Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-05
A BIG UNDERTAKING
Assignee Jackson Makes a Brief State
ment Concerning the
SUSPENDED LAWRENCE BANK.
Rumors Of the Sale Of Birthstone Corner
Denied BY One Who Knows
A MILLIONAIRE IN TWELVE TEARS

The work of untangling the complicated
affairs of the suspended Lawrence Bank is
proceeding as rapidly as possible under the
circumstances. Assignee jackson, of the
Fidelity Title and Trust Company, said
yesterday that 700 pass books had been
handed in for examination. and that about
lS00 books and certificates of deposit were
still out. and it is uncertain when they will all
be presented.
Under these conditions, the preparation Of
statement is necessarily slow, and Mr.. jackson
was unwilling to venture even guess as to the
time when it will be ready for publication. 1t
took six months to get the Penn Bank books in
shape, and they were in apple-pie order.
$50
One of Pittsburg's millionaires, who is identi-
fed with the coke trade, a little over Il years
ago was working on q salary of less than $500
year. About that time he was indorser for
prominent business man, whose note fell due
at time when the indorser was dangerously
i'll, on account of which the note was renewed
without Endorsement When the renewed note
fell due the principal had failed for large
amount
The aforesaid millionaire thinks this was the
making of him, as, If he had been well, he
would have been on the note and been COM
PEELED to pay it. This, be thinks, would have
SO crippled his finances that he would have had
hard work to get on his feet again. Five hun
dred dollars was worth more to him at that
time than 500 GOO are now. From meager sal
ary to the position of a millionaire in Il yesrsg
1t reads like a romance, but it is strictly true.
The smithfield Street NJ. E. Church building
-"Brlmstone Corner''-is an object of con-
siderable interest just now, in consequences OF
frequent reports that negotiations are pending
for its transfer to the Pennsylvania Railroad.
or to nameless syndicate, or to an individual
capitalist-the purchaser, or would-bo pur-
chaser, varying with the occasion or mood of
the person or persons when telling the story.
There is no substantial ground for such reports,
as was ascertained from an Official member Of
the congregation, Mr.. ]. B. Youngson, yester.
day. He said;
''The building occupies a valuable business
site, and we have had several offers for it-one
as high as 500, ,0O0-but all have been refused.
OF course we would sell if we could get an ex-
travagant price for it. 100000 for instance. but
that is impossible. At present We have no in
tention of selling the building. The location
suits the congregation better than any other
we could get, We are not in debt, and are
under no pressure to part with the property.
Besides, the haIlowed associations Of the place,
it beng the cradle of Methodism in Pittsburg,
q lot further up town and had some thought Of
selling and building but finally abandoned the |
project and sold the lot Since then we have |
become more firmly attached to the old site |
than evCr, and the probability is that we will |
occupy il indefinitely,
"The church building is. however too small |
to accommodate the steadily increasing congre-
CATION. The Sunday school, especially, is
for room. This may make it neces-
sary to tear down the present building and put
up larger one. The official board has had
this matter under consideration for some time.
but has SO far failed to reach definite con-
clusion. The frst thought was to enlarge the
present building, but that was found to be i'm
practical and was abandoned If there shall be
any change at all, it will be in the nature Of a
new building One thing is certain; if the con-
yregation continues to increase, as we hope it
will, we will be compelled to rebuild, but we
do not think that this will be necessary for sew
sral years"
The year opened with business in full swing,
Ind with many prospects of its continuance. So
ar as can be seen, there are no weak spots in i
he situation. The home demand for the prod
lets of the mills and factories of this and other
Industrial centers is unappeased. This is @
guarantee of continual activity and of the sta
Iility of values. All of the great interests of
oittsburg are resting on a solid foundation and
working at full pressure,
The record OF 1889 was a good one, but unless
he unknown and unexpected happens, this
rear will do much better. This is clearly fore.
hadowed in the Clearing House returns. The
productive capacity of the city will be enlarged
" the addition of number of new and i'm
,ortant enterprises while some of those al
eady in operation will be enlarged and other
rise strengthened. This will attract popula-
ion, and population will stimulate building,
nd building will accelerate the movement in
cal estate. Everything will work together
nd together will expand. This optimistic
lew Is shared by business men of all classes,
nd it is justified by facts and figures accessi-
lie to everyone, as well as by the light thrown
n the future by 1.-THE lamp of experience"
The opinions of business men in other parts
f the country-East, West, North and South
ARE Of the same tenor. Bankers and mer-
hants of New York predict that the year will
e one of great prosperity, and for a reason for I
heir faith they point to the splendid crops,
ood prices and large railway earnings. Trade
ith the countries South of US will be devel- !
ped. This will prevent over-production and q
laintain an active home market The South 8
hopeful and energetic. The West will con- s
nue. its career of wonderful development !
iewed from any standpoint the outlook is ;
encouraging to justify anticipations s
year of uneKampled prosperity in all the s
tal interests of the country. Pittsburg will
ot lag behind in the march of improvement.
In this connection it is appropriate to state, Z
an interesting fact, that the total wealth of 0
le country is S6l 459, 100000, an increase since
so OF SIS 162, ,0000 900. The amount invested
Id property owned abroad is SS093, 600 OC0.
be wealth of the United States now exceeds
le total wealth of the whole world at any time S
-evious to the middle of the eighteenth CEN Il
Try, and the amount invested abroad is alone Z
Iual to the national wealth of Portugal and
enmark. The total wealth of only i've nations A
equal to the mere increase of the United 4
sates in the past nine years.