Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-20
IN A BUSINESS WAY.
Fact and Gossip Showing What is
Going on Among the Hustlers.
SOME IMPORTANT DEALS COOKING.
How to Maintain the Present Activity Of
the Real Estate Market.
SNAGS IN THE WAY OF A STOCK BOOM

| a deal was about concluded yesterday
evening for 16 choice lots in Allegheny City,
upon each of which 81, 600 dwelling will
be erected this season.
The Thomas Fawcett residence, with
about five acres of ground. on Craft avenue,
Oakland, was sold for 500, 900 to D. P.
Reighard, who will occupy it as perma-
ment home.
A Fourth avenue real estate broker re-
ceived a letter yesterday from gentleman
| in Cincinnati making inquiry as to the price OF
property in the best business part OF the city,
with view to purchasing and removing his in
| terests to this city.
1t was reported yesterday that several Pitts
burg capitalists were negotiating for sugar
plantation near New Orleans. This is probably
the same deal that was referred to few days
ago. The names of the gentlemen could not
be ascertained. One of them is now in Orleans.
|
A study of the real estate sales of the past
year or two discloses the fact that with few ex-
| ceptions, they were made on the basis of fair
prices. The exceptions were in the cases of
| few properties wanted for special purposes,
the consideration being of secondary import
ance. Holders of property should bear in mind
that there is point beyond which investors
will not go. Last fall several fine building sites
| in the East End were put on the market at
| reasonable price, and Fourth avenue banker
expressed desire to purchase the entire block.
But before the sale was consummated the
owner thought he saw a boom coming his way.
and raised his figures about 25 per cent The
banker backed out at once. and the property is
still unsold. Other instances of the same char
acter might be mentioned. Gradual apprecia-
tion as the city grows and business expands is
q dnmandS
with nothing but greed to rest upon. drive in
vestors out of the market and inflict serious in
jury upon one of the greatest interests OF the
city.
AS stated at the outset, it is easy to sell real
estate at fair fgures-and these represent an
average advance of about so per cent in the
last two or three years, enough. certainly, to
satisfy any ordinary craving for cent per cent
but the moment fancy values are suggested
buyers turn tail and either keep their money
in their pockets or invest it elsewhere. So far,
real estate in and around Pittsburg has been
well handled. and the result has been an active
market, and ri ch harvest for both buyers and
sellers. 1t is hoped this conservative policy
will be continued. While there is no reason to
expect reaction in values there is, at the
same time, strong ground for deprecating
radical advance The interests of the city .as
well as of individuals, will be the best sub
served by maintaining, as nearly as possible
the existing order, and leaving the question of
enhancement to the exigencies of demand and
supply.
A drummer Of long experience remarked yes.
terday:'.A travelling man of standing and expert
ence in any trade never speaks of his rivals ex-
cept in a friendly spirit. II he cannot do that
he says nothing at all. Some of the younger
members of the fraternity. who are quick to
catch on have noticed this fact, and, anxious
to copy, they speak well of everything and
everybody in their trade, and give merchants
SO much of this kind of taffy that 1t becomes
sickening. The bes. plan for a drummer to
pursue is to say nothing when he has nothing
important to say"
Competition among sellers of capital has be-
come the leading regulator of prices, control
ling money much in the same way as il con-
trolls commodities. Pittsburg and every other
large city knows the truth of this from expe-
rience. Hence, all alike welcome and seek the
multiplication of banks, and every description
of loaniug company or financial agent. we'll
knowing that. other things being unchanged,
their increase insures easier money and en-
courages enterprise. For these and other rea-
sons Eastern capital is invited.
A Wall street special to Whitney Steven
son says: The professional traders do not
wish TO take any nxed position SO far as the
future of the market is concerned. They say
that they see no encouragement, even with the
promise OF sharp rallies to load up with stocks,
because as soon as any specially makes an ad-
vance of n or per cent somebody opens the
bag. thus giving conclusive evidence that there
will be many false starts yet before the real
bull market gets under way
So
The Wall street Investigator says: 1t is said
that MI. Frank TAX, Vice President of the
Consolidated Stock and Petroleum Exchange,
and prominent petroleum commission broker.
is making preparations to leave this city for
Pittsburg Pa, where he will engage in the oil
producing industry. Within the last ten
months, at least a dozen of the principal COM
mission houses and traders on this Exchange
have abandoned the business, including Har-
vey DeWolf, Young Stephenson, George w.
Fuller, Jr., S. Morris Pryor, Joseph Craig c.
NJ. Eaton. A. c. Lawrence, Orvis Bros. & Co.,
George H. Lincoln, Livingston Roe. George w.
Pitou and John c. Crevere. Dealings have de-
clined from millions of barrels of oil daily, to
an insignificant amount. and thus the Othello
of the petroleum pit finds his occupation gone.