Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-30
A MISSING BOOMLET.
The Activity Of Wednesday Succeeded
by Comparative Quietude.
SOME SHARES CONTINUE STRONG
and Some, Notably Electric Second Pre-
ferred. Sag Little.
LOCAL AND GENERAL FINANCIAL NEWS

stock market yesterday either collapsed en-
tirely after the close of business or was side
tracked for recuperation, as there was no
trace of it on Change to-day. Fair trading,
coupled with continued strength in some of
the leading shares, characterized the mar
ket, but the snap and eagerness of the pre-
vious day were conspicuous by their ab-
sence. Philadelphia Company and Pleas
ant Valley Railway showed little i'm
provement in tone and price, and Westing-
house Electric second preferred, Under
ground Cable and Switch and Signal exhib-
tied a reactionary tendency, but otherwise
no noteworthy changes were established.
Philadelphia Company, like all others, did
not cut so much of a figure in the trading
as on Wednesday. but it lead the demand
and closed at the top point of the day, which
was fractlonally above Wednesdays nnal
quotations. Nothing fresh came out on the
stock aside from little favorable gossip as
to the character of the forthcoming state
ment to stockholders which will reach them
saturday, and the movement may be con-
sidered as the result of the news and gossip
already published and disposition to dis
count a very good showing. The Stock has
reached a pretty good investment basis,
however, and 1t is possible that portion OF
the inquiry was for investment account.
Westinghouse Electric second preferred
was not traded in. There was little or no
local demand for it and the Eastern market
for the stock was weak and lower, the clos
ing bid on the New York Stock Exchange be-
ing 3S15 bid, against 3934 bid Wednesday. A
small lot of the first preferred sold at 5O1a at
the first call and the unassented was sus-
tanned at "a bid. The close of the second
preferred here was at 399391a.
Pleasant Valley railway was one of the
and Closing at 25I@25A under persistent
and general demanu. p, A. & NJ. traction
stood at 441@ bid at one time, but the best bid
at the last call was A. At these prices P: A.
4 NJ. is the cheapest stock, particularly since
it is good for a dividend next month. Speak
ing of the latter to-day an insider said: 1T
will 90 to par by the first of next April, and
possibly by the first OF next January. There
is no organized opposition to the aDsorp-
tion of the Pleasant Valley by the p,
A. & NJ, and the buying OF Pleasant Valley
may therefore be considered as an evidence
of iafth in p, A. & NJ, rs the more Z. V. one
holds the more p, A. & NJ. will be received
when the deal is finally concluded"
In the other fractions Citizens and Gem
tral were firm, though the closing bids
showed slight fractional declines. In Du-
quesne and P. & B., which are more or less
controlled by manipulation, there was no
trading and they were little less firm than
on the preceding days OF the week.
The Movements on Change.
The items traded in were Westinghouse
Electric scrip, Westinghouse Electric first
preferred, Luster Mining Company, Pleas
ant Valley Railway, P. & B. traction 5s Gen.
tral traction, Underground Cable, Philadel-
phia Company, Citizens traction, and LUIS.
ter Mining Company. Electric scrip sold at
s21Nz and closed at s2H bid; Elec;
way at 5015; Luster sold on call at s5s
and at 50 amer the close. Pleasant Valley
sold at 251a@253s. closing at 259ss@2574: p. & B,
at 20 closins at 2s3S@ssX: Underground
Cable sold at 773s, closing at 771s@7714; Phila-
dclphia Company sold at 22s4@2I5s, closing at
2234G227S: Citizens traction sold at 6sH, clos
Unlisted street railway securities closed
as follows: P. & B. traction, 254@26: do 5s,
1925 asked; Duquesne traction, 2szs9291s; do
5s, lol1a@l0ls4; p, A & NJ traction, a bio: do
At the last call 10s was bid for Allegheny
County Light Company IS, offered at 105.
Westinghouse Electric scrip closed at 921a
@95 per cent.
Allegheny Valley railway preferred was
offered at 10 at the last call. At the first call
IL was bid.
General Electric.
There are between $500 and $500 stock
holders of the General Electric Company.
the bulk of them OF record upon the Boston
transfer books and the majority preferred
shareholders, says a Boston paper. They
quite outnumber the spectators who are try
ing to bear the stock on the theory that DR..
Slemens and his German associates, having
declined to be bought off, will establish an
opposition electrical company in the United
States. These same bears appear to be
great bulls on Westinghouse stocks, and,
singular TO relate, they have been debating
upon the advantages of competition in the
electrical field. The logic of speculation is
sometimes peculiar.
The Reading Problem.
The great problem of the Reading still re-
mains to be solved, says the New York
Euening Pos, and its solution will make up
one of the most interesting financial expert
ments of the day. Is it possible that pro-
duction should continue at its present profit
able rate, in view of the coal markets gen.
eral condition? Readings own officers con-
cede that they have in stock and overhang-
ing the market an unprecedented quantity OF
mined coal; the trade advices are unanimous
in their story of thoroughly supplied re-
tailers. Certainly a situation OF this kind
must have one of two results-increase in
which could hardly accom-
pany higher prices, or ultimate decrease in
That the Reading interests
understand this was indicated by the re-
fusal of the coal sales agents to-day to put up
October prices, notwithstanding the many
previously given of such an ad
vance.
Financial Notes.
W. B. Lawrence, of Dick Bros. & Lawrence,
New York brokers. the correspondents Of
Sproul 6 Co., was in the city to-day.
Inere was q sale OF 70 SQareS GlllaQ0lplla
after the close at 22I
According to an afternoon paper the turn
ing into the main OF the Philadelphia Com
pany's Howe farm well No. / caused an in
crease in the pressure here to ~ pounds.
Chartered to-day: The Beaver Falls I'M
the GouIdsboro Ice Company, of Wayne
county, capital stock $4,000.
The American Fire Insurance Lloyds has
just been organized by Messrs. Beecher,
a. ~ No, VD,lr n,,a
business men of the United States have
made individual deposits of $5,OOO creating
an initial fund of $500, QUO, which has been |
deposited in trust companies and banks for !
the protection of policy holders.
A General Electric man says "the facilf- |
ties of the Westinghouse Company must be
tremendous, as it now finds profit accord
ing to the newspapers-of 100000 in its
1899 600 Worlds Fair contract" The General |
Electric man is sarcastic, but he should con- |
slider that the Westinghouse people will be
g BILE to sell the Worlds Fair electric machin- |
cry and supplies for good round sum of |
money after the Fair is over.
Official notice has been given that the |
Nickel Plate will not meet the So round trip |
rate between Chicago and Buffalo made by |
its competitors to punish it for making a !
81 80 rate Tor the National Convention of |
Real Estate Dealers. The Nickel Plate does |
not dare to make a lower rate than $5, and |
it knows that at equal rates it cannot COM |
pete with the Michigan Central and Lake
Shore.
-Ine Stato1neHb OI Tue Cnlchgo, NIL w aukee |
and St. Paul road Tor the month of August |
shows gross earnings to the amount of S. |
760, OIL, an increase as compared with the !
month last year OF $393. .0O5 |
The net earnings were $3.50, ,s62, an increase
OF sl75,9es.
The Rdfl,ooy and Northwest Railrodder in its
forthcoming issue will say: Our returns |
show that during the nine months from JAN |
uary ! to September 8 there have been $3.50 |
miles OF main track laid on 200 different lines |
in the United States, while large amount |
of grading has been done on which the rails |