Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-06
TALK OF THE STREET.
Stock Brokers Hopeful of a Higher
and More Active Market, But
OIL MORE DIVIDED In OPINION.
Owners of Land Adjoining the Sehenley
Park Cautioned to Go Slow.
MARVELLOUS GOLD FIELDS IN AFRICA

lacking In one branch being made up In
another
The talk among stock brokers as they sat
in their Offices or gathered in little groups
on the streets, was hopeful, not only of an
improvement in values, but of a more active
market during the rest of the year, their
reasons being that all danger of monetary
stringency has vanished, and that large
number of investors who unloaded natural
gas etocks during the recent panic will soon
be wanting to get them back. Another ele-
ment of confidence in that future is the prob
ability of an active demand for electric and the
fractions, of which there are several encourag-
| ing symptoms
Operators in petroleum were divided in opin-
ion as to the future course of the market.
While some insisted that statistics of demand
and supply we're a sufficient warrant for fur
ther advance, others were less confident, and
pointed to former experiences under similar
circumstances to strengthen their position.
One of the latter voiced the sentiment of many
! others when he said IF it be true, as reported
| from New York, that the Standard is manipu-
| lating the market we may give up all hope, not
| only OF further advance, but of being able to
| hold prices where they are. By permitting
| crude to reach a respectable figure the mo-
nopoly has brought refined up to high price,
where it will probably hold for some time. not
withstanding decline in crude, on the prin-
ciple that it is easier to make than to break
! prices. When the Standard wants cheap oil it
always finds way to get it
Another element of uncertainty is the Ohio
product. There are reports that it is being
refined and made equal to Pennsylvania OIL
| Indeed, two of the heaviest refiners of Ohio
oil. both of them millionaires offer to guarantee
every gallon sold by them, to be equal to any in
the market. and they say they will soon be able
to produce it in unlimited quantities. While
this would not permanently depress the mar
ket, the first effect of such large addition to
the marketable stock would be to lower values.
All of these considerations have more or less
weight and inject an element of uncertainty
into the market weakening confidence and re-
stricting business"
There was good feeling in real estate cir
cles. All of the leading dealers and agents re-
ported an active inquiry for nearly all classes
of property, but especially for small houses
and building lots. The certainty of hand
some park in the East End, the gift of Mrs.
Schenley. has, it is stated. induced holders of
adjoining property TO put up prices, in some
cases to double what they were before. Should
this disposition become general, it will retard
the settlement of that district, as buyers are
in no humor to pay fancy prices. even for the
sake of the comfort to be derived from such a
breathing spot as it is proposed to make there.
Said Fourth avenue agent: THE natural
effect of a park out there will be to stlffen
prices. but holders should not be too greedy
and block improvement at the start by exorbi-
tant demands, 1t will be a desirable place to
live, and will soon fill up with good class of
people if prices are kept within bounds; but
if fancy figures be the rule, buyers will go
elsewhere. There are so many fine districts
around Pittsburg that it is easy for man
wanting to establish home to suit himself at
a reasonable outlay. He cannot be coerced
into paying more than property is actually
worth"
Recent accounts of gold discoveries in the
Transvaal Republic OF South Africa go far to
confirm thetheory that the gold mines yet to;be
explored in South Africa may be as productive
as those were in California or Australia One
town has sprungup. Johannesburg, on the edge
of the gold fields. thar now contains 40, 900 in
habitants. The yield in six months of the pres
ent year of these mines has been AOOO,OOO
These mines are several hundred miles beyond
the famous diamond mines of Kimberly The
latter mines are already connected with the
to the gold mines in the TransVaal Republic in
great numbers. In all such mining excitements
there is great deal of fiction mixed up with
the facts
But far beyond the Transvaal Republic in
Manshuna land there are reports of wonderful
discoveries, surprising in richness any hereto.
fore known. The natives are extremely hostile
to the whites. But the latter are pushing on to
these mines. If the gold is there, it may be as
sumed that native hostility will keep the
miners out The latest theory is that the real
Ophir is in Mashuna land. But it may be noted
that OphiT is always moved along to the richest
mines that are found. However, on the theory
that Solomon procured his gold for the temple
from the southwest coast of Africa Ophir
might as well be located In the mysterious Ma
shuna land as elsewhere until the next famous
discovery is made in Africa.
Architect John w. Barr is reported in the
Real Estate Record and Business Guide as
saying; "The evidence of the steady and SUBJ
stantial growth Of the city, and of the increas-
ing wealth of our people, is seen in the elegant
public buildings, fine business houses and beau
tlful residences. Ten or Is years ago a man
who erected residence costing $4,000 or $40 |
900 was talked about Now house to attract |
attention involves an outlay of $40 900 or $50OO0
In the business portion of the city, the eV1- |
dence of progress is more marked The fine |
structures are proof Of wealth, and they indi-
cate pride. Our people have discovered that |
they can make money by putting money in sub
stantial and superb buildings. They might
have done this 20 years ago.
They were waiting for something to turn
up 1t did turn up. / think natural gas sup
piled the required impetus. Take the Bank of
Commerce. The building they were in was
good enough. The bank did as much business
as il may in the new building. but the new
building itself will be good investment. The
same thing might be said of other improve
mentS They show that our people are begin.
ming TO display degree Of pride that is proper.
The improvements in the business portion. and
In the suburbs are all Of nature to convince
any one that there will soon be vast city
here"
There is considerable agitation among En-
ylsh traders aud manufacturers for relief from
what their spokesmen characterize as extor.
Tomato freight charges Imposed by the railway
companies. A number of meetings have lately
been held az aome Of the more important com.
nerciAl oontors advocating more vigorous
lotinn on the part Of the merchants and manu-.
IaetuTers than has yet been taken. They APP
pear determined now 20 secure, II possible,
supervision Of freight charEea
fhe recent course Of railway legislation In the
DATED states has evidently had ita effect In
Itirfinn np tho movement Tho situation ia an
Interesting one, aud ne Outcome will be 70.
iAfded with Interest
Iifiy Yean age buildlngh we're heated by
tnFrs ahd had nn pfnfiaion Tot uhange nf alf |
irfnnd ths leakage ~ dnafs ahd Windgwa No !
'uhiir hHildinHs afe nos constructed Niihnut
aihs fsnaTHiiien " ihe Importance NJ tuntiia,
iani hut AZ rate, the fernHniiinH u aoaIruiY
anfn thau ~ ariisalaHrr. fnf slthuuHh nutigta |
T. 4