Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-14
MONEY AND STOCKS.
The Pulse of the Financial Situation
in About a Normal Condition.
COURSE OF LOCAL SECURITIES.
An Active and Bullish Week Closes on Some
Slight Reactions
VIEWS OF STOCK MARKET ORACLES

SATURDAY, Aug. 13.
As q rule money was easy during the past
week. Gold shipments were augmented by
81, 600, 900 or so, the price of silver dropped
to the lowest price ever known and a gener-
ally unfavorable bank statement was expect
ed; but despite these developments and ex-
pectations little apprehension was expressed
regarding the future excepting in foreign
centers, where the conditions and resources
of this country are not as well understood
as they might be- The New York bank
statement was fully as unfavorable as e1-
pected. showing q decrease in reserve OF
S3.O23, ,a75, an increase in loans of S994, 600,
a decrease in specie of 81, S62. 600, de-
crease in legal tenders of $685..
100 and a decrease in deposits OF
s., go, 900; but some of these
changes reflect developments a fter last
weeks statement was made up, and, as the
the time is close at hand when the move
ment of gold is usually inward instead OF
outward; as the currency requirements OF
the West for crop IN owing purposes will be
unusually light, and as the circulation OF
the country is showing a steady increase.
the current changes in the condition of the
New York banks is causing no alarm of con-
sequence. There is, however, little ap-
prehension in some quarters concerning the
future OF our currency system, which the
loss of gold has stimulat ted, but the best au-
thorities believe that, while there may be
some dangers, the fact that they are better
understood than ever is of itself
an omen of good. Foreigners who
nave been sending back their holdings of
Americans for months past on this ac-
count" says Henry Clews shave failed en-
tirely in measuring the change of sentiment
toward silver which has taken place in the
United States They fail to appreciate that
the power of the silver lobby in Washing
ton has received rebuke, and that hence.
Sla l..AN 10 1N<aexr es1r-
ties and anti-silverites is likely to be in
favor of the latter"
In the local money market very little ac-
tivitv has been witnessed, though the
volume of general business has been fairly
large for the season. Money is generally
abundant" said the cashier of Fourth
for some time past. As result,
more per cent money is out at
the present tire than ever be-
fore, and still the banks are in excellent
shape for the fall trade. We have been
fortunate in keeping pretty closely loaned
IN, our business being mainly with mer-
chants and manufacturers, and yet we will
be able to care for our patrons this fall and
winter as usual, So far as my observation
goes the banks are carrying little or no ac-
commodation paper. in which respect the
condition is changed for the better from
that OF a few years ago. The outlook for q
good autumn trade is excellent"
Local Securities
Transactions on Change for the week
ending to-day aggregated 3,OI5 shares and
$4,000 bonds. and a good volume of busi-
ness was completed OFF Change. The gen.
eral temper of the market was strong
to buoyant throughout, the most conspicu-
GUS for strength and activity being the Gas
shares, the Industrials and some of the trac-
tions. Some of the shares that have had the
most rapid advance failed to close at the
best prices, but the reactions were mostly
regarded as natural and healthy. The clos
ing prices this week, as compared with that
OF last Saturday, show the following changes
in the more active shares:
delnhia Company. *;
Peoples Pipease, q; Wheeling Gas "a; Union
switch and Signal, "a: Airbrake, ~; West
inghouse Electric, second preferred. 9955ss;
tion, q; Underground Cable, q; Pittsburg
traction, q: Monongahela National Bank,
Is: Liberty National Bank, a.
Declfnes-P. & B. traction, "A: Luster Min
Ing Company, Il; Tradesmen's National
Bank, q
The list generally was helped by more
confident tone in general business circles
easy money and favorable reports regarding
the condition of the various corporations
The advance in MANY of the shares was
displayed yesterday and to-day was little
more than expected. The belief is general
that all the stocks that have advanced of
pears to be good ground for the belief. The
gas companies are steadily improv-
ing financially and physically. the
able growth of earning power and the
industrials are making strides little
short of phenomenal. The declaration
of dividends on United States Glass CON-
mon and preferred was well received but
they found no reflection in the price of the
stocks. haying been tully discounted
the stocks in the near future, but there
seems to be little doubt with respect to pur-
ch2ses at present prices Tor long pull.
Given good management, it is difficult to
figure out anything but an excellent future
for Glass. AT present there is little dis
cord on the inside, which will probably be
broken up at the annual meeting of the
stockholders next Wednesday. THE Dis
PATCH understands there will be fight over
the Presidency, and that it will result in the
election of either Mr.. Ripley OF Mr.. Beatty,
with the chances about equally divided.
The bulge in Union Switch and Signal was
probably nothing more than its regular an
nual upward movement, though many be-
lieve il is destined to reach a much higher
plane. The advance in Gas shares, Air
brake and the Electric stocks seemed to have
the best foundation, while the weak spots
were occasioned by nothing of special sig
nificance. Nothing new developed in any o:
the various street railway deals. A gentle
man closely Interested H. the T., "A. NJ. and
7. & b. told The DISPATCH today, however,
that something important would probably
come TO the surface next week.
Street Railway shares.
As illustrating the general temper on the
fractions, close observing and conserva-
tive street man talked on them to-day as
stock, selling at 60, at which price it nets
about 3 per cent. At the present rate of IN
crease OF gross earnings, (about 10 per cent?,
next year it should increase the rate to at
least per cent, so that OF present prices it
will yield 5per cent and probable D.
probation OF Is per cent Or 81 80 per
share in the next year. This view
of it is what makes 1t favorite with
conservative investors. The Pittsburg- -Du-
Quesne combination is fast working into the
position of the Citizens. Their revenue is
now at figure which makes Pittsburg
sure dividend Garner, and at the present
rate OF increase the Duquesne should be on
a . per cent basis by next year. II the claim
that the p, \. & NJ. combined with Pleasant
Valley can be operated so per
cent of the gross receipts is a good
Duquesne combination be operated on
the same percentage? If the claim be a
good one then 50 per cent of s., 800 1.-THE aver
age of last monthly, would give Sl,151; de.
Quoting interest would leave $50 net per
day Tor both roads, or about 1920 tor the Du-
per annum, or 354 per cent. Should their
gross increase be at the rate of 10 per
cent in the next year that
on $500 per day would be S345, or
at the rate of sl25,0oO per annum. When it
is remembered that there is no increase in
the fixed charges and little, if any, in their
general expenses, it will be seen a glance
mat there are some pretty large profits in
the street railway business when you get
beyond a certain point. 1t is because of
out with profit that makes our
people willing to invest in the shares
Of our different street railway lines.
1t seems to me that the electric lines should
have the preference. as the improvements
that are being made in electric appliancus
g reducing 10 fnS Of both the a