Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-27
WORDS OF WARNING.
A Pittsburg Man Gives His Views on
the Speculative Craze.
RISKS AND DANGERS POINTED OUT.
0ld.Time Architects and Builders Scored by
Market Street Merchant.
OLD AND NEW SYSTEMS CONTRASFED

The revival in the speculative interest, in
which the sugar and lead trusts and petrol
cum are taking the lead, is charged with a
large share of the depression which has
characterized real estate for the past few
days. In support of this hypothesis a
Fourth avenue agent said yesterday:
s'The real estate market has been remark
ably active all season, and only within the
past few days has it given signs of quieting
down. That this depression and the boom IN
oil and the trust stocks should come so close
together is, to say the least, significant 1
think the boom has considerable to do with
the depression. Profits on investments In
lands and houses are sure, but they are slow.
This does not suit great many people
They can't wait. Dazzled by visions
of wealth quickly acquired by few fortunate
persons they forsake certainty for an un-
certainty. and risk their all on turn of a card,
as it were. If it comes up right, they pocket
the cash; if it comes up wrong. as is generally
the case. they are financially ruined.
"a poor man, or one ofmoderate means, with
family cannot afford to do this; but there are
those who, in times of excitement like the
present, forget their obligations to those de-
pendent upon them, and stake every cent they
can raise upon stocks about which they have no
personal knowledge, indeed very little of any
kina. and whose movements they cannot con-
troll They take the statements of Interested
persons, or Judge from the fluctuations, that
the investment is a good one, and take the
chances The result in nine cases out of ten is
financial ruin.
"Pittsburg people, as a rule, are not specially
addicted to dabbling in unknown or doubtful
securities, but sometimes they catch the craze
1t was SO. 1 remember, in 1876, when oil was on
the rampage. Clerks, laborers, servant girls
indeed all classes and conditions of people, in
vested every dollar they could command in the
delusive commodity and sleeplessly awaited the
result When the turn came it was against
them, and they had to pocket the loss. L am
ACQUAINTED with several of these crushed
spectators who feel the pinch to this day. The
sugar and lead trusts, in which, understand,
considerable Pittsburg money has been in
vested, are controlled by clique who are able
to manipulate the market to suit themselves,
advant ing or depressing prices whenever it
suits their purposes. Just now these stocks are
centers of attraction, but who can tell the day
or the hour when the powers that work the
wires will call halt, and the magnificent
prospect of speedy wealth which SO many affect
to see be dashed to pieces? A reaction must
come, and it will leave many victim to repent
at leisure that he ever gave way to such
folly"
This is good advice. 1t comes from man
who knows the uncertainties and dangers of
speculation, and would warn all within the
range of his influence to beware of it as de-
fusion and snare. In this connection it seems
appropriate to state. what probably everybody
knows, that speculation was the prime cause of
all the financial crises through which this coun-
try has passed from 1887 down. What has been
may be. 1t would be an objectionable sin to
imperil the bright prospects for legitimate
business which are apparent in all sections of
the country by involving the capital which will
soon be needed to move the crops, build mills
and factories, construct railroads and other
wise expand the productive resources of the
country in doubtful ventures which can have
but one outcome-tinancial and commercial
stagnation and individual Generalization.
Many Of the business houses in Pittsburg are
old-timers, built 40 or so years ago, without re-
gard to light or ventilation. Some of them
have been remodeled to conform to modern re-
quirements, but others are in the same condi-
ton, plus wear and tear, as when they came
fresh from the hands of the builders.
entered one of these relics of an age more
utilitarian than the present yesterday afternoon.
/. is on Market street. The shelves and coun-
tiers were weighed down with miscellaneous
assortment of goods. A number of customers
were present. The light was dim and the air
close and hot While expatiat ting upon the
virtues of his wares the proprietor made vigor-
GUS use of a fan. When at leisure he remarked:
This is a hot day-in here. 1 have occupied
this building for several years. When moved
ip+o of hat fxuac of, dan tad
to business. and spoke to the owner about re-
modelling it. but he thought the cost would eat
up the income, and refused. 1 have long
lease on it, and will make the improvement my
self next year. think it will pay me in the
long run, as people don't like to deal where the
surroundings are disagreeable: What idiots
the old-time builders were. The value of light
and ventilation seems never to have entered
their minds. Shelves and counters for goods
were of more Importance to them than per-
sonal comfort They did good. honest work,
but that is about all that can be said in their
favor. Their ideas of interior arrangement
we're crude, almost barbarous. If 1 had the
designer of this building here now 1 think 1
could soon show him where he was mistaken"
Il
This criticism of the architects and builders
who piled their vocations in Pittsburg in the
long ago is severe and in some respects unfair.
They planned and built to suit the require
ments of their time and not of this. Business
methods have undergone many changes since
they 'hewed the shaft and laid the architrave''
As they could not foresee these changes, they
could make no provision for them. Men who
fully meet the requirements of their day and
generation do all that can be reasonably ex-
pected of them. This the old-time architects
and builders undoubtedly did.