Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-08
CALL MONEY HIGHER.
Rates Run Up to Ten Per Cent on the
New York Stock Exchange.
LOCALS DULL AND FEATURELEss.
Gains and Losses Fractional and About
Equally Divided.
LOCAL AND GENERAL FINANCIAL NEWS


Speculation East and West was moder-
ately active to-day, but sentiment was less
bullish. sPrices, however, were about
maintained on the Chicago Board OF Trade,
and the upward tendency on the New York
Stock Exchange carried very little signi6-
canoe with it. The money market became
quite stringent at the latter point this
afternoon according to q special to a
local house, and from 1 o'clock
until the close of the board
no loans were made at less than 6 per cent,
while Z per cent was made at times and SO
10 per cent in exceptional cases This ad-
vance in money was caused by the shifting
of the Georgia Central loan of about
$3,275,0O0 - from Spryer & Co..
to H. r. Hollins & Co., but it must
not be forgotten that money is steadily go
over half a million. The movement Of grain
has begun but that of cotton is still very
small. There was some unusual activity In
silver certificates at the Stock Exchange,
over 100000 ounces changing hands at s4M@
70 The purchases were due to the hopeful
views expressed by Mr.. Jesse Selfgman, the
American commissioner, who has just re-
turned from Europe, in regard to the inter-
national monetary conference.
Regarding the furry in money an Asso-
clated Press telegram says: The reasons for
the advance in call money to 10 per cent late
always in better request on Friday when
brokers, agreeable to a stock exchange GUS
tom, provide themselves with funds for the
three days to Monday. were the disturbance
Of loans incident to the liquidation of the
Spryer Georgia Central loan and large pay
ments into the New York city treasury Tor
The higher rate for money weakened sterl-
ing exchange and after the close bankers
60day bills were quoted at a. S5@4 S5% and
demand a s611.
On the Local Board.
Home securities were like balky horses
they could not be moved in either direction.
AS forcible illustration of the condition of
tho market, it may be stated that a broker
offered to trade either way in p. & B. trac-
tion at 254, and, after offering Wheeling Gas
at 191S bid 195s for it without being able to
do any business in either instance. Orders
anywhere near the current quotations were
very evidently lacking, and the interest
fat and unprofita ble'' by o large majority.
The items traded in ON Change we're Phil
adelphia Company, La Noria Mining COM
pany, Westinghouse Electric scrip, Pleasant
Valley Railway, Duquesne traction and
First i ational Bank. the total business be-
ing only 225 shares of stock aud $40 worth of
q retail way. closing steady at 221l@22sss La
Noria Mining Company sold at l3c. closing
at l2@4c. The most important deal at the
calls was the sale of 100 shares OF Pleasant
strong at e515@25ss Duquesne traction sold
to the extent of 10 shares at 3S3l, closing
weak at 2s55s@2sA and q small lot of First
National Bank changed hands at III.
Electric second preferred was little
firmer at 37A bid here, and 371k bid ON the
Boston and New York Exchanges. On the
at l91S bid at the close. The firmness was
probably due to the statements of MIR. West
inghouse and other officials OF the company,
that the decision in the lamp case would
not seriously offset the company's interests:
also to the talk about q new and wonderful
lamp and to little manipulation.
In the remainder of the list the features
were another fractional advance in Peoples
Natural Gas, strength in United States Glass
and Monongahela Navigation Company and
apparent weakness in Citizens traction, P.
Gersround Cable. The others were steady
and ieaIureleSs.
During the last call e2ls was bid for 500
shares of Philadelphia Company.
More Talk on the Decision.
woerishoffer s. Co. say: "The incandes.
cent lamp decision is of vast importance,
and of great money value to the General
Electric Company and its icensee. Tho
only party who doesn't think it amounts to
much is Yves tinghousc, who is the chief in
fringer. The decision is broad and sweep
ing, ard when the order is entered enjoiI-
and calling for accounting, perhaps matters
will appear more serious. We should not be
to see General Electric sell up to
l5oh
The Westinghouse electric people on the
other hand say that the decision just given
by the New York Court of Appeals in rela-
ton to the incandescent lamp cannot
affect them. In the first place they
claim that they will still have the right to
use the lamp, under an agreement made with |
the Thomson Houston people long ago, but |
,~ff
It, as their new inventions will enable them |
10 place on the market a better light for |
,bout one-half the cost. Some of these lamps |
ire already manufactured, and the company |
will soon be ready to introduce them gen. |