Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-14
THE LUSTER BOOM
Looks as if 1t Was on the Point of
Being Punctured.
SWITCH AND SIGNAL WEAKER.
Central Traction Higher and P. & B.
Traction o Shade Lower.
SIGNS OF A MOVE IN PLEASANT VALLEY

Trading at the local stock call to-day was
confined to Duquesne Traction 6s, United
States Glass common, Pleasant Valley Rail-
way, Luster Mining Company, Pittsburg
and Birmingham Traction and Union
Switch and Signal. What interest there
was in the market centered in Luster,
Pleasant Valley and Switch and Signal.
The former, opened at 81 bid for round
lot, against II bid for 30 shares after the
close yesterday, moved up to sale at u,
fell off to 10 bid and reacted and closed
quiet at 11@13Z. The stock did not appear
to be very firmly intrenched in its closing
position. A number of the brokers and
traders were trying to feel the market
in manner that indicated a
desire to sell a few shares, as
we'll as q fear that offerings Of any conse-
quence would break the market below the
peint at which they desired to sell. The
bidding at II was not very enthusiastic, and
it is probable few orders to sell at best
would have found the stock without sup
port 1t looked very much as If the short
interest, which was not very extensive at
best. had settled, and that reaction to 10
widely distributed, however, and in the alb
scence of any knowledge of the condition of
affairs at the mines, its probable course is
difficult of determination. The controlling
clique can do as they please with 1t. AZ
present it looks to be nothing but gamble.
Course of the fractions.
A small lot OF Pleasant Valley Railway
sold at 2S1S, and the stock closed at 27A
asked, no bid. There was some talk, by
those who supported it so strongly short
time since, of a better demand and prob
able advance, and one of those most prom
inent in the recent heavy trading declared
market" What this talk was based on was
not disclosed. It might have been on some
thing pertaining to the deal that is on De-
tween the P.V. and p, A. NJ, but those IN
knowledge of anything new in the matter.
Several Of the most prominent projectors OF
the deal we're out of town, and as tney
were also absent from the city yes
terday, when it was said the finishing
touches were being made, it is probable that
nothing new has occurred lately ana tnat
the renewed inquiry, If there was any, was
based on expectations of the announcement
of the regular dividend after the close OF
business. II so, there should be move
ment in the stock tomorrow (Thursday), as
the dividend Was duly snS down m
closing at l5@l5H and weak. "Charge the
weakness to the labor troubles" was all the
explanation that could be obtained. For
some reason or other, probably because of a
fingers burned in its handling some
years ago. the stock Is not
very much in favor In certain quarters the
sentiment is quite bearish, the feeling Delng
that while the company is doing good deal
of work it is not making very much money.
Pittsburg and Birmingham Traction was
lower at 251s sales and close at 25s4@251s.
There is no accounting for the gradual en,;ns Ge-
that the profound mystery which mas SO
long enyeloped the dividend and other ques-
tions, has bred discouragement and some-
thing approximating disgust;
Duquesne traction 5s sold at loOA ana U.
s, Glass common at 6511, the closing bids be-
ing 1OOh and 65 respectively. Duquesne
stock and bonds are said to be gradually
onlv to close observers. 1t is claimed the
Duquesne end Of the combine 1s doing the
most business.
Central traction was bid up a little. but
the bidding was saiS ~ mo mo aeod
authority to be earning $500 net per day. II
this is so there is no reason why stockhoid-
ers should not be receiving pretty fair divi-
dends.
Citizens traction was quoted at 62@6Sh,
ex-dividend at the close and Pittsburg
traction was offered at 59A.
Inactive Shares Featuretess.
Barring u. S. Glass and Switch and Signal
little attention was paid to the miscellaneous
list. Air Brake was not quoted at all, and
the quotations established on the others by
the bids and others we're altogether nomi-
nal.
Electric (old) was quoted at ls@lsN. Pipe
age was barely steady at lS@l3L. Wheeling
and CHARTERS Gas were unchanged, and in
the various other groups the old familiar
figures were recorded.
Financial Notes.
At the meeting of the Board of Directors
of the Pleasant Valley Railway Company
this afternoon the regular semi-annual divi-
dend of 8 per cent was declared, payable
July 90.
The House bill making the use Of auto
matte couplers and brakes on railroads COM
pulsory will, if it becomes law, bring many
a good grist to Westinghouse Air Brakes
mill.
During the past two weeks W. r. Thomp-
son g. Co. have sold 400 shares Pittsburg,
Youngstown and Ashtabula Railroad, in 100
share lots, at A.
Two days before the dividend was off NJ. &
NJ National Bank stock 1t SOLD at IN. 1t IS
now offering at 20.
The citizens of Charleroi have voted to is
sue bonds to the amount of $4,000 for the
purpose of erecting new SchoolhOuSe.
In Philadelphia Metropolitan Traction ad-
yanced per cent to 123 on the statement
that the Broadway line would begin opera
tions November /. Stock was scarce, and
large orders were reported, which could not
be filled.
The Barings have further reduced their
liability to the Bank of England G5, 500, 900.
the proceeds of the sale OF Buenos Ayres
Western mortgage debentures.
Transactions on Change
FIRST CALL.
q. 900 Duquesne Traction IS. 5s...............1o .1ooA
% shares o. S. Glass. 65l6
80 shares Pleasant Valley Railway. .......... 266
10 shares Luster. ......................... IL
SECOND CALL.
10 shares P. & B. Traction. ion.................. 25S
20 shares P. 4 B. Traction. Observation-Disclosures. 257s
Is shares Union switch and Signal. l5K
THIRD CALL.