Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-28
A BROKERS OPINION.
He Sees No Reason Why Stocks Are
in the Rut and Predicts a Boom.
A LOCAL PROPHECY FULFILLED.
Transactions in Realty Show That the
Market is Still on Its Feet.
YANKEE SECURITIES POPULAR ABROAD

The fact that local stocks are in the rut
was brought to the attention of Wood
street broker yesterday evening. He said:
"Of course know they are dull, but
see no reason why they should be SO. They
are dull because the market prices are too
high or too low for the orders now on hand.
Buyers hope by waiting to get lower figures,
while sellers think the delay will improve
their chances. This is the only reason for
the prevailing dullness that can think OF.
AS between these two parties I think the
former are making a mistake. Nearly all
of the securities represented on the local board
are bound to command better prices than they
realized for some time. This conflict between
the longs and the shorts is what is holding the
market down. But 1 can see no reason, as L
said before why stocks should be dull. The
abundance of money should alone be sufficient
to stimulate speculation, which is all right IL
conducted with caution. The foreign and do
mesuc markets are active, with firm tone, in
dicatjng confidence in the future. Railroad
earnings are good new uses for electricity are
being discovered almost daily, gas shows no
shrinkage, the rapid settlement of the suburbs
is enhancing the value Of traction and electric
roads, and the crops were never more promis-
ing. All of these things are favorable to
higher prices. i think the brokers will reach
compromise before long, and then look out for
boom. 1t may not come before fall, but come
it will
The author of the following incident may
not have worn the mantle of Elisha. but he was
a prophet nevertheless. John Wallace, the
pioneer jeweler of Pittsburg, whose place of
business was on the corner of Market street
and Fifth avenue, about 1912, resided in cot
tage on the bluff overlooking Millvale, now
Ben Venue station. He had a son named
William, who afterward became leading
United Presbyterian minister, preaching for
several years at Sewickley, where his health
failed him. He then went to New jersey
where he died few months ago. Taking this
boy to the edge of the bluff one evening Mr.
Wallace pointed out to him the valley below,
then wild, uninhabited ravine, and said: Imay
not live to see the time but you probably will
when the valley at our feet will be devoted to
traffic and lined With railroad tracks, bearing
freight and passengers from all parts of the
country" This prophecy has been literally
fulfilled. The son after reaching mans estate,
remembering the words of his father, uttered
over 40 years before, year or two before his
death, accompanied by friend or two, re-
paired to the same spot where he had stood
when child, and related the incident. adding:
Father always had great faith in the future of
Pittsburg. He firmly believed up to the time
of his death that it was destined to become one
of the greatest cities in the world"
There continues to be a good demand for
realty, and sales of large tracts and single lots
are of daily occurrence. Prices are of an
elastic nature, depending altogether upon
locality, situation and convenience of access
but it may be said that they show hardening
tendency. as favorite sites are becoming scarce.
One of the most important of recent sales was
that of II acres near the proposed reservoir of
the Williamsburg water works, at what was con-
sidered good price, but the figure was with
held by the agent. This is new district, and
as it is favorably situated brisk demand for
lots there is almost assured. Lots at Maple
wood Park, at Edgewood and in the vicinity of
the Williamsburg gas well are selling very fast,
and they are considered a good investment
The reported sale of the McKelvy farm could
not be confirmed, but if not sold outright it is
certain it will be subdivided in the fall. Mr.
Mckay is making preparations to build two
handsome dwellings at Edgewood, and two
two-story brick business houses will soon be
under way at Williamsburg. Everything con-
sidered, the real estate market is in perfectly
satisfactory condition.
Mr.. ]. B. Clews, Of New York, has just re-
turned from business trip to London. In an
interview he said: when was in London
was surprised to see the interest shown in
American securities. The speculative interest
seemed centered in the American department
All American reports were read with interest,
and the trading was far larger than on my visit
there year ago. Our English cousins display
interest in our affairs that we little appreci-
ate. The English newspapers do not devote a
very great deal of space to our matters, but
nearly all matters of Importance are cabled
over and are bulletined on the Exchanges.
Rather progressive people, heard promi-
nent Englishman say when he read a bulletin
announcing the opening Of Oklahoma Terri
tory and the establishment of city with 10000
inhabitants. the election Of Mayor and board
of alderman, all in the same day."