Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-02
BRISK FOR SUMNER
The Activity in Realty Surprise to
the Oldest Inhabitant.
LEADERS. OF THE STOCK MARKET.
Two Instances Showing Danger Of Delay in
Renewing.
FOLLIEs OF SPECULATION SHOWN UP

The activity in the real estate market is
such as to attract general attention. Said a
broker yesterday: 81 have never seen any
thing like it. At no time this summer has
the market been really dnll. We have had
lull or two, but nothing like stagnation.
Business is more like September than Au-
gust. There is great deal going on that
never comes to the surface. There are one
or two big deals under way in the East End,
and some on the line of the new OHIO ,iver
boulevard.
I'm fact, the activity affects every part Of the
city and suburbs. Money is SO abundant and
capitalists are SO much interested in realty
that look for q rushing business after this
month"
Delays are dangerous when fire insurance Is
concerned. This was illustrated at Wilkins
burg On Wednesday, when two houses were
wiped out and another damaged to the amount
Of about $500. The policy on the latter build
ing expired at 1890 on that day. Three minutes
earlier, at 1877, the fire was discovered, and in
half an hour the damage was done. 1t was the
intention of the owner of the property, Mr..
Bears, to renew his insurance in the morning.
but for some reason he concluded to wait until
the afternoon. and then it was too late.
at the corner of Sixth and Smithfeld streets.
had a similar experience several years ago. He
was insured for 900 OF this amount SC. 600
ran out. He was anxious to renew the policy,
but there was a hitch in regard to the rate, and
before this was settled his place caught fire
and was entirely destroyed He remarked yes
terday: II would be 5000 better off if hadn't
quibbled over a tride."
A., Of ffa i'm.
placing its bonds at premium. Central Trac-
tion Company stock was strong and higher yes
terday. The money thus obtained is thought
to be sufficient to finish the road without
further assesspents upon stockholders. The
shares are $50 each. one-half of which amount
has been paid in. It Is the intention to have
the road ready for business by the middle OF
October.
According to the Commercial Bulletin, at the
close of July, including surplus and field stock,
less than 5000 00e barrels of Pennsylvania oil
was above ground. as compared with 3.5S6.95l
year ago. 81 2S9. .26e two years ago, and 81 4S,-
400 in 1886. The present prospect Of production
indicates a maximum yield of not more than
Go 900 barrels Cay, or from 10000 to 1000 bar
rels day under consumption. Under these
conditions. the market, If left to itself, would
naturally seek higher level But the stand
ard has no respect for statistics. It is law
unto itself, and prices will continue TO move up
or down as it mods it's head this way or that.
1t is said that the heavy shoe failure in Bos-
ton was caused by outside speculation, apropos
of which a leading business man said yesterday:
~ don't doubt it. This evil is greater than is
supposed. A great many business men are
dabbling in stocks. They are SO greedy and
impatient that they are not content with
legitimate gains, and they rush into the specu-
lative markets regardless of consequences.
There are few such men in Pittsburg. Not
many years ago the owner Of one of the largest
drygoods stores in the city was completely
broken up by speculation. 1t was the cause of
the suicide, IL or Is years ago, of one of the
most popular bankers Pittsburg ever had. 1
could recall other instances, but it is not neces-
sary.
Speculation is SO uncertain. or rather so
certain to turn out disastrously, that no one
having legitimate business should touch 1t,
even with q ten-foot pole. When a merchant
or a manufacturer begins to tempt the ackle
There are exceptions, but they are SO few as to
hardly be worth naming"
The leaders of the stock market Yesterday
were Central Traction and Electric Both
scored handsome advances. the former on the
strength of its successful bond deal with the
Fidelity Title and Trust Company. and the lat
ter as a result of rush Of business and the be-
lief that its legal complications will soon come
out all right The frmness Of these stocks
strengthened the entire list and closing prices
were the best Of the day.
The iron market, according to prominent
local broker, is without essential change from
last week, but it shows a more decided tend
ency to broaden, and prices are firm. Evidence
of good business in the fall are coming In
from all parts of the country.