Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-11

| in the price, is often enabled to dispose of a
large block without affecting the market
wa" PaD0 a1ysSss hss
such deals, and weN refer to the
matter here because we know
they have been rather numerous of late.
| Within the past three weeks there has been
unusually heavy trading in street railway
bonds, Citizens traction, Airbrake and
Duquesne traction. We would much rather
see this business transacted on our Ex-
change, because, first, 1t is much more
satisfactory to both bnyer and seller;
second, it would give the public q fuller
| knowledge of the real state of tbs market;
third. it would encourage that class OF
| traders who always hesitate until some one
makes q move; fourth, 1t is certainly
more convenient for the broker. Our Ex-
change has been OF great service to borrow
ers and lenders in fixing values for
| collateral loan purposes, but we hope to see
1t become more representative of the
volume OF business, especially that OF an
As to the course of values, there is not
much to be said of the week just closed, and
| predictions are rather hazardous, at least
until after the annual settlements have been
made. Money is pretty snug just now, anu
the average trader will not care to assume
! new undertakings on an extensive scale un-
! til settlements are out of the way.
As to Philadelphia Gas, the dealings the
| past week attracted more attention than
| they deserved, because the rest OF the market
! was apparently stagnant. For this reason
there were more than the usual number OF
stories circulated, in which the bears seemed
to take an active part. We ieel that Phila-
delphia is a purchase around 60 on its earn
ing power. Is you will turn to its last an.
net earnings. after charging. to expense
nearly $500, 900 bonds and floating debt paid
on, and taking no account whatever OF
the famous item OF $4,000 disputed
AS the price of gas is l211 per cent higher
this year than last, and as the COM
pany is practically out of debt 1t wlll
readily be seen that the net earnings this
year should be largely increased. However,
we are not rampantly bullish on the Stock,
but believe that between 20 and p 1t will
furnish excellent opportunities for quick
turns.
Air Brake has been hanging fire between
III and l3O mainly because the street has the
impression that the East has more stock Tor
sale at the fatter price, and buyers are walt
ing to get it as cheaply as possible.
There is very probably some kind of deal
in DuQuesne traction as we have personal
knowledge of very heavy trading In tine
stock during the week, which certainly looks
significant. Ono of the best things that
could happen for the market would be set
Element OF the differences between the in
1uential interests in the various street rail-
way lines, and we feel that the current is
moving in that direction.
Henry NJ. Long says:
The week has been disappointing, but
at the close money is easier and prices
ae frmer throughout the list of
locals. The rise in the OHIO will float out
10000, 900 bushels OF coal and help ease up
money. The distribution of wealth conse-
Quent on the expenditure for Christmas
time is also having its effect.
While the industrials are still dumpish,
the fractions are QuIely being sought after,
and we know of large sales OF the latter
taking place "on the quiet" The rumors
floating throuo b the streets relative to the
approaching nuptials of the Manchester and
Pleasant Valley fractions, We are author
lied to say, will soon be made public and
authoritatIyelg, as that event will be finally
closed, perhaps before this is in type.
Bridge stocks are dull, the newer trac-
tions taking up the interest of buyers. Ru-
mors of larger sales Of the latter, conse-
Quent on anticipated further consolida-
tions, are not without undation.
Philadelphia Company stock is inclined to
be tickle. but the undercurrent of thought
among those who can see through knot
hole favors a rise of some importance after
the first of the new year. Altogether, the
list looks encouraging, and l advise pur-
chases at prevailing prices, as they all ap-
pear too low. A rise all along the line is
looked for, as everything is cheap.