Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-07
A SAMPLE CITIZEN.
His Check for a Round Million Would
Be Promptly HonOred.
A SAFEGUARD AGAINST PANICS.
The Stock Market Suffering From Too
Much Bear and Too Little Bull.
BIG LUMBER DEAL By PITTsBURGERs

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who is acquainted with many OF them re-
marked yesterday: "There are some very
rich men in Pittsburg, but only one. 1
think, who could draw a check for s., ,0O0,-
600 and get the cash on it While other
millionaires have their wealth tied up in
business of various kinds, he has the bulk
of his in bank in the shape Of hard cash,
ready to draw upon whenever he sees an op-
portunity to make big strike. He is
shrewd business man, and very seldom
makes a mistake in an investment. A few
wears ago he purchased a large tract of
mineral land in the Northwest, in payment
of which he drew his checF for 100000. That
was the largest single transaction of which
have any recollection"
In the local stock market the bears seem
to have the upper hand. This is patent in the
treatment of Electric, Philadelphia Gas, La
Noria and in a few others of the so-called
favorites for few weeks past. If left to them
selves these stocks would go up like toy bal
loon. While in the long run a good steady
bear has the best of it, there is such thing as
over stepping the mark-killing the goose that
lays the golden EGGS for instance. little
more bull would greatly revive business at the
exchange.
Pittsburg capitalists are etill hungry for
mortgages, showing that they have faith in
real estate. Tnirtyseven of these liens were
recorded yesterday, representing about $4,000.
The largest was for Sl4,69O Seventeen ranged
from $1,000 to $4,000. The smallest was $500.
The Cardillac, Mich, State Democrat of the
SOth ult. says: "a big lumber deal was made
here last Saturday. one that knocks out all
former records ]. GUNNER q Son selling to d.
L. Gillespie & Co., of Pittsburg Pa, S,20O, 900
feet This is one of the largest, if not the
largest single order for lumber ever placed in
this country. Bids had been made in all the
leading lumber cities, and about 100 other deal
ers were after the contract. More than 800
freight cars will be required to transport it,and
it must all be delivered within four months.
The deal figures up over SIS, 600. All of this i'm
mense amount of lumber goes into the man.
moth new plant now being built by the West
Inghouse Airbrake Company at Wilmerding,
new town IA miles from Pittsburg, being built
by MIR. George A Westinghouse"
Some people look upon the abundance of
money as an evil; others think it is an element
of strength safeguard against panics. One of
the latter class, whose name stands high among
local bankers. said yesterday evening: I'VE
have over S5OOO0O of idle money. Some other
banks in the city have more, some less. While
we would like to have it employed and bring
ing something in it will do no harm while lying
in our vaults, and we will have it when business
begins to expand and the big crops begin to
move. The fact of so much idle money in the
country indicates a widespread conservative
sentiment and an absence of the speculative
craze, which are an assurance of a sound finan-
cial condition. When people borrow only what
they need for the proper conduct of their busi-
ness there is not much danger that they will
fall into bankruptcy. This seems to be the
general policy this season. If persevered in a
squeeze of any sort will be impossible"
The american Architect says that in IS cities
the outlay In buildings of all kinds, SO far this
year, is estimated at $4,000 900 more than up TO
this time last year. New York leads off with
an increase of SIS OO0 600; Philadelphia with be-
tween 81 600 600 and IS 600 OOO Pittsburg with be-
tween 81 000 100 and So 600 COO and on clear to
the Pacific coast, where in some parts, at least
something like a building boom is an progress
So far as information is available from the
smaller cities anc towns, the increase over last
year is even more noticeable.
Here is an incident showing how easy it is to
make money if one only knows how. 1t was
told in a whisper by one real estate broker to
another, but somehow it leaked out. Unfold
ing a plan of lots on the Northside he said:
Here is daisy (pointing to a lot about the
middle Of the planC 1 sold it year ago for
$500 The purchaser held it for some time, got
tired of it and sold it back to me at the same
price, less the interest In few weeks found
a customer and sold it for $500 When told
the first purchaser of my good luck he COM
menced to kick himself and has kept it up ever
since" The moral of this is: Property bought
at low figure should be held on to. 1t is al
most certain to advance.
There are very few lazy men in Pittsburg but
now and then one may be found. They are,
next to croakers. the worst pests of society," 4
man who is too lazy to think about his work.
ana TO study to the end of knowing something
of the principles underlying the art not only
will not get any higher in the scale of work
men, but he is too lazy to do his work properly
if there is opportunity to the contrary. He is
the man who will be left behind in the race all
the way through.
What is now needed, and badly needed, is a
trust 10 manage the other trusts. This happy
thought originates in the Wall Street NetOs
and opens a way out of a hitherto unsolvable
difficulty.
A bond specialist says: THE bond market is
dull and somewhat irregular, as the supply of
gilt-edge' securities furnished by corporations
which desired to employ their funds in the
money market has been somewhat exhausted
AS consequence prime investment securities
show tendency to appreciate"
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