Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-01-21
EVERYBODY PLEASED

With the Bright Outlook of the Local Busi-
ness Situation-A Weeks Record to be
Proud of-No Phenomenal Activity, but
Everything on a Steadily Growing Basis
Money, Oil, Stocks and Real Estate.
Business the past week was in the direc-
6on of steady improvement in the volume
of transactions, and general hardening of
values, the only notable exception being pc
troleum, which gradually yielded to pow
erful bearish influence that was both unac-
countable and unexpected. 1t was gener-
ally conceded that a big deal was being
manipulated, of which selling was prom
inent factor, with the ulterior purpose of
loading up heavily at S5c and under, and it
became known that there was heavy buying
in New York and the West at these figures.
The combination working the deal may
change front any day and put prices up,
but it is probable it has not fully supplied its
wants and will retain its grip on the market
for some time longer. Considerable long oil
was dumped during the week.
The local stock market presented some inter-
esting features. There was a lively demand
for all the specialties gas, traction and electric
heading the list, but holders refused to re-
tended the Exchange day after day with
pockets full of orders, but were unable to OBJ
tain what they wanted on terms satisfactory to
their customers. These securities, with their
growing possibilities, were considered good in
vestments, and those in possession of them
were not anxious to let them go. The result of
this was increased steadiness all along the line
with comparatively few sales. The inquiry for
bank stocks was unusually urgent, but the fig
ures at which they were held were too steep
for ordinary purses. Practically they were out
of the market.
Real estate was active so far as inquiry could
make it SO, but the number of deals co nsum
mated was rather beyond the average. 1t was
difficult to bring buyers and sellers to look at
prices through the same glasses. This di-
vergence of views stood in the way of several
transactions. The sensation of the week among
real estate men was the so-called W ood street
deal, embracing an entire block to be used for
hotel purposes. Persistent attempts to run the
rumor down resulted in adding to the mystery.
All that could be learned of reliable nature
was that Fourth avenue dealer had sold a
property on that street for 100000 or there
abouts, and that part of the purchase money
had been paid. All other information was
withheld. From another source it was learned,
in an indirect way, that the same parties were
negotiating for the adjoining block, but that
there was a slight hitch in regard to the price
1t was promised that light would be thrown on
the subject this week. Inspector Frank granted
3s permits for new buildings-principally SIN all
frame residences-rhe estimated cost of which
is S46652
Iron was shade frmer in consequence of a
slight improvement in the demand, but there
was no change in quotations. The prospect for
a revival increases as the season advances.
Large prospective building operations it is ex-
pected, will more than absorb the stock of
structural iron on hand. Pig already feels the
stimulus of increasing business. Coal and coke
were depressed owing to the uncertainty of the
outcome Of the labor agitation.