Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-20
AIRBRAKE IS LOWER.
It Declines a Little on Continued
Sales to Realize Profits.
NO OTHER FEATURES OF NOTE.
Gas Shares Firm and Some of the Street
Railways a Little Soft.
CONDITION OF THE LOCAL BANKS

| TUESDAY, July ~.
The principal feature of the local stock
| market to-day was furnished by Westing.
house Airbrake. More stock was pressed
for sale, and it was offered down to 125 be-
| fore the offerings were absorbed. The sales
were accompanied by reports that the
works at Wilmerding were running only
four days week and that the company was
building warehouse in which to store its
excessive production, the presumption be-
ing, of course, that the company was find
ing a slow market for its wares None OF
the officials could be seen this afternoon re-
garding the matter, and whether the
reports are we'll founded or not re-
mains to be seen. If it is true
that the works are running on two-thirds
time and that a building is needed to store
production In, there is probably some salts
factory explanation of it all. Anyway, it
is hardly probable there is anything bearish
1t is quite likely the sales Of late have been
the result of a desire to realize profits. A
good many "got i'm at 1G0 about year ago.
Since that time they have not only seen
thing more than $50 per share, but they have
also gathered in $l71a per share in the way
of dividends. When the stock halted
above lsO and subsequently cor. commenced nSee.
should be induced to take their
big profits while they couldf The
stock paws 20 per cent on par (5O) and at 10
il yields ~ per cent. which Is quite enough,
manufacturing concerns should pay at least
10 per cent on their market price That the
company has enormous earning powers mas
been very clearly demonstrated during the
past l2 months, and the prospects are Ger
tainly far from discournging.
The other stocks traded in on Change
pany and Pittsburg Traction. but neither of
them furnished any noteworthy feature
Citizens Traction sold ut 81. closing at GIG
621l. something of decline: Pittsburg Trac-
from the last previous sale, and Philadelphia
Company sold at 1881, closing at lS340lSH
and in improved demand.
Central Traction closed slightly above
MONDAYS final bid; Pleasant Valley Railway
appeared to be suggestion 1rmer at S3H@
256; Duquesne Traction was firm at 2sz@
2s12; P. & B. Traction closed barely steady at
aseea; do unton hna Switch n and signal was Steady
at 1614@l6ss with only 10 shares bid for; LIS
ter was quoted as 91d@10H, with the feeling
somewhat mixed; Electric told) was offered
at 1875, and all the other items were without
a shadow of change. Some OF the brokers
thought they noticed an improving inquiry,
but so far as surface indications were cri-
Cer1On G0er6 wore no lnulCdLlOuS VI dn carly
increase in the volume of business Any
change, however, must necessarily be for
the better.
Low-Priced OIL.
The price of crude oil touched the
lowest point to-day (515sc) established
by sales since the time of the
Penn Banks failure to put the Standard OIL
Company's nose to the grindstone, in 1884,
when the market fell to 5O1dc. August s,lssl.
the market opened at 5s1ac and closed at
50c, as the result of the removal OF the pre-
MUM on oil. There were no sales on the
local floor at SOC, however, and the next
morning the market opened at 60c, advanced
to 66l]c, and closed at 651ac. On August IA
oil closed at 69Nc, but since that time the
tendency has been gradually downward: At
current prices the producers are in close
touch with bankruptcy; but there is only one
buyer, and no remedies, no matter how des-
perate and heroic, will avail them anything
as long as existing conditions prevail.
Condition Of Our Bank&
Following is a summary of the condition
OF the local national banks, compiled by r.
]. Stoney, Jr., from the statements of
their condition at the close of business
July II:
RESOURCES.