Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-05
TOO MUCH SHOCKED.
Local Business Still Held Down by
the Johnstown Disaster.
REAL ESTATE AN EXCEPTION.
Lands and Houses as Needful to Maintain
Life as Food and Clothing.
THE WAR AGAINST THE BUCKET SHOPS

Business at the banks, exchange and real
estate Offices was considerably below the
average yesterday, the Johnstown disaster
continuing to draw attention from every
other object. The material loss to Pitts
burg by the food is not great, but it Will
take some time for the business community
to recover from the shock caused by the
enormous loss of life.
But the American people have wonderful
recuperative power, as was witnessed after
the war, at the time of the Chicago fire and
on many other occasions when the elements
played havoc with life and property, and 1t
will not be long until Johnstown will rise
from the ruins larger and better than before.
The country is full of idle money which cannot
be more usefully employed than in rebuilding
the stricken city.
The interest in real estate is so widespread,
and has such hold upon the people. that it is
less affected by depressing conditions than any
other industry. The Johnstown disaster par
alyzed stocks and oil and made serious I'M
preston upon finances; but If it had any effect
upon realty it was too slight to be noticeable.
There is reason for this. 1t is not because this
class of people feel less keenly for the suffer
ing of Others, but because the business in which
they are engaged-either as sellers or buyers,
it matters not which-is one of prime necessity.
So long as men live they will need land upon
which to build houses to live in and to give
shelter to their families. 1t is as necessary as
bread and clothing, the demand for which goes
on in times of disaster as well as prosperity. 1t
is gratifying, therefore, to note that the inter-
est in real estate keeps up, and that the sales
effected from day to day are almost as great as
in the busy times of February and March.
Some of them are large, but the majority are
medium or small, of which working people are
the principal purchasers.
Speculation here and at nearly every other
business center is seriously crippled by the
cutting off of the ticker service and thereby
all quotations of the New York stock market.
1t is an attempt of the New York Exchange to
suppress the bucket shops, but as the Consol-
dated Exchange of the same city has no SYM
pathy with the movement, it will not only be
benefited by the action of its rival, but render
the success of its crusade doubtful. The
bucket shops do in a small way what the big con-
cern does by wholesale. The principle involved
IS the same in both cases, and if such trading
be wrong, both are equally involved One OBJ
iect of the movement is to concentrate bust
will hardly submit to this sort of coercion, and
will no doubt, should the embargo continue for
any considerable length of time, find means to
get the quotations in spite Of the New YORK
Exchange.
This is not the first attempt to suppress the
bucket shop business, but they have always
come out with flying colors, and will likely dc
so now. So long as stock dealing, or gambling
the latter designation suits it admirably
permitted, it is unfair to permit the big con
Germs to squelch the little ones and enjoy 8
monopoly of the business. If any Of then
| must 90. it would be far better for the public
morals to put down the big ones first. The
| small fry would necessarily follow. 1t is Q
matter for congratulation that the speculative
interest of Pittsburg is so small that its extinc
ton would be scarcely felt. Her business is
made up of more substantial material than
thavfurnished by bucket shops.
| $50
Samuel W. Black & Co. have closed the sale
of another of those Oakland square dwellings tC
William 7. Todd, Esq, for S6, 600 being the sixth
-uue sold within a very short time. The demand
| for, these houses is a frst-class Endorsement
of the wisdom of building dwellings with al
recent conveniences,i including sidewalks, ,seweri
and asphalt streets. Of course the probable
completion of the cable loop close by this prop
erty is an advantage The frequency of sale
shows a very gratifying aDpyeciatioE by thu
public In reporting the sale yesterday of al
Oakland Square" residence as sold to John A
Steele by the above named company, the 'ptict
was incorrectly given. 1t should have beeI
*, $50 instead of IS, $50 as reported,
j