Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-10
NOT IN THE DICKER.
Joseph S. Brown Denies Buying the
Schmertz-Beymer Properties.
THEY WILL SOON BE SUBDIVIDED.
A Good Authority Says the Pennsylvania
Railroad is Going Slow.
AN INTERNATIONAL BANKING SCHEME

The report that Joseph s. Brown, of Allie
gheny, and formerly OF the Wayne Iron
Works, was the purchaser of the Schmertz
and Beymer properties on Fifth avenue,
corner of Craig and Neville streets, is We
hemently denied BY that gentleman. He
said to THE DISPATCH representative
yesterday: 81 did not purchase the proper
ties in question, nor have 1 ever had anything
to do with them in any way. l do not even
know who the purchasers are" This is con-
elusive so far as Mr.. Brown is concerned.
1t was learned incidentally, from gentleman
who has ascertained the intentions of the pur-
chasers, that the ground, comprising a full
square, will be subdivided into small lots suit
able for business purposes and put on the mar
ket next spring. The buildings will probably
be allowed to stand.
A gentleman who is in position to know
good deal of what the Pennsylvania Railroad
people are doing in the way of aceumulating
real estate. said yesterday: "The reports that
the Pennsylvania Railroad is buying property
on Sixth and Fifth avenues are entirely untrue.
The road is not now nor has it been, doing
this. 1t may have acquired some ground on
Cherry alley to give it an outlet to Seventh
avenue, but am disposed to doubt it. As to
the other transactions so frequently referred to
Of late 1 can say positively that they exist only
in Imagination and the railroad authorities are
in no way responsible for their circulation"
A stock specialist T. W. Pearsall, says:
Speculation is very narrow yet, and 1 do not
think that the big bull movement which we
may see next year has started For the time
being. l think discretion will be the better pol
icy to pursue, and the proats, wherever made,
should be taken. The market is always here,
consequently little caution in operations may
prove to be very wise move. For long pull
1 am bull; everything warrants the taking of
such position. The vast and general improve
meut in all mercantile and manufacturing in
dustries is sufficient to make man look hope
fully on the future. From speculative point
of view, however, the market for the time be-
ing is simply traders one. and in my judg
ment the man who is satisfied for the moment
with point or two turn on either side will
be the one who will accumulate the largest
profits"
It is reported on good authority that there
will be an advance in coal rates ordered be-
tween this and Christmas. If possible the
agents will meet this week, and will then de-
eide to mark up the schedule prices on all
sizes ana grades OF anthracite.
The Financial Chronicle indorses Secretary
WINDOWS stand on the silver question. 1t
says: His method of treating the subject is
certainly admirable. He states that the con-
tinued coinage of the silver dollar is the only
disturbing element in the otherwise excellent
financial condition of the country, and posi-
tive hindrance to any international bimetallic
agreement; that the amount of these dollars
which can perform any useful function as
circulating medium must soon be reached, and
that then the further coinage and storage OF
them will become a waste of public money and
burden upon the Treasury"
The Chronicle concludes: "Mr. WINDOWS
plan possesses many attractive features 1t
would stop the present coinage. 1t would give
us a dollar which was worth dollar. It would
make the Government pay for any loss in the
certificates issued instead of making the indi-
vidual bear the loss. These are all considera-
tions of decided merit and forcible arguments
in favor of the measure"
Barker Bros & Co., of Philadelphia, are re-
ported to be the agents of a syndicate which
proposes to start bank with capital of S25-
900 900, with agencies in the principal cities of
Europe and America. The capital is to be
mainly English, and the headquarters in Lon
don. The new company is, it is said almost
ready to begin operations. Offices at an an
nual rental of $4,000 have been engaged in one
of the new buildings in Wall street, and the
English manager of the enterprise sailed ON
Saturday from England for New York.
The bank clearings at 81 cities for IL months
equal S5O,644, $4,000. or more than the II
months total in lSSS, indicating probably S55,-
10000 as the total for 1889. The increase for IL
months this year over last is Il per cent. over
1887 per cent and over 1886 S. $40 800 0O0 or Is
per cent.
1t is rumored that new pools have been
formed in Northern Pacific, Oregon and Trans
continental, Atchison and Union Pacific. and
that the interests are divided between London
Berlin, Boston and Philadelphia 1t is stated
that operations will simultaneously commence
in the four markets. Mr.. Henry Willard, of
course is credited with being the engineer Of
his individual properties, while the Barings
and the Kidder & Peabody party are to look
after Atchison.