Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-27

will Justify this position. A year ago this
month, when the stock WAS quoted at 1l1S
and II. we foreshadowed the resumption or
dividends. We have no official authority
for the statement now, but we believe that
for the coming fiscal year the company will
increase the rate to 6 per cent, and on that
basis the stock will net Il per cent on SO.
word as to our money market. just now
the mills and factories are running full. ana
| resumption of operations in additional
departments of the Carnegie Steel Company
has taken place. This activity has increased
the demand for discount from manu-
facturers who quite naturally have the call
over stock brokers who frequently represent
more transient borrowers in securing &C.
commodation at banks. This demand has
slightly and, we believe, temporarily, en-
HANGED the rate for money and there has
been some calling Of per cent funds to put
out at per cent This action has provoked
very drastic criticism from certain quarters,
but it is not at all general. In fact, the bank
officer who would neglect to charge the full
legal rate when the conditions just1hed it
would be very properly subject to criticism
on the part of the stockholders whose
servant he is. From all we can learn there
Will be ample funds to meet all the wants OF
business and early in the new year there
will be more generous surplus Tor the use
of stock dealers. r. in the meantime, there
be any forced liquidations, it will be tho
investors opportunity to secure bargains.
Opinions From Wall Street.
J. s. Bache & Co. to Oakley & Col
this week has been the question OF gold ex-
ports; $500, 900 in goll were Withdrawn from
the Treasury on Wednesday,, but after
weighing some of it was found to be light
weighted, and it was at first thought that
this would postpone shipments for little
time: but during the afternoon the exchange
market became stronger again, and the gold
was shippedby to-day's steamer. The fact
that We are shipping gold as the end OF No.
Vember naturally arouses great.deal OF ap-
prehension, and the bears are on the alert,
and doing all in their power to improve
their position in the market and they have
been able to work up quite a nervous ieel-
ing, and same has been rejected IN the
stock market. 1t is useless to dwell upon
the causes which have led to these ship
ments; the increased imports, the decrease
in the money value of exports brought
about by the low price of grain, are all well
known. The great trouble has been the in
security felt on account of the silver bill,
and the chances now are that before the
year is over the bill will be repealed.
"The silver conference, which is now on
in Brussels, is really OF no great impor.
tance, as nothing will come of it; it was sim
ply matter of politeness on the part of
this country, and we think that when Con-
gress meets in December the apparent all
ure ot the conference and the shipments OF
gold will show TO the people at Washington
the urgent need Tor the repeal of the bill. 1t
is, of couse, impossible to say how large tn
gold movement will be. Some bankers tell
u that it may reach ten millions, but this
will depend a treat deal on the movement
OF securities; besides, we think the imports
will tall off considerably, as people will buy
but sparingly on the other side until the
tariff policy OF the incoming administration
is well understood.
"The weakest stock in our market has been
Reading. The Investigations which are go
ing on now have shown conclusively that
this corporation is virtual monopoly and
Tor this reason it may iare badly.
"The rise in cotton has improved the feel
ins i'll the South. From the advices received
business has taken a very favorable turn
down there, and we think that the gloom
which has been hanging over the South for
Two or three years has at last been lifted and
that the boom which the West has had Ior
the last few years will now be confined to
the Southern part of this country. Iron is
improving anu prices are from 81 to $3 better
than q month ago. We are bulls on the South
and aR Southern securities.
"The market to-day was one of continuous
bear manipulation and it must be said that
they were successful in dislodging some
stock; still, the short interest is so large tnat
we think a rally near at hand. The old, stale
rumor about the severe illness of Mr.. Gould
was again freely circulated. but found few
believers. The street is bearish and the
snort interest in the room ami outside is
heavy. We therefore advise our friends to
buy stocks for the rally.'