Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-28
TAKE A LONG REST.
The Pittsburg Exchange Adjourns
Until Thursday Morning.
BROKERS LIKE PIGS IN CLOVER.
Permits Granted for Forty-FOur Houses to
Help Supply Great Want.
MONEY. MORTGAGES AND REAL ESTATE

AT members meeting held on the floor
of the Exchange at IL o'clock yesterday it
was agreed to adjourn until 10 o'clock
Thursday. New York, Oil City and Brad
ford took the same action. Some of the oil
men voted in the negative on account of the
critical condition of the market, and the
risk the long interest would incur, but the
stock brokers almost unanimously favored
the proposition, as 1t would enable them to
swap ideas and probably bring holder and
buyer into closer relations. Business in
stocks has been SO unsatisfactory for several
days that any kind of a change would be well
come. The prospect is good for stronger and
more active market when the traders face each
other again.
A Fourth street real estate dealer was asked
yesterday what effect the completion of the
Government building would have on property
in that part of the city. He replied: 81 think
prices will go up. They are already higher
than before the building was commenced.
There is good reason for this. Business will be
drawn that way, and this is sufficient to en-
hance values. A good class of buildings will
be erected, and those already up will be greatly
improved. All this means higher prices for
property. would not be surprised to see an
advance of $500 to 81, 600 foot on Smithfeld,
below Fourth, within year after the Govern
ment building is completed, and correspond
ing increase on adjacent streets. 1t will have
the effect, Also of relieving Fifth avenue of the
crowds that hang around the postofice every
evening, to the great annoyance of pedestrians
and obstruction to business. Fifth avenue
would be a better street If it were less
crowded"
The building industry keeps well to the FORE
despite holidays and rainy weather. This is of
especial Importance to Pittsburg, as every
house put up supplies want and adds to the
population. Forty-four permits were taken
out last week, the largest by the Allegheny Or
phan Asylum, for ten three and two-story brick
houses in the Twelfth ward. The next largest
was by ]. B. Phillips, for six two-story brick
houses in the Twenty-fifth ward The cost of
the "A buildings is estimated at $l0s, ,6S7.
Building and loan associations had their
origin IN PHILADELPHIA. where the earliest one
was organized in January, 1881, and they are
said to have been the means of making $1,000
people owners of real estate. There are about
30 in Pittsburg and vicinity, and their opera
tions have been very beneficial to the working
people. The number of associations in Penn
sylvania at present is estimated at 900, the ng-
gregate capital at S65, 600 600, and sthe total
savings paid into the associations in year at
over 100000 The total number of these as
sociations in the United States is estimated at
about 1000, the accumulations held by them at
about $500 0OO, ,0O0 and the amount which will
be paid in the form of dues during the current
year at about s65, 100000
The superior attractions of Shadyside as
place of residence have drawn unusual atten-
tion to that pretty suburb, and considerable
property there has changed hands within the
last two or three weeks, the aggregate of the
sales being not much under 100000. AS might
be expected prices are pretty steep for fancy
properties, but they are quite moderate for
others, the former selling as high as $500 front
foot. Those less eligibIy situated are from $50
to $3.50. This difference affords sufficient mar
gin to suit rich and poor, and to enable almost
anyone TO secure home in one of the most de-
sirable places near the city.
A Pittsburg iron manufacturer, in brief in
terview yesterday, attributed the unsatisfac.
tory state of the market to the demoralized
condition of the American merchant marine
That trade is active in England. he said, was
due to the fact that the markets of the world
were open to that country, while the United
| States had to depend almost entirely upon the
home demand, being practically shut out even
from Mexico and South America. He added
that as President Harrison was known to be in
favor of improving our trade relations abroad,
| by opening up new markets, it was probable
that some measure of relief would soon be
adopted. This is subject in which Pittsburg
has peculiar interest.
The demand for mortgages keeps up and
there is not like ely to be an abatement SO long
as money continues plenty and cheap. Real
estate affords the best security for the surplus
capital of our citizens, and the fact seems to
have struck home at last. The number of
mortgages recorded during the week was 267,
aggregating S4lS,54s. The largest were for S2l,
OOO $50 600, $4,000, two for $4,000 each, Sill 700
1000, and IL for sums ranging from $4,000 to
S, 600 each, The usual rates were 47z@5 per
| cent, but in few cases was accepted.