Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-22
AN UPWARD REACTION
In Philadelphia Company With
Which a Few Shares 'Sympathize.
AIRBRAKE LEADS IN STRENGTH
Closely Followed BY Citizens Traction and
Other Street Railways.
LOCAL AND GENERAL FINANCIAL NEWS
WEDNESDAY, Sept. q.

WEDNESDAY, Sept. 81
The course of Philadelphia Company to-
day fully demonstrated that the market for
che stock has been controlled by the specu-
lators entirely for two or three days past.
Always more or less of gamble ever since
the cut in the IL per cent dividend rate,
its movements have never been SO COM
pletely the result of speculative operations
as since the Board of Directors declared
the regular dividend a week ago, and that,
too, in spite of the fact that it has not been
SO close to a legitimate investment basis for
three years as during the past week.
1t has been very profitable play
thing for Boston and New York traders,
and local scalpers between this and Eastern
markets have also turned many a dollar in
it. On the breaks that have occurred in
regular order, however, considerable stock
has fallen into strong Investment hands, but
the floating supply is very large and until
this is absorbed by those who have faith in
1t as an investment, even at much higher
range of prices. it will probably be favorite
with the speculative element and will have
to be classed as one of the CANDLES OF the
list. Yesterday it declined under short and
realizing sales; to-day it recovered on buy
ing to cover a lew shorts. Operations were
light compared with those OF yesterday, and
ds GneI6 must SGlll De Qulto HuiHUcE uoSiI-
GUS of recovering the stock sold yesterday
the chances favor a continuance OF the up
ward reaction.
Aside from Philadelphia Company there
was very little feature to the market. Air
brake sold at 1897 on Change and l4O on the
street, and Citizens traction. continued to
acquire strength without gaining any more
ground; indeed, it was strong without fully
maintaining the advance of the previous day.
These two stocks are Al Investments,
though there may possibly be little specu-
L. Nl,
talk of the ultimate purchase of the line by
the Pittsburgh -DuQuesne combine.
Luster Mining Company gained another
small fraction. P. & B. traction was frac-
tionally better, and in general way the
market displayed comparative strength.
Philadelphia Company opened at % sales,
advanced to 221s sales and closed at 22@221S;
Airbrake sold at 1889, closing at l39s4@l6;
P. & B. traction sold at 253l Electric scrip
at 80. and Luster at 81, closing a Ssa@SH.
There was a fair inquiry for Union Switch
traction and Pleasant Valley. with Central
an eighth higher, and Hidalgo and Enter
prise Mining Companies come in for more
than the usual attention.
The unlisted street railway securities
closed as follows: P. & y. traction, 25sz@
257S: do IS, 1880 1857: Duquesne traction, 299
294: do IS lol16@l0la4: p, A NJ. traction.
Westinghouse Electric second preferred
was quiet at 3715@3S. At the last call 300
shares Motolina were offered at 45c per
Fear of Tight Money Removed.
The weakening tendency of exchange,
which has been quite decided during the
past lew days, has been to the bulls in the
stock market one of the most gratifying
features of the financial situation. Higher
rates for money in New York than IN London
and the continental cities are now attract
ing funds to this side-a circumstance which
removes the fear felt recently about tight
money-and bankers abroad with counec-
tions on this side are accumu-
lating big balances in New York.
Foreign exchange brokers yesterday char
acterized the exchange market as particu-
larly weak. They reported that the supply
of bills was more than ample to meet all re-
Quirements Of remitters, and it was noticed
that the higher rates of money on this side
o. the Atlantic were inducing sales of ex-
change because at this season of the year
the natural tendency is toward lower prices.
Cotton bills are coming forward freely, and
grain and provision bills are also becoming
more plenty, both for spot and future de-
livery.
The Worlds Wheat Supply.
Following are the estimates of the wheat
supply of the world, made by the Hungarian
Minister of Agriculture, with such correc-
tions as have been made since that report
was issued. Taking the supplementary re-
port received of the European crops the
following may be regarded as the approx
mate wheat supply OF the world for 1892 com.