Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-07
BROKE THE RECORD.
Pittsburg Money Placed at the Lowest
Rate Probably Ever Known.
A PROSPECTIVE BOOM FOR IRON.
The Ticker Service Restored and the Bucket
Shops Again in Clover.
TWO BEAUTY SPOTS IN THE EAST END

Black. & Baird yesterday placed mort
gage of $9, 900 on Smithfeld street busi-
ness property at ~ per cent. Eastern money
in small amounts has been loaned here at
that rate, but this is believed to be the first
instance of the kind in which home capital
was involved. 1t indicates two things-that
money is plenty and that capitalists have
an abiding faith in the permanency Of real
estate, which is undoubtedly the best and
safest investment that can be found.
xAA
An iron broker said yesterday: 81 look for a
adicalimprovement in the pig iron market
in very short time There are several rea-
sons for this. It seems to be practically set
tied that last years scale Of wages will be
adopted without material change. This re-
moves an element of uncertainty and gives
makers confidence. They know the ground
they stand on. But the principal reason that
have in view is the great destruction of every
thing at Johnstown and throughout Western
Pennsylvania by the food.
"The amount of ifon involved In this dis
aster is almost beyond computation. The
damage to railroads, although very great, is
the least part of it. Thousands of stoves and
tons upon tons of cooking utensils and hard
ware of all sorts were lost or ruined. Nails
will be in great demand when building opera
tons begin. These heavy losses must be made
good, and that without delay. This will make
an active market for all descriptions Of iron,
and prices must necessarily advance. There
has been no change in quotations here yet, but
the feeling is firm and buoyant. Mills and fur
naces, think, are assured of steady work for
long time to come"
The bucket shops are again in clover. The
ticker service was restored yesterday and all
went merry as a marriage. The tariff is said to
be considerably higher, but as the lambs will
have to foot the bill, few dollars additional is
a trihing matter. The result was brought
about at conference of New York Exchange
and telegraph representatives, at which it was
agreed that as the bucket shops would get the
quotations anyway, the old system had better
be restored, as it was q source of considerable
profit to the telegraph companies.
This is further proof that the bucket shops
cannot be summarily choked off; numerous
attempts to do so having failed. If it were pos
sible it would be good thing for the bucket
shops to turn the tables and wipe out the New
York Exchange. It Is impossible to kill dog
by cutting of its tail.
Speaking of the placing of large mortgage
at so per cent of the assessed value Of the prop
erty, a real estate agent remarked yesterday:
Taking into consideration that the assess
ments have been brought up to the highest
notch it indicates, as they say is the case. that
capitalists are placing money at very small
margin on home securities, and verifying what
said few days ago, which was that there is
great faith in the value of our real estate prices
and an abundance of home capital to be in
vested"
There are many beauty spots in and around
Pittsburg-beautiful already and to become
more so when fully developed. Among these
may be mentioned Squirrel Hill, Twenty-sec-
ond ward, and Oakland. Speaking of the
former gentleman remarked yesterday: Land
on and in the vicinity of Squirrel Hill CON-
mands $1,000 to 5000 an acre. Sales have been
made at the latter price within the past week
or two.
Considering the present and prospective ad-
vantages of the locality for resident purposes,
this is not too big figure. Rapid transit in q
few months is assured. The full development
of Squirrel will maks the Twenty-second the
boss ward of the city. The same remarks will
apply to Oakland. Nature and wit have DONE
or are doing, everything possible to make it at
tractiye. The completion OF the Fifth avenue
cable car loop will put on the finishing touch.
So great are the attractions of these future
centers Of population and refinement that do
not wonder at the growing demand for prop
erty at each of them"
When real estate broker employed to sell
land or to find purchaser therefor negotiates
an exchange for other lands and his principal
himself makes the contract, the broker is under
no legal duty to ascertain correctly the facts
which may affect the value of the lauds re-
eeived in exchange, and he is not responsible
for misrepresentation made to his principal in
good faith concerning the same, as for negli-
gence, where there is no claim of fraud. So
held by the Supreme Court of Minnesota in the
case Of Coe ct al versus Ware.