Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-14

TaplQ growth OIL f1LCSDuTg Since uc WAS Cub
of boy. He said: You perceive this is a
busy place. Nearly 25 1000 people arrive at and
depart from this depot every day. 1t has a
venerable look. but it can lay no claim to an
tiquity. When was boy of l5,or thereabouts,
The ground upon which we stand was grave
yard owned by the Smithfeld Street NJ. Z.
Church, and was barely inside of the city limits.
| the hill extended over to about where the
railroad track begins and then sloped down.
leaving room for a road, called Quarry street,
which was lined with houses as far out as
| Lawrenceville. Adjoining the graveyard were
the white lead works of Felix r. Bruno, and
| Just above was the Faber Engine Works. The
sites of all these are now covered by the depot.
| At Twenty-siXth street. where the roundhouse
| is located. there was large blackberry patch.
which will be remembered by many of the
older citizens"
Time has worked wonders in Pittsburg The
growth of the city within the fraction OF life
time is remarkable. Within 40 years the city
line has been pushed out and out along the
Pennsylvania Railroad until it is now about
seven miles from the depot, and is still travel
ing eastward with Braddock as the objective
point Expansion in other directions in the
same time has been even more remarkable.
Pointers for Investors.
The situation in London and New York is not
all that spectators could desire. hence there is
Co.'s telegraphic letter. which follows contains
many hints and suggestions worth considering:
In the market to-day Sugar was the bane and
Lackawanna the antidote. When Sugar sold
off two points, as it did, the general list weak
ened, and in the afternoon, when Lackawanna
rose two points, there was fractional improve
ment in other shares. Lackawanna is so pal
pably rugged that any one is foolish TO touch it
either way for it responds to the manipulation
of master hand, and its fluctuations reflect
neither the condition of that particular prop
erty nor the general market. We have several
times recommended our friends to let the
coalers severely alone.
There was talk to-day of an increase in the
dividend of Northern Pacific preferred, but, as
it and the other Wizards went of, it is safe to
say that no gudgeons were caught We look
for decidedly lower prices on the Northern
Pacific group. Illinois Central was weak and
London favorites generally, especially Louis
vile and Nashville. We expect lower prices on
this stock.
We have letter from friend of ours in
London who is not given to romancing, from
which we make the following extract: "a
panic here at some time is certain, for the
reason that the constant tendency is to extend
the facilities and means of credit without any
proportionate increase in coin, on which credit
is based. This will be brought to an abrupt
termination some day. l think one of the chief
difficulties with this market is the amount of
securities that have accumulated in the hands
of underwriters for the past six MONTHS
The October number of the Bankers Mdqd-
zine of London, at hand this morning, says:
IF values on the Stock Exchange are main
tanned during the rest of the year it will be
surprising. Good authorities don't expect any
great crash on the ground that in these days of
telegraph there Is always financial support for
the coming from one quarter of the world if
markets in another quarter happen to be in
difficulty, and there is no sign of universal de-
pressions.
We have, perhaps given more attention to
questions of foreign finance during the past
have thought necessary. but we still adhere to
the opinion that foreign affairs will closely
concern us and our stock and money markets
before the first OF the year arrives, and we be-
lieve that very serious drop in prices in both
Berlin aud London is inevitable SATURDAY. the
Imperial Bank of Germany raised its rate from
S 10 81, AND it has of late been losing gold
very heavily. much of which has gone to
Russia, we think it will be compelled before
ten days to advance the rate to 6per cent.
The Bank of England is managed now by one
its head and we think that he will not hesitate
to use heroic measures to prevent any lowering
of the already small reserves of the bank, and it
is probable that the bank rate will be raised
before the end of fortnight.
We think Pennsylvania oil will sell lower
The production there now averages So 600 bar.
rels. The price paid in the field for Buckeye
oil was lowered to-day from 35 cents to 32%
cents.