Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-22
NOT ENOUGH MONEY.
Failure to Sell the Caldwell Home
stead in Allegheny.
BIG SALE OF LOCAL SECURITIES
Which Attracts a Hungry Crowd and
Adds Some Strength.
DIVIDENDS OF INNING COMPANIES

The second attempt of w. A. Heron &
Sons to sell the residence of the late c. l..
Caldwell, No. 70 Lincoln avenue, ALE
gheny, made yesterday, was no more sue
cesslul than the first. The crowd was small
and the bidding spiritless. The impression
seemed to prevail that the full value of the
property, $40, 900, had been offered.
Finally, however, an additional $500 was
bid, but ever this did not come up to the
views Of the administrator, and it was with
drawn. 1t will now be offered at private sale.
$50
John D. Bailey's auction sale of local
securities at the Chamber OF Commerce, yes
terday afternoon, attracted a large crowd OF
capitalists, and the bidding was lively. TIE
prices were away up" as one broker ex-
pressed it, but he was probably hasty in ex-
pressing his opinion, as a comparison with
Exchange and street quotations will show that
they were about up to the market, and in very
few cases beyond it Everything offered was
sold, except So shares of Monongahela National
Bank, of Brownsville, which were Withdrawn
on a bid Of 35Hc. The following were the sales
and prices realized: 81
One share German Savings Bank, S75; 80
Third National Bank, 175N; So Monongahela
Navigation Company, S734; 80 same, s6;l6 Hazel
wood Oil, 50H; IS same, so; ID Suspension
Bridge. 81; 10 Youghiogheny Bank, Councils
vile, S7h; 40 Connellsville Gas, 20; 7 Connells-
vile Bridge Company, S7A; IA Pittsburg Con-
Meeting Railroad, 121S; 200 Safe Deposit, 81; 100
Union Storage, 66; 100 Fidelity Title and Trust
Company, ISL; 80 PIttsburg, Virginia and
Charleston Railroad, Az; 20 Pennsylvania
Railroad, 53H; 20 Monongahela Incline, 67A; 10
CHARTERS Railroad, 49,; 10 Pittsburg and Lake
Erie Railroad, 60.
The dividend table Of mining companies in
the United States and Territories shows a total
Of $40, 5S7, $50 distributed during the year 1889
by 81 companies, against SIS. 06l. los distributed
in dividends by "a companies in 1888. TIT first
falling of of importance as compared with the
previous year is in the amount paid by the Con-
solidated California and Virginia, which in 1888
divided 81, lSS, 900 and last year S756, 000; this
with Hale and Norcross dropping out Of the
list altogether from S224,000, points to a bad
Comstock year compared with the previous
one. On the other hand the greatest silver
producer, the Granite Mountain Mining Com
pany, paid 81, 400. 900 against 81, 900, COO in 1883.
Ontario. the next in rank of production to the
two named, maintained its division of profits
at the highly respectable figure of 100000
Montana, Limited, another of the important
producers, was only able to give its proprietors
one-half of that earned in 1888, viz, $2O6, $50
against SALE, 500 Most of the copper companies
paid reduced dividends.
1t must be borne in mind that a very large
number of the profit earning mines in this
country are owned by private companies or in
divIduals. who furnish no returns. SO that the
dividend table published does not even approx
innate the profits on mining, and therefore any
deductions from it can only be partially correct
as to the result of mining as an investment.
1
A decision OF some Importance was recently
given by the New York Court Of Appeals, in
volving the question of whether a certain de-
livery Of bonds amounted to a pledge or a
virtual sale of the securities. The case was
interesting in two particulars, first, because it
concerned the transactions of so prominent a
person as the late General Burnside, and. sec
ondly, because the generous course pursued by
the President Of the Farmers Loan and Trust
Company was made the ground for endeavoring
to get a legal and technical construction of the
case against the company. The facts were,
briefly. that General Burnside obtained a loan
from the Trust Company and deposited Is
bonds as security; when the loan came due he
went to the company and stated that he could
not pay it, saying to Mr.. Rolston, the President,
that they would have to take the bonds for the
money they had advanced. To this Mr.. Rolston
assented, and thereafter General Burnside was
pever treated as owner.
The court held unanimously, Judge Finch
delivering the opinion, that the transaction
a sale and not a pledge Of the bonds.
$50 |
Timber culture is making fair headway in
this country, particularly in the West and
South, although it is not entirely neglected in
and other Central and Eastern
States. A gentleman has Just contracted to
have 1000 acres Of land near Asheville, N. C.,
planted in coniferous trees, mostly white pines,
300 acres Of which, at the rate of LOO trees to
the acre, are to be done in two years. This is
the most extensive attempt at timber culture
that has been undertaken by a private indi-
vidual in the United States, andit must result
in great good.
1t will draw attention to timber culture and
to the need Of the more careful preservation of
forests-ends which. if attained, will have an
bearing upon the climatic and sani-
tary conditions of the country and be of great
advantage to the agricultural interest.