Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-09-25
MONEY AND STOCKS.
New York Bank Reserves Are Low,
But Money Is Fairly Easy.
LOCAL STOCKS CLOSE STRONG
Features of the Week and Gossip About
the Leaders
LOCAL AND GENERAL FINANCIAL NEWS
SATURDAY. Sept. "a

SATURDAY, Sept. "a
In the main, developments during the
week ending to-day have been of q charac-
ter calculated to increase operations and
strengthen confidence in all lines
of business. Fears of cholera and tight
money have been checked; crop and railroad
reports have been encouraging; the iron
trade reports noted an Improvement in
business and prices; the tone of speculation
was bullish; the Treasury Department in
creased its net gold fund; gold exports
ceased and money was reported compara-
lively easy at all important centerA To-
dsy's New York bank statement
showed another slight increase in re-
serves, but there were again big
decreases in the items of loans and deposits
The reserve requirements were largely de-
creased, therefore, but the amount held
above the legal limit is nearly s., ,00O, 900 more
than it was at the corresponding time last
year. The Treasury Department reports
larger increase in its net gold fund for the
second ten-day period of September than
had been expected, or from STA, 200, 900 on
September 10 to SIG, 500, 600 on September
20, the highest amount reported since the
middle of May. The recovery from the
lowest point, sll0, 100000 at the end of July,
has been RAJ pid, considering the continuance
OF gold exports in August and early Septem-
Der, aud materially improves the condition
OF the Treasury.
In the West rates held steady at about 5Q
81 per cent, and in the East the daily re-
ports have reflected an easy market. The
last report Of the Boston market follows:
The amount OF money in this city is proba-
bly, not any larger than q week ago, but It is
better distributed and consequently con-
uitions are much easier. One of the most
prominent industrial companies with head
quarters in Boston recently called in some
OF its outstanding book accounts in order to
prepare for any emergency in the way of
money rates that might possibly appear
later Funds came from every part of the
country, and last Tuesday it had cash bal
Rnce OF s., ,O01010. The calling of the accounts
demonstrated the easy position of money,
for in very many cases the remitters offered
larger sums than the company called Tor.
Local Securities.
Trading on Change this week aggregated
662S shares of stock and s2,52O scrip against
S6SS shares last week and $3.50 for the pre-
vious week, these figures showing that the
volume OF business preserved q fair aver
age. Trading was mainly in the gassers,
fractions and industrials, and the drift of
prices was upward, the leaders of these
groups closing somewhat higher than they
opened. The general tone of the list was
strong and the interest in the market in
creased, but neither the advances scored
nor the business completed quite came up
TO expectations or fully reflected the i'm
prOvement IN general conditions. Compared
with the closing quotations of last week the
final bids this week show the following
changes:
-Aduancss-Monongahela National Bank, /;
Peoples Natural Gas and Pipeage, Il; Citi-
Kens traction, q; p. & b. traction, Il: rleas-
ant Valley Railway, 4; p, A & NJ traction,
u; Luster Mining Company, a; Westing-
house Electric unassented, a; Union Switch
and Signal common, q; do preferred. 2;
Westinghouse Aubrake, l; Underground
Declines Philadelphia Company. ss;wheel-
ing Gas, u; DuQuesne traction, u.
Gas Shares.
The decline and rally in Philad elphia
Company was the feature OF this group.
After going of to 2l5s on sales to realize and
O little pressure on the short side, the shorts
using the talk OF disappointment
over the failure of the directors to
club, the stock recovered on buIlish |
talk on the companys earnings, supply OF |
gas and prospects, and closed strong and in |
other gassers were steady to strong, with the |
exception of Wheeling Gas, which sold as |
low as lS12 and closed weak ut l9 asked the |
decline in the price of oil being the chief |
influence. Peoples Pipeage was higher on |
\ little buying and bidding for inside ac- |
count, and while the others were unchanged |
as to board quotations, the Information |
comes from an excellent source that Ale |
gheny Heating Company, Bridgewater Gas |
and Manufacturers Gas sold privately |
at prices considerably above the bids |
made at the calls. The feeling on the entire |
group was strongly and more generally |
bullish, aud few predictions anent tue future |
OF the market were made that did not en- |
body higher prices for the gassers.
Street Railways.
The demand for the fractions ran in the |
direction of Citizens, Duquesne and P & B.
traction. Citizens was advanced to 63 sales
and bid and closed strong at 6S bid with
rumored sales off Change at 6311. good
ceal OF stock has been taken of the market
during the past fortnight, the bulk
OF it being forced on tor the pur-
pose OF closing up an estate, and as
there Is apparently no stock of consequence
hands. any one so disposed could easily |
mark it up little without being compelled
to take much OF ii. The story of the con-
tenlplated deal Tor the absorption of the line
by the Pittsburg- DuQuesne people was Off
cially discredited, but with the many official
denials made when the deal between the
Pittsburg and DuQuesne lines was on fresh
In memory those acquainted with the meth
DDS OF street railway magnates will not be
moved to change their views of the story
about the effort to secure control OF Citi-
gems.
There was some pretty good buying of
DuQuesne traction, but "the syndicate" evil
IDENTIFY JAILED TO saw wood, as the stock
closed below the highest of the week and n l
fraction below the close of last week. p q
B. traction also failed to respond to fair
buying, though 1t displayed more DISPOSE
tiOn to do so to-day than on any previous
day OF the week. Its earnings are unaouDted-
ly increa sing, but tho threatened competi-
ton appears to be a more influential factor
P, A. s. N. traction was fractionally better
strong and weak. Their
movements aroused no comment,
however, as everybody understands that p. |
V. is not likely to move very much in either |
direction, and that p, A & NJ. will probably |
ductuate within very narrow limits until |
lter it formally swallows its Northside
rival Central and Pit1sburg were feature !
ess.
The Industrials.
1t was quiet week in this group, though |
prevailed to a marked degree. The
inquiry for Switch and Signal was quite per-
5istent, stimulated by good reports about
'he company's earnings, and Airbrake, Un-
derground Cable and Westinghouse Electric
were IN moderate demand, but, while prices
generally improved, trading was compare
lively light
There was increased interest manifested
n the mining list. but trading and price
,hanges we're inconseQuentiaL
The Prospects.
Prices should go higher. The cholera
'care has been dispelled; business in mer-
'antile and manufacturing lines is fmprov-
ng; gold exports have undoubtedly ceased
or the year; fear of tight money has been
emoved; the tone OF speculation is increas-
ngly BULLS and funds for investments are
known to De in unusually large supply. In
addition to all this confidence in the lead