Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-23
TRADED PROPERTIES.
A Block of Houses in Allegheny EX-
changed for East End Land.
PETROLEUM GOES TO A DOLLAR.
Pittsburg Suburbs Doomed by Prominent
Physician of Cincinnati.
HOME MONEY PLANTED IN MORTGAGES

A tip was given yesterday of deal in
real estate involving nine acres, situated not
far from the corner OF Frankstown avenue
and Fifth avenue. The purchaser did not
pay cash for the ground, but traded a block
of houses in Allegheny City for it. 1t is val
ued at s50,0O0 and will be subdivided and put
on the market
Petroleum made a squirt and touched the dol
lar line yesterday, closing at CSC, the best for
nearly four years. This is encouraging to the
brokers' but they should not shout until they
are out of the woods. The Standard wants
cheap oil for its refneries, and while the mar
ket under the pressure of bullish statistics
and scarcity of certificates may have tempora-
rily slipped from its grasp, it will no doubt take
prompt action to Keep the price within the pre-
scribed limits.
This would be in strict keeping with the pre-
vious policy of the octopus. A departure from
its ancient custom would show lberality
which would be as surprising as unexpected.
We shall see what we shall see.
1t is stated as a significant fact that within
the last few days good many orders for steel
rails have been placed in a quiet way. Agents
of Eastern mills have closed for 15,0O0 tons, and
are in treaty on at least 81, 900 tons more. The
present allotments are on basis of l, 212 600
tons for the year. Up to July 96S, ,556 tons had
been sold. and the subsequent business makes
a total to date of nearly if not quite 100000
tons This places the market in an exceed
ingly strong position.
Forty-one mortgages were filed for record
yesterday, indicating that this will be a good
week in that line of business The largest was
for s25.000 Seventeen were for 81, 200 and up
to ST, 400. A fair proportion of the number was
for purchase money. All was home capital.
George Wilson. prominent physician of
Cincinnati, was visiting friends In the East End
yesterday. In the afternoon he made a tour of
the city, after which he said: II saw nothing
to cause apprehensions of an unusual amount
of Sickness Your streets and alleys are in
good condition-cleaner than ours. Your sew.
erage is very good. 1 discovered nothing on
the surface to breed disease. tested the water
and found it reasonably pure Still I think it
would be advisable to boil it before using for
drinking purposes. This would lessen the lia-
bility of children and old people to attacks of
dysentery and cholera morbus.
This is the first time have been in Pitts
burg in ten years. You have made wonderful
progress in that time. Your suburbs possess
greater natural beauty than ours and are better
improved"
Holders of first-class bonds or dividend.pay-
ing stocks can always find good market for
them. but as a general thing it is more difficult
to buy than to SELL Thus, on Saturday. the
blackboard at the Exchange was covered with
figures representing bids for bank stocks, but
not single transaction resulted.
Rapid transit schemes are springing up in all
directions. Among the latest is one out Center
avenue, opening up another route to the East
End. A few streets should be reserved; but,
as a general proposition, there cannot be too
much rapid transit for the public. There may
be too much for the investors, but that is their
lookout.
Hot weather is not good time in which to
push great enterprises. Hence probably. the
comatcse condition OF the Real Estate Ex-
change scheme. A few of its friends. however,
still doing good missionary work for it, and
are confident of ultimate success. 1t would be
the making of the real estate business of
Pittsburg.
From the action of the governors of the
Bank of England on Friday, in refusing to ad-
vance the rate of discount, it is plainly not
their intention to permit any drainage of
British bullion for French or South American
account; hence it is reasonable to suppose that
the foreigners who are in need Of gold bars
will continue to seek them here. The cables
from the other side indicate that there Is a
little more life in the various departments, par
ticularly SO in that for American securities.