Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-30

Transactions on Change this week were
B.l4l shares of stock and S4i4 worth of scrip,
against 2.755 shares of stock, g, 600 bonds and
s40s scrip for the four business days of last
week. The largely increased interest in
politics was q restricting iactor, but for all
that trading WIS fair and several important
features were developed, the most notable
ones being the declines in the street railway
shares, the break in Airbrake, the advance
in Union Switch and Signal and Electric,
and the recovery in Philadelphia Company.
: The closing bids to-day. compared with
those of last week Thursday, show the fol-
Advances-Philadelph Company, x: Gen.
tral traction, Is: Union Switch and Signal,
IL: Standard tnderground Cable. Il; United
siaues Glass common, Il: Electric second
preferred, "a do unassented, %.
De ItnesICnartiers Valley Gas. x; Peo-
p;eS PpensEe ngSusAs q tpcssn PLEASANT Z Valley
traction, q; p, a. & NJ traction, 4; Luster
Mining Company, q; Westinghouse Air
brake, s.
The Street Railways,
There has been a constant dribbling OF
street railway shares during the week, and
coming on the market 1T a timo when many
OF those presumably most interested in
keeping up their market value were engaged
in other directions, the natural result en-
sued No support whatever was offered,
and the wonder is that the declines have not
been greater. In the main the stock sold
has been for the account of tired longs,
weary of waiting for "the pool to take hold.
1t is probable also that some of the shrewd
traders seized the opportunity presented to
put out 4 lew short lines. The shares which
suffered most were those o, the Duquesne
aud Pittsburg and Birmingham Traction
companies, the extentto which they suffered
being given in the changes noted above.
Ordinarily the changes in the market
value OF any security reflect the sentiment
OF the public regarding such value; but it
cannot De said that anything has developed
OF late in the financial or physical condition
OF either the DuQuesne or p. & B. to cause
week or so have established. According to
current talk among street railway
people Duquesne never did better
IN the way of earnings than it
is doing now and its equipment and roadbcd
were never in such excellent shape as now.
p & B. and i.s branches are in good sha pc
physically, they are earning handsomely
and the 1ioatinS debt of the system amounts,
prac, ,ically, to nothing. Acce, ting these
statements as facts, there ore, the causes
OF the declines are undoubtedly correctly
set forth above. 1t is certain, at least, that
none OF the buyers for a long pull have let
go of any OF their holdings.
There has been siderable doing in the
shares OF the Northside lines, but no special
significance is attached to the dealings, ana
no movement of consequence is looked for
until the two roads are finally merged into
one system and are being operated under
one management, which, it is expected, will
occur by the first of the year AT the farthest.
Then, IL the programme formulated some
time since is carried out, the stock OF the
consolidated systems will be boosted little.
Citizens traction continued to show O
steady and Central was the only really
strong member of the group. The general
opinion regarding the latter is that it should
not only sell higher on its merits, but on the
prospects of being benefited in some way
by some sort of Il deal with the PittsDurg.
Duquesne system.
Gas Shares.
Philadelphia Company recovered some OF
its loss and closed in good demand, with in.
dications p ointing to a further recovery dur.
ing the coming week. Confidence in the
supply of gas increased somewhat, as no re-
ports of scarcity followed the increased
consumption necessitated by lower tenn
peTHture. The advance in rates also lost its
bugbcarishaess. The demand would un-
doubtedly haze been broader but for the
tact o! 4 disposition in some quarters to hold
of until the condition of the supply becomes
clearly defined through the medium of q
genuine Dakota blizzard. Wheeling Gas
continued weak, mainly because of the low
price OF petroleum, and the others were
about steady.
Industrials.
Under this head the conspicuous features
were the decline in Airbrake and the ad-
vance in Union Switch and Signal The
movement in the latter was soundly based,
as was shown in The DISPATCH this morn
ing, but so far as could be learned there was
no reason in the movement of the
former. It was simply the result OF q scare
that induced realizing sales. Airbrake is
worth just as much to-day as It was two
weeks age, but those who were eager to buy
tlcE will not touch it now, and there will
probably he general holding on until tho
pending litigation is disposed Of. As stated
before, the stock. in view of the litigation.
ls \ very pretty gamble. If the New York
Brake Company wins the suit, lower prices
for the esting ghouse stock are sure to be
established; but II it loses, the advance in
Westinghouse will be something little short
OF marvellous
Strength characterized the remainder OF