Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-21
THE SKY CLEARING.
Panic-Makers Fairly Routed and
Driven Into Their Holes.
PITTSBURG HAS NO WEAK SPOTS.
Trend Of Speculation Still Downward, but
Signs of Turn in the Tide.
THE NEWS AND GOSSIP OF THE CITY


punctured it. Poor thing, it was brought
into the world like Richard before Its time,
scarce half made up, and that SO lamely and
In such crude state as to excite laughter.
There was scare, it is true. Some people
are easily frightened, and none know this
better than the bears of the New York Ex-
change, and they have had their day in
court. The stock bears are always looking
ahead for panic; that's their slogan. Ifit
were not for that there would be no stock mar
ket. and prices would jog along and be gov
erned by the earning power of the stock.
These New York gentlemen had seen Old
Hutch corner the grain market in Chicago and
put wheat up to where he wanted it, and they
had heard about Armour, also of Chicago.
cornering the meat and lard markets, and they
knew the window glass people, under the lead
OF L9f1er and Tim O'Leary were going to
chicago to corner window glass, and that
Chicago had corner in nearly everything, in
cluding the Worlds Fair and that something
had to be done. and that quickly, to take
Chicago out Of the worlds eve for a day or two
at least. 1t would be a gross libel on New
York to say that any large number of her eti-
zens INDUCED IN this senseless jealousy but the
number was large enough 90 form q modest
equal number Of importers and corner the
money market They battered away for few
days and drove prices down until new margins
we're demanded by the banking interests, and
as result, money was run up just as prices
and stocks went down. 1t was Greek against
creek and bear against bull, and the bankers
laughed and made the most of both.
When both sides had fought until there was
nothing left in the bull ring but old clothes,
they started the cry of panic, and were so de-
moralized themselves that they actually be-
lieved panic had resulted from their dis
turbed conditions. Not bit of it, Panics do
not start in that way. AS well look for a bliz-
zard from the East. Financial panics are not
accompanied with brass band announcements.
although ample notice is given in advance.
Who ever heard of panic in money matters,
with the ruling rates for money at ~ to per
cent for four years Immediately preceding it,
and with iron, gla.s and every staple article
away down in price +? Everything has been at
bedrock price for five years, including money.
Panlcs result from prolonged periods of expan-
sion and infation and there will be no panic
until after the bulls have controlled for num-
Der of years, and until inflated prices oritneas-
ure the volume of currency and run the rate
OF interest up and keep it there for some time,
then look out for panic.
peopie say eA, reai estate Is TOO
in real estate-N;f thora a. a-,. ss. speouiauon ~
it's only drop in the great ocean of trade
and does not amount to enough to disturb any
thing. There Is nothing speculative in any
market where the supply of commodity is not
equal to the demand. Every house in this city
is rented, houses enough cannot be had, and
the only panic in sight grows out of the fear
t1at tne demand Will be greater than the sup
py lor some years to come. Plttsburg is all
,- ,.su. one NOT speeulsung. she is dealing
ln nel own natural products, and is competing
', VII tne markets Oh tne world besides furnish
ing ene lubricant 1or the machinery OF the
anu W panic can anect her- She is
.hs oas.h s ~ ,usuies' anu nolos IN reserve, in
", enouSn iu seoreo Values TO Knock
uouiu psnie INTO smitnereens.
,.aA.s pizzalos' as rule, come from
cor,a tron, 1na ~ pan' @ as ano.ner certain rule
modi,ies With - IN - III. naon VI an eom'
of intsrsst IT,. 20 s.s 40 '.e ruiinE rate
th.v 49, w no' e1isti
the ,angn.ao of tho oi seven Years, ana, IN
h,nations az u IaoL;n LII WIS., .ne cnemicai com
M nsa for r.n;o s4s.,o IN 'nis we" we nave
teen thor, ;n .,d = 90. go anu nv c,oses 70
toot to that. ho,ns S m us Nem iorkerS
along WITH ,ha,, "'N pun'o sle pAnie III
"-
Business News and Gossip.
Good farms, large and small, In Allegheny
county, can be bought all the way from $50 to
S15 an acre.
Ewing & Byers have sub-diyided and put on
the market the property known as the Keswick
place, on the New Brighton road which was
recently purchased by j. Walter HAY.
So many streets are torn up in the East End
that q gentleman having br1siness ,o trorsoo+
only three SQUARES from his bousa h a ,o d-ira
nearly mile to get TO the nlaca
The CHARTERS Railway Comnanv ons-.t,,r
between Mansfield and waeb;nrtar De- tas
s5O0,00Q 1t commenced paving dividends In
1857 OF per cent, and has passed none At q
meeting of the Board of Directors in PhiIadel.
phia last week the rate was increased. to 6.
Gross earnings since January l. 1890. S185, 7S5 A.
against STAT 904 40 same time last year; increase
for eight months, Sl5S SS8 lO4
The real estate and other property and fran
chses of the Love Sewing Machine Company
will be sold at public auction. at Rochester pa
on Tuesday next
On Thursday of this week John D. Bailey will
offer at the Chamber of Commerce large az.
,ortment of gilt-edred securities Figures
made at this sale will no donbt raise ,b. ssand-
ard of value in some cases '-' ''''''
Recent transactions ON wasb;reton s.ree.
,how that property on that tboronohfa, - 50 Iool.
NO mn. This ia owinv to ire ,,ros;.';.s, :, ~
7onrt House And h,s,,,a,. oar..H re w w.