Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-02
ALMOST SURPRISING.
Pittsburg PrOSpering While other
Cities Complain of Dizziness.
GAINS IN ALL LEADING INTERESTS.
A Prominent DrygOOds Firm Picks Up
Piece of Penn Avenue Property.
BUILDING OUTLOOK AND OHIO THRIFT


| Business last week was little slack, tax
ing the country through, for which there
were several causes, bad weather which en-
braced large territory, and the New York
bank scandA being the principal. From
local point of view, however, there was
nothing to complain of In each of the
items Of bank clearings, stock sales, build
ing permits, real estate transactions and oil
trading, there was q gratifying improve
ment over the previous week, as well as the
same time last year.
The bank clearings for January were nearly
Sl6'OOOOOO greater than those for the corre-
spending month in 1882 Their magnitude
caused surprise. As they offered the best re-
hex OF business there is no escape from the
conclusion that the activities of Pittsburg-
financial, manufacturing and eommercial-are
IN condition closely resembling boom.
The most important real estate transaction
OF the week was the sale by Black & Baird Of a
lot eOx1l5, corner of Penn avenue and Eighth
street. for S14S, 900 the purchasers being Messrs.
Arbuthnot, Stephenson & Co., wholesale dry
goods merchants, Liberty street.
1t is their intention to tear down the old
at once the erection of an eight-story stone and
brick building, with all late improvements. into
which they propose to remove their business in
the fall. The cost Of the building will approx
mate 100000 1t is their intention to make it
one of the handsomest business houses in the
city.
1t was reported on the street that the firm
would sell their Liberty street building but
this was denied by Messrs. Black & Baird, one
of whom said: ~ know there is no truth in
that story, for we are negotiating for q tenant
for it, and we think we have found the right
man"
Local architects are busy on diagrams for
new. buildings. Architect Lewis has about
completed one for school house at Glenwood.
1t will cost about $4,000. Architect Mckee
has completed plan for q ten-room cottage at
Braddock. The first story will be powders
and the rest shingled. The Kelley mansion at
Williamsburg, torn down a few months ago,
after an existence of nearly q century, was
built of bowlders They are very durable Mr..
Mckee is also engaged on plans for a number
OF residences In the East End. Architect StolE
is preparing plans for house for James John
son, in the East End. 1t will be stone and
granite, two stories and attic, and fitted up
with all modern improvements.
The open winter has been highly favorable
FOR building operations. Work on a number of
houses at Boulevard Place is being pushed
wi b good results. The same is true of Sphar
Place and of number of otheraocaIities in the
suburbs as well as the city proper. The pros
pect is that this will be the greatest building
year in the history of Pittsburg. While palaces
are going up in all directions, small houses
should not be neglected. They are a neces-
sity.
A gentleman, speaking yesterday In re-
gard to the purchasing OF real estate for in
Vestment, said there were many such transac-
tions without the purchaser having any well
defined idea of how he could realize profit,
and he referred to recent sales in various parts
of the city at prices ranging from $50 to $50
foot front for uDimproved lots on uppaved
streets, adding: "What use can be made Of
such property to afford q profit unless 1t be
improved? Availability is the gauge of value
to the man who purchases with a view of
founding home or erecting store or factory.
1t is delusion entertained by many prop
erty owners that they can get almost any price
they see mt to ask. But there is point beyond
which buyers will not go. Property owners
would find reader market and do better in
the long run by selling to users direct. Specu-
ASeSlo hOCp ~ Oub VI udIkSL, uOplUR 70
profit BY improvements made by Others"
RRR
Some notable improvements are in progress,
and others are in contemplation, In Eastern
Ohio towns. AT Akron the Heat, Light and
Power Company will soon begin the erection Of
buildings for the manufacture of water gas
At GAINESVILLE plans have been prepared for a
hospital annex to the Children's Home A
Masonic temple will be erected in GAINESVILLE,
work on which will begin in March,
At Lima a business block, to cost $4,000 will
be commenced as soon as the weather will per-
NIT. A $4,000 hospital in the same place is
talked Of Findlay will soon have new glass
factory and several nne business houses.
These are gratifying evidences Of prosperity
in the Buckeye State.
Interest rates have shown a steadily declin-
ing tendency for decade or more. The aver.
age rate Of interest realized on United States
Government bonds, in the month of January,
1870, was 4S6 per cent; in January, 1880, it was
a75 per cent; and in the same month of 1889 it |
was 207 per cent For the same periods the |
rate of discount charged by New York banks
for prime commercial paper was sos, 5.A and |
about per cent, respectively.
The Bank of England's rate of discount for |
these periods was 344, 276 and 225 per cent,
respectively. There Is strong demand for |
absolutely safe and permanent securities,
especially from those possessed of large wealth.
There is a steady approximation to European !
rates for money and investment securities.
$50
Ex-Controler Of the Currency II, W, Can |
non, President of the Chase National Bank. !
New York, is quoted as saying; "The Dorsey |
bill, providing for an increase in the circulation
of national banks to the par value of United |
States bonds deposited with the Treasurer to
secure circulating notes, was introduced at the
suggestion Of Controller Lacy, and if it be- |
comes a law it will, in my opinion, be of very |
considerable benefit to the country as well as !
to the national banking system. National /
banks for a long time have not issued circula-
ton for purposes of profit, and in most in
stances have deposited only the minimum
amount Of bonds required by law. which at
present is Is per cent of the capital of banks of
$4,000 to Sl5O,0O0 and for all other banks the
minimum is.S50, ,000
although banks may not largely increase
their deposits of bonds, many banks will, if the
bill passes, feel encouraged to continue in the
system, and the country will receive the benefit
Of about Sl4,0O0OOO additional circulation,
which apparently is very much needed to carry
on business"
~