Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-27
BIG DEALS COOKING.
Hungry Investors in Pursuit of
Realty in ALI Directions.
INTERESTING FACTS AND GOSSIP.
Pittsburg Builders Defended From the
Charge of Doing ShOddy Work.
CONDITION OF THE DRY GOODS TRADE

There is, perhaps, a greater demand than
ever before for downtown property, and a
number of large deals are cooking.
Messrs. Heron s. Sons expect to close the
sale of $4,000 business property in Allie
ghenY City to-day.
1t was reported that E. NJ. Ferguson had
sold to A. Jenkinson the vacant lot on Els
worth avenue, near Neville street, for S15,-
OOO and that J. d. Boyle had purchased
the adjoining lot for $50, 900.
There is a brisk demand for lots in the
Aspinwall Land Companv's plan, near
Sharpsburg. 1t is part of the Ross estate
Henry Warner is a member of the company.
Good, wide streets have been provided for,
and the West Penn Railroad Company has
put up a station on the premises. An
electric road to connect with East Liberty is
talked of. Messrs Heron and Sons are the
agents.
Negotiations are in progress for the transfer
of a business block on the Monongahela river
front One Of the owners lives in st. Louis.
In reply to a statement that many of the
houses going up in the East End were OF poor
material and workmanship, gentleman said
statement refutes itself Who would buy such
houses? Who would rent them7 A man upon
buying a house gives it a thorough examina-
tion, or has a reliable builder examine it for
him. Do you think he would invest in
structure of the kind in question, one that
would tumble down or go to pieces in few
wears? don't. The idea is absurd. Ny opinion
is, and have had great deal of experience
in this direction, that Pittsburg builders use
the best material and most approved methods.
and turn out a class Of houses unexcelled any
where for durability, comfort and appearance.
Another complaint which wish to refer to
is that rents Of dwelling houses are too steep.
1t may be so in some instances, but not gener-
ally. Very few landlords realize over per
cent. which cannot fairly be called excessive.
They could make that much or more out of
their money in many other ways"
Advices from the leading drygoods centers
are to the effect that jobbers are doing fair
average business for the time OF year. There
is no tendency toward speculation on the part
OF retailers, but their selections are being made
with degree of freedom denoting confidence
in the business outlook and the maintenance Of
existing prices. A few failures have occurred,
but none of special importance, and, while
some retailers have undoubtedly been crippled
to some extent by the unreasonable mildness of
the weather. it is believed that the financial
condition of the trade at large is perfectly
sound.
According to information received from New
York the plan of the Pennsylvania Railroad
Company to consolidate the lines of Its Pan
handle system, west of Pittsburg, is to form a
new company, to be known as the Pittsburg,
Cincinnati, Chicago and st. Louis Railroad,
which will issue S75.OOO,OOO Of common stock,
s30UOOlO0O of preferred stock. and S75 900 of
bonds The roads to be merged are the Pitts
burg, Cincinnati and St Louis; the Chicago,
ST. Louis and Pittsburg; the Jefferson, Madison
and Indiana; the Cincinnati, Richmond and
Chicago, and the Cincinnati and Richmond
comprising about l,O51 miles. The stock and
the bonds of the new company will be issued in
exchange for the stock and bonds of the
merged roads and enough reserved for work
ing capital and TO furnish means for improve
nents4
1t is further stated that all the details Of the
plan have been agreed upon.
No more 4 per cent bonds will be purchased
by the Treasury Department until further no.
tice, the time within which Secretary Window
offered to accept them at 124 in liquidation of
public deposits with national banks having ex-
pired on the 2Ist. The total amount OF bonds
purchased on this account is about ST. 0O0, 900.
Of which 5000, 900 were surrendered under the
first call for reduction of the fund.
Of the so banks included in the second call,
favorable responses have been received from
65. which surrendered more than S. 100000 in
Government bonds, but unfortunately 81 Of the
banks went out of the system altogether.