Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-17
A RAID ON ELECTRIC
That Pulls the Price Down a Cool
Five Dollars a Share.
SOME MISTAKES OF CAPITALISTS
A Countryman Learns the Difference Be-
tween Houses and Farms.
NICKEL MINING AND DEAD PATENTS

The sensation of the week in business cir
cles was break of S. share in Westing-
house Electric stock. Several reasons were
offered in explanation of the depression, the
most plausible Of which was that the phe-
nomenal advance of the stock induced heavy
realizing, with view of loading up again
at the decline, The raid was we'll organized,
made at the right time, and did its work
effectively. Friends of the company, how
ever, have as strong faith as ever in the
stock, and say the check it has received is
only temporary. Oil closed dull and weak.
Iron was firmer, with more inquiry and some
good sales. Money was in better demand
and discount rates were firm at SOC per
cent. Real estate was active. Forty-nine
building permits were issued, the estimated
cost being S66, ,022. All branches of the retail
trade were active.
Capitalists are generally safe leaders in busi-
ness affairs, but they sometimes make mis-
takes. In proof of this few instances may be
given. Eight or nine years ago the English
block. on Fourth avenue, the lot having 'front.'
age of 100 feet, was offered at $4,000 Several
wealthy gentlemen critically examined the
property and became interested in it, but they
short time afterward the figures were raised to
S75,O00 The same people who had refused to
purchase the property at $4,000 then changed
their minds and offered to take it at that price,
but the owners stood out for $75 900, and the
deal was broken of. Again the price was
raised, this time to SS0,00o at which the
property was purchased by the late Thomas
Donnelly, of the Fourth National Bank. To-
day it is valued at sl5O,OO0 to s175,oO0. The
property adjoining the English block went
a-begging in 1877, at $4,000, but it finally
changed hands at that price. Six years later it
was sold for $4,000. Now it is worth every
cent of $4,000. 1t has frontage of 40 feet
These values were looked upon by
capitalists of that day as exorbitant
but now they are considered to have
been very reasonable. The properties
in question are not in the market, but they
would readily bring the prices at which they
are held. There is more reason now for ad-
vances in real estate in the location cited than
there was six OF eight years ago, when moneyed
men were in doubt whether real estate values
would go up or down. They have gone up, not
only in the old city, but in the newer parts and
in the suburbs, and display staying qualities
that will keep them up. Capitalists have
learned something IN the past few years. They
have q better opinion of real estate, and are
putting large amounts Of money in it. This
makes good, stable values and an active mar
Ret
countryman entered the office of Fourth
street real estate agent yesterday afternoon to
place mortgage of 81 900 on his farm in the
upper part of the county. He expected to get
the money at ~ or per cent and all expenses
paid, but he had to pay in addition to the legal
fees. He couldn't understand it. he pointed
to an advertisement OF money to loan at AZ per
cent. In his explanation the agent said: '"fhat
refers to city property, and not to farm land.
Capitalists consider city property giltedged
investment 1t is worth from s., 900 to IS, 0O0
foot, according to location, is right under their
noses as it were, where it can be examined
without trouble and looked after If necessary
without loss of time or expense. Its value is
fixed. 1t is always in demand and can be sold
at any time. This gives it great advantage
over country property, and is the reason for the
difference in rates. Your farm is worth the
money. of course, and more, too, but its dis
tance from the city puts the capitalists to con-
siderable trouble to look after it. And then, if
| the necessity should arise, 1t could not be
turned into cash so readily as city property, as
there are comparatively few who want farms.
This is the view capitalists take of the matter
and of course, we must follow their instruc-
| tions"
The nickel industry of the world is most Pc
culiar one. 1t has only been about so years
since it first came into use as a mineral, though
it has been known toJapan and the Eastern ma
tions for centuries. There are nickel mines in
France, Germany and Wales in Pennsylvania,
Nevada and Oregon. Nickel is not, as is gen.
orally supposed, mineral that is mined like
silver and then smelted and reduced from an
ore. 1t is a chemical element which is extract
ed from arsenides, cobalt and sulphideS The
yield from these substances as found in France
and Wales is only about per cent nickel. but
the yield of some mines in Nevada, not yet de-
veloped, is fully 20 per cent Of pure nickel.
About 80 years ago there was discovered in
New Caledonia. a French penal colony, a won
derfully rich deposit of nickel. A French CON-
pany was Immediately formed, and this
company to-day almost controls the trade in
this country. 1t also almost controls the nickel
trade of the world, and it has frequently de-
clared its intention to ruin every other nickel
manufacturer and run them perpetually out of
the business.
Several patents covering devices of more or
less Importance to the public expire this week,
and may be appropriated by any one so dis
posed. The following is the list:
Steam engine, G. M. Fanar; registering steam
gauge. T. G. HargraVe; hydraulic motor, NJ.
Millard; manufacture of drain pipes, ]. W.
stockwell; steam pump, L. Griscom; safety
valve, ]. R. Cazier.