Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-19
RUMORS RUN DOWN.
No Boom on Ninth Street, and the
Guffeys Not Leasing the Earth.
STATE OF THE LUMBER TRADE.
Pittsburg and Wilkinsburg Street Railway
Company Playing Freezeout.
THE OHIO OIL MEN In GOOD SPIRITS


information concerning passing events. Bet
ter rumor than nothing, if it be harmless.
1t shows that people are talking, if not act
ing. Rnmor is surface indication; if one
gets below it he will generally find some
! thing. There are exceptions TO this propo-
sition, of course. For instance, Black &
Baird deny the published statement that
they are working up boom on Ninth street
by gobbling all or large part of the prop
eity on that thoroughfare. A short time
ago they sold house and lot there for
$4,000. This is the only recent transac-
tion on Ninth street by them or anybody else.
To make the denial still stronger they say
there is no buying movement on Ninth street
at all, either by individuals or firms. So much
for the hoom. The story that the Guffeys have
leased all the territory north and west of the
Arbuckle oil well is another instance Of rumor
going wrong. 1t is denied by James W. Drape,
who said yesterday that he owned large farm
there which had not been leased, and he knew
OF others In the same condition. Like Davy
Crockett Rumor will have to pick her flint and
try it again.
The local lumber trade, while not particularly
active, is in good shape, with prices steady to
firm, and moderate stocks, but larger than q
week or ten days ago. with the exception of
hard wood, which is very scarce-so much so as
to retard building operations in some cases.
! There is considerable of it on the way, but the
car famine on all the roads leading to the lum-
Der regions makes deliveries slow and uncer-
tain. Should the winter be an open one, build
ing will be prosecuted with slight interruption,
This will insure good lumber market all
season. Despite the efforts of Southern pro-
ducers to boom yellow pine, the white variety
still has the call. One objection to yellow pine
is that it is hard to put down and work, and
therefore more expensive. Dealers are already
figuring on stocks for next year, as it is proba-
BILE building will be on larger scale than ever
before
The directors of the Pittsburg and wilkins
burg Street Railway Company. which was re-
Gently incorporated, will hold a meeting No
vember / to consider plans for the construction
of the new line. 1t will then be decided what
motor is to be used, but it is thought that cleo
tricity will be selected. Since the granting of
the charter a number of streets have been
stricken on the original route and others added
thereto, the object of the re-arrangementb being
to shut out future competing lines. The COM
pany proposes to begin the work Of construc-
tion early in November. The new line will be
a feeder to both the Fifth avenue and Citizens
Traction roads.
A Findlay. O., correspondent writes: Every
oil operator one meets here these DAYS is full Of
hope of better prices for the near future. The
stocks in the Pennsylvania region have
dwindled to a minimum and with all their
hunting it has been found impossible in that
country to maintain the daily output at any
thing like the requirements of the trade. If
this product, therefore, can be utilized as GER
fain rfio claim IL is 0th
cause for the bullish feeling extant Of course
the Wood county pool Is as yet
only partially developed. There are hun
dreds, and it might be said thousands of acres
of territory yet to be drilled that will probably
prove as richly productive as any that has yet
been developed. The oil in iron tanks amounts
to more than 10 0000, 600 barrels. This would not
prove very great burden. however, should
there come time, which is as inevitable as the
return of winter, when there would be regu-
lar daily draught upon it for fuel purposes
The only question that the producers of North
western Ohio have to seek solution for is the
uses to which this commodity can and will be
applied"
P1TTsBURa, October l&
To the Financial Editor Of The Dispatch:
read the article in THE DISPATCH in re-
gard to the effect of putting the Schenley
property on the market and agree with the
opinion therein expressed that it would be a
benefit instead of detriment to the real es-
tate market think it is just what is needed
to keep the market in good, steady condition
on the theory that the more land the more
buyers 1t would arouse feeling of competi-
tion, and prevent the possibility of boom,
which would inevitably prove disastrous.
There is no good reason for thinking it would
~ IT,
opinion might with equal reason say the estab-
lishment of two or three more drygoods stores
here would ruin that business, or that another
mill would smash the iron trade. In my opin-
ion the throwing of the Schenley property on
the market would stimulate business to the
great advantage of both buyer and seller.
INVESTOR,
Among:other business enterprises projected
at Youngstown is a mammoth steel plant to
cost over 81 100000. Among the iron manu-
facturers interested in it are the Andrews Iron
Company, the Trumbull Iron Company and the
Ohio Iron and Steel Company. Henry Wick
of the last-named company, is in Europe visit !
ing the numerous steel plants, and upon his
return the erection of the plant will be COM
menced. |
Patents on the following mechanical appli- |
ances have expired, and they may be appro- |
priated by anyone SO disposed: Saving ma |
chine, M McCool; water wheel (turbine), ]. |
Cumming; fre-kindling compound, ]. S. Car |
roll; automatic brake tor machinery, T. Stebin; |
mechanical movement E. Courtwright; double |
acting pump, T. N. Henderson: air valve for |
radiators, A. B. Ensign; rock drill, J. Van |
Spare; steam generator, j. F. Allen; tire bend |
ing machine. W. Beers; water meter, II. N. |
Bartlett; attachment for wrenches, D. Cum
ming Jr.
Tin will soon be made in Virginia. Messrs
Campbell & Henley, of irish Creek, that State,
have built a small furnace, and expect to COM
mence smelling operations in few days. They
have also erected a mill for crushing the ore.
There is said to be an abundance of good TIN
ore within rwo miles of the furnace. They
MANNED and built the works themselves
The New York Post of yesterday says in its
financial article: The total amount of cur
rency transferred from New YORK to the West
Treasury in the week ending last night was
only 81 600 600 against 81 $50 GOO in the previous
week and $4S78 900 in the preceding week |
This shows large falling off, and as New
York Exchange Is now only Is cents per 81, 600
discount in Chicago, rate which is
ments of currency by express, it may
be assumed that the movement of currency
to the interior has practically ceased. Conse-
quently no further pressure on the money
Inquiry upon the subject leaves little room for
doubt that the money market has been manIpu-
lated by the withdrawal of money from banks
and from the market for the purpose of put
ting up the rates of interest, and this has been
done by capitalists and banks, both corporate
Go far aa fha nan and hor ,Iyara |