Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-08
MEN OF MONEY TALK.
Four-and-a-Half Per Cent on Mort
cages Makes Them Look Around.
A PROSPECTIVE LUMBER BOOM.
Houston, Texas, Proves to be an El Dorado
to a SOuthside Iron Worker.
CLOSE MARGINS ON CITY REALTY.

The item which appeared in this depart
ment of THE DISPATCH yesterday, stating
in effect that a mortgage for large amount
of home money had been placed on Penn
avenue property at Az per cent, attracted
the attention of capitalists to an unusual
degree, and greatly increased their respect
for real estate as safe and profitable invest
menL
The signs are good for boom in the lumber
trade. Said local dealer yesterday: "The
lumber business has been dull for some time,
with prices tending downward, but look for
change within the next 20 or 80 days. The loss
OF lumber by the flood in the Susquehanna
Valley was immense. l have seen it computed
at Sl0,000, ,0O0 This is unparalleled. Besides,
thousands Of houses were destroyed and must
be rebuilt This great loss cannot fail to make
buoyant market and advance prices. This
will check, to some extent, building operations
in and about Pittsburg, as many will prefer to
wait another year rather than 60 above their
estimates"
A Southside heater named Gardner who got
out of job almost six months ago, went to
Houston. Tex, and worked in the only iron mill
there. He returned to this city few days ago
in consequence of the mill closing for repairs.
He will return to Houston as soon as he can
make the necessary arrangements, and will
take his family with him. During his six
months stay there his wages amounted to
1880, which was a great deal more than he
could have made here in the same time. Heis
delighted with the country, and thinks be will
locate there permanently.
$50
Illinois is fast becoming one Of the principal
competitors of Pennsylvania In the coal trade.
1t is reported from Danville, that State, that
the Consolidated Coal Company of St. Louis
has just opened up the most extensive strip
bank west of the anthracite regions. in what is
known as the Missionary tract. The field is
near the junction of the Salt Fork and Middle
Fork of the Vermilion river, and contains 600
acres Of land. A horizontal six-foot vein of
coal. covered with only IA feet of lightso ex
tends throughout the entire track. Wallace &
Wright, of Lafayette, Ind, have taken the con-
tract OF removing this dirt, and have placed
three steam shovels at work. The capacity Of
the plant will be LOCO tons day, and with this
output. counting 800 working days in year, it
will take 16 years to exhaust the field, it being
estimated that there is at least 5000 tons OF
coal in an acre of ground.
Real estate has suffered less from the busi-
ness depression caused by the flood than any
other local interest. Reports show there is
very little abatement of interest in lands and
houses A number of deals were consummated
yesterday which are noted elsewhere in this
department of THE DISPATCH. Twenty-nine
mortgages were placed on record aggregating
nearly $4,000. The largest was for $4,000. the
next largest for 5000 and the next tor $1,000.
This was all home money. Black d Baird
placed one of $50 on Penn avenue at per
cent for three years, being about IS per cent of
the assessed value of the property. This is a
close margin and shows great confidence in the
stability Of values. Kelly & Rogers placed
mortgage on East End property at 6per cent.
The dispensing of soda water is carried on to
large extent in Pittsburg. In fact, it is one
of the principal industries incident to the sum-
mer season. The outlay is small and the profits
large. Two or three of the most popular es-
adjustments average about 800 glasses a day
Surgeon General Hammond, however would
wipe 1t out of existence. He says neither soda
nor ice water should be drank at all, as the con-
sequences are almost invariably bad. No LIQUID
with temperature below 500 Farenheit, he in
SlStes W De TAKEN luIO Jle mouth. AS the
thirsty season is here these words of caution
should be borne in mind, coming as they do
from one of the most eminent physicians in
the world. But however wise and timely this
advice may be- it is not likely that it will lessen
either the supply or the demand. Allegheny
river water is permanent obstacle to reform
in this direction.
The wire nail seems to be slowly winning its
way to popularity. Wheeling builders whose
business requires the use of large quantities of
nails, said: 1--WE have not begun using the
wire nail yet, but it is certainly preferable to
the cut nail, and is the coming nail. All the
doors and sash we get are made with wire nails,
and they are becoming immensely popular.
Take wire nail and throw it down there and
it will lie in the rain for a week and it won't
rust An iron nail will rust if out in the rain
one night Wire nails do not split the wood
like iron nails, and they are surely better. They
appear to be used more in the West than here.
This nail is the cause Of the depression in the
cut-nail industry, and our mills will have to
turn their attention to them sooner or later"