Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-13


i Sncre S'gy 99 so S
specle. increase taS ~, M
Circulation, decrease. a. gu
The banks now hold S2,67S 900 above
legal requirements, against 50, ass, 900 at
the same time last year.
The Election and Business.
The sweeping majorities for the ''outs'
are naturally accepted as investing this
election with much more than ordinary i'm
portance, say Henry Clews & Co., for they
not only call for important changes in the
commercial policy of the country, but, by
reason of their extraordinary commercial
strength, convey so much the stronger prob
ability that such changes may prove IRE
versible for prolonged period at least. In
any event, the change in the Presidency
and in both Houses of Congress leaves no
room for doubt that, within at most two
years. our manufactures will enter upon
radically changed relations with those of
foreign countries. This result may have
been expected in some quarters, and by
most it must have been regarded as
more or less possible, and that TACT prevents
the new prospect from being an unqualified
surprise; but, when the possibility has be-
future with more seriousness, and everyone
feels that an entirely new set OF business
conditions confronts them. Owing to the
difference in party and economic stand
points from which the new situation is
viewed, there is much difference in opinion
as to the outcome and drift of affairs during
the interim preceding the promised new
4eElslation: and this conflict of view Degets
some confusion ana uncertainty,
The situation, however, will have its en-
couragements as well as its discourage
ments. Consumers OF imported raw ma
terials will have the near prospect of getting
them free OF duty, and openings for extend
ing our export trade may be expected to
throw open to us important new markets
for a wide range of manufactured products.
sun, balancing in the most favorable sense
the disappointments and apprehensions of
one class with the hopeful expectations of
another, and even conceding that the final
outcome OF the great change may prove as
beneficial as its promoters predict, 1t Is not
TO be concealed that the best We can
reasonably expect for the next is
months or two years, is unusual caution in
every brancn of business, the delerment of
new enterprises, the cessation of extending
industrial plant, continuous pressure on
prices and hand-to-mouth condition of
business. 1t is to be remembered, however,
that these conditions will be mainly con-
dned to the industrial portion of our poDu-
latlon; the agricultural half in the mean
time will reap the benefits of two successive
years Of great haryests and, it is to be in
1erred from their votes will be exhilarated
by the prospect of cheaper living and
cheaper labor.
Another accepted authority saws: For some
months to come, precisely the same laws
Will be in force, interpreted by the same
officers, and no change of financial or COM
mercial consequence is to be anticipated eX-
cepting such action rs may be prompted by
anticipation of legislation or Governmental
action in the future. 1t may be added that
even after Marcn T. unless an extra session
OF Congress should be deemed expedient, no
new legislation is to be expected until after
the close OT next year, and the same laws
will be in force whether administered by one
set of officials or by another.
Cool business men will presently take into
consideration these Iacts and also the fact
that the existing conditions in business are
in q peculiar degree favorable to general
prosperity. The country is employing its
labor more fully than at any previous time
for many years, and the demand for prod
ucts OF mills and mines appears to be larger
and more satisfactory. The crops of the
current year, if not vet definitely ascertain
ed, are in all probability large enough to
supply a reasonable cause for the enormous
increase which has appeared in the distribu-
tion of products throughout the agricultural
States. Until new crops approach a harvest
there is little probability of any important
change in the condition of the agricultural
population, excepting that expansion of the
foreign or domestic demand Tor farm prod
ucts Is liable at any time to cause a higher
range of values, and therefore a larger
measure of prosperity resulting from the
larYests already secured.
Local Securities.
~.
election day, making a 1ive-day week in this |
line, and the great interest in the election |
and its sensational result gave the market |
the appearance of being very small potatoes
indeed. The transactions on Change for the |
live dav~ aggregated 2,50S shares of stock |
and IS ono bonds. against 33O3 shares of |
stock, $1,000 bonds and s., ,G96 worth of scrip
for the six days of last week. The closing |
bids to-day, compared with those OF last |
Saturday, snow the following changes in the |
active list:
-4dralces-P. & p. traction, q: New York |
and Cleveland Gas Coal IL Lustre Mining |
Company, 5s: Union swEcn and Signal, com, |
mon, 4; Westinghouse Airbrake, %: Under
ground Cable, e
delphi9 Company, 4; Peoples Pipeage, 4; |
Central traction. X: Citizens traction s.:
Pleasant Valley Railway, Is.
Gas Shares.
Nothing calling for special or extended
comment developed in this group during
the week. Philadelphia Company held
steady to firm around % bid, notwithstand-
ing reports of a shortage of gas here and
there, and the sentiment was SO generally
strong to justify the conclusion that the
reports were either without foundation or
that something stimulating had deyeloped |
that was known only Oh the inside and to
favored few on the outside. Peo-
pies Pipeage was firm and in good demand;
CHARTERS Valley Gas held fairly steady
under g statement showing a net deficit of
more than $50 900 Tor the last quarter; Manu-
Jacturers Gas was firm and slightly
higher, the gain being due to the
announcement or the regular monthly divi-
dend of = OF per cent, and Pennsylvania
Natural Gas was moderately active under
the surface at about 10, q sale of 200 shares at
that price being reported to-day. The stock
pays per cent So and at the current |
price, therefore, it is a 30 per cent invest
lment 1t is one of the Philadelphia Com
pany's leased lines. Six per cent is guaran-
teed by the Philadelphia Company, and the
guarantee has four years vet to run. Wheel
ing Gas was weak and neglected, and while |
BridEewater ana Allegheny Heating Com
pany had the appearance of being neglected, |
there was quite strong inquiry for and |
little trading IN them under the surface.
Industrials.
Westinghouse Airbrake made further re-
covery during the week, advancing to 1856
sales and bid, and al the close indications
Dointed TO higher range during the COM
ing week. III the company wins in its liti-
"a tion with the New YORK Brake COMPANY"
remarks q gentleman thoroughly CONVEX
SAINT with tie AlrDrRkes business, the
stock Will surely go to 200; but II it loses the
stock will 70 to the level of that OF other in
iustiiai concerns which have strong COM |
on the strongest items of the list |
More good reports were heard |
tHent it's business and prospects, the latter |
covering intimAjions OF a favorable termin-
4t.ol OF the litigation with the johnson |
rOrnuaav. It's friends talking higher |
prices end the ultra oearish sensimeu5 ap- |
pears 20 be steadily dying out. With the |
exception OF Electric. tie other mem mbers of |
ln.s class OF stocks wore firm as a rock |