Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-11
MOST STOCKS STRONG.
Union Switch and Signal Joins the
Upward Movement.
GAS SHARES LEAD IN BUOYANCY.
P. & B. Weak and Duquesne Shows Reac-
tionary Tendency.
LOCAL AND GENERAL FINANCIAL NEWS

| WEDNESDAY, Aug 10.
There was fair trading in local securities
on Change to-day, and, with the exceptions
of weakness in P. & B. Traction and a
slight reactionary tendency in Duquesne
Traction, the active shares continued to
tend upward. P. & B. Traction, Wheeling
Gas, Philadelphia Company, Peoples
Pipeage, Duquesne Traction stock and bonds
sad Union Switch and Signal were the
items traded in, and all but the exceptions
mentioned scored more or less significant
gains. The only really weak spot was P. &
B., which sold at 26H and closed on an
offer to trade either way at 26H. The
stock is only being pressed for sale
| from one source, however, and there IS not,
| apparently, much of it for sale; but there is
no support, which makes it an easy matter
| to put the stock down. Duquesne Traction
was rather freely offered at 29I, but, as in
the case OF P. & B., the offerings came from
| one source There was also lack Of sup
| port after few lots had been absorbed and
| the close was rather unsteady ut 265s@26A.
The stock was not regarded as weak. The
reaction was looked upon as a natural one.
and the general opinion seemed to be that
| a speedy recovery would ensue. In the
other fractions little change occurred.
Central and Pleasant Valley were
the latter being comparatively ac-
tive. 1t was said the deal for the absorp-
tion of the road by the Pittsburg, Allegheny
and Manchester was being discussed in one
of the downtown offices by those who have
been engineering it ever since its inception,
with prospect of something definite being
arrived at. No one seemed to know the
place of meeting, however, and those who
are popularity supposed to know all that Is
going on with respect to the deal appeared
to be afflicted with tetanus when approached
on the matter.
The gas shares were higher. Philadelphia
Company sold up to 2ll at the third call, at
whish point listle more stock was o offered, sao
closed at 2lH@2lA, with the demand,
strangely enough. reported quite as good as
ever. Peoples Ptpeage was higher at ~
sales and a close at 14s4@l6 and Wheeling
Gas moved up to 10 sales and bid under
pretty general inquiry. The strength of the
latter was ascribed to the advancing ten
dency OF oil and the prospects of resump-
tfon of dividend payments this fall. There
was a good deal OF quiet looking around for
the stock on the street, where Is, 1t is said,
was freely bid. Every advance in oil favor
ably affects the gas companies owning pro-
ducing oil territory. and as the Wheeling
owns more valuable oil territory than any
other it responds most readily to the ad-
Union Switch and Signal joined the up
ward movement, selling up to II and closing
at Tbid. The bidding was rather eager and
came partly from sources that have always
looked at the stock through bearish specta-
cles. which added significance to it. So far
as could be learned. there was nothing new
late demand for the stock, but
It certainly looked at the close as
if it was going higher. Airbrake i'm
noteworthy movements Of the day. The
market closed with all the strong stocks
looking GOOD for further advances, with the
possible exception o. Philadelphia Company,
and the weak ones looking as il they might
60 lower.
United States Glass.
At the meeting of the Board of Directors
of the United States Glass Company this aft
ernoon a dividend of 4 per cent was de-
clared on the preferred stock and one of
of the past six months. both payable Sep |
tember L The transfer books will be closed |
from August 81 to 81. both inclusive. This |
DIVIDEND % M % on G Glass and expiains % in part Il the
from 65 to ny There was undoubtedly some |
o RSe s
be held next Wednesday, however, and it |
remains to lie seen how much there is in the |
stories that have been current for some time |
of discord among the officers and in the |
board. The declaration of the dividends, as |
noted, which were about what WAS expected, |
q |
condition of affairs. 1t Is hinred however. |
that the voting at next Wednesdays meet |
ing will result in the election OF some new |
members to the directory.
A Little Life in OIL.
Speculation in petroleum certificates
shows signs of return ming to life again.
Trading on the local floor to-day was fair,
comparatively speaking, and evidence was
furnished showing that the accounts of the |
faithful are being steadily augmented. The
upward turn of prices is awakening inter-
est, not only among the producing classes,
but among the spectators as well. There
building of the independent pipe
lines is responsible Tor the reviving
tendency, the argument being that the
market lor the purpose of encompassing the
destruction of its rivals on the same old
plan. If the independent lines do not sell
three buyers for their production instead of
one, prices will go up. production will be in
creased and the speculative end of the busi-
ness will have show.
New Chicago Banks.
Chicago's banking capital is soon to re-
ceive considerable accessions The Bank.
ers' National Bank will start business in
few days and a new bank in the Unity build
ing is being organized, to be known as the
Market National, which will be ready for
fall business. This bank will also have
81, 900 capital. Established banks, Of
course, do not look with favor upon new
says the 1riba,nr, and they find
a good many reasons why new banking in
seitutiors cannot make great success, but
in spite OF that promoters are finding it easy
work floating bank stock. Tho statement OF
the State banks, in answer to tho last call of
the State Auditor, has just been COM
piled, and 1t shows some remarkable
with the condition a year
ago. 1t is interesting to go still
further with that comparison, and unite the
totals from the reports of both National and
State banks, and compare them with the
totals of year ago. Exact correspondence |
Of dates in the comparison is not possible
because the calls for statements OF the Ma |
tional and Stale banks were made on differ
ent dates and at irregular intervals. But
taking the statement for the date nearest |
the present period for 1891 and 1890, most |
remarkable increase in totals will be noted
The aggregate capital has increased from |
~ $50 900 in 1895. to $S4 900 this year. The
in the capital or the National banks
has been rather larger than in the case of
the STATE banks. There has been an enorm-
ous increase in all the principal items. The |
2 hi 1ol,.. St.x |