Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-20
SPECIAL MARKET LETTERS.

The Local Situation Reviewed by One of
the Brokerage Houses and Wall Street
Oracles Send in the Usual Grist of In
teresting Opinions.
A. j. Lawrence & Co.. 8 regular weekly
review:
"a weeks trading like that just closed
has a discouraging effect upon all who have
anything to do with the market. Business
has been distressingly slow, and the natural
result has been sagging values. Nearly
everything of a semi-investment or specula-
tive character is fractionally lower, and
nothing in the usually active list shows any
buoyancy. There is more than ever dis
position to attribute these conditions to the
election and consequent uncertainty re-
garding changes in the tariff 1t
seems to US that fears on
the latter score are greatly
eXaggernted Governments that requires
over $l,0O0, 900 day for running expenses
that con templates the steady strengthening
OF its navy, and that is constantly making
internal improvements, will be unable to
keep up its revenues and at the same time
greatly reduce the tariff from which these
revenues are derived more potent cause
to our minds. for the stagnation in stocks is
the ACTIVITY In general business, which has
enhanced the value of money in this market
TO the full legal rate and at the same time
somewhat reduced the amount available for
stock trading BY the first of the year this
condition is likely to be modified and idle
funds begin to accumulate, and between
now and the holidays there will be oppor-
tunities to secure some good bargains on the
local counter. When the recovery sets in
we believe it will be much more rapid than
the decline; hence it will prove profitable 10
examine into the merits Of the various
securities now.
ain looking over the list it NAV be well to
select those properties which will be least
influenced by agitation for tariff revision,
SO that whether changes are made or not,
the future will be reasonably safe. Well up
to the head of the list we would place United
States glass common. The product of its
factories is mainly pressed table ware, on
which the present tariff is lower than on
other kinds of glass, and in the manufacture
Of which we SO Tar out-rank the foreigner
that competition from abroad is practically
eliminated: The common stock is now
quoted at 66@6s and it is morally certain
that per cent semi-annual dividened will
be paid early next year. Westinghouse
Airbrake, Electric and Switch and Signal
should be actually benefited by a reduction
in the tariff on metals as they are large
consumers of iron, STEEL copper and tin.
We have the statement of high officials OF
the two last named companies that the
orders booked ahead are the largest in their
history, and from personal knowledge We
know that the buying of Airbrake the past
Two weeks was never OF bettcr character.
Then there are the traction stocks and
bonds that offer opportunity for judicious
selection. Even the greatest bears on some
OF these shares fully admit that all the bond
issues are absolutely safe and the majority
OF them are comparatively low priced.
Birmingham traction shares have been the
weakest of this group during the week, de-
clining to "a, and while we know that the
suggestion of the probability of a dividend
in January Is hooted at in some quarters we
know that it is seriously entertained in
others and we shall not be surprised ii .
per cent is paid early in the new year.
Finally, we have Philadelphia Gas. All the
reliable information we get concerning it
leads US to believe that the decline was due
solely to sympathy with the weakness in the |
general market, and that on merit It should
have good rally.