Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-25
ON GOOD AUTHORITY,
1t Can be Stated, Pittsburg is Enjoy
ing Remarkable Prosperity.
A BANK PRESIDENT SPEAKS OUT.
He Fears That the Census Will be Disap-
pointing, and Gives His Reasons.
CHICAGO AND ST. LOUIS CoxTRAsTED

In conversation with The DISPATCH
representative yesterday, one of the Oldest
bank presidents in the city spoke favorably
of the business situation and outlook He
said in substance: Trade is very active
this summer-almost up to the winter and
spring pitch. The mills are running
steadily on orders, and merchants are dis.
tributing large quantities of goods. 1t was
feared the demand would fall of, as it
usually does in the summer season, but this
has not been realized. l account fer this in
part by the fact that our advantages are such
as to enable our manufacturers to turn out a
etter quality Of wares than formerly, and at
such prices as to make competition difficult.
New markets have also been found for some
of our products. coal and coke, for instance,
which render material aid in maintaining bust
ness at Its present high level. Money is more
| generally employed than usual at this season
| of the year. OF course there is a large amount
| in reserve, but not too much for city like
this, which depends almost entirely upon home
capital to keep things going. l think the large
| majority OF local banks are satisfied with the
| situation. l know that we are. Our line OF
discounts is about as large as we care to handle
| Just now. 1 expect brisk fall trade, and we
want to meet it with ample resources. In my
opinion rates will not fall below per cent in
the regular way. although after the July settle
ments occasional loans may be made shade
lower"
In regard to silver legislation he remarked:
~ am utterly opposed to free coinage Of the
metal 1t would start a boom in the specula-
tive markets that would speedily lead to
financial crash, and set the country back 10 or
20 years. Besides, more wholesale initiation Of
the currency is not needed. Money is easy at
all of the financial c nters showing that there
is plenty OF it for business purposes. While
free coinage would hslp the spectators, 1t
would be detrimental to legitimate business"
Speaking of the census and what it will prob
ably show, he said: II think it will be disap-
pointing to our local pride. Pittsburg has
grown wonderfully since the former census was
taken. Population has increased and business
expanded beyond anything previously known
in the history Of the city; but am afraid that
she will not receive full credit for it from the
fact that so many of her citizens live beyond
the municipal limits. They transact their
business here aud get their mail here, but avoid
responsibilities of citizenship by domicilIng in
Allegheny. Sewickley Williamsburg or some
other of the many surrounding towns. The
only way to head these people of is to take in
the entire county. There would be no chance for
dOQ2lng tnen, ana t0e city WOulQ get Lne ueneut
of all that Justly belongs to her,"
This reference to the census led him to speak
of Chicago and St. Louis, with both of which
cities he has for years had important business
relations. Chicago" he observed. claims to
| be second to New York in respect of popula-
| ton and will leave no stone unturned to make
| good her boast 1t was with this end in view
| that she annexed a large slice of the State
year or two ago. She took in all the suburbs.
This will give her an immense advantage in the
| census If Pittsburg had taken the same
| course she would have a much larger popula-
tion than she is likely to return with about one
third of her citizens eliminated from the enroll
ment, mainly through fear Of a few dollars
| more taxes. Chicago. however, is far behind st.
Louis in solidity. The bulk Of her business is
| controlled by Eastern men, and the most of her
capital is owned by non-residents She is in no
sense a representative Western city. She is
marvel of enterprise. however, and this has
given her worldwide fame.
'St. Louis, on the other hand though less
SNOWY than Chicago is far ahead of her in solid
wealth and substantial growth. The most of
her capital is owned at home. Her resources
are boundless. The county just below, of
which Potosi is the seat, is full of the finest
lead in the world. Just beyond there is enough
iron ore to supply America for ages, while coal,
both anthracite and bituminous, abounds. The
development of this latent wealth will place
st. Louis in the front rank of American cities"
BusIuess News and Gossip.
What is Captain vandergrift delaying his
new building forP This question is frequently
heard on Fourth avenue. There is property on
Diamond street, and also adjoining, that the
Captaip is said to have an eye on. Hence the
delay, perhaps.
Mr. Elmer White, Secretary of the Under.
ground Cable Company, stated yesterday that
within six months they will be able to pay for
the Brinton plant, increase the surplus and
keen up dividends. The company is crowded
with business.
It Is expected that improvements in progress
and contemplated on Fourth avenue. below
Grant, will stir up things in that quarter By
the way, next fall or spring. not next week, is
the time talked of for replacing Nos 164 and
1855 Fourth avenue with an eight-story business
block. Next week would be quick work even
for Pittsburg.
Mortgages we have always with us. Yester-
davis list of those filed for record on Monday
was long for midsummer There were 40 alto
pether of which the largest was for $27, 000 1t
was for purchase money, as were nine others.
The Pennsylvania Railroad reports that the
quantity of coal and coke originating on and
carried over its lines east Of Pittsburg and Erie
for the week ending June IA, was 3lS, ,977 tons,
of which go Sl2 tons were coal and 9S, ,685 tons
coke.
W.T.. Maxon sold so shares Electric at SsZ.
Rea Bros & Co. sold so shares Philadelphia
Gas at 80 and bought so shares Luster Mining
Company at 17H.
SprouI Lawrence received the following by
wire from New York: "a syndicate of Ameri-
can capitalists and British bankers has been
formed to buy up gas works in the principal
American cities. All tho capital stock has been
taken and the company will soon be foated.
Julian Goldsmith, M. P. is Chairman of the
company"
Applications have been made for national
banks at Grandview and Fort Worth. Tex,
and AndcOrtes. Wash.
Movements In Real Estate.
The near completion OF the traction road 20
Boulevard Place, has largely increased the de-
mand for lots in that locality. Over 900 feet
frontage in the place" has been sold in the last
three days. and will be built on this season.
In addition to this, there were sales there
Yesterday by Black d Baird of three lots Nos.
"a IS and 81, on the northside of Mcpherson
street. each 50x140 to a local capitalist, for
40 600 upon which handsome improvements
will be erected at once.
C. Beringer & Son reported that they had two
or three pig things cooking down the Fort
Wayne railroad.
A. ]. Pentecost sold for the Mugele estate,
lot 3OxlGO, No As Water street near Short
street. with improvements. for SIS, 225. The
purchaser was William A. Heron.
Charles Somers & Co. sold for the Morning
side Land and Improvement Company to a
nrominent business man four lots in their plan