Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-02-24
TRADE OF THE WEEK.
Nothing New in the Local Situation,
but Everybody Hopeful.
TIE HOLIDAY LEAVES ITS MARX.
Pittsburg Oil Men Take Strong Stand
Against the Pending Tax Bill.
INCREASED COST OF FRAME HOUSES

Business the past week may be described
in a general way as dull and inactive. The
occurrence of a holiday materially affected
the volume of transactions, and had a bear
ish aspect upon the speculative markets.
Petroleum developed considerable strength,
the close showing a gain Of 11sc from the
previous Saturday. There were no special
features in stocks, which finished dull and
bullish. The demand for bank shares for
investment was unprecedented in the his
tory of the Exchange. This indicates a
large amount of idle capital. Business at
the banks was featureless. Money was
abundant at sac per cent, according to the
collateral. Pig iron was a tri1e steadier,
but other descriptions were unchanged.
Real estate was active, the demand being
largely for unimproved lots and small
houses. There was fair inquiry for West
End and Southside properties. The retail
trade was Of the usual large proportions.
A meeting of oil operators and dealers was
held at l2 O'Clock yesterday at the Petroleum,
Stock and Metal Exchange, to take action on
the bill to tax oil and gas leases which is now
before the State Legislature. There was a
were decidedly hostile to the measure on the
ground principally that 1t is in the nature of a
double tax, is special legislation. and that its
adoption would be blow at capital and labor.
There were no speeches. George o. Morgan
offered the following, which was unanimously
adopted:
WHEREAS, bill to tax leases of real estate for
oil and gas purposes has been introduced in the
State Senate of Pennsylvania; and,
Whereas We regard such proposed legislation
ohjeciionahle for the following reasons: First,
That double taxation is unjust In principle, snd
CALLING and burdensome in practice Second.
That the proposed legislation IS in the nature of
special legislation, anu against the spirit If not
the letter of the Constitution. Third That the
tendency of legislation OF thus character Is 70 i'm
pede and discourage the development of the
natural resources of the DommOnwe ealth, and is
alike blow at capital and labor; therefore, be it
and Metal Exchange, that we are unanimously
opposed TO the passage Of said bill aud earnestly
AND nuense for Of said ID bill S
The above will be transmitted to the Western
Pennsylvania Legislative delegation, who will
be coached by a number of influential oil men
who will go to Harrisburg st the proper time
for that purpose
The scheme for the training of mechanics
approved by the Master Builders Exchange of
Philadelphia, possesses some features which
provides for the education of boys in mecan-
lcal trade school until they have obtained
Ger iicate of proficiency and service for
term OF practice with an employer, this term to
be at least one year less than the usual term of
apprenticeship by virtue of the holding of a
certificate of proficiency granted by mechan-
ical trade school. The completion of the edu-
cation of the mechanic is to be acknowledged
on the part of tie employer by the granting of
q certificate from the association of builders,
setting forth that the holder has passed through
the prescribed course al the trade school and
the term of practice with an employer and is
entitled to be received by all builders as a
5OurneyInan. 1t is believed this system will in
time afford a substitute in part for the old
form OF apprenticeship, and be of advantage to
both the young men and their employers.
frame houses will before the present gen.
Grafton OF people passes away, become luxuries /
which only opuIent citizens can afford" re- /
marked a leading Pittsburg builder yester-
day"
'The sta:emeut is interesting What are
your reasons for thinking so?n
"The lumber supply is becoming scarcer every
year. 1 can remember when two or three of
the counties inWestern Pennsylvania furnished
q full supply TO Pittsburg and the surrounding
country. We get very little from there now.
Our main supply for the past few years has
come from Michigan. But at the present rate
Of production that territory will soon be ex-
hausted. Waste and use together are rapidly
exhausting the timber supply, rendering build
ing lumber not only dear but hard TO get.''
What will follow the exhaustion of the
Michigan field?"
at would be hard to say. / suppose we
will have to look to Oregon and Washington
Territory, and possibly Alaska, for supplies.
There are vast tracts of virgin timber of the
best quality there, but the cost of Transports
tion 10 Pittsburg would be enormous This
brings me back to the original proposition, that
frame houses will, in a comparatively few
years be so costly as to be out of the reach of
people Of moderate means"
The most important real estate transactions
of the week was the sale of the Glockner prop
erty on Sixth street, near Penn avenue, which
was consummated on Thursday The lot is 80
feet front by ITO deep. The building is sub I
stantial and well adapted to business. 1t is oc-
cupied by Bing and Hannach. liquors and gen. |
tlemen's furnishings respectively The price
paid was Si9, 600. which, considering the press
ing demand for business houses in that local. |
ity, is considered remarkably cheap. From 4
opinions expressed by several business men T,
81, 500 front foot would not have been an un-
reasonable valuation.
"
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