Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-11
MONEY AND STOCKS.
Another Big Decrease in the Reserve
Held by New York Banks.
LOCAL SHARES CLOSE BU0YANT.
Course Of the Market and Gossip About
the Leaders.
LOCAL AND GENERAL FINANCIAL NEWS
LOCAL SHARES CLOSE BU0YANT.
LOCAL AND GENERAL FINANCIAL NEWS
SATURDAY. Sent. L

SATURDAY, Sept. 10.
Money again hardened in the East during
theweek as the result of the gold shipments,
the currency movement Westward and in
creased activity in general business To-
DAVIS New York bank statement exhibited
a further loss in reserve, bringing the
amount held by the banks above legal re-
ouirements down to less than S., 900, 600, and
unless there is an early change in the move
ment of money there is likely to be a
stringent money market East, followed by
the usual result of lower prices for stocks
on the New York Exchange. In re-
viewing the general situation Henry
Clews & Co. say: 'Tt is not the mere
horror of cholera that affects business
confidence. Its spread in European ports
had very direct tendency to check i'm
ports of American products; for not only
are merchants at the infected ports desirous
of holding the smallest possible stocks of
goods that may carry contagion, but their
trade is crippled and their means of meet
ing their liabilities are becoming seriously
impaired; so much SO, in the case of Ham,
burg, that the bankers of that city have found
it necessary to allow 80 days grace on obli-
cations maturing in September. These
causes are visibly checking our exports of
cotton and food products generally, with a
corresponding effect upon the prices of
those staples And the curtailment of those
shipments reduces the supply of export
bills, which has tendency to correspond
ingly stimulate the export of gold. Hence
il has been argued in some quarters that we
shall be exposed to a gold drain at the very
time when the West will be drawing on this
city for cure ency. This conclusion, how
ever ignores the fact that to the extent
that the exp orts may be curtailed, the for
warding of products from the interior to
the seaboard is likely to be interrupted,
thereby diminishing Eastern remittances to
the grain States.
Apart nom the transient effects Of this
alarm, the general position of affairs in this
country is an eminently satisfactory one.
In almost every branch of industry, pro-
ductiou is in full and healthy swing. The
harvest, together with the large surpluses
Of agriculture brought over from last year,
gives us supply of products for distrtbu-
tion not even surpassed by the unparalleled
abundance of 1891; so large indeed that we
must expect to again carry over large sur
pluses TO next year. When that can be said,
and when in addition it IS true that the
spirit of enterprise is in every direction con-
servative, what more need be adduced to
give assurance that the situation of our
great material interests is one that assures
an increasing value in our national invest
ments?"
Our Sinews of War.
The statement of money in the country
shows the total stock coined and issued Sep
tember !, 1892, to have been 81 204 970, ,6l3 CON-
pared with s., l94 l3l 324 at the beginning of
September, 1891 The principal changes
have been a decrease in gold and national
bank notes and an increase in all kinds of
silver money. Very much the largest gain /
has been in treasury notes, amounting to
about $50 900, ,0OO The following table shows
detail the changes in money in circula-
tion: