Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-19
DULLNESS CONTINUES,
But There Is a Good Undertone and
Some Shares Advance.
SWITCH AND SIGNAL IN DEMAND.
Slight Declines Are Scored. but No Real
Weakness Develops
GOSSIP, SALES AND FINAL PRICES
MONDAY, July 1e

uONOAA, ouAy Az
Existing and threatened labor troubles
continue to exercise more or less depress-
ing influence in local financial circles.
Bankers and brokers continue to discuss
| them, and speculate on the probabilities
and possibilities of the near future in the
event of their extending and widening, not
caring in the meantime to engage in any
operations ofmoment;a ;and as outside specuia-
torsand investors as rule are quite as eau
tious as anyone, we continue to be confronted
with the spectacle of comparative dullness,
more in the line of local securities. The
continued hesitation, however, has
not as yet materially affected any
thing on the list On the contrary
as heretofore pointed out in these.
coIumns-the market as whole is not enly
holding steady to firm. but some of the ia
vorites are showing a strength that augurs
we'll for the future. Brokers are not doing
much. either publicly or privately, but they
note various encouraging signs that are
buoying them up through the dull season,
as we'll as preventing holders from coming
strong healthy undertone, and there is
sale.
Course of the Market.
The business at the calls to-day covered
Philadelphia Company, Union Switch and
Signal, Duquesne Traction bonds, Westing-
house Air Brake and P. & B. Traction, with
no particular feature in anything. Phila-
of go shares, but it was well and quickly
absorbed at 1871 and the close was firm at
lss6@lsA. Peoples Pipeage was off to about
CHARTERS valley Gas closed offered at 12X1l
and Wheeling Gas at 1884 with no bid for
the former and 1s11 for the latter, and the
other items of the gas group were neg
lected.
In the listed street railway shares no
changes of consequence were established.
Central Traction closed at 2s34 bid. against
Valley at 25x bid, against 25s4. The others
were unchanged. In the unlisted shares z.
b. Traction was soft Mt 25N@25A Du-
quesne Traction was strong at 2s11@ss1aa, and
p, A. & NJ. was without positive tendency
or tone at 46 asked. The bonds of the latter
were off a little, however, at l04A asked.
The only pronounced promo movement % Siad, Of & the
ing at 15s4 bid. it advanced to l6H soles and
closed at l6ss@l61a, with more wanted than
offered. The basis of this upturn was quite
as inexplicable as the basis of last weeks
decline. The probability is the stock went
off without cause and recovered on the exc.
cution of few orders to buy tor account
OF some one who thought it cheap
at the decline A little bear talk was heard
in the face of the recovery, the basis of it be-
ing the probability of electrical appliances
the Union Switch and Signal Company.
Stockholders need have no fear or this
point, however, as Mr.. Westinghouse has de-
monstrated his ability to keep pace with de-
velopments in the electrical world and in
ventions Of electrical appliances.
A few shares of Westinghouse Airbrake
were pressed for sale and we're offered down
to 1861 before they found purchaser. 1t
closed offered at l27, without showing any
thing like real weakness. Airbrake is not a
stock to yield much at present notwith-
standing the dullness.
In the remainder of the list few note
worthy features were presented. Luster
was offered down to 1o1a and bid up to 81,
but there was no active skirmisning .1 ON
Underground Cable at 76, U. 8. Glass COM
mon at 66. Union Switch and Signal pre-
ferred at 40, and everything else usually bid
weeks closing prices. Exchange National
Bank, however, was offered down u at s5l4.
What the Bank Statements Show.
The late statements Of the local national
banks. so far as they have been examined
and compared with the last previous state
ments, show some material changes. 1t is
estimated by an accepted authority that
they will show a larger line of deposits than
$l,50ooOO. The loans and discounts will
probably show an increase of from $500, 900
to $3.50, 900, and the percentage of reserve an
The securities held will also show a large in
crease, corroborating reports that the banks
were purchasers OF bonds and gilt-edged
the largest increase in deposits $452, ,0G0. and
the Merchants and Mechanics National
comes next with an increase of 1884, 900.
Storing Natural Gas.
For some time after the Peoples Natural
Gas Company turned its Pinhook supply
into its Murraysville main the pressure in
the city increased SO insigniicantly as to
cause great disappointment The company
knew big pressure Of gas was going into
the main from the new region, but they
could not explain its failure to show up at
the chief point of consumption. After con-
siderable experimenting, however, they dis
covered that instead Of coming cftyward it
had taken the other direction and was stor-
ing itselfin the company's low pressure wells
in the Murraysville field. The discovery was
q storage system no one had thought of and
showed them how they could work the field
for all possible in case of danger of too early
panies and individuals operating therein.
All they had to do was to let the gas keep on
storing itself in the low pressure wells until
turn the Pinhook gas entirely cityward
Then, after the latter began to peter out
they conid shut off connection with Pin
hook and nd get good pressure from Murrays.
system are great and the company has other
low pressure wells where eas can be stored
at a slight COST and pumping machinery to
bring it to the city in case of necessity.
They will probably take advantage OF all
the opportunities.
Financial Notes.
The General Electric Company's bonds
recently offered were oversubscribed 20 per
cent.
The Financial Chronicle computes the gross
earnings of go roads during the first week of
July of this year, at 662s 776, against S. 1885,
700 for the same week last year, an increase
of s440,076
The contraction in loans shown by the |
bank statement on Saturday was generally
attributed to the calling of loans by some of |
the larger institutions rs part Of their move
ment to bring about an advance in the call |
loaning rate from the basis of l1102 per
cent, which has been current for some time.
These efforts have not been successful be- |
cause of the large amounts at the disposal of |
foreign and other banking houses through |
the making of large sterling loans.
The Northside Bridge Company has passed |
the per cent semiannual dividend due on |
the preferred stock this month. A dividend |
was earned, but the money was absorbed in |
the payment of the State tax, which had |
been allowed to accumulate pending a suit |
to test the legality of the act
To-day the sending out of instantaneous
quotations from the Board of Trade was re-
Doll I'D