Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-02
GENERAL SLUMP.
Short Lines Put Out Under Cover of
the Cholera Scare
AND SALES TO REALIZE PROFITS
Cause Decline in Nearly All the
Active Shares {.
LOCAL AND GENERAL FINANCIAL NEWS

THURSDAY, Sept. 1.
Pronounced weakness characterized the
local stock market to-day. All the shares
that were prominent in the recent upward
movement, with the exception of Vesting-
house AIrbrake, declined materially under
rather free selling, and the close was at
the lowest prices of the day. 1t is possible
the word weakness is hardly the proper one
to use in describing the market Stocks
often decline without being weak, the de-
clines being nothing more nor less than
natural and healthy reactions which create
bases for further advances. Certain it is,
however, that the general tendency was
downward and that declines were established
throughout the active list, some of which
were little short of sensational. Westing-
house Electric suffered the most, declining
to 81 asked, followed by Philadelphia Com
pany, with loss of dollar share from the
previous close, Duquesne traction, ?. & B:
traction, Union switch and Signal, Central
traction and Pleasant Valley, all of which
closed on losses of more or less consequence.
In general way the declines were charged
up to the newspaper reports OF the progress
OF the cholera and the continued weak
President Harrison was accepted as mean
ing that the situation was quite as grave as
outlined in the papers, and, while this
sion, the probability that vigorous action
would be taken, and the actual precaution-
ary measures enforced apparently tailed to
have any influence whatever, either here or
in the East.
While the declines might not have
been established If the cholera
had not crossed. the sea, the market
r-frN 90, ~ 1nnd
ing shares had advanced too rapidly
in one instance, at least, under vigorous
manipulation-and in all such movements
reactions follow as surely as night follows
day. Those who had profits in sight were
holding off to see them swell little, and
many were waiting for an opportunity to do
little business on the short side. The arrt-
val of the Moravia with cholera on board
encouraged the latter element and those
waiting for increased profits began to real
ize that they had overstayed their time.
being the declines noted. The movement
was nothing like a raid or panic. Such
things come only with sudden tightening of
the money market, or with succession of
abundant now, the general business stua-
tion is a healthy one and securities backed
by merit cannot break much, even If the
cholera should really get foothold. The
operations to-day we're about equally d.
vided between realizing and short sales, and
there will certainly be recovery at the
proper time in the shares most in favor, as
well as in those which appear to be mo-
ment ntarily in the hands of cliques.
Action of the Market.
p s. B. traction opened at 26M sales. sold
down to e6A and closed at 2614@269s; the IS
sold at lUOM and interest. Philadelphia
Company started off at 22A. weakened
gradually under realizing anu short sales
and closed at 2l1&@2l5s. Electric preferred
sold at 36 early, at 81 later and closed offered
at 81. the selling and offering being for Bos-
ton account Duquesne traction sold down
l4c; +, A, & NJ. traction sold at "A, closing |
offered at Az; Pleasant Valley softened to |
Is sales and close at 25@254, and Union |
witch and Signal sold at l71a, closing at l7@ |
l713.
Among the inactive shares Central trac- |
tion was fractionally of, Airbrake and |
Gas were steady to firm, |
United States Glass was offered down TO |
671z and Underground Cable was offered at |
So The latter was offered on the street |
after the close. however, at 7s1s.
Brokers with Boston connections stated |
that there was no trading in Philadelphia |
Company for Boston account.
After the close l33 was bid for Airbrake.
2sI for Central traction, 2l5s for 100 Phila- |
deipnia Company and CHARTERS Gas was |
offered at l2L. |
Uncle SANS Financial Condition, |
Following is recapitulation of the public |
debt statement issued to-day:
Interest bearing debt
Bonds at AZ con-
tnued at per |
Bssas at per cent S. st. s. SO SO s. S ssS
certif-
Gates at per cent so, 100 90 l,530 90 |
Total. 5s5 osl, $50 60 5s5,o5osao 90
Increase. .........s 700 |
terest has ceased
since maturity - 2,536, 765 90 2,603, 325 90 |
Decrease. .......,.. 6S, $50 70 |
Debt bearing no in
teresI ........S 3i9, 9,6oS o14 w 89, "a, Z29 90
Decrease. ..... . SO, s,6s5 90
Aggregate of in
teresl and non-in-
debt............s es7 22s, ls 90 . ss7 s7s ss5 90
Decrease........... 1853. 2l5 90 |
Certificates and
Treasurynotes off,
amount Of cash |
in the Treasury.s sl5.455. $50 90 ssls s75 sos 90
Decrease ........... 422O, 273 90 |
Aggregate of debt
including certf-
Gates and Treasury
Cash in the Treasury 9o'' '' '' W s''''' w.
. Cassification:
Gold coin. ..........s 1856, $50. $50 90
Bars. 70, $50. lis 90
------ 2a2. 54s. es5 90
Total paper.........- 6S 10, 627 70
other bonds, minor
coin and fraction
al currency, ETC..
and disburstng of
ficers' balances. 49, ose 90
Aggregate .......... 7sl, 6l4, 1872 90
Demand liabilities
Gold certificates. IS l52. 234, $50 90
Silver certificates. 33l, U6S, 30I 90
Currency certif-
Gates. ........ 2277oOOOOO
Treasury notes of
1890 ................ 100, $50, ss7 %
Fund for redemptn
of uncurrent
tional bank notes.S G, 40 32S 90
Outstanding checks
and drafts ...... E. ISIS 2S3 90
officers
balances. ........... %. 544 90
Agency accounts,
etc tc................. a37S941 90
-----------s -- 8 SO, so7. .1os 90
3old reserve.......s 100, coo, 900 90
ct cash balance. @. 152 S44 IS
-- . 12a. 49, 344 90