Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-09
BELOW THE SURFACE.
A Street Car Deal Which Greatly
Pleases Many Alleghenians.
MR.. WESTINGHOUSE'S NEW MOTOR.
Pittsburg Rushing Into the Big Fall Trade
With Every Sail Set.
THE LOCAL IRON MARKET PICKING UP.

1t was stated yesterday by gentleman
who said the information came from head
quarters, that the Perrysville Electric road
people had made an arrangement with the
Pleasant Valley Company, whereby their
cars would come into Pittsburg on the lat
ter's tracks, when completed. This arrange
ment, if carried out. will take effect about Oc-
toberl l.
Citizens on Nunnery and Observatory Hills,
as well as those in the adjoining districts, are
well pleased with this deal, which will give
them unbroken transit to this city. As the i'm
mediate result, real estate in the localities men
toned is beginning to move up.
The Superintendent of the Westinghouse
Electric Company himself an electrician Of
note, in conversation yesterday, said that they
had almost perfected street car motor which
would surpass anything Of the kind in use.
While declining to 60 into details he claimed
that on the score of economy, both in power
and construction, it would surpass the cable SO
far as to leave it out of sight
He added that the company was so crowded
with orders for their specialties that the works
would soon commence running night and day.
About 1000 men are employed.
Pittsburg is approaching the fall season with
all sails set. In other words she is in good con-
dition to profit by the revival of business which
is expected to set in the last Of this month or
the beginning of next. and which, it is admitted
on all sides, will be unusually large. Fourth
avenue bank cashier, of large experience and
sound judgment. gave his views on this inter-
esting subject yesterday He said:
81 am greatly pleased with the business situ-
alton and outlook. I have never had better
reasons to feel encouraged. An important ele-
ment of strength and confidence is the abund-
ance of money at all of the business centers.
This is an assurance that speculation is run
ming low and that legitimate enterprises have
the call. Under these circumstances 1t would
be almost impossible to produce panic. Some
people regard large surplus of capital as evil
dence of depression. / do not This has been
the best summer for business that Pittsburg
has ever known, but money for which no use
can be found has been steadily piling up, until
1t has reached the enormous sum of $50, 0,0O0O 900
or thereabouts. Three or four of the banks
are reported to be closely loaned up to the re-
serve line, but doubt it. think IL is safe to
say that all of the Pittsburg banks have more
money than they have immediate use for. We
are carrying not far from 100000.
These are the conditions under which we
will enter the fall trade. If 1t should be as
large as expected, it will require all the money
we have to carry it on. The crops are immense,
and it will take large amounts to move them.
Hog slaughtering and curing will absorb al
most as much capital as wheat and corn. The
banks must meet these demands. which will be
a big drain upon our resources. In addition to
all this, we must look out for our own people.
see evidence on every side of a large expan-
sion of business in Pittsburg within the next
six months There will be new iron mills. glass
factories and stores. Railroads and bridges
are to be built. Some of the many rapid transit
projects in the city and its suburbs will crystal
ize. Building will be active. All of these will
need money. and q great deal of it at that
When the demand once sets in it won't take
long to drain us pretty dry. have no fears
that we will end the year with larger surplus
than we ought to have.
gency which are current to some extent in the
Eastfr
II do not We may loan up pretty closely
but there will be enough to go round"
The iron trade continues to show q decided
tendency toward improvement. This is true of
business rather than prices, although the latter
are frming up. Pig has advanced from IS
cents to 81 ton since last week, and if the
coke strike is not quickly settled there will be
a further upward movement. Grooved sculp
and upward Rolled is quoted at from 81 IS to
81 05. Muck bar is strong at s27 80, four
months. The rail mills are running full on
orders. and quotations are a shade better
Nails are steady at 81 70 at mills. Should the
proposed syndicate to restrict production be
organized. prices will be advanced to about
$780,
With very few exceptions the mills are run.
ming night and day. One of the Southside
IL. L.,
Of 20 tons day of bar iron at an average of so
cents ton over the price ruling July 81. The
demand is good for all descriptions of iron, and
orders are coming in quite freely. The mills
have enough work on hand to keep them busy
for the next 80 days without any new contracts
being booked, but the prospects are favorable
for the demand being continued during the rest
of the year. The outlook is full of encourage
ment.
Two hundred acres of the Ross estate, lying
just above Sharpsburg. were purchased last
winter by a Pittsburg syndicate, headed by
Henry Warner. for sl55.0Oo. This ground has
just been laid of in lots, ranging from the
usual size to an acre, christened Aspinwall
place, and put on the market 1t is a beautiful
place, convenient of access. and has the advan-
tages of good water and pure air. The streets
are being graded, pavements laid and shade
trees planted. streets and pavements will be
broad and level, with frequent grass plots
oases of green to serve as breathing spots and
Fairgrounds for the children.
1t is the intention of the owners to make As
pinwall one of the most attractive places for
residence in the county. A bridge and cable
road across the Allegheny river. to connect
Aspinwall with East Liberty, are talked of
ana will probably be built in the course of a
year.
MOVEMENTS In STOCKS.