Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-04
BUSINESS MOVEMENTS
Ohio Capitalists See an opening in
Pittsburg for Their Money.
ANOTHER FOURTH AVENUE GOBBLE
The Banks Wrongfully Accused of Discour-
aging Square Business.
REAL ESTATE EXCHANGE AGITATION

lanes W, Drape & Co. received q letter
Yesterday from q town in Eastern Ohio,
signed by two prominent capitalists of the
nIace, authorizing them to offer $500, 900 for
certain real estate interests IN Pittsburg.
Mr.. Drape said: "It's big thing, as you
see, but we are not at liberty to give details.
In few days we may have something deh-
mite to say about it"
The Caldwell lots adjoining the Dollar
Savings Bank, on Fourth avenue, 45xS5
feet, with small brick building, were sold
Yesterday by W. A. Heron & Sons to Mr..
C. L. Magee for $780, 900. II is understood
that the purchaser intends erecting thereon
fine granite bank building, the upper
floors to be used for Offices.
Complaint has been made that some of
the banks are withholding necessary sup
port and encouragement from the manufac-
turing interests which lie at the foundation
of Pittsburg's prosperity, and are demand
ing per cent in many cases on good busl-
ness paper on the ground that they can get
it on safe stock collateral. 1t is much
easier 10 make this charge than to prove it.
The facts seem to be the other way. 1t is
difficult to effect loans on the general run
of stocks on anything like advantageous
terms, and the best Of them are closely
scrutiuized before acceptance. In all cases,
SO far as known, preference is given to
legitimate business paper, " hich is invari-
ably discounted at the lowest prevailing
rate.
1t has ALWAYS been the custom of the
local banks to sustain home industries which
have made this city the greatest manu:ac-
turing center on the continent, and afforded
a reliable market for millions of money, and
there is no reason to apprehend change of
policy at this late day.
1t takes deal Of money to run govern
ment like this but the people have some
thing to show for it. This is what William
Humes, an East End business man, said
yesterday. He further remarked: 'Taxes
in the United States, taken all the way
through, from national to municipal, are
the lightest in the world, and yet the people
complain. This shows the perversity of
human nature. They forget that they reap
direct benent for which they pay in pro-
lection to life and property; they have, or
are presumed to have-and if they have not
it is their own fault-good streets and roads;
schoolhouses abound where every child may
obtain good education; these schools are
better than the colleges were when 1 was a
boy; the cities and towns are amply pro-
vided with buildings for the transaction of
public business; everybody has voice in
the election of officers and the making OF
laws; the courts are accessible to all to COM
pei honesty in the expenditure OF the public
funds. This is emphatically government or
the people, by the people and for the people.
1t is we'll enough to see that taxes be kept
down to the lowest possible point for eI-
travagance should not be tolerated; but
there is neither reason in nor occasion for
talk about oppression in the usual levies for
the support Of the governmental machinery.
Dissatisfied people should take trip to
Europe. as did last summer. They would
see things there that would open their eyes.
The bulk of the taxes paid there goes to the
support of large standing armies, without
benefting the people in the least. The
privileged classes eat the chicken anil the
toilers the feathers. There is very little i'm
provement. Most of the towns have a
dilapidated appearance in striking contrast
to those in this country. Everything seems
to be standing still or retrograding. Whether
the rich are getting richer do not know,
out it is clear that the poor are getting
poorer. This accounts for the sgrarian
troubles which are prevalent all over
europe Comparing the condition of the
masses abroad and at home, everything is in
our favor We are the happiest, the richest
and the most powerful people on earth to.
day. Let us stop grumbling."
The following document relating to a SUBJ
ject of general Importance was distributed
among real estate brokers yesterday. 1t is
self-explanatory:
At the late meetings of real estate agents
held for the consideration of moving day, the
subject of Real Estate Exchange was con-
sidered and generally well received.
At one of these general meetings COM
mittee was appointed to formulate a plan of
preliminary action. This committee held sew
eral meetings and resolved that it would be
well to enlarge the number of active partici-
pants in the proposed organization. The un-
dersigned was empowered to select the names
to constitute several working committees.
To this end he invites to meet at the Cham
Der Of Commerce on Wednesday, March 5,
1890 at O'clock. After discussion of the sub |
ject the committees will be appointed from
those present. Yours, respectfully,
A LEGGATE & Co.