Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-12
A MUCH BETTER TONE
In Business Circles as the Result Of
the Scale Signing.
LOCAL STOCKS FAIRLY ACTIVE.
Union Switch and Signal Now Leading the
Upward Turn.
LOCAL AND GENERAL FINANCIAL NEWS

THURSDAY, Aug. IL
The signing of the iron wage scale was
the leading topic of discussion In financial
and commercial circles to-day. Bankers.
brokers, merchants and manufacturers so
far as talked with expressed themselves as
immensely satisfied with the action taken
last night and were unanimously Of the
opinion that general business would steadily
improve as one of the results Of the settle
ment of the differences that existed regard
ing the scale. 1t is not likely, however,
that there will be any immediate marked
change. 1t will come gradually.
What was most prominently lacking was
confidence. It cannot be restored in day.
1t is an element of slow growth, and, after
q season of unrest and apprehension, be-
comes strong and gen eral, as a rule, only
after being stimulated by succession OF
favorable developments. That they will
materfalize in due course seems probable
and, considering the condition OF eucn
powerful factors. as easy money and brigne
outlook for the agricultural interests, 1t ID
probable that less than an average number
will suf1ce. The business atmosphere is
certainly much clearer, and 1t Is reasonable
to expect gradual enlargement Of opera
tions in all lines OF trade.
Course of Local Securities.
Trading on Change to-day was rather bet
ter than yesterday. and in a general way
the tone showed Improvement. A slight re-
dictionary tendency developed in Philadel-
phia Company, and Duquesne Traction was
barely steady, but in all other respects the
list was strong to buoyant. Citizens Trac-
tion, Philadelphia Company, Pleasant Val
ley Railway, Westinghouse Electric now
common, Central Traction, P. & B. Trac-
tion, Union Switch and Signal and Duquesne
Traction bonds figured in the business, and
with the exception of Philadelphia Com
pany, which weakened under little pressure
to sell, evidently for Boston account, every
thing traded in either held its own or ad-
vanced a little. A small lot of Citizens
Traction sold at g. but again the closing
bid was fractionally below that price, and
Pleasant valley Railway was & little dn,d hrmer r
25H and closed in good demand at 25A.
Central Traction sold at 3d. closing at $3.50
80: Duquesne Traction IS sold at 1907,
26LQSh, closing strong at 261a@26sT.
There was not much of a disposition to trade
in Duquesne Traction, which closed express
% B. was Better ersGSs; sHan for some time @ past,
indicating that the decline was over,
to say the least Many seemed to
advance of more or less consequence, but SO
far as could be discovered the only basis for
the belief was a report that II. Sellers Mo-
Kee had again said it was going to 80. Pitts
functory sort of a way at 57@59. and Pitts
burg. Allegheny and Manchester was
neglected
Philadelphia Company sold at 81 at the
first call, at 2Os1@2l after the call and at 2osss
after the third call, the official close being
2015@20H. The Offering was from one source
was the case thy house with
It seemed to have nothing for sale below
205E The other gas shares we're strong.
Wheeling gained u at 1sH bid; Pipeage was
Gas was quietly inquired for, the inquiries
being accompanied by rumors Of q sale OF
100 shares at 2S late yesterday; 26 was bid for
Bridgewater and CHARTERS was offered at
Union Switch and Signal continued the up
ward movement begun yesterday, selling at
IN on Change and 17ss on the street and
after the close. The bidding at Hh came
from good sources and was generally for
round lots. Air Brake was strong and the
higher both here and in Boston. The re-
mainder of the list was featureless.
United States Glass.
There was no movement in United States
Glass and no disposition to trade in it, the
neglect shown it proving conclusively that
the dividends were discounted before their
declaration. 1t is good stock, however,
with promise OF being one of the best Of
the industrials, and while it may sag little
when the books close, it ought to be pur-
chase on any decline of consequence. The
company has apparently demonstrated its
ability to pay sper cent per annum on the
preferred and per cent on the common, the
greatest significance of which is that it
was demonstrated in the first year
of its organization. One of the di-
rectors of the company was quoted
to-day as saying that the common stock
would go to par within year.
Wheeling Gas.
Secretary Diehl, Of the Wheeling Natural
Gas Company, sta ed to-day in a positive
manner that there was nothing in the talk
about an early resumption Of dividend pay
ments by the company. "The strength of
to the upward drift Of the price of oil. as we
have the largest daily production of oil of
any OF the natural gas companies and the
largest and most valuable undrilled terri
tween $50 and 500 barrels. and all our pro-
ducing wells are in the Southwest Mcdonald
field, As rule the wells are small, but
they are steady producers. 1t is only
occasionally we have to urge we'll. We
shot the WOODS farm well yesterday and its
production increased from lot go barrels.
A few of the wells, notably the Kelso pro-
duced more oil in July than in June, and
that too, without being agitated. Wc have
q pretty good revenue, but we are spending
q good deal of money in field operations.
A summary of the statement made at the
close of the last quarter is appended:
Cash on hand as IS
Receipts. ~, 302 rs
Disbursements. IS, 1914 26
Cash balance. ...................."... 2S4s 81