Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-23
SCARCELY A RIPPLE
Caused in Business Circles by Fail
ure of the Lawrence Bank.
THE SPECULATIVE INTEREST
May be Pinched, but Nothing Else Will EX-
perience the Least Trouble.
NEW ENTERPRISE AT WILLIAMSBURG

source of conversation in business circles
yesterday. While the event was dePlored
as a misfortune to the people directly
affected, there was nothing in it, so lar as
could be seen, to cause spprehensions OF
outside complications. A fnancier re-
marked that the worst he could see was the
possibility of the people becoming fright
ened and making runs on other banks, but
this was too improbable to be seriously
| thought Of
One Of the oldest bank cashiers in the city
had this to say; 'The failure will no doubt be
serious blow to Lawrenceville, but it will
scarcely be felt beyond. No other local hnan-
cial institution is in any way involved, but if
| any were, it would hardly cause ripple on the
surface. We passed safely through the Johns
town calamity which wiped out millions, and
to even think of being hoored by the failure Of
little private bank is preposterous. The city
| is SO prosperous that the affair will be for
gotten, except by the sufferers, in week. All
that is necessary to enable us to come out with
flying colors is for every one to keep cool and
| 90 about his business as if nothing out Of the
usual had happened"
The failure was extensively discussed on
Change, and while no lasting injury to the
speculative interest was expected to result
from it, the opinion was very generally ex-
pressed that 1t would serve to make investors
more cautious, and in this way restrict busi-
ness in stocks and oil until the scare wore of.
Williamsburg is coming to the front as an in
dustrial center. The National Electric Com
pany, just organized, will locate there, having
made arrangements for the erection Of a build
ing, to be used as a factory, on Wood street,
NH fnh h1o xvifI 6ra eir
weeks. The company will manufacture speak
ing tubes, buttons. annunciators and other
electrical appliances used in dwellings, stores
and offices. Mr.. George Weber, of Allegheny
City, is President, and Mr.. A. c. Frey Secre-
tary. Mr.. Frey is the owner of several patents
which will be used by the company. The
ing capital is $40 600, and Is hen and boys will
be employed.
An electric light company has been chartered
and there is a movement to establish large
planning mill. A bank and hotel are among
the probabilities of next year.
Here is an opening for some enterprising
Pirtsburger. The Webster Standard, published
at Marshfeld, Mo-, says that from indications
recently developed in several water wells drilled
there within the past three months it seems
more than probable that Marshfeld and vicin-
lty are underlaid with oil bearing strata. In
one well, at depth of II feet oil was found in
such quantities as to cover the bucket and ves-
sells in which it was emptied, SO as to render
them unfit for domestic use. The Standard
further says: "Some action should be taken
toward raising fund to put down test well
or to induce capital to do so. We shall be glad
| to correspond with any parties interested as we
firmly believe that such test would prove that
we have most wonderful undeveloped re-
sources"
The Avonmore Land and Improvement Com
pany has purchased S54 acres of land in the
'1oop' in Bell township near Greensburg.
charter for the company has been applied for.
The incorporators are Messrs Schuyler, Pat
terson, SiInms and Bright, of Philadelphia.
| The principal Office of the company will be in
that city. 1t is expected that large locomo-
tive works and a town will be built on the SITE
The land has river front of three miles.
In regaId to the Glasgow iron market re-
cent letter from there contains the following:
las 1 predicted the effect of the orders to
Glasgow brokers from speculative buyers in
the South was to cause an increase on Tuesday
last from 5Ss 4d. to Cos. 416d cash lin the price
of Scotch iron. AS there are always plenty of
timid operators, there was the following
day a considerable amount of selling done,
and the result was that values fell to 5Ss Id,
Uub EcCON6T6u W JUS. Ou oluC6 Lu0H
they have fallen again, and prices closed on
Thursday between SIS. and SIS.
There is no doubt that this result is purely
temporary, due to the influences of the timor-
GUS selling policy to which have. referred.
Notwithstanding this serious fall Scotch war
rants still close the week with an advance of
Is. per ton. The brokers in Glasgow to a man
believe that warrants will be los. per ton dearer
before they begin to relapse. They find ground
foo&
still decreasing at the rate of about 4, 900 tons
weekly and that the manufactured iron and
steel makers are about as busy as they can
possibly be-"
A British consular report states that the i'm
port OF coal from the United States to the port
of Havana amounted to 81 AT tons in 1888 as
against 53.255 tons in 1887. and that from Great
Britain to 81, 37S tons as against "a, S43. Thus,
the American import exceeded the average of
the last ten years, which is calculated at about
&c, 900 tons, and was larger than that of any
year during the same period, while the import
from Great Britain fell far short of It's average
of so 600 tons, and is the smallest recorded in
the same decade. That further alteration in
the relative proportions OF the coal imports
from Great Britain and the United States may
take place is not improbable.
Commenting upon this the american Manu-
vestment of the capital of Pittsburg and other
cities in the valley of the Mississippi could be
made than in large shipyard on the Gulf, in
the market the construction and sailing of the
ships there built would give all the products,
manufactured and natural, of the valley"
Pittsburg is so largely interested in the in
PRODUCTION and development of rapid transit
that anything new upon the subject possesses
more than ordinary interest. A company is
forming at indianapolis in which President ].
! c. Shaffer of the local street railway company
is said to be interested. to introduce into In
diana the Judson motor for street railways
The principle of the revolving screw in a modi-
ned form is used in propelling the car. In the
middle of the track and extending the entire
length of the line is a revolving shaft or drum
eight inches in diameter. This is to be driven
by compressed air applied at stations along the
line Small wheels attached to the car are
pressed upon the revolving drum. The speed
of the car and the direction are regulated by
the angle at which these small wheels impinge
upon the drum.
1t is asserted by the men who control the in
yeption that the roads be built and
equipped for less than half the cost of cable
car lines and that the speed can be instantly
and accurately regulated up to q miles an
hour
According to a German paper, a Dresden firm
has introduced glass pipes for the transmission
of water They are made sufficiently thick to
withstand the pressure, and, for the prevention
of breakage as far as that may be possible, they
are covered with asphalt, which in time is be-
strewn on the outer surface into fine sand.
These pipes are designed to take the place of