Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-14
CHEAP MONEY EAST.
A Large Block of IL Secured for In
vestment in the East End.
PHILADELPHIA IN THE DUMPS.
Speculative Interests on Their Feet, With q
Good Showing Of Activity.
TIE NEWS AND GOSSIP OF THE CITY

Mr.. c. T. Beeckman, of Anderson &
Beeckman, Linn, who has just returned
from trip to the seashore, stopped off at
Philadelphia on his way home to see what
the chances were in that city for obtaining
"cheap" money. After considerable skir-
mishing around among the moneyed men he
succeeded in securing $4,000 at ~ per
cent, and promise of more, If needed, at the
same rate This money will be invested in East
End property.
During the negotiations Mr.. Beeckman
dropped into the Office of one of the leading
financial institutions of the metropolis OF Penn
sylvania. The official in charge wanted to
know why Pittsburgers had to come East for
cheap money. Mr.. Beeckman replied that they
were wide awake and wouldn't think of accept
ing 51S or per cent, except in rare cases, when
by judicious Investments, opportunities Tor
which were lying around loose, they could
easily make from s to 10 out of it.
The head of another big concern visited by
Mr.. Beeckman said they had 81. 600 900 lying in
bank without interest. for the reason that the
directors wouldn't consent to loaning IL OUTSIDE
of Philadelphia or Philadelphia county, and
there was no demand there for it. They would
be glad to get 4 per cent for it IL they could
place ir on good home property. He added that
an effort would probably be made the coming
fall to enlarge the investment area SO as to in
clude Pittsburg
Mr Beeckman remarked, In concluding his
statement: 1T is refreshing to get back to
Pittsburg, where everything shows life and
hustle. These present a strong contrast to the
semi-stagnation which prevails in the "City Of
Brotherly Love-"
Business News and Gossip.
about s5,0O0, 900. This record will be beaten
this year by at least 100000. Truly. the city
is growing.
John Timmons Of Pine township, was in the
city yesterday to satisfy the mortgage on his
farm of 81 0Ou. He says farmers In his neigh
borhood will do better this year than they ex-
pected. Crops for the most part are light, but
the market is higher than for several years,
fully offsetting the short yield.
OF 80 mortgages on file for record yesterday
the largest was for 5000, given by John A.
Mckee to the Pennsylvania Company for in
surance. Ten were for purchase money.
It frequently occurred last year that the
clearings dropped below s. 600, ,0O0, which has
not happened SO far this year, This is the re-
suit of business expansion.
If local stocks hold their own without orders,
what will they do with orders2 The reasona-
boom, and this is what the brokers expect.
The short interest in the stock market &C.
cording to Vermilye & Co. is still excessively
large. It is computed at 100 600 shares.
Several hundred cheap lots will soon be put
on the market on the Southside and down the
Fort Wayne Railroad. People of limited
means need not fear that the supply will soon
be exhausted.
A prominent member Of the Cotton Exchange
said yesterday that the crop this year will not
fall short of 7,25O.0Oo. which means that the
yield will equal that of lSS9-s0.
Building is very active at Copeland and Mills
station. adjoining Braddock. These places a
few years ago consisted Of a brickyard and an
orchard.
The course of the shortcut railroad to Home
stead has not been definitely settled. 1t de-
pends on the success or failure of one or two
real estate deals which will not come 70 head
for several weeks. ...-.-