Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-19
A GENERAL WEAKNESS
Street Railway Shares Prominent in
a Dropping Movement.
PHILLIE STEADY AT THE DECLINE.
Luster Shows Signs Of Little Support
From the Inside.

Luster Shows Signs Of Little Support
From the Inside.
LOCAL AND GENERAL FINANCIAL NEWS
TUESDAY, Oct. 49,
Whether superinduced by the shadow of
the approaching holidays or not, the mar
ket for local securities was weak to-day,
with the street railway shares most promi-
nent in this respect Sellers were in de-
cided majority, and while trading was
light, as compared with the operations of
the previous day, most of the active shares
drooped under the general offerings This
is rather an anomalous condition of affairs,
as the fractions are below their high marks
and all of them are admittedly earning
more money now than ever before
in their history. Curiously enough the
other shares that suffered under the dispo-
sition to sell were those of the corporations
about which the most bullish talk has been
heard of late and whose future seems to
| promise most. or this latter class Electric,
Airbrake, Underground Cable and Switch
and Signal were conspicuous examples,
tuouSu only EieCIr1c showed any matoH1al
vious day. The New York stock market was
| weak and droopy, and its condition was
sss traders sry to Be 'ss as snsy assFs eO
| gagged as possible when the Columbus holi-
day period begins and partly to the bidding
up Of rates for money. Occasionally our
| ences and conditions, and in the absence of
any other apparent causes those " hich pro:
duced the effects on the New York board
will have to do duty locally.
"The general softening tendency" re-
marked one Of the brokers, "is not one Of
the worst things that could happen by any
means. All OF us. including the public, have
been in Quandary over the market for sew
eral days. None of us understood it, and we
could not figure out, even Approximately. its
our hearings. 1t is creating positive con-
victfons. 1t is making q new basis for an
advance that will carry prices to higher
opera tions, which will bring about such a
result, may not begin until after the cleo
tfon. but am confident they will begin
Why anyone should want to get out of
such a stanch investment as Citizens
traction, however, is hard to understand
1t comes from an official source that the
average daily receints OF the company for
september were 81 975 and that for October
to date they have been nearly 50, 100. Add
to this the TACT that the Williamsburg extern l
sion is expected to pay from the start, and
the further fact that the prospects OF an in
creased dividend rate next year are quite \
rosy, and the continued dribble of stock and
Weakening Of prices are rather puzzling, to
say the least.
Movements on Change.
Allegheny National Bank sold at 81. P. &
B. traction was weakly selling at Is and clos |
ing at 2sz@25. At one time it was offered at |
eiH. Duqucsne traction was easy at 2S% |
sales and q close at 2ssss@2sIS. with consider. |
able offering at 2s15. Philadelphia Company |
held firmly Mt 2lL sales and bid and was |
rated one of the steadiest stocks of the list |
at the decline. After the last call 2II was |
bid foi 900 shares. offered ut eI5S. Pleasant |
Valley Railway was easier at 251S@25ss sales
and close at 25L bid. Luster opened at 81 |
sales and closed nrm at S3s0sss. 1t was said
Fred hs
81 for any part of 1000 shares. Citizens
traction sold at 627a and closed at 8assS@62H.
UnSSergr9und Cable was easier, switch
was offered at 1856 and could have been pur.
chased half point or SO lower, Manchester
was offered down slightl y and others were
generally steady.
The listed items closed as follows: P. & B.
traction, 24A@25: do 6s tfiatl, l03 asked; Du-
eion a asnsa' do i e. sea a. PIeasant M
Valley S, lo21k bid; Electric scrip. s3@s5.
Electric second preferred was neglected.
It closed lower, however. at 37@37M.
After the last call 100 shares OF Pleasant
Valley Railway were offered at 25%.
Citizens traction 81 were quoted at log bid
and Plttsburg traction 5s at 104 bid.
Keene Still Bullish.
James R. Keene says that he has seldom
been q more confident bull than he is now
His in terests in railroad stocks are not par
large, his attention being devoted
to the industrials Neyertheless
he believes that the railroad situation is full
of promise and that the tonnage ahead of
the roads is greater than it was last year in
he thinks, is oLe OF the best stocks on the
list to buy at current figures, and almost any |
or the industrials, in view OF their earnings, |
he considers cheap. Although money may
work shade dearer the first part of the
week, pension disbursements in New York |
will be about 81 00O, 900 and this should help |
n; The banks j., matsrialiy Discounting the
railroad stocks.-Ne,o York Recorder.
Whisky.
In commenting on the course OF this ''in-
1ustrlal" the Val Street Ne,cs says: "Distill. |
ng and Cattle Feeding stock after several
lays of comparative idleness is astonishing |
Tho street by advancing in the most sur.
prising way. Nothing new is advanced to
explain the rise and parties heretofore ,
usually we'll Informed as to the market
movement of the stock are at q loss to ac-:
,ount for it, An officer Of the company is ,
quoted as SAYING: The basis for the advance ,
) the financial condition of the company
ind the prospects fora large fall and winter
business. The cash on hand after paying
he last dividend was $4,000, and III addf-
ion to this the various distilleries owned by
he company had in cash and cash products
:, 500, 600 In their II leasuries, which is used
Is working capital. The company owes
nothing, these sums being net assets The
lext dividend will be either or lL per
,ent.'" ~
Buffalo's Street Railway.
Messrs. E. W. Clark & Co. send out the fol-
owing statement OF the operations OF the
buffalo Railway Company Tor the month of
september.
1892 1891. Increase |
'ross earnings. ..........$l4f al Ss7.63s CAS- S37
operating expenses...-.... O.. 33 So, 794 10 534
Net earnings. 50, l43 $50, $50 sl6, sG3
Foreign Financial.
LONDON, Oct. 1S.-Amount OF bullion with
rawn from the Bank OF England on balance
o-day. flO co., | r