Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-18
SPECIAL MARKET LETTERS.
Interesting Review of the Local Situation
by Accepted Authorities-wall Street
OracIes Send in the Usual Cosby
BudgetS.

interesting REVIEW OF the Local SITUATION
by Accepted Authorities-walI Street
Oracles Send in the Usual Cosby
Budgets.
A. j. Lawrence & Co. s letter:
There were forces at work in our stock
market which, under more favorable none
tary conditions, would have set in motion a
bull movement that would have extended
well into the new year Under all the cir
cumstances stocks displayed wonderful
strength, and closing prices represent i'm
portant gains, although there were reactions
from the highest point
Referring briefly to the leading events in
the order of their occurrence, the deal in
Duquesne Traction was the most note
worthy, because it was wholly unexpected
and is sill shrouded in mystery. OF all the
theories af1oat in the street regarding it. in
cluding the one that it was merely manipu-
lation to enable insiders TO unload surplus
holdings. none seems plausible to US. at
the same lime we have no theory OF our
own. but we have this conviction, viz: that
at S2s and $50 per share the stock is high
enough Tor tue present To an investor who
looks we'll into the future it is purchase at
current prices; but one dependent upon an
immediate income from his investments
can proba bly, do better in something else
We say this, not forgetting what we have
written of the splendid franchise and the
tremendous growth OF the territory
traversed by the road. Unless there Is
something more back of the present move
ment than anyone has guessed, we do not
lcok for any further advance at this time
The activity in Duquesne stimulated the
other fractions, but OF the gains established
that III Citizens traction was most fully
justified by actual merits. Copies of the
latter's ANIMAL statement were received by
T,,,srl 49,
every announcement for an increase in the
rate OF dividend the coming fiscal year.
or all the securities in our market Phila-
delphia Company is the favorite OF traders
Tor quick tu, n, and it will likely continue
to be. 1t is almost invariH bly, purchase ON
any material decline and Il sale on sharp
rallies. From theSv very nature of the specu-
alton in il, favorable events like that OF last
Wednesday, when the rate OF dividend was
increased to ~ quarterly, will bring out
sellers who will lake their profits on the ad-
vance in the market and will not wait Tor
the receipt of dividend checks.
Westinghouse Airbrake winds up the old
year with another double dividend amount.
ing to IS a share, and the stock is again
strong at leo. The suit for Infringement
against its New York rival has not yet been
decided, and while we all have had expert
ence with sanguine lawyers and blind ius-
tice We know mat the attorneys in this case
are unusually confident of a verdict ior the
home company.
As already intimated, the monetary con-
diiions here and in the East have not been
encouraging to speculation or Investment.
just as the activity was getting unuer way
the bank statements appeared, showing that
the reserve held by Pittsburg institutions
was below the average. This was followed
by the stringency in. New York and predic-
tions OF gold exports that are probably ex-
aggeTated. Brokers tell US that FUNDS are
now coming back from the country, and
that the local market will be welt supplied
within the next TWO weeks. The course of
events in the East, however, will have a
tendency to govern here. In the mean
time, We advise our friends to let the mar
ket rest while they enjoy The approaching
holidays. BY the time the latter are pissed
the outlook will be clearer, and, as we be-
lieve, more inviting to profitable opera
tions.
Henry NJ. Long writes as follows:
There has been a tumbling among dry
bones during the past week, and in conse-
quence the brokers have thrown aside their
brogans and are wearing patent leather
foot gear, with gums besides. Business in
local stocks has been active; prices have
been changing, with the volume exceeding
that of many weeks past. -AirJrake has
demonstrated the truth of my rennrk of
around; the dividend OF 10 per cent coming
as welcome Christmas gift to many .
weary heart.
Also, of Philadelphia Company, following
the example set by its iIlustrlous pAternal
good words can only be spoken
its dividend increase showing continued
increase of prosperity, indicating that the
time for declaring per cent is not Iar of.
In price, also, this uncertain and shifting
security has bcen as tickle as a COG bette.
Rising to 2lH. then suddenly dropping to
%. with sales, again between the rising and