Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-19
WILSON BE READY.
Stock of First National Bank, East
Liberty, Said to be All Taken.
A FINE GRANITE BUILDING NEXT.
Causes for the Temporary Lull That is
Holding Real Estate in Check.
LUMBERMEN TALK OF HIGH PRICES

It is understood that all of the stock
5000, ,000-of the First National Bank, East
Liberty, has been taken, and that the or
ganization will be completed in short time.
In regard to site for the bank building, it
is known that options have been secured on
several properties on Penn avenue, one of
which will probably be purchased in a few
days. The building will be of granite, four
stories high, with all modern appliances for
| the dispatch of business. 1t will be commenced
as soon as a site shall be settled upon. In the
meantime temporary quarters will be secured.
| Among those interested in the enterprise are
| several prominent iron manufacturers and
East End capitalists. some Of whom are con-
nected with the stockyards.
While there continues to be fair movement
| in real estate, it must be admitted that it has
| lacked vim for several days. There are various
reasons for this condition Of affairs. Several
Of the most prominent brokers are out of town,
quite number Of investors are carrying all
their means will allow, and can do nothing
more until they realize on some of their hold
ings, and the railroad snarl is diyertIng atten-
tion from ordinary affairs. No one cares to in
vest with the probability of big strike, far
reaching in its consequences, hanging over his
head. This is the dark side of the picture.
Below the surface there is a great deal of
quiet work going on, involving some very valu-
able properties, but, tor the reasons stated,
sellers and buyers cannot be brought close
enough together to look at the object through
the same spectaclos. Still, brokers having
these deals on hand report progress in most
cases, and think they will eventually go
through. There is very little abatement in the
inquiry for property, but those in quest of it
will not bring themselves down to business.
They think they can gain something by waiting,
but how, they are at a loss to say. 1t is certain
there will be no concession in prices
For two or three years the market has eased
OF pretty regularly every quarter, 1t did so
last year. The present lull is, therefore in the
line OF precedent, and causes surprise to
those acquainted with the facts. 1t will not
last long. Real estate is too valuable and de-
sirable as an investment, to say nothing Of in
creasing business and residence requirements,
to be allowed to go a begging.
In regard to the condition and outlook for the
lumber market Fifth avenue dealer said yes
terday: Il am afraid the higher grades of lum-
Der will be scarce and high the coming sum-
mer This will interfere with building opera
tions, and affect, directly or indirectly, all the
interests of the city. may be mistaken, and
nope am, but thatS the way things look to me
at present. Stocks of ordinary lumber are well
up, but shop stuff, of which doors, window
sash, etc. are made, is scarce, as also are hard
woods for fnishing-such as walnut, poplar,
oak and cherry. Lath and shingles are also
scarce. and have been marked up within the
last week or two. The lumber trade of Pitts
turg has grown to immense proportions
in the last few years. and large stocks |
have TO be carried to meet the demand from
the surrounding country"
when Michigan fails as a source of supply,
what will you do7'
I'VE will look to Wisconsin and the South. |
There is great deal of good timber in Wiscon-
sin. while the store in the South is practically
inexhaustiDle"
The following mechanical patents have ex.
pired, and they may be appropriated by any |
person disposed: Expansion bolt. D. L. |
Bartlett; alloy for ornamental coatings on |
metal, b. Akin; anti-frictional bushing F. s. |
Barr; channeling and edging tool, L. Bauer; |
ratchet drill, B. Gallagher; nut lock- NJ. L. Bal.
lard; saving machine E. Benjamin; explosive |
pile driver. 81. Vogler; adjustable bit, F. Jonas;
fre-proof floor. N. Cheney; cementlined pipe, |
NJ. Stephens; steam pump and condenser; E. |
Reese; manufacture Of corrugated metal shut. |
ters. A. Clark; manufacture of STEEL J. G. |
Blunt; shee. metal tubing. S. R. Wilmot; tube |
sockets, machine for bending, w. l. Newsham;
saving machine, o. w. Brock; compound for
preventing incrustations on steam boilers, J. J.
Lavo using anthracite dust for furnace fuel,