Source:Local-stock-market-1896-12-11
"The local stock market: Conservatism prevails, but there was a fair amount of trading: General tone was steady: Broadening tendency manifested on the last call: Monongahela water is higher." Pittsburg Post, Dec. 11, 1896, p. 9. Newspapers.com 86485612.
THURSDAY, Dec. 10.
Conservatism was not unusually pronounced on the local board, but there was a sufficient amount of it to-day to hold transactions down to small proportions. Buyers and sellers have orders and are able to get within fractions of each other, but seldom are able to make concessions that mean trades. The tone of the market was steady and inclined to firmness and strength.
On the first call Philadelphia gas was sold at 17⅛, a slight gain as compared with the bid yesterday. For Peoples pipeage 14 was bid, and Allegheny heating was firm at 116 bid, the declaration of the usual dividend having no effect upon the latter. Monongahela water was firm and one transaction was made at 29. The asking price was higher today than yesterday and a higher bid was made.
But one transaction was made on the noon call, Duquesne traction 5s selling at 104, a considerable advance over the last previous transaction on 'change. For another of these bonds 103⅞ was bid. Pittsburg Junction first mortgage 6s advanced to 120 bid. For Second avenue traction bonds 102½ was bid, 103½ being asked. The other bonds mentioned were quoted as usual. After the close of the call 200 shares of Monongahela water was sold at 29.
On the last call the market displayed a broadening tendency and the trading was moderately active for a brief period. Citizens traction sold in a small way at 54⅞, a concession as against the asking price. Pittsburg plate glass common sold at 68, and Standard underground cable at 105. The last previous sale of Cable was at 106, but the transaction was a small one.
Air Brake was higher and firm at 175 bid, but no offerings were brought out. There was a disposition manifested to trade in Pleasant Valley, but concessions could not be obtained that would bring buyers and sellers to a trading basis. In the railroad group Allegheny Valley preferred was offered lower at 7⅞ without bringing out any bids, and the other active members of the group were quoted as usual.
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Robert Lindblom wires J. P. Beal as follows: We have private personal information from a party who is making a tour of Europe that the markets there are stronger than anticipated. Northwest advices to-day say wheat receipts will show a decided falling off next week, but the news from there is a little conflicting. Their cash market is less active and buyers are indifferent, low grades being hard to dispose of. The flour trade in the northwest is better than usual. Our market was decidedly weak for a while this morning, but it looked as if it was depressed for the purpose of buying, and we are sure that several prominent traders who took profits on the late bulge are large buyers. The legitimate situation is certainly strong; we have had a 7-cent break; the bears are getting aggressive; prophets are talking [82?] cents for May wheat. All things considered we prefer to buy wheat at these prices. There is too much company on the bear side.
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It is announced that the $650,000 of Baltimore & Ohio receivers' certificates to be issued for the improvement of the Pittsburg & Connellsville railroad are practically all sold at par to Baltimore financial institutions. Receivers Cowen and Murray will distribute the certificates to the purchasers about January 1. Under the order of the court these certificates are to be primarily an obligation of the receivers and secondarily a lien on the property of the Pittsburg & Connellsville railroad. They are not to be a lien on the income or earnings of the Baltimore & Ohio railroad. The certificates are to bear interest at 5 per cent and are to run three years, with the option of redeeming them at any interest date. Certificates authorized to pay Belt line debts have been accepted by the creditors. Of this issue $391,000 is to pay for the electric plant and electric traction system, including the three electric locomotives; $465,000 is to pay the indebtedness of the Maryland construction company, which built the Belt railroad. Not more than $100,000 is to be used in making the contemplated improvements at Camden station. The total amount authorized is $956,000. The certificates are dated December 1, 1896, and are payable in three years, but are to be redeemable June 1, 1897, or any interest day thereafter.
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By private wire to John D. Armstrong Co.: Wheat was weak most of the day and yet it was irregular within a range of 1¼c, finally closing a shade under Wednesday. There were moderate deliveries this morning and the December price felt them. At one moment it was 4c discount. The crowd bore in mind all the time that the government report was due to-day and it would probably show a high condition and a comparatively large area. Northwestern receipts showed considerable increase over recent figures, 628 cars against 355 cars last week and 801 a year ago. Clearances were not so large, 309,000 bushels.
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Ladenburg, Thalmann & Co. wired Whitney & Stevenson: There are no incidents of special importance to record in connection with to-day's stock transactions. One of the developments in the market was the sale of Long Island stock at a considerable decline, which may be referred to the death of Mr. Corbin, who for years had conducted the company as a one-man affair. Well advised people at Washington do not attach any importance to the rumors about a Union Pacific funding bill. It is pointed out that while such a measure might pass the house its case would be a hopeless one in the senate. Washington advices later in the day bore upon the improbability of action by the senate on many important subjects and the consequent increase in the likelihood of an extra session after March 4. At the close the tone of the market was weak and professional selling was discernible in various directions.
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J. L. Penny has applied for membership in the stock exchange.
Blocks of 10 and 20 shares of Citizens traction were offered at 55.
Twenty-five shares of Switch and Signal common were offered at 21½.
For a 400-share lot of Consolidated traction common 8⅜@8½ was asked.
At New York $10,000 Pennsylvania first guaranteed 4½s, coupon, were sold at 111¾.
For 10 shares Cable 105½ was bid and 25 shares of Birmingham traction were offered at 16.
A block of 200 shares of Monongahela water was offered at 29, and 28⅞ was bid for 100 shares.
Ten shares of United States glass common were offered at 14, and 13½ was bid for a like amount.
To-day's statement of the condition of the treasury shows: Available cash balance, $225,976,442; gold reserve, $133,096,990.
A mortgage for $300,000 was made by the Brownsville Avenue street railway company to the Fidelity title and trust company as trustee.
Comptroller Eckles will address the first annual convention of the Pennsylvania bankers' association, which will be held in this city next week.
Citizens street railroad, of Indianapolis, which lately has displayed an advancing tendency was sold yesterday on the Philadelphia exchange at 21, a slight gain.
A bid of 103⅞ was made on one Duquesne traction bond, and two Birmingham traction bonds were offered at 95¼. Manchester traction 5s were firmer at 105 bid.
W. & L. E. earnings for the first week in December, as compared with the corresponding time in 1895, show a falling off of $5,100; falling off from July 1 to November 30, $93,286.
The Allegheny heating company has declared a quarterly dividend of 3 per cent, payable January 9, and the Union switch and signal company has declared a quarterly dividend of 1½ per cent.
A special meeting of the stockholders of the Pittsburg and Mexico tin company will be held at No. 543 Grant street on December 17, at 3:30 p. m., to consider the financial affairs of the company.
The new State Bank of Pittsburg, 4740 Liberty avenue, will open its doors for its inaugural reception next Saturday afternoon. The house will be formally open for business the following Tuesday. W. E. McCarthy is president; J. S. Espy, vice, and J. B. Negley, cashier.
Josephs wired: St. Paul's earnings, showing a loss of $113,725 for the first week of December, are neither better nor worse than expected. The effect on the stock is not likely to exceed half a point. Buy some General Electric and you will surely make some money. Sell Sugar on quick rallies just for a turn. Keep long of Manhattan and Western Union and buy a little Missouri Pacific.
The closing bids and offers were as follows:
| Bid. | Ask. | |
|---|---|---|
| Arsenal B'k | . . . | 95 |
| All'y Nat. | . . . | 62 |
| Citizens N. | 60¼ | . . . |
| Col. Nat. | 150 | . . . |
| Diamond N. | 250 | . . . |
| Freehold | 135 | . . . |
| Ger. S. & D. | 160 | . . . |
| Keystone | 95 | . . . |
| M. & M. Nat. | 76½ | . . . |
| Met. Nat. | 120 | . . . |
| P. N. B. C. | 280 | . . . |
| Third Nat. | 127½ | . . . |
| Fidel. Title | 154 | . . . |
| Mer. Trust | 115 | . . . |
| Pa. T. & T. | 93 | . . . |
| Union Tr. | 135 | . . . |
| All'y H. Co. | 116 | . . . |
| P.N.G. & P. | 14 | . . . |
| Penn. Gas | . . . | 6½ |
| Phila. Co. | 17 | 18 |
| H'lwood Oil | . . . | 40 |
| A. V. pref. | . . . | 7⅞ |
| P., Y. & A.R. | 45 | . . . |
| P., McK. & Y. R. R. | 60 | . . . |
| P., V. & C.R. | 47 | . . . |
| Cit. Trac. | . . . | 55 |
| P. V. Trac. | 21 | 21¼ |
| W. E. Trac. | 45 | . . . |
| Bir. Trac. | 15¾ | 16 |
| Con. Trac. | 8 | 8⅜ |
| S. A. Trac. | . . . | 12¾ |
| Mon. Water | 28⅞ | 29⅛ |
| Pa. W. com. | 15 | . . . |
| do. pref. | 45 | . . . |
| S. U. Cable | 105 | 106½ |
| U. S. & S. | 20 | . . . |
| do. pref. | . . . | 48 |
| W. A. B. Co. | 175 | . . . |
| P. P. G. Co. | 68 | 70 |
| BONDS. | ||
| Cent. Tr. 5s | 106 | 107 |
| Cit. Tr. 5s | 108½ | . . . |
| F.S. & P.V. con. 5s | . . . | 104 |
| P. & B. Tr. | . . . | 95¼ |
| B., K. & A. 6s | 69 | . . . |
| Duq. Tr. 5s | 103⅞ | 104½ |
| M., E. & S. | . . . | 105 |
| P., C. & M. 5s | 103 | . . . |
| P., A. & M. 5s | 105 | . . . |
| S. A. Trac. | . . . | 108 |
| Ash. & P. | 114 | . . . |
| Pitts. Junc. 1st m. 6s | 120 | . . . |
| P., C., C. & St. L. 1st m. reg. 7s | 109 | . . . |
| do. coup 7s | 109 | . . . |
The following sales were made:
First call—100 shares Philadelphia gas at 17⅛; 40 shares Monongahela water at 29.
Second call—$2,000 Duquesne traction 5s at 104; 100 shares Monongahela water at 29; 100 shares Monongahela water at 29.
Third call—$1,000 citizens traction 5s at 109; 20 shares Citizens traction at 54⅞; 20 shares Monongahela water at 29; 20 shares Pittsburg plate glass common at 68; 50 shares Standard underground cable at 105.
