Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-07
MONEY AND STOCKS.
All Indications Point to a Continu-
ance of Easy Money.
CIRCULATION OF THE COUNTRY.
Course of Local Securities and Gossip About
the Leaders.
LOCAL AND GENERAL FINANCIAL GOSSIP

week. III mas Deeu pcyOuu
doubt that money will be plentiful and easy
throu ghout the remainder of the year, and
while there has not been much increase in
speculative operations at the principal CEN
ters, it is because hull enthusiasm has been
checked by the outward movement of gold.
This feature, together with the growing use
of silver, says one of the Eastern oracles,
Is, of course, a source of uneasiness. New
ertheless, it has been uppermost for long
period, and it's follies and dangers are tax
ing no one by surprise. Americans
are less alarmed than Europeans, who,
at such a distance, naturally take the most
cautious, if not the worst view. As for the
foreign demand for gold that has been
stimulated by the scarcity of commercial
bills, the backwardnesS of cotton exports
accounting in a considerable degree for this.
There IS no danger, however, of the gold
moTement extending much iurther, as the
season when gold Is usually imported is near
at hand. To-day's New York bank state
menr ref1e cted the late gold reports, an in
creased demand Tor money and the begin
ming of the currency movement westward,
but the assurance OF continued ease in
money is the most encouraging feature of
the situation. So far as the shipments
moving purposes are concerned,
both Western and Eastern bankers say they
will be smaller this year than ever be fore
Tie West and Northwest are well supplied
with currency; and, Us Chicago is steadily
growing as o reserve center, there need be
no uneasinesS about money rates during the
remainder OF the year.
The money circulation Of the country on
August !, is reported by the Secretary OF
the Treasury to have been S, COL 900 600, COM
pared vita S., 500 600. 600 year ago, or an in
crease OF more than 500, 100000 and compar-
ing as follows with the corresponding date
for several years past:
IS, ,32l So0000 1890. IS, ,4Sl zoe, 600
1SSS. 1865 lO0,G0 1s9l..... ], 500 000, 0c0
1855. ...... 1879 G00,OUl lS92..... l,6Cl sOO, ,000
1t will be seen that while there has been a
constant increase, that or the past year has
been much tho most rapid more than twice
as great as the average annual increase or
the four preceding years. With this i'm
mense circulation, more widely and enec.
lively distributed than ever before at this
time OF year, there can be little question as
TO the adequacy of the supply or currency
Tor the crop movements and trade require
ments of the TALL. The facts as to the agri-
cultural situation, so far as ascertained, are
such as TO strengthen the belief that cur
rency demands will not be developed SO
learly. nor to SO large an amount as to create
inconvenience or pressure, and this opinion
seems to be very generally shared by bank
ers throughout the country.
Local Securities.
The weeks trading on Change aggregated
s,0a5 shares stock, $4,000 bonds and $40
scrip, and the trading was accompanied by
a strong tone throughout the list and de-
cided upward tendency in many of the lead
inG active shares. The street railway shares
pany. Z. S. Glass, Westinghouse Electric,
1uster Mining Company and others, tho
bonds sold being DuQuesne and P. & B.
Traction 5s. The closing prices this week.
the following noteworthy changes: U. S.
Glass, 81 advance: Philadelphia Company,
q advance; Manufacturers Gas. u advance;
fsoPes Peoples fpeaga Ftsasa Gas advance wss
Cen Iral Traction, q advance; Cit.
Eens' Traction, u advance; Duquesne
TIact y advance: p. & B. Traction, Ia
advance. Other changes are shown, but
they are for slight ractions only and are
about equally divided between gains and
losses.
The movement OF the market was in re-
sponse to decreased fears of anything seri-
Gus from industrial sources and disposi-
tion TO invest idle money whether or no,
one of the leading encouraging features be-
ing the strong demand for bonds both from
banks and private capitalists. U. S. Glass
was bought by insiders for voting purposes
at the annual meeting, as well as on pros
poets OF dividend, ana all the others tina t
appreciated were purchased in accordance
with the generally entertained opinion that
prices were too low.
Westing house Electric received its
strength from the East, where the buying
wns OF the best character possible. 1t was
intimated that strong pools had been formed
TO take hold of both Westinghouse and
General Electric and the buying and the
course of the stocks lent color to the
intimation. At the same time the talk
about the pools was accompanied by
bulliSh reports of earnings and prospects,
indicating that the movement was quite as
legitimate as otherwise. So far as the home
company is concerned, it never before had
so much work in hand and in sight Its per-
nan afVa DF -aar- in hn al
decreased materially, by dispensing with
many district offices and high-salaried agents
and more economical management gener-
ally. Despite reports Grom the East to the
On the contrary, work is being secured at
1ull rates, Notwithstanding the much lower
bids OF rival companies. The TIL. Com
pany underDid the local company $3.50 per
car equipment in an effort to get con ntract
from one of our street railways, but failed
to secure it. The same thing has happened
preference shown its apparatus as q testi.
monial of the very highest character.
In this connection it may be said
that the Westinghouse Electric and Manu-.
facturing Company has been given the
contract to equip the street railways lines OF
Montreal, Canada, with its system, and has
already commenced the shipment OF
motors. Its system ia also in use by the
street railways of Ottawa and Hamilton,
and it virtually has monopoly of the
Canadian street railway business.
The buying of tine fractions was by strong
and conservative houses, and with this
stamp ot approval it would seem as if they
were safe purchases. A well-informed street
railway man makes the following guess on
lines, Pittsburg- Duquesne combine
$4,000: Citizens Traction, $500: p,
A & NJ. Traction, $40. zoo: Pleasant
Valley, S35,65O; p. & B. Traction, 81. 900
Central Traction, Sl9, ,500 The official fig.
ures. it is thought. will not vary much rom
these estimates. Receipts of all these lines
are steadily increasing, and they will con.
tinue to increase as long as the city contin.
ues to spread out. They are among the bes,
purchases on the list, and the time is com.
ing when they will rank above bank stocks
ms investments.
Union Switch and signal.
''Stockholder' is answered as follows: The
Union Switch and Signal Compauy's capital
was formerly 81, 500 900, but the company get.
ting into financial difficu lties it was reor.
ganized a few yeHrs ago, the stockholders
being called upon to surrender one-third
OF their holdings to the company, in lieu OF
which $500, 900 scale an equal amount OF pre-
ferred stock WAS issued to be sold at par.
or this $500 600 preferred about $3.50, 900 has
been disposed of and o. the common stock
there i outstanding about $965. 900. The
com!any has a bonded debt OF S350, 600 bear
fng per cent, due in 1893 OF this amount
S2o3 OO6 are outstanding, the balance having
been retired. About 1881 the old stock sold
as high as $40 (par S50); but when the fiuan.
cial trouble began the stock Eel! gradually
TO sales al $50 share. In 1889 bull move
ment carried the new common stock to
s26}< a share but in August, 1891, it was again
selling al about IS. From this it rose to
S201z in the early part of this year, but has
since sold at SIS and is now steady at Sl611.
The company has been in receipt OF large
orders this year, and stockholders are ex-
pecting it to get in strong condition as the
result OF large net earnings.
Tire Union switch and Signal Company is
said by the foremost railroad men OF the day
TO own the best devices in the world The
company has always made it q rule to have
their work up to a very high tandard; hence
It may be due to this fact that their
net earnings have never been as large as the
large gross earnings indicated they should
be. However, the Keeping up of the stan dard
OF the work, even at the expense of the net