Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-13
SWITCH AND SIGNAL
Continues to Boom and the General
List to Look Strong.
A GAIN IN PLEASANT VALLEY.
Westinghouse Electric Second Preferred
Active and Buoyant
LOCAL AND GENERAL FINANCIAL NEWS


FRIDAY, August IL.
The local stock market was not very
broad to-day, trading being confined to
Duquesne Traction, Union Switch and Sig
nal, Philadelphia Company, Pleasant Val
ley Railway and Westinghouse Electric
second preferred; but it was interesting,
nevertheless, and what it lacked in
breadth it made up in strength. The
leader of the market, in point of strength
at least, was Union Switch and Signal. The
demand for it, which was strong and gen.
eral Thursday, increased over night to such
an extent that active skirmishing for
it was INDUCED in all day long,
both on and of Change, the result
OF the days operations being an ad-
vance to sales at ls15 on rather light trans
actions-a gain of a full point over the pre-
vious close-and strong finish ut 1sss0lsss.
with sales after the close at 1Sa The pecul-
iarity of the movement in the stock Is, that
while the demand 10 of a character calcu-
lated to encourage buying operations, 1t Is
accompanied by very little bull TALK. In
deed about all one hears relative to the COM
pany's condition and prospects is Of bear
ish nature. 1t is admitted that the works at
and that some large orders are in hand and
sight; but for all that the opinion Is gener.
ally entertained that the company Is head
over heels in debt and is making very
little money. OF course there. are some
bulls. and, while they are in a very decided
minority. they seem to have the best of it
for the time being. Anyway someone Is
buying the stock, either for turn or be-
cause it is regarded as likely to go up and
stay up on it merits. On the last rise, how.
ever, a goodly number were left chung up"
between 10 and 20 and If they get the oppor-
will likely improve it.
The movement in Switch and Signal was
the only really important one on Change
with respect to change in prices. All the
others traded in with one exception were
strong, however, and some OF them closed
on fractional gains. The exception was
DuQuesne Traction, which sold at 2eA and
closed offered at the same price. Philadeiphia
Company sold at 20H and closed at 20ss@20I.
with the demand rather better than during
the previous day and the offerings less lib
eral particularly from sources with Boston
affiliations. Several hundred shares were
wanted during the closing moments None
OF the other members of the gas group
strong at 18@l97s: Pipeage was quoted at ~
@l5h, with rather more of disposition to
sell than has prevailed of late. Manufact-
was ibs ana was
In the street railway shares Pleasant VAL
ley was the only one that figured in the
transactions besides DuQueSno, the course
Of the latter being noted above: Pleasant
Valley was higher, selling at 25s4, closing at
25% bid, the most significant thing about 1t
being that it was taken by insiders, who for
TO have it drop back to par. Central Trac-
tion was not quite so strong. T. q B. Trac-
tion appeared to De on the eve of recovering
some of the recent decline Citizens was
firm at 6lA@621S and the o hers were feature
less being all but entirely neglected.
Airbrake maintained its position at 129H
bid, and Standard Underground Cable and
United States Glass common showed ten
dency in the direction Of improvement.
Luster was easier.
A point of strength and activity was West
inshouse Electric second preferred: hereto
active demsnd here and sold up to 30, clos
ing at $4,000, the same as in Boston.
A Bull Rumor on PhilIie.
rumor was current on the street to-day
that tho Philadelphia Company and Car
negie, Phipps & Co. had compromised their
suits at law, the iron company agreeing to
pay s4O0, 900 Of the disputed accounts" item
and the gas company agreeing to furnish
the. firms mills with gas at reason
able rates: This, it was claimed by
some of the street people. was re-
sponsible for the recent advance in Philadel-
phia Company. and gave some color to the
picking up tho stock. Manager Brown.
however, denies any knowledge OF any
basis for the rumor, and gentleman close
to the Carnegie interests also says that SO
far as he knows the rumor is utterly with
out foundation. A compromise on the basis
named would be very Dullish card, as 1t
would mean nearly years dividends at
the rate o. 6per cent, independent of earn.
lnys during that period, and large increase
In the company's revenue.
Pittsburg and Castle Shannon.
One of the features of the day was some
pretty active hustling for PittsDurg and
Castle Shannon Railroad stock by several
brokers', They made quiet but thorough
canvass, yet without success, notwtthstand-
ing they bid $40 per share, buyer 80 days.
The highest bid ever made on the Exchange
was N. and lately the bidding dropped to 6,
which price was bid just before the close to-
day. The brokers who were cunning for |
the stock professed Ignorance of what
was up, while admitting that there |
was very evidently something in the wind |
to stir up such a demand as that noted. |
Some time ago there was talk of reconstruct |
ing the road to use electricity as the motive |
power, but there was some opposition to the |
scheme, and it may be that something of |
that those who favor the idea are endeayor. |
ing to pick up stock enough to enable them |
to put it into execution. Something enc
tirely different may be responsible for the |
order.
A Revival Seems Probable.
The clouds that have so long obscured the |
sun of prosperity from the vision of the oil |
producers and speculators seem to be break
ing away. The Standard Oil Company has,
to a story printed elsewhere in
this issue, completed an agreement with the |
capitalists controlling the Russian oil bust
ness which will, it is believed, bring about
nigh-priced oil, increased production
Ind something OF revival in
speculation in petroleum certificates
The story Is Is. full. full - Of -. promise,
rade, which have been rising somewhat of
ate, have been raised to q very high pitch.
Speaking of the basis for the story this after
noon ONE of the old-timers said: 81 would
not be surprised If we had something like an
old-tashioned market before long. II the
,urmises regarding the agreement, and the
agreement and the Standard coming to the
market, are correct we certainly will. The
). o. C. used to mako big money when specu-
alton was active, and they can do 1t again.
sasiiy. curtailment OF the Russian pro-
Inc oregn oil trade woad the
IN a position where 1t need not have such
Tread OF high-priced oil. Higher prices for
oil would stimulate production, and such
fields as Sistersville, where high prices are
essential to profits on producing, would be
worked industriously and production in |
creased. Increased production would give
speculation a chance, and the Standard
,ther charges. II representatives OF the
Standard are to be placed on the exchanges
lgain, as stated, an active market Will Ger. |
ainly be witnessed.
Financial Notes.
Unlisted street railwa securities closed az
ollows: Duquesne Traction, 29@2sA; F.
r Traction 26I/M26A