Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-31
MONEY AND STOCKS.
a More Confident Tone and an In
creased Volume of Trading.
He LOCAL LIST CLOSES FIRM,
With q Number Of the Leaders in an
Advanced Position.
GOSSIP, SALES AND CLOSING PRICES

SATURDAY, July 80.
Operations and developments of the past
week have reflected more confident feel
ing in general financial circles. Invest
ment and speculation have shown ten
dency to broaden and branch out under the
influence of continued ease In money, the
prospect of an early adjournment of Con-
gress, more pacific reports concerning the
industrial situation, and favorable advices
from abroad: and, while dullness prevailed
in mercantile and manufacturing lines, the
leaders in these branches of trade expressed
themselves more hopefully regarding the
immediate future. The condition of monetary
affairs across the water was reflected in
the action OF the governors OF the Bank OF
England at the regular weekly meeting on
Thursday, when the banks minimum rate
OF discount was permitted to remain at per
cent. The bank gained fi4, 600 bullion dur,
ing the fiscal week, but the reserve decreased
E29l O00. The proportion of reserve to lla-
bility, however, was 455 as against 4S4l at
the same time last year. In the open market
the rate for both short and three-montns'
bills ruled at u per cent Money was little
frmer in Boston and Chicago. In New York
time money did not show any indications OF
diminishing in supply, and many
new lenders we're in the market. TIE United
States Treasury net cash balance rose
during the month from S26 100000 to more
than $50 900 900. the largest since January l,
when it was SS4 SO. .0o0 The lowest was S26,-
oO3O00 June !. To-day's New York bank
statement was favorable one, showing
comfortable increase in the supply of avail
able funds. In the local market the same
conditions existed as were reported from
an principal points-a slight improvement
in demand and increasing supplles- In
talking of the situation to-day a broker said:
Money is easy. very easy. Rates are quiet
at 5576 per cent, Int 1 believe / could get
lt-rN rfatv
$4,000 worth OF bonds worth par. They
would be just as good as cash on the counter.
] see no reason to expect tightening
Up OF the market unless business largely e1-
ceeds expectations. The supply of idle
money is steadily increasing. Mills and
glass houses are doing nothing, and they are
getting in collections and paying out notn-
inE except for watcLmen, taxes ana re-
repairs, which amounts to comparatively
little. 1 have heard reports o. business In
call loans as low as per cent, bat as Eastern
leaders have Withdrawn from this market
it is doubtful if much, or anything, has been
done at so low rate. As l said, however,
money is in excessive supply and is accum.
ulating, and see no reason why we should
not have an easy market throughout the
remainder of the year"
Course of Local Securties
Trading on Change during the week ag-
gregated 900 shares and $4,000 bonds, with
q steady to strong tone prevalent through
out and two or three little spurts in the
trading that looked like forerunners of the
activity which invaria bly, sets in early in
the last half ola year. Gas and street railway
shares were prominent in the trading, nota-
bly, Philadelphia Company, Duquesne Trac-
tiOn, 2. 4 Q. Traction and P, A. & NJ. Trac-
tion. Pleasant Valley Railway, Citizens
Traction, Airbrake, Luster Mining Company,
Union Switch and Signal, Peoples Pipeage.
Westinghouse Electric new stocks and
various bank stocks also figured in the
dealings, as well as Duquesne Traction
bonds publicly and various other issues pri-
vately. The tone of the market was steady
TO strong throughout, the shares that have
III ed firmest during the dullness scoring
more or less significant gains. and those that
have been weakest showing a strong recov-
ering tendency. Gas shares, Duquesne Trac-
tlon and Electric stocks exhibited the most
strength, perhaps. the demand for the latter
coming from Boston, where greater activity
prevailed than here. Their activity and
strength was ascribed by some to proba-
bility OF the home company going into
the combine, but best opinion inclined
TO the belief that the stocks were
active and strong as the result of the rank
the company has taken since the reorgan-
iz3tiOn by the wonderful energy and enor-
nous earning power SHOWN. Gas shares
gained strength because a spread OF the be-
lief that their financial and physical condi-
tion is showing steady improvement, and
street railway shares were frmly held on
the belief that prices were none too high
considering the present and prospective
earnings of the various roads, due allowance
being made for a falling off in the receipts
OF some O. Jue lines III consequence Oh tile
strikes. There WAS more or less inquiry for
and business in Junction Railroad securities
during the week, as well Allegheny Heat
ing Company, Monongahela Water, and some
of the usually inactive shares, but
while they were reported steady to strong,
in sympathy with the active list, particulars
to prices, etc, were generally lacking.
On the whole, the market was decidedly
better, not only as to inquiry but as to busi-
ness and prices; and while it does not seem
reasonable to expect much activity during
August it is probable the volume Of trading
will largely exceed that of July.
Comparison of Few Prices.
As showing the tendency OF the market
during the past year the closing quotations
l3 OF the leading items of the list at the
close or July last year and the close of the
present month are given herewith: