Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-30
Market for Local Securities Shows
a Little Activity and Breadth.
NEARLY EVERYTHING STRONGER
Street Railway and Westinghouse Shares
Lead the List in ALI Points.
GOSSIP, SALES AND FINAL PRICES

deed some of the more optimistic regarded
| it as the commencement of the revival
that always follows the summer dull
period Others, however, looked upon
it as one of the spurts that
come to the surface at intervals during all
dull seasons and were not inclined to be-
lieve that the market was vet ready to get
out of the summer rut, Be that as it may
it was active and strong enough to suit
the most exacting. At the first
call long string of sales was re-
corded At the second there was a lull,
and at the third the boomlet again asserted
itself, the trading being kept up until the
fall of the hammer. 1t has been many a
long week since we have had so broad
and active q market, and as a consequence
the brokers and traders were more cheer
full and confident than they have been at
any time since the summer season
set in. "The market we have to-day" said
one of them after the close, "shows what we
of affairs prevailed. There is any amount
of money awaiting investment. and
just MS soon as the industrial sky
clears q little it will begin to pour into
feeling is beginning to show itself, and, to
certain extent, to-day's trading is Il ref1ec-
tion of it. II the contention between labor
and capital hereaDouts does not assume any
more ugly phases, believe we will have
good market during August and cons1dera-
BILE OF boom in the fall"
Features of the Market.
The shares which figured in the trading at
the calls we're Philadelphia Company, Union
Switch and Signal, P. & B. Traction, Du-
quesne Traction, Westinghouse Airbrake,
Enterprise Savings Bank Peoples Pipeage,
Westinghouse Electric (new common), p, A.
4 NJ. Traction. Pleasant Valley Railway and
Luster Mining Company. with everything
showing strength and some Of the items a
decided upward tendency, and Philadelphia
Company sold at 10 and closed at 1870 1914.
about the same figures that have rued Tor
the past fortnight, but it showed increased
strength under an improved demand. Poo
Ris ns at riesss these iN spres repfssentng o
good gain over the previous close There
was no news or Sossip on the stock,
and the presumption was that it was merely
sympathzing with the advance in Allie
gheny Heating Company and the improving
tone shown in Philadelphia Company.
Bridgewater Gas was bid up to 27 and Manu-
facturers' Gas to 263s, s,and Allegheny Heating
Company was quoted at 75@1S.
In the street railway suares P. & B.
Traction, Duquesne Traction and P, A. &
NJ. Trac ion were strong and higher. P. Il
quesne Traction gained small fraction,
and P, A. & NJ. sold at A. against offers to
sell at the same price at the previous close.
Pleasant Valley Railway sold at 25ss, closing
at 251S@255s, and the others of the group
were Without appreciable change.
Union Switch and Signal sold at. 161a and
hands in small "ay at 49, closing at
12l1a@l25H, thus confirming tne opinion
o. It's probable course expressed in tho re-
port OF yesterdays market; and Westing-
house Electric NEW common) sold at %
and closed in excellent demand at the same
price. Luster was jugsled little during the
closing moments, ana just as the hammer
Iell sale occurred at l0A.
One of the marked features of the day was
sale of Enterprise Savings Bank, of Allie
gheny, at sO the highest price ever touched
and an advance OF ten points over recent
bids.
The market generally chose strong. and
apparently with a. number of orders I'M
Oil Traders Still Have Faith.
Notwithstanding the long-continued dull
ness in certificate speculation and the
almost entire absence OF outside interest in
the market, many OF those who are still
chasing eighths and seldom catching them
are not without hope that something will
eventually arise to revive interest and trad
ing. They have no very clearly defined idea
of what that something is likely to be, but ell |
the same the dogsed persistency with which |
dead beyond the hope or resurrection is |
evidence that they are not going around as |
alone in their views. Speaking of the mar
ket one OF the brokers doing business on the |
New York Consolidated Exchange says:
1T is true that we have had very
Line certificates, but the public must not |
suppose that we are discouraged. l think
that the time is not far away when the
space on the 1oor of the Consolidated Ex-
change set apart Tor the oil brokers will pre-
sent lively scene. All that is necessary is
for something to set the ball rolling. This
may come at any time in the shape of new
wells or action on the part of the Standard |
Oil Company. 1t must, however, be ac-
know lodged that the effort which was made
a short time ago to introduce trading in
Buckeye certificates was considerable of
failure; still, have by no means given up
the hope that the day will come when we |
win have plenty OF orders to execute in
Ohio OIL"
AGood appointment.
The nomination by President Harrison of
State Bank Examiner A. B. Hepburn, of New
York, as Comptroller of the Currency, to
succeed Mr.. Lacey, meets with general ap-
proval from bankers everywhere. The feel
ing in New York banking circles is tersely
expressed by J. Edward Simmons, President
of the Fourth National Bank. who says:
"Mr A Il. Hepburn is a first-class man and |
his appointment as Comptroller of the Cur
rency Is a des rived recognition of one of the |
most capable bank examiners New York has
ever had. Mr.. Hepburn was recommended to |
the President bv the leading bankers ana
business men OF this city anu his very excel
lent record in all the prominent public posi-
tions he has held gives assurance that he
will discharge the duties of this important
office in an able fearless and impartial man.
ner. The nomination of a gentleman of
such high character and well-knoMn ability |
to succeed Mr.. Lacey cannot but give per-
feet satisfaction to the entire banking inter-
ests of this country"
Financial Notes.
Westinghouse Electric (new common) was
active in Boston to-day, where it sold as
nigh as 27ss Recent purchases of the stock
IN this market were for Boston account.
Westinghouse Electric scrips was quoted
On Change at s7@s9 and Pittspurg and Mex
can Tin at 25 asked.
afternoon that Luster was worth either
nothing at all or it was worth $50 share,
which shows that even the supposed insid-
,rs know very little about the condition of
;he company and the status of affairs at the
mines.
good authority on Lead Trust says that
n his opinion the company has in cash and
n cash assets over and above bills payable
10 900, ,0OO insiders are said to be preparing |
or an early upward movement in the certi-
icates.
he past fiscal year was little more than
enough to pay the sugar bounties of the |
year, amounting to S7,S00,O0O There has
,een steady increase i'll the revenues of
he Governments from internal tax since
8S5. the revenue OF that year amounting to
Ill 400, 600, compared with $i5S 800 900 for the
,ast IL months.
Little attention has been called to the ex-
,iration of the voting trust OF the Pittsburg |
md Western. Its five years existence ex-
bred On tine lst and while the trust has been
n existence the road has been reorganized |
md made part of the through system of | ,
he Baltimore and Ohio. The exchange of |
he trust certificates for the regular stock
thrOnUh In # !