Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-15
THE LOCAL LIST WEAK.
Probably in Sympathy With a Gen.
eral Decline in the East.
NO REAL STRONG POINT SHOWN
And the Declines Are Only for the Smallest
of Fractions.
LOCAL AND GENERAL FINANCIAL NEWS
MONDAY, Nov, IA.

More interest was manifested by thu
street in the course of the New York stocl
market to-day than in local securities
Plttsburgers are rather heavily engaged on
the long side of Manhattan and other
specialties that have been persistently
bulled for some time past, and it is well
known that some of the industrials an6
railroad shares are also carrying a good
deal of money from this section. When,
therefore, the market, after firm opening,
broke all along the line, the movement
naturally claimed the attention of all
interested to the detriInent of the local list.
Lead, Reading and Manhattan, three Pitts
| burg favorites were among the weakest, and
| they closed at about the lowest. Europe sur
prised people by buying about 5000 shares
| OF stocks at the opening, says ]. s. Bache &
Co.'S special to Oakley, and the bulls said
| they were going to twist the short interest
| to-day, but there was considerable stock
| for sale by smaller holders, and during the
afternoon the general market was dull all
through the list. The weakest stock was
again Reading. which declined on tremend-
ous transactions and closed near the lowest
OF the day. Mr.. Mcleod is undertaking too
much, and some people sold on the rumor
that miles and miles of cars loaded with
coal are on the side tracks waiting for a
market. The price of coal has been ad-
vanced to such figure that the consump-
ton has decreased to quite an extent, and
the combination which started out with
such hurrah is anything but a success.
We do not see how we can get a bull market
at present, and we advise our friends to sell
stocks on every rally.
The special market letter received by
Henry sprouI Co. sized up the situation ms
follows: "While the market responded this
morning to a moderate amount of London
buying and decided tendency to cover
short sales in the industrials, the latter part
of the day witnessed renewal of dullness
and hesitation followed by rather active
bear demonstrations. The latter movement
was. with every appearance OF justice,
theory of the attack seems to be
that the market is not ready for
an Improvement and tends to run into
liquidation. The endeavor of the bears is
to help the latter process along, bnt it
would seem that in doing so they are expos
ing themselves to the danger of overSelling
their market This was particularly the
case with Reading, which was the decided
feature. The assault on it was reinforced
by various disturbing stories, but it was
quite evident that the friends of the prop
erty were the purchasers ana the bears the
sellers. New England suffered somewhat
and the general list sold off in the move
ment, the resulting impression being that
the bears must make their position good"
A cabegram from London quotes the Lon
don Financial NetOS as saying it thinks that
the long expected boom in American rail-
way securities may come now at any hour.
The American spectators, it declares, have
not yet grasped the potential factor OF traffic
expansion that will be afforded by the
Chicago Columbian exhibition. There is
nothing extravagant in the estimate that
$3.50 100000 or foreign money will be left in
America as the harvest of the exhibition.
Americans will be literally burdened with
money seeking investment.
Thus we have three opinions-one con-
servatively bearish, one conservatively bull
ish and one decidedly bullish. They are
probably fair samples of the prevailing SEN
timent, and it would therefore seem from
their tenor that the chan ces favor the bull
contingent.
On the Local Board.
A little trading in Citizens traction, p. &
B. traction and Philadelphia Company on
Change to-day saved the market for local
securities from utter stagnation. and, while
there was also little trading off Change it
was not sufficient to change the character
of the market as established at the
regular calls. Citizens traction sold
at 80, closing at 6lA bid. P. & B. traction
was less buoyant than at the close of last
tionally lower, and Philadelphia Company
showed a tendency to weakness, with sales j
at 22@2lH and close at 2l1s@2s.
Luster Mining Company was quoted frac-
tionally higher; Duquesne traction was
fractionally lower; Union Switch and Signal
common also suffered a slight loss; United
states GlaSS common ana SWITCH ana signal
preferred were higher; Central traction and
Wheeling Gas were weak, and others were
Unlisted street railway securities closed as
follows: P. & B. traction. 243s@24115: P, A. 6
NJ. traction, 45A@44; do 5s, IO2s4 bid; Du-
quesne traction, 27H@2sA. After the close
100 shares P. & B. traction were offered at
24sss.
At the last call the following bond quota
tions were established: Allegheny Valley
railway, 7-3os, 1lG1a bid; Junction railroad IS,
III bid; Citizens traction 5s, LOG bid; Pitts |
burg traction 5s, 104 bid. |
Westinghouse Electric second preferred |
was offered at SSL ut the close, and Alle- |
gheny Valley railway preferred at 12H. |
Sales and Closing Quotations.
Transactions recorded on the Exchange |
sales board to-day were as follows: