Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-14
TALK OF THE STREET.
Opinions of Representative Men on
The Business Situation.
COMFORT FOR THE DESPONDING.
The Paralysis Caused by the COnemaugh
Flood Rapidly Disappearing.
RAPID TRANSIT AND REAL ESTATE

There was the usual amount of talk on
Fourth avenue yesterday, but it was of the
kind that people affect when they have
little else to do. 1t was airy and miscellane-
GUS. This should not be taken, however, to
mean that nothing was going on; for it is
fact, often noted with admiration, that the
average Pittsburger seldom boasts OF his
business achievements. As Longfellow puts
it, he is willing to '1abor and to wait" for
his reward, feeling certain that it will come IN
| due season.
One of the topics discussed by little group
| of Southside gentlemen was the necessity for
rapid transit in that part of the city, as pointed
out in THE DISPATCH. They all agreed that
| it would be great benefit, as it would build up
business and increase the value of property.
| A Temperanceville man who was present
added his testimony: 1T is a great mistake"
said he, Ito think that nearly everybody liv-
| ing along Sawmill run is employed in the neigh
| boring iron mills. A great many of them work
or do business in Pittsburg, and they keenly
feel the need OF quicker transit than they have.
The natural attractions of the place are unsur-
passed. All that is needed to build it up Is the
adoption of system of conveyance which
WOulu transport pdSocuSoIS W duu lAOm VIC
| city in five or ten minutes instead of twice or
three times as long, as is the case now. This
would give us such a boost that your fancy
| places in The East End would have to hustle to
save their laurels."
From rapid transit to real estate is but a
step, their relationship being of the most inti-
mate nature. II see it stated" remarked
prominent agent that loans at AZ per cent
on city realty are nothing unusual There is
some confusion here which should be cleared
up The original statement referred to home
money; the contradiction Is not specific, and
probably implies Eastern capital, which, 1 am
aware, has been placed here in small amounts
at the rate in question; but think 1t would be
hard to point out more than two or three in
stances in which local capital was involved. It
Is very low rate, and is accepted only in cases
where the security is undoubted. This speaks
well for the estimation in which real estate is
held by capitalists, who are familiar with all
the conditions of the market 1t is ridiculous
to suppose they would risk SO much if values
were abnormally inflated. or If the demands
were not in a measure adjusted to the supply"
ANY news to-day?" was the inquiry put to a
gentleman who came up at this moment one who
dabbles in lands and houses, and knows about
all that is going on in that branch of trade.
Nothing particular" he replied. 81 just heard
a rumor OF a resale by principals of business
property on Penn avenue at about 5000 ad,
vance over the price paid three months ago.
The movement in that direction seems to be
growing. 1 am dickering for house and lot
on that avenue, and expect to get it. The GEN.
trail part of the city is overrun with business.
1t must find an outlet somewhere, and Penn
avenue ought to catch the most of it."
Most of the talk was hopeful and buoyant-
Confidence was generally expressed that the
depression caused by the dood had about run
its course. Said Wood street broker: 1T
was terrible calamity. The material loss TO
the community was great. but the gain will be
greater. 1t will give employment to labor and
put large amounts of money in circulation
This will help every branch of business. Iron
is already frmer and in better demand, and
lumber prices have been advanced. All the
immense loss will be made good eventually,
and this must necessarily make good times, in
which Pittsburg. from her nearness to the
scene of destruction, and also from her ability
to supply everything needed in the work of res
toration. will gather the lions share"
II believe" put in a railroad man, who for
merly lived in Johnstown. that the improve
ment in real estate alone will pay the cost of
rebuilding"
ION looking around" continued the first
speaker, II can see nothing discouraging, but
much to make US hopeful, even sanguine. 1t
is hard to hold Americans down."
"You are right there" chimed in a gentle
man who has served local constituency in the
Legislature. You may put them down, but
they won't stay there. That has been proved
on many occasions. When the war broke out
the North was as helpless as child. 1t had
neither army nor navy. But the people were
..n1 - AAa
lied and navy was called into existence in a
short time. When the struggle ended we were
the greatest military power on EARTH Chicago
is another case in point. The great fire there
would have paralyzed any community in the
Old World. But the citizens were equal to the
occasion. Instead of repining they went to
work to repair the damages. 1 have been told
that number of contracts for new buildings
were made while the conaagratlon was still in
progress. Such pluck must succeed. 1t will
be the same in the flooded district. The van
ished towns will speedily reappear, and they
will be more attractive than before. We have
been pinched by several financial crises, but
they made only temporary impression.
Nothing short of a calamity involving the
whole country could put on our backs and
keep us there"
Talk at the Exchange was less confident.
Brokers were in quandary as to the outlook
for stocks. They drew encouragement, how
ever, from the fact that in spite of the prevail
ing dullness, prices are so well sustained. 1--WE
are ready for anything that may come along"
said a broker. "We are eating feathers now;
after while we will come to chicken" Bids
and offers were hardly within telephone dis
tance, which led Captain Barbour to remark:
when can get the boys within a quarter or
an eighth of each other can generally make
them do something, but when they are separ-
ated by dollars and halves I feel less hopeful
than do of the success of the prohibitory
amendment"
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