Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-28
SIX MONTHS OF TRADE
How Local Business Stands at the
Halfway Mark of the Year.
BOOMING AND NO CLOUDS In SIGHT.
Some Good Deals in Real Estate Get
Away From the Watchful Brokers.
THE NEWS AND GOSSIP OF THE CITY

each quarter, when large settlements are to
be made-the banks take In sail and hus-
band their resources SO as to be prepared for
contingencies; but these hard places passed
the situation eases up and affairs 60 for
ward with increased vigor. One of these
periods is at hand. Next week the evening
up process for the first half of the year will
begin. The banks are prepared for it, and
there will be no friction. Several million
dollars will be released for investment in
various industries and activities, and busi-
ness in general will receive powerful for
! ward impulse; but no interest will probably
be benefited more than real estate. 1t con-
Germs everybody, and SO long as it is active and
healthy there can be no halt-no backward
| step-to the prosperity of the city.
The business movement of the past six
months makes up record for Pittsburg that
is at once pleasing and encouraging. 1t pre-
| sents an unbroken line of profitable activity.
! The conditions have been favorable to all
classes of people. Business has expanded and
population increased in a ratio unexampled in
any previous half year in the history OF the
city. Proof of the latter may be found in the
wonderful development of the suburban dis
tricts, which prevents the aspect of contlnu-
Gus city. That business has grown beyond all
precedent is shown in the reports OF the Clear
ing House. The gain in exchanges over the
corresponding time of last year approximates
SO 06O 1t would be impossible for the most
bearish croaker to find a weak spot in the situ-
alton or to point to anything indicating re-
versal of the present favorable conditions.
1t should be borne in mind, to form just
estimate of the business of the city and to real
ize the full significance of the large increase
over 1889, that it is of the solid sort which is
not liable to fuctuate as the wind blows cold
or not The products turned out here are of
prime necessity and are in steady demand.
Stocks and oil and other speculative commodi-
ties may rise or fail may be active or stagnant,
according as they are manipulated, but iron
and glass, coal and coke. leather and lumber,
drygoods and groceries-in all of which Pitts
burg excels-have a permanent value and
ready market, which cannot be affected by
cliques or combinations The wave of pros
perity will rise and fall with the seasons and
the conditions of supply and demand, but it
cannot be turned back. Pittsburg has fairly
won high position among the great cities of
| the country, and is resolved to maintain it.
Business New. and Gossip.
The bridge to be built over the Monongahela
river for the shortcut railroad to Homestead
will cost sl500O0. not SIS, ,0OO as printed yester
day.
MIR. Joseph Loughrey, the weIl-known dealer
in horse equipments, is well pleased with the
condition of the local real estate market A
year or SO ago be invested largely in land in the
vicinity of Schenley Park, which he can dis
pose of at any time at mora than double what
it cost him.
There is great activity in building in the
suburban districts. Six high-class dwellings
have been started at Edgewood during the
week-one by prominent lawyer and the
others by well-known business men.
The two principal syndicates engaged in
handling local real estate are known as the
''Big Four" and the big Five" 1t was the
latter that secured the melon at Boulevard
place. The former has made large investments
in tine Twenty-second and Twenty-third wards,
and is credited with engineering the Cherry al
ley deal-what ever it was
Baxter. Thompson q Co. have sold nearly 200
lots in the Fort Pitt Land Company plan, at
North Jeanette.
Plans OF several sites. including the Central
Hotel block, have been sent to the headQuar-
ters officials of the Equitable Insurance Com
pany in New York, from which to make selec-
ton for building in Pittsburg. Ex-Mayor
Weaver is of the opinion the company will not
build here at present on account of what they
consider the high price of property.
Lots at Swissvale are selling as low as 500,
howing that the supply Of cheap property is
not exhausted.
John D. Bailey sold 249 shares of Allegheny
Suspension Bridge stock at g. George B. Hill
& Co. sold 800 shares Philadelphia Gas at 8O1S.
A. Caster bought 100 shares Second Avenue
Electric at about par.
There has been a lively demand for lots in
Columbia Park, Tenth ward, since the reduc-
tion in price.
IT, D,ffs I1rlrr Irn RaiI Arot
gage 6s. 12l was bid yesterday: for Pittsburg,
Cincinnati & st. Louis first mortgage7s ll911<,
and for Pittsburg & Western general mortgage
Is, S21%.
Railroad Earnings-Baltimore and Ohio
Southwestern, third week in June increase
SS,o24; Unioh Pacific, May, net increase, s23 $50;
Lake Shore and Western, third week in June}
increase, 81, 40.
The Director of the Mint at Washington has
ordered that no Withdrawals of coin or bullion
be allowed until after the annual examination
of the SUBJ Treasury books, which will occupy
two weeks.
Movements in Real Estate.
Several interesting events occurred in
real estate circles yesterday. Black d Baird
closed two deals in downtown properties-one
for $50, 900 and the other for $4,000 Particu-
lars were refused, but the transactions sd- |
mitted. |
They also sold to John c. Wallace, ESQ, of |
the firm of kirkpatrick Co., iron manu-
facturers, of Leechburg lot 76 In Boulevard |
place, 7Oxl42, for $1,000 or sS5 foot front, the
highest price yet realized in that locality. Mr. |
Wallace will Immediately commence the |
erection of one of the finest stone residences in
the East End.
J. C. Reilly also closed two important deals. |
He sold for Valentine Lange, to Mrs. Rachel |
Susman, the three-story brick dwelling and |
storeroom, 1888 Fifth avenue, lot 22xS9, for |
sl4 900; also for Helwig Lange the adjoining |
building, to the same purchaser, lot 2xSs. for |
$4,000.
Allies & Bailey sold through W. c. Stewart |
lot No. 9 in Murdock's plan. so feet frontage on
Forbes avenue, near entrance TO Schenley |
Park. by 200 feet to 20 foot alley for $50 per |
foot 'front.' A. s. Miller was the purchaser.
Reed B. Coyle & Co. sold for Robert Coward |
to w. 8. Douthitt lot on the south side of |
Vickroy street. being 2lxl0O feet to 20 foot al
ley for 81, 400.
Black & Baird sold to John w. Wingert lot |
in Valley View place. being No. SO. for S276
Samuel W. Black & Co. sold lot in the |
swissvale plan of lots, at Swissvale station.