Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-07
CRIPPLED BY B00MS.
How They Flourished in California
and Then Collapsed.
LEAVING POVERTY In THEIR WAKE
The Burden of Opinion Shows Real Estate
Exchange is Not Wanted.
ACTIVITY IN THE UP-RIVER B0ROUGHS

Colonel John Simmons, of San Diego, Cal,
was in the city yesterday, on his way East
on business. He resided in Pittsburg q
years ago, and was astonished as we'll as
pleased at its rapid growth since that time
In brief conversation he remarked thai
Southern California had suffered severely FOL
several years from real estate booms, but
nearly all of them had exploded and Left
desolation IN their wake.
They engendered a feeling of extravaganza,
which assumed many forms. Impractical
improvements were started, costly hotels
were built, where travellers hardly ever came,
Towns without number were laid out, and lots
sold at fabulous prices. When the end came
people who had grasped at millions found
themselves without a cent. Several Pittsburg-
ers were caught in the whirl. He hoped Pitts.
burg would never indulge in the folly of q
boom.
Several real estate brokers' asked yesterday
for their views in regard to organizing an ex-
change here, said they were entirely indiffer-
ent about the matter. One of them remarked:
"All the brokers would not join; quite num-
Der would continue business as at present. To
stances would do more harm than good by
separating the agents into two distinct classes
the ms and the outs-and throat cutting
would 60 on more vigorously than ever.
II think the time has not yet come for an ex-
change. The utter lack of interest taken in
Thursdays meeting is conclusive that large
majority of agents are opposed to al ex-
change"
The principal business drawback is bad roads.
The teamsters' occupation is about gone.
Building and oil well drilling have been great
sufferers from this annoyance all winter, and
March brings no sign of relief. Many farmers
have stopped trying to get their produce to
market. This shortens supplies in the city and
stiffens prices to consumers. Bad reads are
more expensive in the end than good ones.
Said a business man yesterday: "If you will
cause the dust to fly in ten days I will guaran-
tee an improvement OF so per cent in many
branches of business. We are doing splendidly,
however under the circumstances"
The small minority of people now living who
have personal ante-war experience cannot
but compare the banking methods of the pres
ent day with those of 80 years ago, with credit
to the former Wildcat banking is almost a
lost art; and though there are o great many
and they are distributed over a much wider ex-
tent of territory. bank failures and swindles are
fewer in number. and bank credit is higher
than in the days before the war. ITO a certain
extent" remarked bank officer yesterday
"the national bank system is responsible for
the improvement in bank methods and bank
morals. While too much confidence may be
placed in the supervision of the national banks
by the Government, which is at best very i'm
perfect still there can be no question that
many safeguards against reckless and dis
honest banking have been created by the na-
tlonal law.
A gentleman who returned yesterday even
ing from business trip to Homestead, Brad
dock and McKeesport, reported a good busi-
ness movement in each of those bustling
boroughs. A great deal Of interest is being
taken in real estate. Prices of outlying prop
erty at McKeesport are about equal to those in
the East End Building is active all along the
line, and several hundred homes will be
erected this year. Several important manu-
featuring enterprises are in course Of incuDa-
tion.
A local lumber dealer expressed the opinion
yesterday that a famine is imminent in that
necessary article. Owing to the absence of
for the mills to work on is about used up, with
very poor prospect for receiving additional
supplies. while stocks at the chief distributing
points are quite low. The situation in Michi-
gan is particularly discouraging.
Prices have already been advanced on some
descriptions of lumber, and hardening all
round is quite probable. This will, no doubt
increase the cost of houses built this season.
The Supreme Court of Georgia has Just de-
cided that farmer living outside of city who
sold therein wood cut from his land as he
cleared it for cultivation, and who was not car
rying on wood business as such, and had no
office or woodward in or out of the city for the
purpose of dealing in wood, was not subject to
a business or license tax by the city upon his
vehicles carrying the wood thereto.
The surveyors for the Great Northern Rail-
way are reported to have made discovery
which will revolutioniZe railway travel in the
Northwest. The discovery consists of break
in the Rocky Mountains near Mary's Fork,
which opens the way into a rich and fertile
country through which no road has ever pene-
trated. James ]. Hill, President of the Great
Northern. is elated over the matter and pro-
poses to run line from Anaconda. Mont,
direct to San francisco.
H. K. Porter & Co. are shipping novel little
narrow gauge, to the United States
of Colombia. This engine has four driving
wheels and two-wheel rear truck, and instead
of cab has an open canopy to protect the engi-
neer. 1t is to be used on street railroad, and
will go round curves of only 80 feet radius. The
putting noise of an ordinary engine is avoided
by using a noiseless exhaust.