to 129 bid and Philadelphia
Company with gain of a half point at 22sss
bid. Duquesne traction was in demand
from good sources under the, influence
| of which it recovered practically
from the low point of the
previous day and closed strong, thus stamp
ing as correct the opinion expressed in
| these columns that it had touched bottom
| Monday. The selling fever with respect to
| this stock appears to have entirely abated,
| and a gradual and extended upward turn
, would not surprise anyone closely connected
| with the street. 1t is not probable, however,
much until after the election. The char
acter of the demand for Philadelphia Com
pany was excellent, and If indications were
| not misleading the stock absorbed yes
hands not likely to iet 90 81
it before substantial advance
has been established. Some of the pur-
chases were undoubtedly Tor eastern &c.
count, but experience has demonstra
that the eastern traders are not slow to take
| reasonable profits when in sight and mod
erate rise will likely throw such purchases
on the market again. One of the features Of
the day was the purchase by Hill & Co. from
Morris & Browning of n block OF $50 shares
of the stock ut 22A: Union Switch and
q small lot of which was picked mp at ss by
II. NJ. Long. Central traction did not hold
up to the previous close, presumably because
the Mayors veto of tho Bellefieid street
railway ordinance was not sustained by
Councils. independent of this factor, how
ever, the best opinion seems to be that the
stock is worth more than current quota
tions. The only really weak spot in the list
was Pi.tsburR & Birmingham traction,
which sold at ss40a andclosed at the latter
M. oiI nthor fso.rr.s of t,o dow nm ,chonce
were sales of Pleasant Valley railway at e5N
and the sale of round lot of Allegheny Val
ley railway preferred ut II, Hill & Co. selling
to James Carothers.
Electric unassented was quoted at 23@74,
the second preferred at 50L asked and the
first preferred at 8s15@S9. other shares
were about unchanged.
The unlisted street railway shares closed
AZ follows: Duquesne traction 271l bid: P.
& B; traction, 23M@A; p, A. M. traction,
44A@A3S
: Money in the East.
: NEW YORK, Nov. 1.-The Epening Post says:
The recent sharp advance in money was
largely sentimental, and was not perma-
nently justified by either present or pros
pective conditions. If there had been any
real "tightness" of money 1t would, of
course, have expressed itself before and
during the November interest payments.
On the contrary, this weeks money market
has been extremely quiet. with a steady
tendency to lower rates. To-days business
In time money was actually done at reduced
figures, and this in spite of the fact that cur
rency shipments southwark are still draw
ing on New York funds. The fact is general
business in and out OF the stock market Is
little enough changed from what it was in
the spring and summer, and it is the condi-
tion of business which, after all, governs the
rate of money.
Financial Notes.
Dividends have been announced as fol.
lows, all semi-annual unless otherwise speci-
fled: Monongahela National Bank, per
cent; German National, 6; Diamond Nation
al, 8: First National of Allegheny. 4; Ex-
change National, !: Iron City National, 4;
Bank of Pfttsburg.4. 80
Mr.. Thomas B. Rea. formerly at the head
of Rea. Bros. & CO., the Fourth avenue bank
ers and brokers, has become a New Yorker.
A telegram received by Mr.. Henry Sproul
this afternoon announces THAT Mr.. Rea has
taken charge of the New York Office of Dick
Bros. & Lawrence, members OF the New York
and Philadelphia Stock Exchanges,
Max Schoenthal, of New York. dealer in
hops and malt. has made an assignment
with preference to Selh e Housah. The at
tornev Tor Mr.. Schoenthal said yesterday
that he was pressed Tor immediate pay
ments which lie was unable to meet and he
speculations. Tho liabilities are upward OF
s25O,0Go. part OF which is due to creditors in
this city and part in Europe He could not
say what the assets would amount to.
BY advice OF counsel the Western Union
directors to-day decided not to take action
in the matter of disposition of the new stock
until tine rev certificates have been regis
tered in the Office of the Secretary of State
A director saws that a 10 per cent stock diyi.
dend has been practically decided upon.
The directors OF the Pennsylvania Rail-
road declared a semi-annual dividend or 3
per cent upon the capital stock, clear of
State taxes, and payable on and after No
vember 90. 1892. to the shareholders as they
stood registered on the books of the COM
pany at o'clock p. M. October 81, 1892.
II. NJ. Long bought Switch preferred from
Sproul & Co, Duquesne traction from Law
renee & Co., and Pleasant Valley from j. B.
Barbour. 80
j. B. Barbour sold p & B. traction to Hill
& Co.
Papers have been fled in the United States
Circuit Court of New York by the Edison
Electric Light Company against the Sawyer
Mann Electric Company Ior Infringement of
patents on incandescent electric lamps.
Sales and Closing Quotations.
Transactions on Change were as fol-
lows:
FIRST CALL.
10 shares P. & B. traction. n............... "a
80 shares 9 pu9uesns ,, TT tractor; 25H
SECOND CALL.
Is shares P. & q. traction. ................. "a
AFTER CALL.
10 shares Pleasant Valley Railway. ..... 25S
THIRD CALL.
200 shares Allegheny Valley Railroad pfd. II
10 shares Philadelphia Company. ........... 22N
20 shares z. B. traction. 2sX
35 shares 2. 4 B. traction. .................. 23N
800 shares Pbiladelphia Company. 224
AFTER CALL.
Is shares Pleasant Valley Railway ,5x
Is shares Pleasant Valley Raiway......... 25S
Total sales, 720 shares. Closing bids and