Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-24
A CAUSELESS SCARE.
Empty Saloons Wanted for Business
Purposes and Dwellings.
A MYSTERY OF LIBRARY HALL,
Involving an Alleged Movement to Obtain
Control of the Stock.
SWEITzER AND PRETzELS KNOCKED OUT

"There is no danger that the buildings
that will be vacated by those saloon keep
ers who failed to get licenses will remain
empty very long," remarked real estate
dealer yesterday. "Some of them can read
lily be converted into frst-class business
houses, adapted to almost any kind of re-
tail trade, and others, with slight changes,
can be converted into comfortable dwell
ings, thus meeting one of the most pressing
wants of the city, and il both cases bringing as
high rental as they have been paying"
There is a small cloud on the horizon of the
Mercantile Hall Company, but what it por-
tends-whether a storm OF an April shower
must be left to developments to determine. The
company has never paid a dividend. and this
seems to be the handle that is being
worked by some person or persons, at
present unknown, with a view, presumably.
of getting control of the stock. but for
what purpose is another mystery, but it may
not be amiss to say that the real estate boom
may not be far from the bottom of it. Several
of the stockholders have quite recently been
importuned, orally and in writing, to sell, but
at what figure bias not transpired. A few facts,
Cleaned from a reliable source may throw light
on the subject. The total incumbrance on the
building, Including mortgages and stock, is. in
round numbers, S297, 600. The value of the
building and ground is variously estimated at
from 100000 to S4OO,OOG At the minimum fig
ure $500 OOO would pay off the entire indebted
ness, leaving handsome balance to the COM
pany. The movement to acquire possession of
this valuable property by surreptitiously buy
ing up the stock has the flavor of job. and it
would be well enough for the stockholders to
inquire into the matter and ascertain, 1T posi-
bic, just what it means. and if it should turn
out to be in the nature of gobble they should
take prompt action to protect their interests.
Some of the heavy dealers in rye and barley
on the local Exchange looked blue yesterday
in consequence of the small number of saloons
that were granted licenses. One of them said:
1.-The temperance agitation has ruined she
local market for rye and barley. There is no
demand for them, and no quotations. Several
dealers with large stocks on hand will lose con-
siderable money. Beer, barley and rye must
stand or fall together, Just now they are all
in the soup" A Liberty street commission
merchant said the knocking out of so many
saloons had depressed sweitzer cheese, bologna
sausage and pretzels, those agreeable adjuncts
of glass of foaming lager.
There is danger that the abundance and
cheapness of money will lead to wild and ex-
travagant speculation" remarked a Wood
street banker yesterday. "All of our panics
were preceded by this kind of craze 1t pos
sesses all the allurements of gambling, and SO
absorbs its devotees that they throw judgment
to the winds and act from impulse, taking risks
which, under other circumstances, they could
not be induced to consider for a moment. OF
course, a few individuals make colossal for
tunes, but the great majority of those who go
into this game Of chance come out ruined in
morals as well as fortune. Having had some
experience in this direction, my advice is to
avoid speculation as a rock upon which
countless thousands have split Far better
IL is n to be reasonably certain of
small gains, which, if kept up, will certainly
lead on to fortune, than to risk everything on
the turn of a card or the casting of die, for
that is about what speculation amounts to. Of
course do not include in this characterization
that large class of securities, some of them
local, that have substantial backing-such as
gas, electric, traction and a few others-for
they represent a certain fixed value at which
they are generally marketable But the wild
schemes concocted by unprincipled adven-
turers, that start off with a hurrah. corners in
the necessaries of life, which oppress the
poor, Western land booms, and others of
similar character, 1 warn all to be shy of. 1t is
a good rule for man to engage in nothing
that he can't thoroughly understand and have
voice in its management. He can't do this in
the speculative market"
The reference by Councils of the Diamond
street widening scheme to competent official
for examination as to practicablity cost etc. be-
fore beginning the work. meets the approval of
all who are Interested in the project. Said gen
tleman yesterday: while am in favor of i'm.
proving the street. and have bought property
there with that end in view, Lam glad that the
whole matter is to be thoroughly investigated
before anything is DONE This will be more
satisfactory than to go into it blindly,not know
ing where we will come out. The cost once as
certained, and the practicability and necessity
! of the work Endorsed by authority that will
command respect, the first and most important
step will have been taken. The rest will be
plain sailing"