Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-08
GROUND IS BROKEN.
For Panhandle Railroad Shops and
Yards at West Mansfield.
TWO HUNDRED MEN ARE AT WORK.
Big Money Bid for Business Property on
the Local Wall Street.
TWO IMPORTANT SALES POSTPONED

The Panhandle Railroad has put 200 men
at work to grade for new shops and yards at
Mansfield. The reason for this improve
ment is to facilitate the handling OF freight
over the new Ohio river connecting bridge.
All the coal and coke of the Panhandle,
CHARTERS Valley and Pittsburg. Virginia
and Charleston Railroads for the lakes will
be taken across this bridge instead of going
through the Union depot yards in Pittsburg as
now.
The cost of the improvements at Mansfield
will not fall short of Sl5O,0OO =
The event in real estate circles yesterday was
the attempt Of w. A. Heron q Sons to sell by
auction, by order of the Orphans Court, to set
tie the estate of Charles L. Caldwell, deceased
of which George P. Hamilton, Esq, is admin
istrator. Nos. ia ana ll6 Fourth avenue, ad-
joining the Dollar Savings Bank. The lot is
45xS5 feet. 1t was bid up to $4,000, and with
drawn. 1t was learned from outside parties
that there is standing bid of $4,000. 1t has
been held at 100000. 1t was also nOised about
that a bank-which one could not be learned
was trying to negotiate for the property.
The vacant lot adjoins the Dollar Savings
Bank property on the southern line, and it is
known that as soon as a foundation is laid that
that institution will at once proceed with the
erection Of a wall 90 feet high on its own
ground, thus shutting off light and ventilation
from the first three stories of any structure on
the Caldwell property It is said that it was
knowledge of this fact that induced Mr.. Cald-
well to offer the vacant lot for sale at a price
considerably under 81 600 per foot front within
five years past. When this became known
there was less eagerness to purchase the
property.
There was large crowd in attendance, en-
bracing number of leading capitalists D. F.
Henry acted as auctioneer. 1t was stated that
the two lots cost Mr. Caldwell SO, 500 eight or
nine years ago. In view of this $4,000 looks
like very fair price, especially as the Fidelity
Title and Trust Company's property on the op-
posite side of the avenue and a little nearer
Smithfield street. in size 40x120 feet, was
bought for $4,000, or less than s., 900 per front
foot The adjourned sale will take place at
the Court House a week from to-day. As the
demand for business property on Fourth ave-
nue. is brisk it is quite likely that $4,000 or up
ward will be realized.
In connection with the above the same firm
offered the residence Of Mr. Caldwell, No. 70
Lincoln avenue, Allegheny City, and withdrew
it on bid of S20,0 900. The postponed sale will
take place in two weeks, January q, on the
premises, at which time it is expected sale
will be made.
1t is in the totals of the bank clearings that
the proof of last years advance in trade is to
be found. Total clearings at 86 cities during
1889 aggregated SIS, ia, SIS, ,24l, against re-
spectively $40 81. BAL S5l 092 4S3655 and S49
2O6, ,7SS in 1885, 1887 and in 1885, The gain |
over last year is about 1873 per cent, while only
9per cent gain IS shown over 1887, next to 1889 |
showing the largest total. OF the total clear |
ings in 1889 New York City contributed SS5, $685.
104, 904, nearly 81 rs per cent, showing gain
over 1887 Of 7per cent and over 1888 Of nearly |
l3 per cent The remaining cities contributed |
SIS, ,s29 464 S37 in 1882 about 851< per cent of
the total. gain over 1887 Of about l3 per cent |
Every section of the country in 1889 shows |
gain in clearings, not only over 1855, but over |
1857.
At the New York Stock Exchange trading |
during 1889 was about equal in volume to that,
of 1855 The total in stocks were 81. lS3 16l |
shares, against 81 S45, ~ shares in 1888: s. 2Sz-
050 of Government bonds, against s. 77S 400;
and $S94, Isl. .4e6 of State and railroad bonds, |
against $S465Il, ,z02 in 1888. In the unlisted de-
partment there were total transactions of TO-
$50 zS5 shares of stocks g. 7O9. 1l6 of bonds and
81 699 600 barrels of oil. The aggregate trans
actions of the Stock Exchange represented a
par value OF over s. 600 100000. The total trans
actions of the New York Bank Clearing House
in 1859 was S35 S95, 1904 IS. The balances
aggregated S1,74S, SOO679 20.
In the year Just closed. Is railroads were sold
under foreclosure, their aggregate mileage
being 1880 miles, and their total funded debt
and capital stock SlSz Sl5 600. In 1888 mortgages
on 10 roads were fpreclosed, with /, 500 miles of
line and s64555,O 900 of capitalization. In 1887
there were 81 foreclosures covering 6, ,47S miles,
and 1922 Isl, 900 Of capitalization. During 1889,
q roads, $500 miles of track and SS4, ,7O2 900 of
capitalization passed into the control of re-
ceivers, the most prominent of which was the
st. Louis, Arkansas and Texas, with ], ITO miles
of line and $35 443, 900 of funded debt and S23,-
0S3.0O0 of capital stock. The international and
Great Northern, with US miles Of line, SIS, ,OOO-
900 of funded debt and ss.755.OOO of capital
stock, came next In magnitude.
Comparatively little has been done IN the
leading wool markets for two or three weeks
New York reports more activity than Boston
or Philadelphia. Some descriptions of Terri
tory wool are weaker, but with this exception
prices are steady throughout the list. The
situation is reported, both by manufacturers
and holders, as rather uncertain SO far as i'm
mediate prospects are concerned. The manu-
facturers find little to encourage them in the
outlook and dealers and producers have to
wait on them. Much larger stocks of wool are
held in the principal markets than year ago.