Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-08
Consummation of One of the Biggest
Deals Ever Undertaken Here.
MILLIONS OF MONEY INVOLVED.
The Long Looked-For Good Times Coming
With the Change of Weather.
REFORM OF MOVING DAY TO BE PUSHED


Pittsburg. The remainder of the loan, ST.
300, 900, is for sale by the Fidelity company.
The bonds bear per cent interest and run
80 years.
Heretofore it has been the custom in large
deals of this kind to apply to Eastern trust
companies. 1t is agreeable to note that
this is no longer necessary, nor in any way
excusable, as there are home institutions of
sufficient standing to attend to any business of
a financial nature, no matter how great the
amount involved.
The success attending the placing of this
large loan is quite triumph for Pittsburg,
showing, as it does, that she is fully competent
to manage her own affairs without outside
help, and, if need be- to lend helping hand to
her sister cities in time of need. 1t Is to be
hoped that this transaction will open the way
to others of equal Or even greater Importance.
The summer is ended. What of the harvest?
Those who read BrddStreefs and r. 6. Dun &
Co.'S reports, which appeared in THE Dis
PATCH yesterday, found an answer to the
question. The labors of the husbandman
have been munifcently rewarded. With IN
stinted Hberality the generous soil has re-
sponded to all demands made upon it. Large
crops assure an abundance of food, at reason
able prices. Famine may stalk forth in other
lands, but it is impossible here. This country
has plenty. and to spare.
Agriculture lies at the foundation Of all bust
ness When it prospers everything else -four
ishes When it languishes every other industry
is depressed. The merchant and the manu-
facturer are as much interested in the crops as
the farmer, and arrange their business and
calculate profit or loss, activity or idleness &C.
cordihg as they are large or small. The pros
perity of nation is to be judged by the prod
uce of its soil rather than by the number of its
manufactures. Agriculture is subordinate to
no industry that is prosecuted by man. With
out it he would soon return to barDarisn, SUBJ
sisting by the chase.
The prospect of good crops sustained busi-
ness throughout the summer in the face of
number of important failures and wide-reach-
ing labor troubles, which, under other condi-
tions would have precipitated panic, and the
reality gives assurance of q prosperous fall and
winter trade, under the stimulus of which the
daWnings OF revival are already seen and felt.
Pittsburg is fortunate among cities She is
almost self-sustaining. Being a creditor, there
is steady stream of money flowing into her
lap, to be used in the expansion of local busi-
ness. What she has is her own, to do with it
as she elects. This gives her standing in the
financial world, and is a certain guarantee
against reverses. A crash that would shake
Pittsburg would leave very little standing of
any other city in the Union.
And so, under highly favorable conditions,
this hive Of industry, this financial Gibraltar,
is entering upon the fall and winter campaign
under able generals and with full commissa-
of har ind Sfria
step to the music of improvement Already
far in advance of the business of last year, the
remaining months Of 1889 will show still greater
expansion. All that is needed to meet the ex-
pectations of the most exuberant fancy is strict
adherence to the enlightened, but, at the same
time, conservative, policy, which has hitherto
been the guiding star of all her business ven.
lures.
The scheme for changing moving day to May
1 is not dead by any means, but only sleeping.
The committee in whose hands the matter rests
has delayed action on account of the absence
of large number of property holders during
the summer. AS they are returning the propo-
sltion will soon be put in shape for final action
That the change is necessary from almost
every point of view, and in the interest of th.
health and comfort of the large community of
'thitters,' and of no possible detriment to the
landlords, is generally admitted and that it will
be adopted there is scarcely a doubt. Its popu-
larity will carry it through.
The Law Committee of the New York stock
has decided that put or call.
spread or straddle," does not become binding
contract upon member of the Exchange un-
less notice that the stock which the option
calls for shall be delivered to or required from
the maker of the privilege. Until such time as
the holder of the privilege signifies his inten-
ton of his purpose in regard to stock, the paper
which he holds as a guarantee against loss is
worthless.
If the holder decides to put or call. the
shares as per option, and SO notifies the maker
of the privilege, and gives the required "a
hours notice, then his claim becomes prior
len, and he will be protected under the consti.
tuition of the Stock Exchange, otherwise his
paper is worthless, and whatever redress is
open to him must be obtained through the
courts. If the contract be held until date of
expiration and the holder can prove that he
mas suffered monetary loss, and the writer of
The paper has anything to levy upon, he may
obtain relief.
Business last week showed improvement all |
,ound. There were no weak spots outside the |
Exchange, and even there a more buoyant feel |
ng was apparent, although 1t did not manifest |
tself in the way of sales. The impr in |
he money market was so pronounced as to |
Ittract general notice. With liberal borrow |
ng every branch of industry must expand.
There was fair movement in real estate. IS5 |
leeds and 2l6 mortgages being recorded, a gain |
,ver the previous week both in number and |
mount. An advance in realty of Is to 20 per
,ent was noted in this department on Thurs.
lay.
Iron manufacturers are among the busiest
,eople in the community, and their activity
fleets everything else. A number of inanc;ars
md others gave it as their opinion that the
.ood times so long looked for had really come
and come to stay. The change is welcome as
yell as timely.
An old furniture repairer said the other day
hat at least three-quarters of the alleged an.
lque furniture for which wealthy people NAV
ay fabulous prices, is bogus.
"How is it nader"
"When old building is torn down there Ia
lways good demand for the ancient oak tim
ers and sheathing. They are sound. we'll.
easoned, and unmistakably old. This lumber
lakes up into excellent antique furniture
hose who make it are cunning workmen. and
hey all know how to apply chemicals which
ave the effect of aging the completed article
that it Is difficult even for an expert to detect
raud.
But these clever cabinet makers are not al
ays scrupulous enough to have their claw.
ooted chairs, cabinets, and so forth, made nm
f old wood. but work up fresh young maple or
ak, and Stain or color it in such away that You
ould believe the article century old. some
f the purchasers of these wonder ybv tbav
zap and crack as they stand in their rooms or
purse they would not do this If they were
enuine antiques. By and by the yeneering
.ales of or the joints draw apart and the
ling is brought to me for repairs. alwavs
now when I sac one of thasa ent,o,;.;s- |