Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-13
A STEP In THE DEAL
Which May ExtinguiSh the Western
and Atlantic Pipe Line.
Mr.. JOSEPH CRAIG SELLS OUT.
Owners Of Realty Showing Disposition tC
Stick to Fair Prices.
THE NEW PARK MAKING ITSELF FELT

As throwing some light on the mystery
surrounding the reported absorption of the
Western and Atlantic Pipe Line and re-
fneries by the Standard Oil Company, it
can be stated authoratively that Mr.. Joseph
Craig mas disposed of his interest, little
less than one-fourth, in the properties in
question to his former partners, Messrs.
Weidner, Reighard & Co. This much
comes from Mr.. Craig direct. He will here
after give his whole attention to the deVel-
opment of his producing interests.
Just what lies back of this transaction is
still matter of speculation. A gentleman
who claims to know something about it re-
marked yesterday evening: II think it is
the first of a series of moves to place the
property in a few hands, with the ultimate
purpose OF selling out to the Standard.
This would be in line with the policy of the
monopoly, and no doubt profitable to the
Western and Atlantic people, whose busi-
ness, think, is on the decline. If it were as
large and remuneratiVe as formerly, do not
think Mr. Craig would willingly part with his
interest He is not that kind of a man.
think the full story will come out in a short
time"
The fear of a boom in values of real estate
seems to be on the wane. A gentleman who
has studied the su bject pretty thoroughly said
yesterday: "Early in the season the danger of
imitation was imminent Quite a number Of
owners, both in the city and suburbs, who had
offered to sell at definite prices, Cancelled the
orders they had given to their agents and with
drew their properties from the market, their
object being to hold them for an advance. This
was succeeded by lull in business, showing
that buyers could not be coerced. It was the
same as saying; If we can't buy property at a
fair valuation we won't buy at ALL In the face
Of this determination owners could do nothing
but back down, or rather abandon the idea Of
ballooning This they did, with few ex-
ceptions, and business at once revived.
Buyers are more liberal than they get credit
for. They recognize the fact as completely as
owners that the city is growing; that land suit
able for building purposes is becoming scarcer
every day, and that as legitimate result
values must advance, but they object, and with
reason, too, to being required to pay extrav-
agantly for contemplated improvements, such
want share of the benefits of these comforts
and conveniences. This is reasonable, ana it is
right. To sell land this year at the price it
will bring four or five years hence would give
the buyer no chance at all to make anything
out of his investment. Owners seem to be
coming to an appreciation Of this injustice,
and are more and more confining their de-
mands to reasonable limits. In my opinion all
danger of undue imitation has gone by. Values,
of course, will continue to enhance, but not
out of proportion to the growth of the city and
expansion Of business"
The influence of the proposed Schenley Park
on adjoining property is already being felt, as
shown by an offer made a few days ago to
Messrs. Black & Baird for the entire balance of
the Lloyd plan, situated Dithridge street.
1t was wanted for speculation. The offer was
refused, the owners declining to sell to any
but persons who would improve.
Since the offer for the entire tract was made |
four of the Lots have been sold, and four fine |
stone residences will be erected upon them |
next spring. This property is especially desir- |
able from the fact of its close proximity to the
main entrance to the park.
High prices at home in consequence of a |
short supply and large yield abroad have COM
bined to reduce the exports of apples to Europe.
The shipments so far this season, indeed.
amount TO hardly more than one-third as much
as last year. All authorities report the crop
exceedingly light and of decidedly poor
quality, except in Maine and few of the
Western States. The yield in New England
except Maine, and New York is not more than
enough for the home demand. In the West,
Missouri, Illinois and Michigan have verylarge
crops of good quality apples, and they have
been forwarding them East at rapid rate, ex-
pecting to realize on the short crops there.
Western apples are of fine quality for home
but as they are inclined to be soft
they are hardly adapted to undergo foreign
shipping, and very few are exported. Freight
rates to Liverpool are about one-third higher
than year ago.
Activity in cotton manufacturing continues
to be one of the most noteworthy features of
the industrial movement OF the year. While
there is little to encourage the owners of
wooden mills, the cotton factories are making
liberal profits and extending their operations
Their record is even more gratifying than that
Of the iron works Of the Middle States and the
W est, inasmuch as they have shown no signs
Of depression at any time since January. Ad-
1itional construction is the order of the day.
It is said, indeed, that II corporations are
either building new factories or enlarging old
ones.
This remarkable growth in the business is not
confined to the South, where perhaps the prog
-ess of recent years has been the most pro-
bounced, nor to New England, where the in
lustry is most highly concentrated, but both
New England and the South share in the gain.
which also extends somewhat to the West
The Eastern manufacturers acknowledge the
strength of Southern competition, but do not
consider it disastrous, or admit the possibility
# its becoming so.