Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-26
ACTIVE AND STRONG.
westinghouse Electric Continues to
Lead the List Upward.
ONLY A FEW SHARES HESITATE
To Follow the Leader and None Show
Anything Like Weakness
FRESH GOSSIP ON THE HESS WE'LL

FRESH GOSSIP ON THE HESS WE'LL
THURSDAY, Aug. %.
Activity and advancing values continue
to be the chief features of the market for
local securities. Trading was active to-day
in the stocks that have been advancing of
late, and only Philadelphia Company failed
to score a gain over the closing figures of
the previous day. At one time the latter
looked as if 1t was about to recover the loss
sustained by yesterdays reaction, but too
settled at about Wednesdays final quota
tions In all the other gassers firm tone
was apparent, and in Electric and Switch
and Signal further gains were established,
that In the former being little short
of sensational. Underground Cable was
stronger. but the demand was not quite so
forceful. Street railway shares cut quite a
figure in the market. A little effort was
made to bull P. & B. Traction, but it was too
freely offered by a house that everyone
knew could unload barrels Of it, if SO dis
posed, to encourage much buying, and it
closed barely steady fraction below the
best price Of the day. Pleasant Valley was
moderately active, but 1t. too. closed below
p, A. + N. Traction. but the others
were more or less neglected. Du-
quesne Traction failing to secure
mention until just after the last call, when
bid.
Nothing but bull talk was heard all day,
and higher prices were predicted for nearly
everything. In such times the wise man
will go slow and keep sharp lookout for re-
actions. The advances in some of the shares
have undoubtedly been manipulated to
certain extent. Prices have gone up too
rapidly and are sure to have sharp break.
buy for further rise
Course Of tho Market.
Trading on Change to-day covered Switch
and Signal, Electric second preferred, Phila-
delphia Company, Pleasant Valley Railway,
P. & B. Traction, p, A. & NJ. Traction ana
Peoples Pipeage Union Switch and Signal
was stronger and higher at ls1s@1sA sales
and close at ls1@lssa with trading mod
crate. Philadelphia Company was active
from % up to 23A and back to %, with the
close at 221S@23LS Pleasant Valley Railway
sold at 251@25Ix, closing fractionally be-
low these figures. Westinghouse Electric
second preferred opened up at s7h sales.
moved up to 3s sales at the second
call to 3s11 bid at the third. sold at $50 after
the close. and the final quotations were $50
3sL. The East controlled the market. Prices,
however. did not get as high here as. as in Bos-
Boston close was but little better than our
own. P. & B. Traction was we'll taken at
26M until near the close, when support was
lacking and barely steady close was made
at 26ss@2e1f. p, A. & M. Traction sold at
~ and Ptpeage at l61S.
There was no fresh gossip of consequence
affecting anything on the list. The directors
of the Pittsburg and Birmingham Traction
held their regular meeting, but it was said
that nothing but routine business was trans
acted, which is equivalent to saying that no
action was taken on the dividend matter.
In the shares that did not figure in the
trading, Underground Cable and Airbrake:
CHARTERS Valley Gas maintained its ad-
vaneed position under 3 fair demand, and
pany and Wheeling Gas were somewhat
frnier in sympathy with the general list
The market as a whole was. active and
strong. closing at the best excepting in
Philadelphia Company and P. & B. Traction.
Electric second preferred did not close at
the top, but its net gain for the day was a
large one.
Philadelphia Company.
T notice THE DISPATCH is inclined to be
little conservative on Philadelphia Com
this morning. "That may be all right. was
q bear once myself, but conditions have
changed. do not believe the Philadelphia.
Company is going to be short OF gas this fall
and winter. Notwithstanding they.wil sup
tablis6ments TAI than they " did last "Vs winter. T I
pin my faith in the Pinhook field.
1 live In Oakmont borough. Last
summer, that is the summer of 1891, the
pressure in the borough main averaged two
ounces. After the striking of the Hess well
the pressure ran up to 70 pounds. A regula-
tor was put in just outside the borough
pounds in the borough. On the other side
of the regulator the pressure Is still 70
pounds. Superintendent Miller tells me the
Hess well has more than doubled in pressure
if or ND
how big a well it is. 1t was tested the other
day and showed pressure Of 2e2
pounds in ten seconds 1T Think Of
rst class ws What % ~oPS pHpaas shs
Haas well show if it was tested minute.
When the guage was put on and it showed a
pressure OF a62 pounds in ton seconds Mr.
fatal results. The main into which the well
empties itself is not big enough to carry the
gas of, Notwithstanding it supplies Parnas-
Oaimont and Verona, and ia good portion oi
the East End. Fully 10 per cent of
the gas is wasted at the we'll,
to take Rs care of it. Il is the not
well ever struck. The Pinhook field Is the
greatest field ever struck, and the Phila-
telphia Company owns and controls the
from q bear to a bull on Philadelphia Com
pany."
Unlisted street railway securities closed as
p, A & NJ. Traction, 441s@441; P. &
b. Traction, 26ss@261S; do 5s, l0lss bid; Du-
luesne Traction, 1914 asked.
Westinghouse Electric scrip closed at 90@ |
,5. If the scrip is not worth par the second |
preferred is not worth 10 cents.
H. NJ. Long bought $50 shares Pleasant VAL |
ey Railway at 2515 and 80 shares Union
switch and Signal at 1871.
The natural gas lines were completed and |
fires lighted In the great Chambers Glass |
W Works at Kensington this morning. 1t will |
take about ten days time to dry out the fut- |
NJ ces and IepeneratOrS to get them Workfnr |