Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-10
WINDY CITY REALTY.
A Chicago Broker Predicts a Collapse
of the Real Estate B0Om..
PITTSBURG INVESTORS HOPEFUL.
Local Stocks Show No Material Change,
but Petroleum Moves Down a Peg.
TIE NEWS AND GOSSIP OF THE CITY

There are two ways of looking at the real
estate whirl which is now affecting Chicago
one through a conservative and the other
through an enthusiastic medium. A CHI
csgo broker who was in this city on Mon
day, in conversation with Fourth avenue
dealer, spoke from the conservative side OF
the question, and his views were the reverse
of encouraging to Eastern people who nave
been for several months buying Windy City
realty right and LETT He said that Two or
three years ago syndicate was organized,
composed of a number Of the leading capt.
talists of Chicago, who proceeded to buy up
everything they could get hold OF. Prices
were down, and they operated on the idea
that Chicago would get the Columbian Fair,
and that boom would follow. In this they
were not mistaken. The boom is on, and
the syndicate, alive to the fact that bird
in the hand is worth two in the bush, are
now unloading upon Eastern men-suckers,
as he called them. He did not look for bad
break in values until after the fair, but was
confident il would speedily follow that event,
as the city was both oversold and overbuilt.
On the other hand the enthusiasts think
they have struck a bonanza. In conversation
with one of them yesterday, he said that his
purchases in Chicago promised to be the most
profitable investments he had ever made. Con-
Jointly with two other Pittsburg capitalists, he
had about six months ago, bought so acres in
the western part of Chicago and could sell at
any time at handsome profit, but they had
concluded to wait for further enhancement.
In the meantime they will improve their prop
erty and put up number of dwellings as the
nucleus of settlement. He had no fear of
collapse, holding that the business Importance
OF Chicago-its greatness as a distributing GEN.
ter-was a guarantee against material depres-
sion in landed property, Another Pittsburg
gentleman-an iron manufacturer-held sub
stantially the same views. A prominent pork
packer on Liberty street who is in the 6O-aore
deal was even more sanguine of large gains
Between opinions so positive and SO opposite
it is hard to choose, and Pittsburg capitalists
who have ambition to speculate in Chicago
realty must take all the chances and run all
the risks. 1t would be better for them, be-
cause safer, to speculate at home, where they
made their money, and do their part in the
work of developing the city. Abundant oppor-
tunities for investment an active and stable
market. with enhancement of values certain,
are inducements which should not be subordin-
ated to doubtful schemes in a distant city.
The main topic of interest on Fourth avenue
yesterday was the Westinghouse Electric Com
pany's statement. AS might have been ex-
pected, the wiseacres had different opinions.
The item which most challenged criticism was
the figure of over s40O0000 on the assets for
patents. 1t was doubted whether any
such sum could be SET as their value depended
wholly upon the future outcome of the busi-
moss. On the other hand it was contended
that this valuation had not been increased for
Tuesdays meeting; that 1t was the same old
value which had for long while been put
upon them. There was little of the stock
offered.
Business News and Gossip.
More mortgages are being paid of than
placed. This could not be done if times were
not prosperous
The excavation for the vandergrift building
on Fourth avenue is about completed. 1t is
understood the captain failed in his efforts to
secure the Fitzsimmons property.
Thirty-six mortgages were put on record yes
terday. The largest was for S75, given by
Charles l. Davis (Alvin Joslyn) to D. s. Viii.
son ct ux for purchase money. This relates to
the property on which Mr.. Davis proposes to
erect a theater.
Improvement at the new town of Mendels-
sohn is going forward rapidly. Foundations
for the piano factory have been completed and
work on the railroad shops will begin in few
days.
The last load of household goods was taken
from the Edgewood station house yesterday.
The work of tearing down or removing the
building will commence on the 18th. The new
station will be ready for use by October.
A prominent stock broker on Fourth avenue
who is well up in theology, remarked yester-
day that he had lately read Swedenbourg, one
Of whose tenets is that men will follow the
same business in the next world that they pur-
sued in this. "Imagine," he said, "a member
of the Pittsburg Exchange selling corner lots
in the New Jerusalem, and another manipu-
lating a corner in angels food. How ridicu-
lous"
Mr.. C. Beringer said yesterday that electric
cars will be running into Ellsworth in con-
siderably less than two years.
Among dividends declared are 8 per cent BY
the Western Insurance Company, per cent by
the Union Insurance Company, and per cent
by the Artisans Insurance Company-alI semi
annual.
1t was semi-oficially stated yesterday that
the directors of the Peoples Bank for Savings
had made no choice of a successor to N G.
Won Bonnhorst, late secretary and treasurer
The vacancy will probably be filled at the next
meeting of the board.