Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-20
AGAINST THE DEAL,
Objections to Trading Avery Court
Property, but Reasons for
SELLING IT FOR READY CASH.
Rosy Indications Of an Immense Building
Boom the Coming Year.
IRON HOLDS ITS OWN AND RATHER MORE

The offer of block of IA houses and 5000
cash additional for the Avery court prop
erty on Virgin alley is opposed by promi-
nent member of the Wylie Avenue A. NJ.
E. congregation, who was interviewed on
the subject yesterday. He favors selling
the property outright for $4,000, the price
set by the Board of Trustees, and with that
amount of money for investment of going
into the open market and buying as cheaply
as possible. He thinks this would be very
much better for the congregation than to ac-
cept the offer to trade.
This property is very valuable. as 1t Hes i'm
mediately in the rear of Miller q Mcbride, the
Leader office and other properties on Fifth
avenue, for which an offer has been made OF
g 200 front foot n is still insisted that the
Pennsylvania Railroad is hungry for this prop
erty, as well as for others on Cherry alley.
R%N
A larger number than ever before Of the up
per country oil operators are coming to Pitts
burg and opening offices. They are all bright
energetic men. thoroughly versed in all the in
tr1cacies of their business. and are valuable
acquisition to the community, as well from a
social as business standpoint.
Their coming shows that Pittsburg is resum-
ing her old position as the leading distributing
center of the oil trade in the West
Everything points to great activity in the
building trade next year. Work on 40 first
class dwellings in the Wilkins plan, wilkins
burg, will begin as early next spring as pos
sible. They will be built and occupied by the
owners-nOt for speculation. At least 200 will
be erected on the hills back of Allegheny City.
There is talk of that many, but the number
mill Oiohlr ha IN cd hafa ho nooc
over. The Southside will come up with its
share, as will, also, the district down the Fort
Wayne Railroad. AS to the East End, it is
impossible to give figures. but If all the plans
now talked of are carried out the number of
new buildings that will go up out there the
coming year will break all previous records
and astonish the natives.
From all that can be learned at this early
date, and should everything be propitious, 5000
is not too large a number Of new houses to ex-
pect as the result of next years building oper-
ations.
The iron trade continues very active, and al
though prices are strong there has been no
actual advance in anything since last week.
Furnacemen are asking an advance on metal
for January delivery. Bessemer pig may be
quoted at $24 with the output contracted for
up to the first of the year. Tho forced sale Of
Long & Co.'s stock, raw and manufactured,
realized full value, showing that material of
this description is in demand at what it brought,
and is proof of the stability of the market. Bus
iness in steel rails is holding up. They are
quoted at $35G36.
good condition, with all the mills fully en-
ployed. The only thing to guard againstis too
sharp an advance in raw material after New
Years, which would necessitate higher level
for finished products, an increase in wages, all
of which would come on the consumer, and an
invitation to foreign competition, lessening by
so much the home demand. Still, there is no
probability of material decline in business so
long as the foreign markets maintain their
present activity.
The outlook for next year grows brighter
and brighter, and unless the unexpected should
happen, trade in 1890 promises to be even better
than it has been during the year that is draw
ing to its close.
Money at 6@7 per cent. and scarce at that for
speculative purposes is strong inducement to
realize on margined stocks even though at
small loss. and an assurance that there will be
no special activity while the pressure remains.
But there is nothing strange in this to dis
courage spectators. Stocks are always dull
at the end of the year. The few exceptions
aremore anxious to close up their accounts
and ascertain their financial standing thSn to
engage in new deals. After the yearly settle
ments they will feel free to begin anew.
Money will also be easier, good securities, such
as those dealt in on the Pittsburg Exchange,
will be in demand, and business will freshen up
all along the line.
The present lull in local stock trading has
therefore, no more significance than that in
vestors have temporarily drawn out to figure
up profits and losses of the years business, SO
as to know what to do when they begin again.
That stocks hold up as well as they do with
only nominal support. is proof of their intrinsic
value. Like all good merchandise they will
find market. That they should remain de-
pressed longer than required to complete the
evening up process, is not to be seriously enter
tanned.
The following letter seems to show that MI.
Gowen was contemplating his end when, on the
9TH inst, he wrote it. There is something very
suggestive in this inquiry regarding his insur-
ance policies:
PHILADELPHIA. December 8, 1889.
1. L. Register. Esq, Financial Agent Equitable
Life Insurance Company, Drexel Building:
DEAR SR-Wil you please inform me what |
amount of paid-up policies In your company I |
would be entitled to receive exchange for the |
make the exchange and discontinue the payment
Of future annual payments? Very truly,
FRANKLIN B. GowEN.