Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-08
PHILLIE DOWN AGAIN.
The Stock Declines Close to Twenty
and Closes Rather Heavy.
DUQUEsNE A LITTLE STRONGER,
And ?. & B. Continues to Show q Dis
position to DroOp.
NO OTHER CHANGES OF CONSEQUENCE
WEDNESDAY, Dec.


Another downward turn in Philadelphia
Company was the big feature of the loca
stock market to-day. The stock opened of
at 20ss sales. and under continued pressure
to sell by Morris & Brown it declined tt
2OH sales and closed looking rather weak al
20@20Z, withan offer to sell at 2OI BY the
same firm after call At the noon call
when the stock was offering at 2O1<, w. L
Muslin, of George B. Hill & Co.,
bid 20 for 500 shares, which prob
ably had the effect of steadying the
Market as thereafter it was noticeable
that those on the selling side showed dis
position to keep above the 20-mark in theil
offers to sell. ~ am unable to offer any ex
planation of the weakness OF the stock,
said MI. Muslin. after Change, excepting
that 1t was forced on an unwilling market
Evidently considerable of the selling was
for Eastern account but whether It wa:
short selling. or the hammering Of sold out
bulls is hard to say. II Eastern holders
really desired to get rid of their holdings,
they chose an inopportune time to DO So
as they knew, or should have known, that
the market here was not good one
to sell on. Their representatives, also,
would undoubtedly have accepted my bid
of 90 for 500 shares, which was only Il away
from their offer at the time" Such would
seem to be the case, as sellers usually do not
stop for a paltry fraction when determined
to sell, particularly when an opportunity to
market a block of 500 shares presents itself.
Looking at it in this light, the inference is
that the selling was for account of sold-out
bulls, who did not care to lose any more
stock than necessary to conserve their ends.
Another theory was that the operations
were were for the account Of eliqgs gs
followed the market Gown to 1885, at which
point they covered a few of their lines, and
then commenced to put out fresh ones on
the reaction to 81 And still another theory
suggested that the selling was due TO firm
money in the East; but Boston was reported
as doing nothing whatever in the stock, and
that was the only point in the East where
money ruled at all tight. The only gossip
current was to the effect that a recent series
of tests had demonstrated that the pressure
in the company's mains had declined
somewhat. and it was suggested, also.
that this was responsible for the
selling. The gossip was not confirmed, and
it was probably not the influential factor,
as, If it had been, the selling would have
been general instead of being confined to
some time past, had all the earmarks of
speculation pure and simple. Various
developments and conditions have made
the stock more of q gamble this fall than
ever, and 1t is likely to continue tc be a
favorite with the spectators until its in
vestment character becomes more pro-
nounced and more generally recognized.
There were no other movements worthy
of extended comment. DuQuesne traction
was stronger at 263< sales and bid; Peoples
Pipeage sold at l5A and NJ. & NJ. National
mining shares were steady to firm, and 9TH
ers were unchanged
La Noria Mining Company was higher at
16@20c, but the demand was narrow and
like strength OF the stock it was said that
the Motolina people having gone to the end
of their string and surrendered the
plant to the La Noria company, a
GI-nhirQfa rNrnnnSad a
Noria stock, secure con troll of the plant.
pay off the indebtedness and take up the
drills, picks, shovels and wheelbarrows
where the Motolina people laid them down.
Where the working capital and the money
to discharge the Indebtedness is to come
from was not stated.
The unlisted street railway securities
closed as follows: Duquesne traction, 1870
27: do IS. 100 and interest asked; p. & B. trac-
tion, 2335@A1<; do 5s, 100 asked; T. A. & NJ.
traction, A asked.
Electric second preferred were offered at
35%, and 100 shares first preferred at 81; 23I
was bid for p. & B. traction.
Financial Notes.
The buyers of Phillie to-day were Hill &
Co., j. j. Campbell, Lawrence & Co. and j.
S. McKelvy.
Kuhn Bros. sold Duquesne traction to j.
B. Barbour, Jr.
whitney & Stephenson bought Pipeage
from II. NJ. Long and sold M. & NJ. National
Bank to Sproul & Co.
& NJ. National Bank at 175. A sale or Free
hold Bank was also reported at 107, the high
est point ever touched, and one of Second
National Bank at 2S0 1t is SAID that during
the last six months the latter banks earn
ings have been al the rate of Al per cent per
annum.
A charter was granted to-day to the West
End Electric Light Company, of Pittsburg,
Pfttqbnro Twin
south of the Ohio and Monongahela rivers
and west of the Pittsburg and Castle Shan
non Incline; capital, 5000 The incorpora-
tors are Evan Jones, T. P. Hersh berger, W.
C. Gundelfinger, James Fox and A. C. Robert
son.
The directors of the Pittsburg, Allegheny
and Manchester Traction Company held
another meeting to-day, presumably to con-
slider the closing details OF the Northside
deal, but, as usual, nothing was DONE"
General Alger, President of the Detroit,
will pay the interest on its bonds,
the statemeut by Drexel,
Pleasant Valley consolidated 5s are quoted
1t 10214 bid.
j. s. Bache & Co. to Oakley & Co.: About 1
o'clock it became known that Senator Hill
had introduced q bill in the Senate for the
repeal oil the Sherman law of 1885, and On
his the traders bid up prices, and made
some of the shorts cover. Still there are a
yreat many people who say that it is impos-
,ible to repeal this measure, and this will
be the most important factor in
speculation for some time to come. 1t is
more important by far than all the railroad
as it is a foregone conclusion that
iness someth ing is done to stop the
coinage of silver within the next year, gold
will probably be sought after and a premium
nay be paid on it.
The Cleveland and Pittsburg Railroad asks
'ealed proposals for the sale to the sinking
und OF S33, 900 OF its general mortgage bonds
u not exceeding par and accrued interest.
A membership in the New York Consoli-
lated Stock and Petroleum Exchange, all
paid, sold at $3.50 at auction yes
erday.
1t is wise recommendation the President
gain makes that Congress should legislate
or the protection OF railroad employees
Ieainst the dangers incident to the old and
inadequate methods of braking and coupling
which are still in use upon freight trains,
md the recommendation ought to be q
pretty good bull care on Westinghouse Air
,rake.
The Treasury Department. to-day pur-
chased T74,000 ounces OF silver at $0.S3200
$500.
MONETARY.
Discount rates continue to be quoted at
as per cent, but the market is not quite as