Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-06
SPECULATION ACTIVE.
More Doing in Oil, Grain and Stocks
on Pittsburg Account.
THE LOCAL LIST DULL BUT FIRM.
Electric Stocks Recover Slightly From
Tuesdays Weakness
LOCAL AND GENERAL FINANCIAL NEWS


LOCAL AND GENERAL FINANCIAL NEWS
WEDNESDAY,, Oct. g.
Speculation is increasing in volume-that
is, speculation on the part of Pittsburgers
Brokers who have long been identified with
the oil trade note a disposition on the part
of many of the old-timers to do little
something in petroleum certificates,
and for such account num-
Der of good buying orders have
been executed within the past day or 90.
Trading for Pittsburg account on the Chi
cago Board of Trade and the New York
Stock Exchange has also increased ma
terially of late, and the houses with East
crn aod Western connections have had no
reason to complain of dull times. The
buying of oil at the recent low
point has again demonstrated that the pub
lie believe the commodity cheap in the
neighborhood of 90 cents a barrel, and cur
rent inquiries and orders reflect faith in
high market. This afternoon on the local
of calling a round lot this year at 65 cents.
The general sentiment here on rne
New York stock market Is pull
fsh, but Notwithstanding the 1o,+ Low Low
is the most popular at the moment. Regard
ing the situation in Wall street a pretty
good authority says: "Crop news from ene
West improves Banks still act as though
they expect money to work tighter, but the
heads of important institutions say thae any
squeeze in rates can only be temporary.
Mrtes 'he that the rush.
ing up Of prices has been to greater or
less extent artificial has not escaped atten,
tion and as the interior distrlcts are sui
awing on the New York financial reservoir,
traders who look beyond the developments
of the day are inclined to ascribe some in
fluence to the workings of the money mar
ket. good trading market Is not unac,
ceptable to the street and the pubic ana
that is what at present seems to be In pros
pect,"
On the Local Board.
Trading was light at the regular calls to-
day and the market was generally feature
less. p, A. & NJ. traction P. & B. traction.
Philadelphia Company Underground Cable,
W estinghouse Electric second preferred,
Duquesne traction, Pittsburg traction and
Pleasant Valley railway figured in the bust
ness ON Change, but the total showed big
falling Off from the previous day.
p. A. & NJ traction sold at 40, closing at
44M145; P. & 3. traction opened at 261s sales,
weakene. to 25A sales after last board. and
the final s'curb' quotations we're 2554N25>s:
Duquesne traction sold at %, PittSburg trac-
ton at 49, Citizens traction at 63ss and l
share Pleasant Valley railway changed
hands at 25A.
Philadelphia Company sold moderately at
22sa, closing steady at 2214@22as, with 22ss bid
after the close. Peoples Natural Gas showed
another gain at 20 bid and the other men,
bers of the gas group were featureless.
Westinghouse Electric second preferred
was inclined to weakness early, in sympathy
with the Eastern markets for the stock, but
it firmed up ewhat toward the close,
md in n
the close at the latter point being at
S7A@Ss. The close on the New York Stock
Exchange was also considerably higher than
that OF tile previous dav. The first pre-
ferred closed here at $4,000 and at so
asked In Boston. The second preferred
closed u little irregular. and 1t is hard to say
With regard to the earnings of the
company and the price of the stock,
the United States I1uestor says: "Many
persons hnve been disposed to question the
large profits which the Westins house Com
pany, ior long time past, has been said to
be mnklng. We are informed, however, on
the authority of a person who is at tie head
of an electrical company, and VINO mas
ABUNDANT opportunities for scrutinlzing
competitive figures, that the Westinghouse
pany has "a handsome profit at tho
prices at present quoted in the electrical
business. AS to the price of the stock, how
ever, there can be little doubt that that is
largely the result of manipulation"
In the other industrials no public move
ment occurred, and beyond slight advance
in the price bid for United State Glass pre-
ferred there were no noteworthy changes in
Quotations.
The official close of the unlisted street rail-
way shares was as follows: p. A. & NJ. trac-
tion, 443I@45: Duquesne traction, 2S5s@29: p.
& 3. TRACTION. s5E926.
Profit in Street Railways.
The E. W. Clark syndicate, which has OBJ
tanned control of the street railways in
large number of towns about Boston, has
Of in
way properties, putting them on a paying
basis and then disposing of the stock and
bonds at good profit. At Rochester, N. Y,
they reduced the cost of operating the roads
from IS to A per cent of the gross earnings.
The per cent bonds are selling be
low par. The per cent bonds of the
Buffalo road are. sold at 971a, but
the bonds OF the Pittsburg and Birming ham
traction company have been sold at l03. On
the Ravenswood, Spencer and Gl enville
Rail way, extending from the Ohio river to
Spencer, W. Va, the syndicate issued $780,
900 o: per cent bonds wich are now sol d at
90. No doubt the bankers will make good
thing out of the New England roads. Stock
of the Columbus, O., railway, which few
months ago was OF no value, has been worked
Peoples Passenger Railway has been act
i've. The common stock. ex-dividend, COM
mands 50. Metropolitan traction is strong
around 49 and Philadelphia traction is firm
at 80. In exchanging Metropolitan stock II
shares OF new stock are given for 10 of the
old and the right to subscribe for one new
share at par is given.-Un States Inpestor.
The receipts OF the Columbus Street Rail-
way Company In September were $52, l43, as
compared with $43 060 in the same month in
1891, an increase OF 50, ,cSS equivalent to 2l per
cent. The receipts OF the Rochester Street
Railway Company, another street railway
corporation in which Philadelphia capital
lists are interested, were S662l3 in Septem-
ber, against $685. ,04S in the same month last
year, gain OF $40 -Phiiddei Stakeholder.
September were $Sl GAS, an increase of $23 562.
The total receipts of the Phfladelphia
Traction Company in September were much
larger than in August They were $399 $40,
as compared with $342 $50 In August, and
5000 BOG in August, 1891. The increase III the
company's receipts from January to August
81 was $l95.3l3, which, added to the increase
in September of $29 003 makes the gain for
the first nine months of the year 1924, 3l3.
Financiers Mystified.
NEW YORK, Oct 5.-The bankers and f1nan-
ciers of this city are in the rather peculiar
position of being unable to offer theory
which will account for a condition of one of
the great markets of the financial world
They declare it is an enigma that, while the
offerings of silver bullion have decreased,
the price has declined. Offerings to the
United States Treasury have steadily grown
less, and the price has gone down to
.S345 per ounce, instead of increasing ac-
cording to the old law of economics that
the less the supply the greater the price.
Sub-Treasurer of the United States Ellis
II. Roberts said to-day: "The course OF the
Nobody have talked with has theory sat-
is iactory to himself accounting for it. It