Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-04
MONEY AND STOCKS.
A Few Indications but No Actual
Fears of Stringency.
ANOTHER BAD BANK STATEMENT.
Course Of the Market for Local Securities
and the Outlook.
LOCAL AND GENERAL FINANCIAL NEWS


lation and investment has been changed
somewhat by the rayages of the cholera in
Europe, but there does not appear to be
snv fear in well-informed circles of strin-
gency in money, of this country being
afflicted with the Asiatic plague, or of any
serious decline in securities or commodities
backed BY merit or q strong statistical po-
sition. The continued movement of gold
abroad and the condition of the New York
banks excite considerable comment and
some apprehension, but Eastern
fnanciers agree that America
will soon be importing in
Itead of exporting gold; that the movement
of currency to the interior will cease sooner
than usual this year. and that changes in
the condition of the New York banks will
soon be favorable. To-day's statement
showed decrease in reserve of s., 257 375, q
decrease in loans of So, 566, 900, decrease in
srecie Of s., ,2l2 200, decrease in legal tenders
of s., ,O6I, 200, a decrease in deposits of sso76
100 and an increase in circulation of S72 500.
This showing does not include the s., 800 00O
gold shipped today, and as more gold,
the middle OF next week, the
statement next Saturday will also
be unfayorable. Existing conditions, how
ever, are such that it will have but little ef-
feet, particularly since it is known that a
change in the course OF gold ana currency Is
likely to occur at any time Another thing:
The volume of general business 10 almost
phenomenally large and the amount of
money in actual circulation is greater by
500 coo than it was year ago. Still an
other thing: Money is so abundant abroad
that the rate of discount in the open London
market is only per cent
One of the best informed authorities In
New York says the supply of cotton bills
will be so large in very short time that all
fears of gold exports will cease. So long. of
course, as we are able to send commercial
bills, gold Will go unless under specula-
tive or other unusual Inducements; and it is
more than doubtful if any better prices for
our gold in Europe than have already been
made there will be offered as an inducements
70 shippers.
Money East and West
September is at hand with its disburse-
ments, remarks the Boston Traveller, and is
also the revival of trade, and this will re-
Quire a considerable amount OF funds No
stringency is looked for, however, the
coming autumn, for past seasons have
taught banks that shortness of funds is
usually felt then, and they have fortified
themselves more fully than ever to meet the
demand and in consequence have goodly
sum Tor any legitimate call on hand.
TIE Chase National Bank las raised Its
=
ing the example of the Park National. The
strengthening of interest rates i'll New York
will be directly communicated to Chicago,
and there is already talk o. a resumption OF
the old basis of rates, with per cent for
time money and per cent for money on
call. number of the local banks have al
ready notified their customers OF an inten-
tiOn 10 advance IA tee, and 1t Is rumored that
the banks OF the city will to a certain extent
cooperate in making the advance. The in
Quiry for loans is said to be good, especially
among the banks which cater to the Board
OF Trade business
Local Securities.
Transactions on Change for the week end
ing to-day were 3,29S shares OF stock an $780,
900 bonds The rise in prices which had been
in progress for several weeks, was checked
by the cholera scare, but only those shares
IN which Boston and New York are inter-
ested-Westinghouse Electric and Philadel-
phfa Company-suffered much of decline,
and even these closed on a rally from the
low points, the former making the most
pronounced recovery. Street railway
shares declined somewhat, but the de-
clines were Tor fractional amounts only
and the steadying and recovering process
was quite as noticeable as in Electric ana
Philadelphia Company. Airbrake and
Switch and Signal sympathized with the
general weakness, and Underground Cable
and United States Glass also softened some
what. As stated, the arrival of plague ships
OF New York was the principal cause of the
lower prices. the market here sympathizing
with the weakness in the East; but re-
action was due in all the active shares, and
It would probably have materialized
little later cholera or no cholera.
The appearance OF the plague
OF the, coast merely precipitated the re-
action, which was helped along by short
sales under cover of the general scare. The
prompt action of the Government with re-
spect 10 quarantine measures restored con-
nuence il measure. and until the dreaded
AsiatIc scOurge actually lands and gets
firm ioOtLOld there is not likely to be any
panicky movements in stocks and bonds or
any Of the commodities traded in on the
produce exchanges. AT this writing the
outlook Is against a visitation, and buyers
OF securities, grain and provisions at the
current comparatively low prices will un-
doubtedlv find themselves in the nossession
Of handsome profits when a normal condi-
tl0G OF affairs again prevails. This is q time
fUr cool heads. A sacrifice of sound securi-
ties now will be regretted later on. The
woods are full OF bargains, and il the scare
reTlyes they Will be as numerous as colonels
In Kentucky. Buy on the breaks" was
never better advice than now.
Changes o. the Week
The closing bids. compared with those of
last week, show the following changes in the
leading shares:
-Adranc 5S-Airbrake, 11%
Dec eS-Philadelphia COMPANY, X: Cen.
tral Traction, e; Pleasant Valley, X; Union
Switch and signal, q; DuQuesne Traction,
=: p. & b. Traction, "a; Westinghouse Elec.
trio seconG preferred, 2sz. Underground
Cable also declined about IL points and
United states Glass common about
The Prospects.
There seems to be little room for doubt
about the future. If we are afflicted with
cholera we will have dullnoss and lower
prices, but, as stated, indications do not
point that way. Stocks that have been sold of
late have dropped into strong hands, and
Others are known to be in the hands of
powerful cliques, whose interests will be
the present range of prices. There
are still indications that P. & 3.
Traction is to be taken hold OF sooner or
later aud given an upward whirl, and the
lttsburE-Duquesne crowd are only waiting
Tor the proper opportunity to give Duquesne
a boost. P. A. & NJ. and z. V. are com para
lively quiet and weak, but they are sure to
be con -olidated, and then the stock OF the
consolidated roads will be doomed. Central
Traction Is weak, but it is worth al least the
price paid in (S0), and there are schemes
eookllg II is stated by those who ought to
Know tn2t VIII tend to greatly enhance its
pIlcG. citizens Traction is stea dy at about
g. 1t is worth more money. The statement
that us dividend rate will be increased to z
per cent next year comes from an excellent
source, which will make it worth about 70
its present price at per cent.
The lndustrialS can hardly fail to be high
er. AlrDrake ought to go to l5O Under
ground Cable to 80 and Electric both first |
and second preferred, ought to he purchases
for material advances, con solidation or no |
Switch and Signal and |
United States Glass are not in very great |
favor at the moment, but their friends are |
they will see much higher prices. |
Gas shares ere among the best things on |
the list. The public does not vet fuIlv |
understand the changed conditions of the |
gas companies, and when these are clearly |
as they will be before long ii
prices viii more closely conform to them
4 he Philadel phia Company is undoubtedly |
In very strong position. 1t is ont of debt: |
lt mas plenty of money ana is making plenty
o. > &c -