Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-08
MORMONS ON THE RUN
They are Selling Out to the Gentiles,
Causing a Boom in Realty.
PITTSBURGERS TAKING A HAND.
How Prominent Business Man Lost a
Good Thing by Being Too Hasty.
BEARISH TALK HEARD ON WALL STREET

A syndicate of Pittsburg capitalists,
represented by Mr.. Boggs. formerly of Mt.
Washington, is speculating largely in real
estate in Salt Lake City, where boom is on
| almost equal to that which year ago swept
Southern California. A member of the SYM
dictate said yesterday that they had COM
pleted large number of deals, on which
they had realized handsomely. Mormons
are selling out and Gentiles are buying.
The movement is so great that it promises to
revolutionize the politics and religion of the
city.
W. c. Stewart had an offer on Saturday Of
$50. 600 fora property located on Squirrel Hill.
near the park, but refused it. He wants $1,000
more and says he will get it. The tract con-
tains about IA acres, and is well adapted to resi-
dence purposes. Considering the demand,
ground in that neighborbood has not risen to
the e1orbitant height that was expected. This
moderation on the part of owners is one Of the
most encouraging features of the real estate
market. 1t is guarantee of permanent activ-
ity.
A few fortunate individuals have the gift of
foresight. but this great advantage is denied to
the mass of humanity. They are unable to real
ize good thing when they see it. The truth of
this was illustrated in the experience Of a busi-
ness man on Fourth avenue few years ago.
He told the story substantially in these words:
Il have made considerable money but have
lost great deal more by not striking when the
iron was hot. One day in 1873 or 1879 promi-
nent real estate agent came to me and asked
me to invest about $4,000, along with several
others, in piece OF property in the East End.
He presented the matter clearly and fairly
from his standpoint, and showed how
handsome profit could be made.
Real estate at that time was regarded with
some suspicion. Rapid transit was unknown,
and settlement was slow. I examined the SUBJ
ject hastily and declined to make the invest
ment. The other gentlemen were wise. They
bought the property consisting of several acres
of beautiful land. held it for while and then
laid it out in lots, and later sold them at high
figure. They made at least $50 900 bv the DEAL"
He added: I'm the present condition of the
real estate market I consider it the best invest
ment that can be made. The rapid influx of
population and the great expansion of business
will not only keep up the demand but increase
it. This means a gradual enhancement of
values, making it an object to capitalists.
can see no possibility of reaction"
Whitney & Stephenson's Wall street special
says: Notwithstanding the beautiful weather
and the glad Eastertide the talk yesterday was
more uniformly bearish than IN many weeks
previously. The traders who met at the Wind.
sor during the forenoon and again last night
thought the market is destined to go lower
They advanced a dozen or more reasons for
their sudden change or position. The most
formidable obstacle to any improvement, they
said were the exceedingly low state OF bank
reserves, the fact that Mr. Gould is talking
bearish through his son George. the unsettled
state of railroad affairs, particularly west of
the Mississippi, the absence of any outside pub
lie, the utter lack of European support coupled
with the fact that London is selling at every
opportunity, and because all the little traders
are loaded up more or less with dividend pay
ers and trash alike, and are simply awaiting an
opportunity to sell out.