Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-04

per share, but at $50 IL was sought for
greedily and thought to be cheap. So OF
Birmingham at SIS; thousands OF shares
could have been boughy but the public did
price. and many rushed in around $29 and
$50. Thus they are "tied up" and await a
rise; hence brokers are compelled to "walK
on their uppers'' and look hopeful.
The scurry in Philadelphia Company dur.
ing the past three days was the direct result
OF the alleged settlement of tho Carnegie
claims for damages against the company ana
the closing mp of q long standing dispute.
The first fears OF holders OF the stock were
that the company had the worst of 1t, ana
& began selling. Prices went down to 1ssS;
but buyers, who gauged the matter differ
emily. came in. and the result was that the
stock firmed up in day or two to 2Cx and
221s, where it now rests. L am free to state
that think 1t good purchase, as its anairs
are better now than they ever were, the
company is making more money than ever
ana dividends are surer than at any time IN
the history of tha company. -
The break in Airbrake was expected after
Its sudden rise, but the stock is still good
thing to have.
ALI the fractions except Citizens are
down, and, l think, temporarily, while the
lnoustrials are feeling tue general slumpy
disposition also. look for a very active
market with good prices, after January !,
snonld money continue plenty as now, ont
until then settlements and Christmas will
occupy most of our thoughts.
Fresh From Wall Street.
J. 8. Bache & Co. to Oakley & Co.:
The market has been feverish all week on
account of rumors or the serious illness of
Mr.. Gould, and when his death was an
nounced yesterday morning the market
rallied all through the list. As many stocks
were sold short in anticipation of his death,
they wished to cover before the stocks
should have reacted. The weakest stock
has been Missouri Pacific, but the rest of
ha 1avtro II
first it was expected that considerable gold
would go out, but only 81, 500 900 were shipped
to-day, as the bankers ship only what they
actually require to cover their bills, being
afraid of adverse criticism; still, the
sterling exchange market remains very
firm, and We hear OF further shipments for
next week.
There is really no reason why the market
should b. affected one way or the other by
the death of Mr. Gould. He was known to
be bearishly inclined for some time. and is
said to have paid for his hearish views in
considerable amounts in the last year or so.
The market to-day opened with the bears on
the run on account OF the strong closing
yesterday. The Cemnack party bought
right ana left, causing large advance and
considerably reducing the short interest.
As regards the future of the market, 1t must
be borne in mind that Congress meets ut the
beginning OF next week. and that the Presi-
dents message will, no doubt. be bullish in
its tenor, and that as soon a g the conference
adjourns bill for the repeal of the Sher-
man law will be brought in. On the other
hand. as long as gold shipments keep upit
is impossible to bring about prolonged
bull market. We therefore advise our
friends to buy on weak spots. as rallies will
always set in and the same can be said
about shorting them on all stiff ralli es.
From Sproul & Co.'S market special:
The speculative community had prepared
itself for disturbance in the event of Mr..
Gould's death. The fact that the event has
actually occurred, that the general market
received effective support and that the Sc
curities with which he was so prominently
identified are presumably tied mp in a trust
arrangement for mis- heirs has produced
revulsion of feeling and gives a basis for the
present show of bullishness. Whether other
interests believe that the removal of the
personal influence Mr.. Gould exercised over
the Western railroad situation is point in
their favor is question, though the active
buying OF Rock Island by It's particular
friends is an indication in that direction.
The bank statement was negatively favor
able, showing only small loss of surplus,
though with the silver question as unset
tied as ever and the prospects Of gold ship
ments next week staring us in the face, con-
servative interests may pc pardoned Tor
feeling doubtful as to whether the moment
Ia 0nnOrtune for q sustained bull movement