Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-09
HINTS ON BUSINESS.
Local Financial Institutions May Re-
verse Their Policy and
GIVE AID TO THE BUILDING BOOM.
Growing Appreciation of the Vast lmpOr-
tance of Small Houses.
ST. PETERS CHURCH RUMORS CORNERED

ST. PETERS CHURCH RUM0RS C0RNERED
There being rumors in the air that negoti-
ations were going on looking to the sale of
! st. Peters Episcopal Church property, at
| the corner of Grant street and Diamond
alley, and that Henry A. Weaver & Co.
were managing the DEAL THE DISPATCH
representative called on that firm yesterday
said: "There have been some capitalists
who wanted to see what the property could
be bought at. This we endeavored to do,
but found the vestry little inclined to sell,
not knowing where they could get another
property so conveniently located for public
worship. Besides, the church is not in debt,
and has no taxes to pay. If st. Peters
changes ownership at all it will not be for some
time"
1t has also been reported that the property of
Mr.. c. L. Magee, on the corner of Fifth ave-
nue. and Grant street, was IN the deal. Mr..
Weaver staten that this was a valuable piece
of ground-none more so-but that it must be
considered entirely distinct from the church
property, and added: ''Mr. Magee has had
plans prepared for large Office building. as 1
have been Informed. and will probably erect
fine house on the premises"
Pittsburg is destined to become a city of
homes A good start in this direction has been
made. Owners of unimproved land are be-
coming interested in building and the inan-
clal institutions of the city evince greater lib
erality than has been their custom in forward
ing the good work. A real estate broker re-
marked yesterday: 81 think the time is not far
distant when man can walk into Pittsburg
bank and cash mortgage as readily as a check,
as is now done in Philadelphia. This would
give building such an impetus as would make
the present boom pearinsignifcant We are
coming to this very fast"
"Some Thoughts on Fuel Cas-" was the title
of paper read by Mr.. John Young, of Allie
gheny City, at the recent Baltimore meeting of
the American Gas Light Association. He con-
cuded by saying: The rapid progress that has
been made during the last few years in reduc-
ing the cost of. production and distribution of
electric lighting, its rapidly growing popularity
for street lighting and for stores, hotels,
theaters, railway stations and even private
residences, point to a not far distant time when
illuminating gas companies must look to some
other means of utilizing their manufacturing
and distributing plant than in the supply of
illuminating gas. Would it not be well for gas
companies to spend some time and money in
investigating into the possibilities of a manu-
factured fuel gas when applied to domestic
heating and cooking on thoroughly economic
and scientific priuciples?'
The latest reported addition to the industries
OF Jeanette is steel plant to be established
there by Eastern capitalists. The location Sc
lected is Just outside of the town proper, and
was selected on account of the proximity of
natural gas in the Grapeville belt. 1t is said
that the works when in operation will employ
at least ZOO men, and will be comprised of
steel making and finishing department. In the
latter fine tools and machinery of various pat
terms will be produced.
The Importance of building small and me-
dium-sized houses seems to be more generally
appreciated than ever before. The number of
these classes of buildings erected this year is
without precedent in the history of the city,
and they have all been sold or rented, a fact
which should not be overlooked by capitalists.
Pittsburg is growing very rapidly, Houses are
occupied fast as they are built. The de-
mand for them next year, it is thought. will be
very good. 1t should be met. To ignore it
would be a reflection on the moneyed men of
Pittsburg. which they would not like to have
placed on record against them.
The following is extracted from an English
letter on the iron situarion: "There can be no
doubt that the revival which has now for some
time been steadily maintained. is passing into
that condition of rapid rises and phenomenal
demand which can be characterized only by
that expressive phrase which, 1 believe, eman- |
ated from your side-'a BOOM Everywhere in |
dications are toward further progress. While |
they acknowledge the value of the United |
States demand British iron and steel masters |
are yet not basing their hopes upon this rock
exclusively. They remember that during the |
autumn and winter of 1S79-S0 it was the in
creased demand chiefly from TIE United States |
which brought about the boom in North of En-
gland pig iron and in metal made in other !
British centers. The boom subsided, then
directly the demand fell off. To-day, while not
the immense Importance of trans
Atlantic buying, British iron and steel masters |
are yet pleased to find that the demand is not !
confined to any one country, but that it is well |
distributed over most of our foreign markets." |
Secretary Window throws cold water on the |
report of bond corner. He says: 81 have |
heard nothing to lead me to believe that there |
is a syndicate attempting to get control of the |
bonds l believe that the registered bonds are
pretty we'll scattered. There are some 40 900 |
holders of this class. The unregistered bonds,
of course, we cannot tell anything about.
Some of the former bonds may have been
transferred of late by the original holders
and the Treasury Department would not nee
essarily know anything about that, but 1 have
not heard that such transfers have been made,
or that bonds are being absorbed by few peo-
ple.m He added: "Unless something unfore-
seen arises, there are no indications to point to a
tight money market or an excessive demand
for money which cannot be readily spilled"
The activity of the iron trade and the great
demand for coke have quicKened the inquiry
for coal lands wherever they exist. Those in
Southern Fayette county promise to come into
market soon. The work of securing options
has been going on for some weeks past. The
extension of the Southwest Railroad
into West Virginia and the extension of slack
water to Morgantown is responsible for the
boom. ]. V. Thompson the Uniontown
banker, has taken 9O-day options on 5, 200 acres
in the vicinity of MasontOwn, with frontage
Of four miles on the Monongahela, at $50 per
acre. J. A. Nichols, also of Uniontown, has
900 acres in the same vicinity at the same
price, The H. C. Frick Coke Company and
the Mcclure Coke Company are also reported
to have some options. ]. W. Moore is said to
have hand in the Thompson options, in which
Eastern capital is to be invested.
According to information from Peeryville, W.
Va. the utmost activity prevails in the mining
region throughout that and Mercer counties,
and more men are employed than ever before.
The total production of coal in that basin is
about 100000 tons per month, of which amount
the Turkey Gap mines get out about 25OOO