Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-09
TRADE MARCHES ON.
The Business Situation Full OF Hope
and Encouragement.
NO CLOUDS ON THE LOCAL HORIZON.
Gains Over Last Year Show That Prosperity
Rests on Solid Basis.
THE SPECIAL FEATURES OF THE WEEK

The most important deal in real estate
that was closed up yesterday, was the sale
by Charles Somers & Co., of downtown
business property. not far from the new
posto flee, to a well-known capitalist Tor
price approximating S25, 900. The purchaser
will improve the property and hold it as an
investment. 1t is thought he gotit at bar
gair.
In regard to the Sutton property, Penn
avenue and Evans alley, Messrs. Black 81
Baird stated Yesterday that they had sold it
for S27 800, but not for an apartment house
as reported. They further said, that the re-
ported sale OF the adjoining property, occu-
pied by DIR. Byers, was premature. 1t is
still on the market
A review of local business for the past
week shows that there were no radical
changes in conditions, volume Of transac-
tions or prices. There was a free movement
of all the leading commodities, and produc-
ton maintained its usual activity. That
there is no cause for grumbling is clearly set
forth in the Clearing House report, which
shows large gains over the corresponding
time last year. There is no better gauge of
the state of trade than this Business during
February was the heaviest ever known for that
month. January returns show great improve
ment over the same month in 1889, and March
promises to do as well, if not better.
Giving these facts their full weight, it must
be admitted that Pittsburg is enjoying season
of remarkable prosperity.
1t is easy to account for this, although won
der is sometimes expressed that Pittsburg
should flourish and other cities complain of
dull times A tight money market is seldom
experienced here. Rates fiuctuate East and
West, but in Pittsburg they are almost as un-
alterable as law of the Medes and Persians
Practically the premium on money is the same
to-day as 1t has been for years. This is due to
the fact that very little of it finds its way into
the speculative channels, but is absorbed in
legitimate business. and subjected to the es-
tablished laws of trade, of which stability is
one of the chief factors. With moderate
profits and permanent markets, the great in
dustries of the city are subject to few vicissi-
tudes to make money manipulation profitable.
Calling in loans to put them out again at a
higher rate, OF squeezing the market as it is
technically called, is a trick never resorted to
by Pittsburg bankers. They would not do it if
they could. and, perhaps, could not if they
would. Such tactics are successful only where
the speculative interest is large, and money
must be had to buy wind or keep up margins,
no matter what it cost Wall street is the
home and nursery of financial quackery.
AS showing that money has fixed value in
Pittsburg Fourth avenue bank officer said
yesterday that the institution with which he is
connected had not changed the rate for 20
years or more, being per cent never more and
never less.
There are good reasons for this fxity of
value. AS stated before the speculative inter-
est of Pittsburg is too small to be seriously
considered business feature. Of course it
amounts to considerable in the aggregate. but
it is rrifling in comparison with the solid in
dustries of the city. those which have
furnished its wealth, given abundant
employment to labor, and spread ease and COM
fort throughout the community. Recognizing
the importance of maintaining and strengthen
ing this Arcadan condition, Pittsburg bankers
provide first for their regular customers man.
ufacturers and merchants. and not until they
are supplied with needed funds are the de-
mands of outsiders taken into consideration.
This insures certain and steady supply of
money to keep the wheels of business in motion,
and is more profitable to the bankers than
would be occasional spurts of great activity
1OllO"eu Dy poTlOuo VI uSpiSsSiOHs ouOh do buo
great speculative centers frequently ez-
perience.
Sure of their business, the financial institu-
tions of the city wisely cultivate the legitimate
and give kite-fiylng the cold shoulder. The
consequence is that they are seldom cramped,
and no branch of business suffers There is
always enough money in Pittsburg to keep our
head above water.
Special business features we're few. Real
estate maintained its customary activity, and
there was brisk movement in all descriptions
of property The largest deal reported was
$40, 900 for the Caldwell lot on Fourth avenue.
1t is estimated that 100000 worth of down.
town business property changed hands during
the week.
spells, and while the general tone of the market
was strong, there were . few sharp declines. in
which Allegheny Heating Company was con-
splcuous 1t recovered some of the loss and
closed steady. There was better feeling in
street railways and natural gas stocks and they
finished at fractional advances. Sales for the
week were l,7S6 shares, against 2,642 the
previous week.
Petroleum was erratic to such degree that
dealers were undecided whether to 20 long OF
short and consequently did neither, but con-
tented themselves with pyking and scalp ing
This made comparatively active market,
however, and sustained prices so that the close
was better than the opening.
On the whole, the weeks business was satis-
factory. Indications of a heavy spring trade
are as rosy as ever