Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-15
THE LAMBS STAY OUT.
Wall Street No Longer the Focus OF
Excited Public Interest.
OTHER FIELDS CLAIM ATTENTION.
Stocks Going Off Lively, and Oil a Little
More Than Holding Its Own.
THE NEWS AND GOSSIP OF THE CITY

Concerning the trend of speculation IN
Wall street high authority SAYS that 1t Is
not alone the amount of trading in shares
that shows q decrease in late years, or that
the old-time leaders of speculation drop out
of the street or retire.voluntarily,w while those
who succeed them neither seek nor attain
similar prominence. Booms are neither SO
frequent nor so general, and declines In
values are apparently less likely to degener-
ate into panics. Speculation is more re-
strlcted in volume, or is distributed over
greatly increased aggregation of securitles'
With an increasingly pronounced dlvefslnca-
tion of the classes into which they are DIVIDED
Public attention has in late years not only peen
withdrawn into fields outside of the STOCK Elk
change, it is distributed over greater variety
of objects even among the material for invest
ment and speculation which the regular snare
and security markets present TO its attentlon.
The early spring of the present year VIII
messed the beginning of what seemed promis-
ing bull movement in the general snare mar
ket This was supported by the general nealtn
and activity of buiness throughout the country
and the favorable position of railroad interests
in respect to earnings. Speculation Tor time
showed greatly increased activity, with a
marked augmentation of the interest OF the
public. This resulted in a range OF prices In
May last which were generally higher than the
average for year or more previously. Inc
collapse of this incipient boom began about the
beginning of June last. Since then liquidation
seems to have been general and effective, and
values have steadily declined.
Pointers for Investors.
The erratic course of Wall street, and tn
panicky feeling abroad are set forth in thee
following letter to John M. Oakley Co.:
There is no use to argue against the east
wind. All one can do is to put on an overcoat.
There is no use TO argue against declining
market. All one can dois to sell stocks. One
thing after another comes in to emphasize the
marked course of stock prices. which will un
doubtedly tall below their values. The present
situation is the reverse of boom; it is slow
panic. We do not apprehend panic in Wall
street. because too many people are prepared
for it. We wish we could say as much for the
London Stock Exchange. Bulls here have lost
heart.
Last night we said that we expected lower
prices from London this morning, and sure
enough they were lower, and in st. Paul and
Louisville and Nashville very much lower We
said that while some of our critics smiled at
our recent and continued illusions to the state
of foreign speculation we thought all our do
mestic operators would soon see that we were
closely concerned with the situation abroad.
To-day the critical condition of speculation in
London and the sharp fall in consols was the
common theme of brokers talk.
We also spoke of the grave situation in Ber-
lin, and predicted drop in Northern Pacihc
securities, all of which were under the ham
mer to-day. We believe, in spite of talk, of in
crease in Northern Pacific dividend, that the
stock will go to 60.
Business News and Gossip.
MIR. W. H. Devore yesterday broke ground
on Franklin street, Williamsburg for hand
some residence.
The Hebrew congregation which has Just
purchased site on Logan street for a syna-
gogue at a cost of IS, 000 will remodel the pres
ent and use it until next year, when it will be
torn down and replaced by a brick structure
costing about $4,000
Meaeville is to have hospital at cost of
$4,000 and Marion, Pa, an opera house at
cost of SIS 900.
W. ]. Prentice is putting up a handsome
frame dwelling for himself at Osborne. 1t will
cost about Sll 600.
There is talk of establishing water works at
Steelton at a cost of S1S0000.
Thirteen of SO mortgages ontile yesterday were
for purchase money. The largest was for 1000.
Thirteen were for less than LOCO each.
Officers of the Pittsburg National Bank of
Commerce expect to occupy the new building
some time in January About half of the upper
floors has been rented
Considerable building is going on out Wylie
avenue in the Thirteenth ward. Among other
houses under way are two brown-stone fronts,
owned by Chris Giesler and Alfred Lawton.
Signs as well as words point to active compe-
tition for the Exchange real estate, when it is
put up at auction.
As announced by advertisement the opening
sale of city lots at Wallis station by the Iron
City Land Company, under the direction of
Baxter. Thompson d Co., will take place to-
morrow. Home-seekers should attend.
New Buildings.
Eight permits were taken out yesterday for
IL houses as follows:
Mary Welsh, frame two-story dwelling, 16X2S
feet on Jordan alley. Nineteenth ward. Cost,
SITS.
James Crummy, frame two-story dwelling, PIX
30 feet, on Dauphin street, Nineteenth ward.
Cost, $780,
Fred Darangz, frame two-story dwelling, 1890
81, 6OO
Mrs. Annie s. Mcconnell, frame two-storY
dwelling, 27xSS feet on @ jenkins street. Twenty
third ward. Cost, e, 200.
E. NJ. Brereton, three brick two-story dwell
ings, l6x34 feet, on Penn avenue, Fifteenth
ward. Cost, S. $40.
James R. Bly,, frame two-story stable, 16x3O
feet Thirty-slxth ward. Cost Sl00
Mary Boyle. frame addition two-story man.
sard store and dwelling, 2OxI7 feet. on Bedford
avenue, Thirteenth ward. Cost $780,
Thomas c. Graham, TWO BRICK two-story
dwellings, l316x34 feet each, on Thirty-ninth
street, Sixteenth ward. Cost. 5000.
Movements in Real Estate.
Samuel W. Black q Co. sold at private sale
for E. 3. Taylor the. property No. l57 Sheffield
street. which they offered at auction about 10
days ago; lot 223Sxl24 to Hamlin street, for
$4,000.
NJ F. Nipple & Co. sold for H. W. Watt to
S. McFarrar six-roomed frame dwelling, with
lot 5Oxl00 feet, on the southwest corner of
Ward and Fraser streets, Fourteenth ward
for IS, 800.
w. A. Heron & Sons sold lot II in the Brown
4 Donnell plan, Nineteenth ward, corner of
Winebid die avenue and Dearborn street. S0x
100 feet to an alley in the rear, for $780,
A prominent real estate broker said yester-
day: I'VE have supply of building lots sufi-
cient to the demand for a year or two at least
What we most need is houses to accommodate
all the people who want to locate here l think,
under the circumstances, little less plotting
and more building would be advantageous to
the city,
E. r. McKanna a :wo-story and attic frame
$500.
W. E. Hamnett & Co. sold house and lot on
Wallace street. Williamsburg, for W. G. and Sue
E. Syth. for s.. 800 cash.
Reed B. COVE & Co. sold to George Devets
for Samuel Watson lot No. 2741S in the Wat
SON place plan, Tenth ward, Allegheny being
50xl50 feet on the Perrysville road, for s., 500
Black & Baird sold to Frank R. Ruff lot No.
65 in the j. Walter Hay plan on Rebecca
street, near Penn avenue, for $500 cash. Also
the adjoining lot. No. &C, to Mrs Lilly A. Jones
for $500 cash. and lot No. 98 to Patrick Hennesy
for s225.
WELL SUSTAINED.