Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-14
A SENSITIVE PLANT.
Why Brokers Refuse 10 Tell the
Secrets of Their Business.
BUILDING AND LOAN SOCIETIES.
A Suggestion to Assist the Weak Ones by
Forming Sort Of Trust.
A wHAcK AT CONNELLsvILLE COKE

While there are no great movements go
ing on in local stocks, and no change in the
condition of any to affect values, there is a
good deal of business transacted in quiet
way that would interest the public, and
perhaps help the market, if it could be got
at, but it can't. Hunting for pearls in a
shipload of oysters would be as easy a task
as to get news from the average broker.
Still, he is less to blame than his clients,
and only follows instructions when he re-
fuses to talk. One of them hit the nail
squarely on the head yesterday when he
said: 'The sight of a newspaper man shuts
me up like sensitive plant. Ishould like to
tell you all ! know about stocks, but dare not
Ny customers would kick"
Some of the local building and loan associa-
tions have more calls for money than they
have on hand; and to obviate the difficulty it
has been suggested that every association ap-
point delegate for the purpose OF forming an
exchange or in the language of the times,
trust. They would elect one competent man to
be manager and have charge of all the corre-
spondence between the die rent organizations.
This central Office would keep a complete &C.
count of the doIngs of all the societies. and
would know what number of them are making
forced loans, and which have call for more
money than is on hand. Those making forced
loans would revert their funds through the
central office to those wanting money, and
would thus equalize the business of the associa-
tions and make it possible for an association
with small funds on hand to give as large loans
as an association with more capital and bet
ter business status. Opinion as to the practica-
bility of the proposed departures is considerably
mixed, some favoring it, while others think it
would be illegal, The proposition will be sub
mitted to prominent attorney before definite
action is taken.
The largest mortgage recorded yesterday was
for SIT, go placed with the Safe Deposit Com
pany by John C. Reilly. 1t was purchase
money. There we're 81 others, ranging in
amount from Sc, 700 to $780, 1t has been quiet
week in this line of business.
A short time since representatives of the diff
ferent firms about Fairmont W. Va, who
make coke were in Wheeling. and had several
cars of the product Of their mines and ovens
shipped to the different blast furnaces and
foundries in that section. They asked that the
coke be given a fair trial alongside the Con-
nellsville article, which these concerns have
been using, the intention being to discover
whether or not coke made from the splendid
coking coal found in that part of West Virginia
is equal to the ConnellsviIle coke. The West
Virginia product was tried and, according to
report found to be equal to, and in some cases
superior to, the Connellsville coke. But the
great detrment to using it in that section is the
freight charges, which not only eat up the
profits that tie coke manufacturers must have,
but increase the price of the article to such an
extent as to render it impossible for it to COM
pete with the Connellsville coke. Since that
time these gentlemen, working in connection
with a number of Wheeling manufacturers,
have succeeded in obtaining promises that coke
snail be carried from Fairmont at such rates as
will make it possible for the coke of that Sec
tion to enter into competition with the Con-
neIlsviIle article.
The Pleasant Valley Railroad Company which
recently obtained a controlling interest in the
Hand street bridge will soon advertise for pro-
posals for a new one, to cost about $l50,000 1t
will have 45-foot spans, two foot ways and four
tracks.
Concerning the iron situation the american
Manufacturer says: "While there are some
conditions in 1889 that are similar to those of
1879 there are- others that are not. There
has not and it is most earnestly hoped that
there will not be any such rapid or as great ad-
vanees as in 1879. The selling price has not yet
reached the card price. There is no prospect
that it will Immediately. The situation in the
country is prosperous. and it is well nigh inev-
liable that there will be still further advances,
but whatever the pressure from whatever
sources it may be assumed that the folly of
1880 will not be repeated"
The work on the extension of the old Pitts
burg and Connellsville road, which extension
will be called the Oakland and State Line Rail.
road, is progressing rapidly. The new road
will run from Confluence to Deer Park and
eventually to Oakland. With its connections
it will make new Eastern outlet for the ship
rnent of coa1 and In m harf from Waet U;rr;,;o