Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-23
A BIG TRANSACTION.
Sale of an Oakland Homestead for
Twenty Thousand Dollars.
LOCAL BANKERS TALK ON MONEY.
They Take Very Little Stock in New York
Reports of Stringency.
how A BROKER FOUND A PUDDING

The most important deal in suburban
realty reported by any Of the Fourth avenue
agencies for some time was effected by w.
A. Heron & Sons yesterday. For month
or two negotiations had been pending in re-
gard to the sale of part of the Smith estate
on Terrace street, oakland, small differ
ence in price preventing close. Yesterday
this obstacle was removed, and the property
changed owners.
The ground comprises about 81 acres and
large mansion house. The consideration
was $40, 900, which is considered very rea-
sopable for that locality. The new owner,
who requests his namc to be omitted, will make
extensive improvements to the grounds and
remodel the house. which he proposes to occupy
as a suburban home.
Pittsburg bankers take very little stock in
New York reports Of a squeeze in money.
They can see no good reason for IL. and think
the talk is intended to influence the stock
market. which is easily affected by such in
6uences.
A member Of the firm of Robinson Brothers
said: There may be some pressure, but 1t Will
be temporary. The West is well supplied with
funds, particularly Chicago. which is second
New York, and will need less help than usual
to move the crops. Very little money is going
abroad. Prosperity is the rule in all parts OF
the country, and think it is able to Withstand
a much severer squeeze than 1t is likely to be
subjected to this season. Pittsburg will
scarcely feel it"
A Fourth avenue cashier remarked: Money
is evidently scarce in New York, or there
would not have been such a sharp advance in
the interest rate. The squeeze may be little
severe in the East, but 1 do not believe it will
affect the West to an appreciable extent 1t
is good thing for the Pittsburg banks, be-
cause the advance on loans will keep paper at
home. Money is cheaper in Pittsburg than in
New York"
At the Central Bank the opinion was ex-
pressed that reports of a squeeze were more
talk than anything else, and would soon sub
side. Pittsburg has very large surplus, and
has nothing to fear.
The Cashier Of a leading bank on Fifth ave-
nue., who does not like to see his name in
print, had this to say: There may be some-
thing of a stringency in New York, but it
won't amount to anything serious Rates on
call have hardened a little but on commercial
paper there is no difference worth mentioning.
There is no particular reason for a stringency
in the East, where money is unusually abund-
ant Pittsburg has a surplus of between $l5.-
000, 900 and s2oOOo,00O. This will carry her
through WITHOUT SCOrCnlu8 u udlr
The iron market holds all of the recent ad-
vances and exhibits a tendency toward a still
further enhancement. A sale was reported here
yesterday of 5000 tons of Bessemer pig at a
shade better than sl7. Small lots rule at sl7 so
to sl7 rs. Manufactured iron has undergone no
material change in the past few days, but is
very firm. The mills are all full of work, and
refuse orders for deliveries running longer than
90 days. Sheet and pipe mills are running at
their full capacity.
A broker remarked: 81 think the present
boom will last through the fall and winter, but
do not look for prices to 60 much higher"
A Pittsburg merchant, who formerly dabbled
in stocks in New York and was very successful,
told me yesterday how he managed to come
out ahead. Said he: Il wasn't what is called a
general operator. didn't take hold of every
thing, but selected three low-priced securities
which seemed to have an outcome. 1 held on
to them for two or three years, paying no at
tention to the minor fluctuations, for had
bought more for investment than q
quick turn. My judgment turned out
to be correct. At the end of the time men,
toned two of the properties had been SO well
managed that they were worth dollars where
they had cost me cents, and the third had risen
to almost par. sold out, not wishing to run
any unnecessary risk, making enough money
by the transaction to buy a handsome home,
and start in my present business"
He added: although have quit the business
watch the Pittsburg market with consider
able interest. All of the local stocks are good,
and have permanent value, ,::and think there
is money in most of them. If were operat-
ing in them would buy La Noria, Switch and
Signal and Pittsburg and Western-aIl low
priced stocks with future before them, in my
opinion-and salt them down. Whoever will
do this will, in my judgment, awake some
morning and find himself rich. There are
other promising stocks, but those mentioned
seem to me 70 be full of splendid possibili-
ties"
Talking on the subject of mortgages yestar-
day. Wood street broker said: Business in this
class of securities has been very large this sea-
son, but the demand is by no means exhausted
l have 100000 for investment in them, but
can't find the property. People are very eau
tious about borrowing. looking on both sides
before taking a step. If this conservatism is
general, and believe it is there is no danger
of financial crisis'