Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-10
P. & B. TRACTION FIRM
And Airbrake and Switch and Signal
Continue Strong.
WEAK SPOTS IN A MAJORITY,
But Very Few Declines of Importance Are
Established.
GOSSIP FROM WALL STREET 0RACLEs

WEDNESDAY. Nov. 9.
The tone of speculation on the Chicago
Board of Trade to-day was bullish, particu-
larly with respect to wheat; but on the
New York Stock Exchange an apparently
bearish temper developed, especially in the
trusts 'The action Of the market in the
final proceedings" however, says the regu-
lar Wall street special to Sproul & Co,
''was far from being distasteful to the bulls
Surprise and dismay at the political change
of the country were natural, but 1t would ap-
pear that the short selling on such factors
exceeded by far the real liquidation which
seemed likely in the morning. The pools
and cliques in such stocks as Chicago Gas
were not slow to act upon this lead and ap-
parently encourage the formation of a short
interest only to twist it in the end. In
sizing up the post election situation the cor
respondents of Oakley & Co. say: although
the bulls had confidently predicted that
London would buy stocks in the event Of
the election of the Democratic candidate
for President, still orders from abroad were
found wanting, though it must have been
known in London that. Mr. Cleveland was
elected by much larger majority than
hoped for. The sweeping victory OF the
Democrats shows conclusively that the
country is not satisfied with the Mckinley
bill, and that the change which Mr.. Cleve-
land has pledged himself to bring about
must be adhered to when he assumes con-
troll of the Government. The present busl-
ness of this country is shaped according to
the present law, and, as dickering with the
tariff is inevitable, 1t will, no doubt. retard
new ventures and have some effect in cur
failing trades and diminishing business. 1t
&c Lao @hat nar n
policy is adverse to trusts and mo-
no 1oiies, and as these have all con-
trIbuted to the Republicans they need not
seek any Iavors from the Democrats. The
market looks to us as though rally was
going to be engineered tomorrow, but we
advise our friends to sell their stocks on
future" If the people identified with the
various trusts really believe they have any
thing to fear from Democratic adninistra-
tion, it would seem as if their policy in the
future would be one of more mastery mani
festation than has yet been witnessed, with
the object of leaving the public with the
stocks and the experience and themselves
with the money.
On the Local Board. :.
The market for local securities to-day
was about as dead as the proveroial door
nail. The brokers, particularly those who
were unfortunate in getting on the wrong
side of the betting, took no interest in the
proceedings on Change, and this apathy
justified the assumption that politics still
had the call with the public. There was no
demand for anything until after the last
call, when strong inquiry for Pittsburg
and Birmingham traction developed which
resulted in q few small transactions at 2414Q
243A, the latter price being bid for more WILL
out success. At the first call an odd lot of
Airbrake sold at 13415 at the second no
5000 Philadelphia Company bonds sold at
par and interest and 20 shares Union Switch
and Signal common at 1897, the bond sale
being the first of the kind ever recorded on |
the Exchange sales board.
Philadelphia Company was quoted at 2lH |
@221s, but 1t weakened a little after the close |
gas in the business portion of the city. To |
offset this, however, there was report that |
the company had just brought in big gasser |
near Verona, but it was without effect. |
Wheeling Gas was weaker at ls19 asked, but |
Peoples Pipeage was strong at Mondays |
closing quotations.
Switch and Signal was firm, Citizens and |
p, A. Il NJ. traction were weak, and others |
of the regular list we're unchanged. Electric |
second preferred was quoted at 3s@S9
Unlisted street railway securities closed as |
follows: T. & b. traction, 241s@241a; p, A. & |
NJ. traction, 401sQ437s: do 5s, lO211 bid; Du- |
quesne traction, 2s@2SH
Pittsburg Virglnla railroad scrip was |
quoted at 80 bid, and $1,000 Wavnesburg |
Water Company Is were offered at lol.
The Monetary Conference.
etary Conference which will meet in Brus- |
sells on November o. has been completed by |
the appointment by Germany of Count Won |
Alvensleben, German Minister to Belgium: |
DIR. Won Glasenap, OF the Imperial Treasury |
Department, and Herr Hartung, Director of |
the Reichsba Late London advices say |
that it is evident that the advocates of
the single standard are in the maj ajority, and |
that England, Germany, Austria and Bel
gium will send delegations having pre-
mOnOmetalllSty.
growing belief in London financial cir
cles is that the conference will effect /
some arrangement. The talk formerly
indulged in about the futility of the con-
gress is no longer heard. The President
OF the Institute of Bankers, in his inaug-
ural address, referred ito the currency
q Question as urgently demanding q reason
able settlement. The duty of the Govern
ment, he said. to find a practical remedy for
existing difficulties, o'ild never be met by |
theoretlc discussion. In the multitude of
counsellors there is wisdom, and the confer
ence promises to prove the entering wedge
to an enlarged use of silver, if not TO the
ultimate restoration of bimetallism.
Sales and Final Quotations.
Following were the transactions on the
Change to-day:
FIRST CALL.
3shares Westinghouse Airbrake.......... 1s4Ik
SECOND CALL-No SALES.
THIRD CALL.
e. 600 Philadelphia Company y6s................r00
% shares Union Switch and Signal ....... lS$ |
-And interest.