Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-25

Electric. Philadelphia Company. Airbrake
and United States Glass among the other
classes, have all been strengthened by good
buying, and give promise of still further ad-
vances. Should money remain cheap and
abundant, look for good fall business in
the locals, and a good profit on all purchases
made at present figures.
'In a more general view, now that the
silver craze is virtually settled, can see
nothing ahead to prevent an excellent
market, sound trade and prosperous
time. 1t is almost lsughable to hnd SO little
attention given to the political questions,
and business men apparently are deter
mined TO waste no time hurrahing for either
party this fall. This upsets the theorfzing
this Year not to be in it. Outside Of the
question involved in the possible reissue OF
State bank currency, the business public
takes no interest in this canvass, although
1t is q Presidential year"
Lawrence & Co. on the Situation.
The regular weekly letter Of A ]. Law
rence & Co. to their patrons is as follows:
"With a few exceptions our market has not
responded to improved general conditions
As we stated q week ago. we did not look
for an active ana higher market as long as
the prospects for tight money and the spread
OF the cholera were uppermost topics in the
East. But these factors were practically
removed early in the week, and in ADDITION
to this there were favorable reports OF the
have been greater, and we confess our
selves trifle disappointed. fhlla-
delphia Company was the leaaer
taken place, and at 221S is within so cents
share of the price at which it was quoted
when the selling began by disappointed
holders who had looked for an increase In
dividend rate. The company has just passed
through the lean quarter OF It's year, ana Dy
this time next week we will know omclally
what has been accomplished during tnat
ID cfV
ings should be enormous, certainly not less
than Sl,500, 600 gross. and as its fixed charges
and floating debt have been greatly reduced,
the percentage OF net earnings sneuio oe
correspondingly increased
"The dealings in the street railway shares
indicate that some large interests have been
liquidating, notably in birmingham trac-
tion and to some extent in Duquesne trac-
ton and Citizens. The offerings of the latter
have at last been absorbed, and the stock Is
now in shape to be doomed, If any one is dis
posed to engage in that pastlme. citizens,
however, is not a speculative stock, and
slow and steady enhancement is more likely
than any sudden advance. There have been
large purchases of Birmingham traction,
but the price has not budged an eighth. The
trouble with Birmingham is that it is threat
ened with serious competition, which more
than offsets increased earnings.
"Airbrake has moved up another small
fraction to l40 and Switch and Signal is dis
playing symptoms OF a periodical rise. The
market as q whole does not act as we would
like to see it, but it is in better position to
more readily respond to good influences
than O week or ten days ago, and we hope to
see it take on a more decided phase"
Tips From Wall Street.
j. S. Bache to Oakley 90: '1t was said
to-day that the shorts had covered up nearly
all of their stocks, and on this belief traders
to-day worked for reaction. 1t is said that
Mr. Cammack covered 60, 900 shares of stock
and that the short interest in Reading had
amounted to over 100000 shares. Prices
opened fairly steady. as London was dis
posed to buy stocks. but the improyement
did not hold long. as the boys thought the
rise too rapid. The market fully demon
When the short interest is out
work on. On the other hand, it must be
said that every time the bears sell stocks |
they have TO recover them at higher prices. |
In olden times the bear operators would |
work the market in all the ways known to |
Wall street. They would give bull houses |
orders to sell stocks; in fact, would do any |
thing in their power to bewilder people, |
but nowadays they merely sell their line |
and then sit down and await developm ents, |
thereby showing their hand.
"St. Paul showed a decrease and this pro- /
duced some selling. The great question |
now is, How will railroad earnings bef If |
roads can earn as much as they did last
year prices are reasonably cheap, but with |
the short crop and much lower prices for
both wheat and corn we hardly think roads
will fare nearly as well. The c.. B. & Q.
statement for the month of August is to
come Tuesday or Wednesday, and this will |
go a great way toward enlightening people
on this point. For the present We advise
sales on rallies"
From Sproul Co.'S market letter. "The
net results of the speculative week are the
that Wall street itself has
entirely recovered from the influence of the
cholera scare ana is also somewhat less sp-
prehensive about the workings of the
autumnal money market 1t is, however, |
equally apparent that these developments
lave changed the attitude of professional
interests without affecting public sentiment
o an extent that would bring into the mar |
ret the support and buying necessary for q |
Improvement. The rout of the
'ears in the past few days has been COM
)lete, but when speculation is as narrow as
s now the case, the exhaustion of a short
interest removes the sole visible basis for y
of the advance"
Financial Notes.
For the second week of September the
earnings of the Pittsburg and Western were
81, 169, against s51 Dos for the same period last
1ear, an increase of 1904.
"a. NJ. Long sold so shares Hand Street
Bridge at A
Andrew Caster sold 20 shares Northern |
Liberties Bridge at 9S
During the past fortnight George B. Hill
70. have sold over SS0o,0Oo worth of street
ailway bonds, banks being the purchasers. |
Westinghouse Electric second preferred |
losed on the local board at 3715 bid.
A call on the national banks for a state.
nent is expec ed early in the coming week.
Iast year the call was made September 25
p. & B. traction closed at 2556@26 DuQuesne
raction at 2s2z and P, A. & Al. traction at "A
lid.
Kuhn Bros. bought P. & B. traction to-day
rom Carothers and Lawrence Co., and
he latter firm sold Philadelphia Company
o Messrs. Stoney and Caster.
Switch and Signal, seller 10 days, at ISL,
rent to Caster from Morris & Brown.
Those who are talking bullish on Westing.
ouse Machine Company give the credit Tor
he company's improved position to the ex-
client management of MIR. Ralph Bagalcy.
Money continues TO work with ease, al
hongh We are approaching an important
uarterly settlement.-WdltS Street NetOS
Close of the Market
Sales at the last call Of the week to-day
we're as follows:
s. shares p. & b. traction ................... 1x
N shares p. Is. traction ................... 25H
Is shares Philadelphia Company. 22n |
lO shares Philadelphia Company ............. 22x |
10 shares Switch and Signal, seller lo........ lsA