Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-16
MONEY AND STOCKS.
Firmness the Chief Feature at Do
mestic Financial CenterS.
HOME SECURITIES DULL BUT FIRM.
business and Changes of the Week and the
Usual Gossip.
LOCAL AND GENERAL FINANCIAL NEWS
SATURDAY, Oct. Is.


general business. To-day's New Gork,, bank
statement showed a further loss in surplus
revenue amounting to 81, 397 ,525, and the
actual loss of money was s., 456, 525,
the decrease OF over 81, zoe, 600 in
deposits reducing the reserve requirements
over &, 900, 600. The banks really have a
greater reserve than at this time last year,
but their deposit Liabilities have increased
fully $50 900. 900, aud the funds, therefore,
are not available for leaning purposes.
There is, however, no danger that
legitimate interests will be em-
barrassed by any stringencT in
money The supply is sufficient and may
reasonably be expected to increase from
nov on. So far as the United States
Treasury is concerned, the danger line is
passed. An increase in the amount of gold
in its vaults is shown, which amount is now
s.. 900 600 above the certificates and re-
serve. While it is true, Also that the
New York banks are down pretty close
to their reserves, and that the move
nent OF currency to the West has
been large, the increased deposits
represent an increase in business power and
the money sent out will from now on re-
turn. making the market for money easier
at q time when the Government is renewed
from an embarra ssin" uncertainty as to its
gold holdings, and when the production ana
TRANSFORMATION OF commodities Is most ac-
tive and largest. 1t is a TACT that at tnat
moment when money can be procured with
the most OF difficulty and the rate on loans
Is highcs the most hopeful ant icipations
may be INDUCED in as to the future.
Local Securities.
Trading in local securities on Change this
vcek-and, for that matter, off Change
was comparatively light, and with two or
three exceptions, the market, was feature
less. Transactions at the calls aggregated
6 100 shares of stock, SIS 900 bonds and 500
scrip against $3.50 shares of stock, $500
bonds and SO scrip last week. In general
way the market was divided between
strength and weakness, but the gains, while
mainly in the bank shares were the most
numerous and consequential. The declines
we're not large, and in two instances merely
represented the dividends, which came OFF
the quotations during the week: The clos
llg bids to-day, compared with those OF last
week, show the following changes:
i6udHceS-Allegheny National Bank, q;
Bank OF Pittsbur-, /: Fourth National Bank,
=; Iron City National Bank, }; Liberty Ma
5I1ual Bank, y: VI. n NJ National Bank, 80:
Third National Bank, >; Enterprise Savings
Bank. of -Allea heny, ]; Pleasant Valley Rail-
~av. Is: Westinghouse Electric unasseuted,
l-. Union switch and Signal, "a.
EcclmoS-Peoples Natural Gas and Pipe
a-e, =; Philadelphia Company, Is; Citizens
traction. 1; Monongahela Navigation, q;
InderSround Cable. lS4; Duquesne traction,
=; =. X B. traction, ..
Street Railways.
Tie fractions were rather quiet during the
week, and, on the whole, were characterized
10y a dropping tendency. z. & B. traction
suffered the most, presumably because its
statement OF operations for the past year,
winch was presented at the annual meeting,
was not generally favorably received. The
piiucual reason for its slump was, perhaps,
the failure of the directors TO declare Il divi-
-i~ a. The public had been led to expect
{ the stockholders would get something
the shape OF n dividend, and while
-, expectations were not based
ANYTHING tangible or roircial, the fact that
~ were not realized caused considerable
;appulntment The statement also held
llirtle hope OF an early commencement of
yidcnd payments, but those who fully
lderstAnd the company's financial and
!ysical condition empnatically expressed
iith in its future. The extension of its sys-
EN- TO drain the south hilltopS, its incline
plane interests, etc, were fully set forth dur
lng the week, and when tie public fully un-
dCist&HuS the WORKINGS OF the parent SyS-
TEN and tRe leased companies Il
better general sentiment will undoubtedly
prevail. Wheu the extension to Homestead
l. completed the system viii be one of the
best IN the two cities. Its earning power is
steauily increasing and the cost OF operation
S being gradually reduced Investors who
ike 70 20 il Tor long pull and big profits
need 20 no further than L. & Il. traction.
Its condition is wonderfully improved aud
its prospects are very bright
DuGuesne traction and Citizens traction
lackeI support and declined fractionally,
the course OF the former jusuifying the in
tmaJion III these columns a week ago that
il Il pool had been formed to
pu55 it IN, at Gperafigns on .t;, to that that
after the Presidential election. The latter's
com paIative weakness was inexplicable.
For the 1:st six months of the year irS net
were between $4,000 and $4,000,
or al ri.e rate Of nearly Sper cent, and as the
last IN are the best the years net will prob
ably Justify the CLAIMS OF its friends that it
Is earning between and 10 per cent. The
~Aarpsburg branch Is earning handsomely
aud i'll continue to 30 so. it is claimed, even
when the Northside competition begins.
The extension to Williamsburg will be i'll
operation before loa- and it is expected
mar operations will result in
profit right from the start. 1t is popularity
that the Duque~ne will divide the
patronage with the Citizens through the
tTave1sed by the latter's extension,
BUt IN Tie strictest sense they cannot be
called competing or parallel lines At most
Ji The way points where traffic originates
Ae two extensions are fully a quarter OF a
gliIr apart
Pleasant Valley fuctuated considerably
Jut IL ruled st-ady to strong and closed in
demand at the highest Manchester was
l5 which some OF the inisalng touches will
be plS OH the deal for the absorption o: the
2. V. by the L. A. & NJ. viii be held next
thursday, and il is not expected that any
rigorous opposition 10 the scheme will de-
relop. Fully % per cent of the p. 4. & NJ.
stock and % per cent of the p V. stock is
pledged 10 it. and some o. the ''kickers''will,
{ ~ le-Cd, be brought into camp before |
he meeting convenes One of the Man.
,hvs o. stockholders opposed to the deal
vas offered something above the current
market price for his entire holdings yester- |
lav, something like 1000 shares, but he re- |
used to sell. The great advantages to be |
derived by all 10y the operation OF the roads |
s one system were again fully set forth to |
rgument lie appeared to be resigned \
md inclined to place no obstacle in its way. |
Us stated heretofore the two corporations |
must go IN free from debt, and it Is stated |
has both have enough to liquidate all obli- !
a;ioas and pay small cash dividend |
,eeidcs.
In the other street railways no oteworthy
catures developed. There was something |
u = demand for Plttsburg, but the others
Tcre neglected
Gas Shares.
Con siderable interest was manifested in |
tie natural gas stocks and all ruled strong
nd buoyant with the exception OF Wheel
NJ Gas and Philadelphia Company, the lat
er declining nactionally under a little ma
lipulatlcn. There was really nothing to
iase manipulation on and at the close to-
ay it looked as if the mRnipulators would
ave little trouble in getting their stock
ack without Il loss. The company's I'M
rovcd financial condition has made it an
xcellen collateral; it is good per cent in-
estment. with promise of being an
lrly ) or per cent payer,
nd at present prices short
lies carry considerable risk. OF.
cials OF the company are quietly confident
at they have all the gas they will need for
omestic consumption this winter, and they
III be able TO supply ali wants in this line
II several years to come at least. The
,ssers are making more money at present
an ever before and their stocks are better