Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-11
NOT VERY EXCITING.
But Business Making Haste to Get
Squarely on Its Feet Again.
A GOOD TINE TO PURCHASE REALTY
Activity in the Wool Trade, With Values
About Fixed for the Season.
THAT FOUR HUNDRED THOUSAND DEAL

A Fourth avenue real estate dealer re-
marked yesterday evening: Business is
in good condition, and gives promise of
great activity during the fall and winter.
Values are very firm, with advances in some
cases, but do not think they will go much
higher. On the other hand, they will not
decline. think this is good time to buy.
There is considerable cheap property on the
market which will soon be picked up. 1
am negotiating several important deals, in
cluding two or three business sites. which
expect to close up in few days"
80
More wool was sold last week in the seaboard
markets than for some time past, and prices
were fully sustained on the basis of the re-
duced quotations. The outlook for woolen
goods is somewhat better, contracts being Sc
cured readily, and the manufacturers, to that
extent, are more willing buyers of material.
The margin, however, between the current
cost of wool and the returns for goods is too
narrow to afford much satisfaction. The
strength of the market is due principally to
the fact that high prices were paid by the
dealers for the staple which they have in store,
and nothing short of absolute financial neces-
sity will induce them to make further con-
cessions. The prevailing opinion accordingly
points to steady trade on about the present
level of values.
The s4OO, GOO deal for manufacturing property,
though still worked for a mystery, is making
progress. About $4,000 has been paid-S2O0 900
yesterday-on the purchase, and the remaining
payments will be made before long. The gen.
tleman managing the transaction still refuses to
give the details, on the ground that the princi-
pals object to the notoriety that publication
would give them. Asked yesterday to locate the
property. he replied: II am not at liberty to do
SO, but will say this: could send ball from
fve-pounder to it from Fourth avenue"
Labor organizations are moving to have Labor
Day made national holiday. The holiday this
year was very widely observed in many States.
and this observance has acted as an impetus to
the movement for a still more pronounced rec
ognition of the day next year.
The Western mortgage business is being
pushed for all there is in it-and perhaps con-
sderably more. The Bankers Monthly gives
the farm mortgage Indebtedness in Kansas as
S255 600; Indiana $685. COO 900; Iowa. s567 O0O-
600; Michigan. $780, OOO,O ,OOO Wisconsin, sS57, ,OOO,
OOO. and Ohio, 81 100000.
49,
With the return of investors from their vaca-
Thirty-nine were recorded yesterday. the two
largest being for $S5, 900 each. Some of them
were for very small amounts, two being for $50.
two for So and one for $50. There is still
plenty of money seeking this investment, but
rates show hardening tendency.
The Wall Street News thinks ce-President
McCrea, of the Pennsylvania Company, is a
lucky man, and adds: "In the natural order of
things, having reached the Fourth Vice-Presi-
dency of the Pennsylvania Company, his pro-
motion would have been slow, but John D. Nc
Cullough, the First Vice-President, is now an
old man. and was many years In getting to that
position. Now William Thaw, the Second
Vice-President, is dead, and Mr.. Messler, Third
VIce-President. is ill. Thus the way is paved
for Mr.. McCrea to go right to the head of the |
company when he is barely 40 years of age. Its |
fortunate for the company, under the circum- |
stances. that the promotion is merited."
Current railway earnings continue to reflect |
the growing prosperity of the companies AS |
compared with last year the gross earnings of |
Al lines for the fourth week in August in
creased 1921 per cent, and for the month of |
August So lines increased ESQ per cent. while |
for the third week in August 81 lines increased |
gross ll.66 per cent. This is certainly good
exhibit and accounts for the bullish feeling in
Wall street, concerning which Jay Gould said
On Monday: "Each day conditions improve.
The market appears to be in first class trim.
There is no doubt about its going higher"
Owing to the failure of the Baku oil wells
Ind agricultural depression. the Russian
1obles are rushing to bankruptcy in great num-
oers. The credit bank for lending money to
hem on mortgage of their land, established by
he Government two or three years ago, has
low no less than 1000 estates which will have
% be sold by public auction at the end of this
year for the non-payment of interest on loans.