Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-18

ers, not alone because It increased their
revenues, but because 1t reflected
further sRs IN sns
is understood that the stock will be placed
on a 6 per cent basis early next year. The
weakness at the close was inexplicable, the
ought to be holding its own somewhere
about %. There was little pressed for
sale, however, and support was lacking.
The fractions
Trading in the street railway shares was
heavy, with Duquesne and Pittsburg &
Birmingham most prominent The former
moved up to 3Olz sales under active buying,
pres umably Tor the Pittsburg traction
ing control of the DuQuesne end
of the combine, but it subsequently, de-
clined and closed below 2S bid, the decline
being due probably to realiZations stimu-
lated by an unfavorable money market. lt
was noticeable, however. and considered
quite significant in some quarters, that
more than twice as much of the stock was
bought on the upturn as came out on the re-
action. Besides the theory that the move
nient was occasioned by efforts of the Ell
kins-Widener crowd to secure control,
number of others were advanced, but
none were more plausible than
the one mentioned, unless it was the one
relative toR farther consolidation of the
street railway interests of the two cities.
There " as little talk about dividend on
tie credence in well-informed quarters.
Everybody on the outside appeared to be
hoDelessly at sea as to what was up, but all
admitted that unless something very i'm
nortant WAS brewing the price of the stock
had been unduly advanced.
Pittsburg and Birmingham's movement
was almost as much OF mystery as that IN
Duquesne, but the statements that dlV1-
dend of per cent would be paid in Janusry
seemed to be pretty well founded, though
the announcement that the company had
issued Sl75 900 per cent gold 25-year de-
benture bonds, subject to call ut the option
of the company, proved to be a weight sum-
cient to bear the market down considerably
below the highest point. With all its secur1-
company Can consistently begin dividend
payments for some time yet, and the
intimation that if a dividend is paid
next month 1t Will be for the pur-
pose of increasing the value OF the
stock a collateral may not be far out of
the way. Besides the dividend talk It was
whispered that Z. & 3. was TO figure in the
next move on the street railway board for
consolidation, and the fact that 1t sympa-
thized more or less closely with Duquesne
entitled the whispers to respectful conslo-
eTa:iCn.
She annual report of the Citizens Trac-
tion Company, which was printed in these
columns, was well received It.revived the
hope that the divided rate would soon be
increased, the showing being an excellent
one, and the mere fact that it was made
public encouraged the belief that the other
companies would hereafter make their an
nual statements matters for public inspec-
tion.
There was an improved demand for Gen.
tral and Pittsburg fractions, and both ruled
higheI. Nothing new developed anent the
Northside deal, but assurances that 1t was
being closed up were given almost daily.
Some of the street people, however, were
bold enough to declare that it was being
held in allegiance pending the shaping OF
fresh combine affairs.
Industrials.
The advance in Airbrake on the announce
ment of another double dividend, the
strength of Underground Cable on the pros
pects of an extra dividend next month, and
the weakness OF Electric on the unfavorabIe
decision in the suit of the Edison against
the Sawyer-Mann Company were the feat
ures of this group. Trading WAS only mod
erately active, but the advances in Air
brake and Cable were sustained to the close,
tendency. Switch and Signal was steady to
firm, and the request tor United States
Glass improved, but neither changed their
position materially from the close of last
week.
Conclusions.
The movements OF the week were sur
prise to many. 1t was admitted that most
stocks were low enough to be good pur-
chases, but no one entertained the idea, par
ticularly in view of the closer working OF
the money market, that activity would pre-
vail until after the turn of the year. And
yet the " eek goes upon record as one OF the
most active OF 1892, as, besides the heavy
trading on Change, the volume OF business
of Change was unusually large. With re-
gard 10 the future it is hard to figure out
that barring something unusual, trading
can be otherwise than quiet for q fortnight
or so. The winter holidays are close upon
us aud money will likely be rather tight un-
til after the January disbursements.