Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-04
SPECIAL MARKET LETTERS.

The Local Situation Reviewed by Two of
the Orncles, and Wall Street Writers
Send in the Customary Straight Tips to
Their Pittsburg Correspondents.
A. j. Lawrence & Co 8 letter:
When we intimated last week that devel-
opments were likely in the affairs of the
Philadelphia Company that would enhance
the intrinsic value of the stock, we had in
mind the probable settlement of the dis.
puted accounts receivable, amounting to
about $500, 900, and also an agreement re-
lating to the terms of the old contract made
with Carnegie, Phipps & Co.-that both
these matters would be amicably disposed
of without expensive litigation. The court
records show that the suits involving these
points have been agreeably settled, but. of
course, do not disclose the terms of agree
ment. The manner in which the announce
ment was made to the public, the contra
dictory details published when an official
statement WAS not forthcoming, the very
depressed condition of the general market.
and the weakness in tho East. all tended to
increase the selling and force the break
which occurred in the stock from 2IL to
l9Z. Under the circumstances the decline
caunot be said to have been surprising: the
quick rally to 2O% is even more surprising,
when it is stated that the comnany has
given no encouragement whatever to
neen only too ready with a favor.
able statement IL It felt any concern
in the promises. Its apparent indifference
is evidently regarded as bullish feature
Nevertheless We do not feel go confident of
the immediate future of the market for the
stock. The incident has unQuestionably
proved that there is more money than was
generally supposed for investment in specu-
nfoin
activity will find traders with means to help
the movement along.
All of the Westinghouse group Of securi-
ties sympathized with the weakness in Phil
adelphia Company, but failed to Join the sub
seQuent recovery. Union Switch and Signal
declined TO Is and lsx Airbrakc to $50 and
13s, and Electric, second preferred which
was not traded in, was down to IS, Toward
the close of the week the latter was
strengthened by the declaration, of the regu-
lar 81 per cent semi-annal dividend on the
preferred stock.
The street railways were stagnant. There
was neither support Of nor pressure on
them, and the various interested clioues
were evidently glad that the trading in the
gas stock diverted attention from them for
the time being. The bond market was I'M
usually quiet. We do not see ANYTHING that
fcreshadows any decided change from pre-
vaiiing conditions.
Henry NJ. Long writes as follows
The first three days OF the past week Were
almost nil so far as stocks went owing I'm
part to continued talk Of hardening money,
Shipments OF gold and general Iiouidation'
lhe chief reason for this dullness is to be
found in the TACT that most dealers are
loaded up with stocks at prices above those
now prevalent: hence. nothing can be sold
ut q profit and no more can be bought
for want of ready money. It Is the
old story, buying on top of a rise
and ''repenting at leisureS The public
turned up its nose," 90 to speak. at Du-
quesne Traction when II could BE- b ad st tlo