Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-03
A BETTER PROSPECT.
Trade Picking Up, With Indications
Of Continued Improvement.
A FINANCIAL THEORY UPSET.
Stockholders Of the La Noria Mining Com
pany Demand Settlement.
PETROLEUM, STOCKS AND REAL ESTATE

The local business situation underwent
no material change for better or worse the
past week. The volume Of transactions in
all departments was larger than for the
same time last year, and fully up to the most
hopeful expectation. There were no radical
changes in values, but they displayed
stronger tone and disposition to move up.
Oil was active and, in spite of bear tactics
and secret manipulation, persistently main
tanned position above the 80 line, fire.
quently rising above go, with good pros
pect of reaching a still higher point.
There was no special feature in
stocks. the most of them being under
bearish influence, Philadelphia gas alone show
ing an advancing tendency at the close. Real
estate was active. Nearly all descriptions of
property were in demand. About 100 trausac-
tions were reported during the week, some of
them being of considerable magnitude. Values
of choice properties, and especially unim-
proved lots and small houses, were very firm,
with a hardening tendency Bankers reported
large supplies OF loanabls funds, with mod
crate borrowing demand. Rates were steady
at 6Q6 per cent, the former for gilt-edged col
lateral. There was more inquiry for iron and
prices were frmer.
The La Noria Mining Company is Pitts
burg enterprise, and the majority of the stock
is held by Pittsburg people. For some time it
has been in the dumps on account of the lack
of authentic information as to the financial
condition of the company, no detailed state
ment having been made to the stockholders
since its organization, about three years ago.
This neglect has been the source of numerous
complaints and considerable dissatisfaction
with the management. 1t is stated on good
authority that $500, 900 has been expended on
the mine during the time indicated, with no
return to the stockholders except promises.
Two years ago the officials of the enterprise in
serted an imposing advertisement in the Pitts
burg papers, in which they stated that on or
before August ], 1887, the mill would be in op-
Grafton. This promise has not been fulfilled,
and the stockholders, very naturally, would like
to know why
The promoters of the company comprise
some of our best business men, and the above
statements are made solely in the interest of
the stockholders who are handicapped by the
omission to furnish them with needful infor-
nation as to the status Of the enterprise, and
with no intention to impugn the motives of the
management
Some valuable information concerning the
petroleum industry of Canada has just come to
light.
So far as yet developed, the paying wells are
confined to belt of land, 2miles in width and 16
miles in length situated about 10 miles east of
Port Sarnia, nearly parallel with ST. Clair
river. The oil territory is divided into two dis
tricts-namely, Petrolia and Oil Springs. The
annual production of crude oil in Petrolia
averages from $50 900 TO $50 900 barrels; and the
production at Oil Springsis placed at 1901 900 to
2OO, 900 barrels-making the total annual aver
age production of crude oil 100000 barrels for
the entire region. There are nine refineries in
operation at Petrolia, which, in
connection with the wells and other works
incident to this industry give employment
to about 5000 men, sustaining a population of
about 5000 people. The total quantity of re-
fined oil for Illuminating purposes manu-
factured from the crude averages 250, 900 barrels
The capital invested in the oil business is esti-
mated at s572 900. The oil producers of Canada
have been obliged to develop high degree of
ingenuity and improvement upon every plan
tending to lessen the cost of sinking wells and
the expense Of pumping the oil. They have so
far succeeded that the cost of sinking wells 475
feet-the depth required-has been reduced
from f600 to fl00, including casing and pump
complete; and the expense of pumping from sl
to about Is. each well per day.
'This is q season of contradictions" re.
marked a prominent inancier yesterday "The
old rule was dullness before a Presidential
election; this time it came afterward. Another
thing is worth noticing. Financiers have gen.
orally held-and they were supported by facts
that an abundance of money at cheap rates
meant that business was in the dumps. Re-
cent observations knock that theory on the
head. Money has seldom been SO cheap and
rlo 1fv ig M huf fbo Co.
dull. Nearly all the wheels of industry are
turning. the stores are well stocked and the
markets full of luxuries. Nearly everybody
appears to have money. This is not only an.
parent from the daily purchases, which include
many luxuries, but also from the fact that a
large proportion of the real estate sales are for
spot cash. Then, again, the people are not
heavily in debt, and collections are easy While
this condition prevails more or less all over the
country. it is especially noticeable in Pittsburg
and am glad to be able to state it as a fact.
not as an opinion; and, while it upsets time
honored theory, it presents a new phase of
social economy which it would be well to culti-
vate."
"There is more fruit consumed in Pittsburg
every year than in any other city of equal size
north of Mason and Dixon's line" remarked a
prominent dealer yesterday. sit has not been
many years since the receipt OF carload of
bananas was considered a great event. Now
we receive probably dozen carloads dailyd
ing the season. 1t is the same with oranges.
grapes and other fine foreign and domestic
fruits. Consumption of them has increased
wonderfully, but with all this prices are really
lower than they were five or ten years ago.
Production thus appears to keep pace with
consumption. TIE best oranges come from
Florida. Nearly all the bananas sold here are
grown in Central America. California will in
time be the greatest fruit country in the world.
Some of the finest raisins, prunes, canned and
preserved fruits in the market come from there.
California wine is also rapidly superseding the
foreign article"