Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-03
CRIPPLED BY A BOOM.
The Bad Work of Land Spectators
in Southern California.
A CRAZE THAT HURTMANY PEOPLE
Speculative Commodities Fly Low Under
Conservative Guidance.
THE NEWS AND GOSSIP OF THE TOWN

Charles Lowther, who resides in Los
Angeles, CAL, but who formerly called Pitts
burg his home, is visiting friends in the East
End. A short time before be started East
Mr.. Lowther made an extended journey
through the southern part of California to
look into real estate and other matters. He
Iiwas there during the boom of two or three
years ago, when property values went up
like a rocket to come down like a stick. The
sad effects of the collapse, ne says, are to be
seen on every hand. Improvements are in q
very backward state. The craze extended to
all classes of people, and all were financially
crippled. Many were ruined. He says it
will take years for the people to fully re-
cover from the disaster. All this mischief
was wrought by a few SPECTATORS who drained
the country of ready cash and then disappeared,
leaving their victims to sink or swim as the case
might be.
1t is fortunate for Pittsburg that she possess
es enough Scotch-Irish hard sense to enable her
to steer clear of all kinds of delusions and
maintain values on q solid basis. 1t is a sub
ject of common remark among fnanciers that
there is less speculation here than in any other
city in the country. Solid business alone re-
ceives recognition. So long as this course shall
be pursued there need be no fear of a reaction
in any department of business, save such as is
due to the exigencies of trade and to the vary
ing demands of the seasons. The man who
builds mill or factory here has reasonable as
surance of market for his products. and the
workingman who buys lot and puts house
on it may rest satisfied that it will be worth
more year hence than it cost him. Values
are hardening, but not out of proportion to the
growth of the city in population and business.
There is not even the ghost of a boom in this
community.
Business News and Gossip.
Joseph Horne & Co. are adding an additional
story to the building occupied by their whole
sale dry goods stores.
There is talk of some important improve
ments on Water street. This should be one of
the handsomest business thoroughfares of the
city. None of the requisites are wanting-e1-
cept push.
The prospect is good for an immense crop of
blackberries. They were scarce and Of in
ferior quality last year.
Cable, electric and steam cars-rapid and
cheap transit-have SO minimized distances as
to make 1t almost as convenient for people
with regular employment to live in the suburbs
as in the city. This accounts for the great de-
mand for building lots in the outlying districts,
and for the rapid growth of the city in all drec-
tions.
The county buildings are still unoccupied
and bid fair to remain so for some time, They
are for rent, but nobody seems to want Them
The number Of mortgages placed on record
on Saturday was "a. of which the largest was
for $4,000, Eight were for purchase money
The company recently formed by Southside
capitalists to open up territory and sell lots
exclusively for high class dwellings is said to
be meeting with good success. The existence
Of such want is an indication of progress in
the -Monongagela district.
No. SIG Wood street is receiving new front.
The number of business houses that are being
improved is surprising. 1t is evidence of
thrift.
John D. Bailey will offer at auction at the
Chamber of Commerce. at IL A. M. tomorrow,
200 shares Allegheny Suspension Bridge, 20
$50 shares Hazelwood Oil.
The Pennsylvania Railroad reports that the
quantity of coal and coke originating on and
carried over its lines east of Pittburg and Erie
for the week ending May "A, was 3l9, ,266 tons. of
which 2l9,22l tons were coal and O,O45 tons
coke.
Railroad earnings-Ohio river. third week of
May, increase s.. los; Chicago. Burlington and
Quincy, increase month of April, s237 546.
Henry Clews Co. say: THE pending legis-
lation respecting silver has little effect on the
market for the time being"