Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-12
ROOM TO SPREAD OUT.
A Visitor Surprised at the Number
of Manufacturing Sites
In AND AROUND BUSY PITTSBURG.
Difference Between Mortgage for Money
and Mortgage for Security.
THE NEWS AND GOSSIP OF THE CITY

THE NEWS AND GOSSIP OF THE CITY
The foreign visitors have no doubt been
more or less impressed with the vastness OF
the undeveloped resources of Pittsburg ana
its immediate vicinity, coal, gas, coke, and
many other things which enter into the
industries of the people. One of them took
particular note of the abundance of manu-.
featuring sites in the outer wards and
adjacent suburbs, and expressed wonder
why they had not been utilized long before.
These sites should be classed among tine
undeveloped resources Of the city. That
they are vacant shows that Pittsburg mas
room in which to spread herself, and that
she is spreading must have been apparent
to the gentleman himself They will not
lie fallow very long. "The eyes OF tne
world are upon u.s." said Western orator, OF
his native village The same is literally true a %
if they want to hold their own In the snarp
competition for business.
An Element of Strength.
There are several sufficient reasons why peo-
ple-ricb and poor alike-are pinning their faltn
to Pittsburg real estate, but perhaps the
strongest is this: About 70 per cent of the prop
erty bought within the past two years has been
for improvement. 1t is not strange that the
market is strong under such condition. Inc
contrary would be remarkable.
Purchase Money Mortgages.
The practice in some quarters of reporting
purchase money mortgages as loans is mislead-
ing. Here Is a case in point: A short time ago
a gentleman in neighboring town sold piece
nf mr. naym6nE
and taking purchase money mortgage at 6per
cent as security for the balance. This mort
gage was improperly reported as loan, which
it was not being merely security.
Another gentleman in the same town, desir-
ing to borrow some money, being advised OF
this transaction, and jumping at the conclusion
that it was money mortgage, thought he
ought to do as well or better in the city than his
neighbor did in the country, but when ne came
to Plttsburg and made the attempt he was bad
ly disappointed.
The fact of the matter is that there is wide
difference between a money mortgage and
mortgage given for deferred payments, as the
rate of interest on the latter has little II any
thing, to do with the actual price of money, be-
ing wholly dependent upon arrangement be.
tween the parties.
Homestead Right.
Where debtor with his family left his home
in the city in the spring of 1884, and removed to
the country for the purpose of raising crop OF
tobacco on the land of another with whom he
made a contract therefor, and made two other
but distinct contracts for the years 1885 and
1886, and returned to his home in the city in
January, 1887, after 1t had been sold under exc
cutiOn and a sheriff's deed had been executed
therefor, the Kentucky Court of Appeals held
that as the removal to the country was merely
temporary, and there was an intention to make
the premises home. there was no forfeiture or
the homestead right:
Wall Street Pointers.
The condition of affairs in Wall street yes
terday is set forth in the following telegraphic
letter to John M. Oakley & Co.:
There was an exc ass of bull gossip in all the
news bureau reports and newspapers, and it
was evident that a number of traders had cov-
cred their shorts and were bullish for rally.
Despite all this, to-day's market did not quite
hold its own, especially after the figures of the
bank statement were published. The loss in
reserves Is over sS,OOO,0O0 but in actual cash
SIC, 000OOO, the reserves requirements having
been lessened by loss of over Sc O0O, 600 in de-
posits. The loss increased nearly s5.0oo,000
The short interest is less than 1t has been,
ing on the wall, prices will again sag away for
lack of outside buyers, il not from bear at
tacks. II any one wishes to place the money to
advantage In Wall street. number of bonds
look more attractive than stocks. For ex-
ample, we may mention Missouri, Kansas and
Texas 4 per cents, on which Texas annual in
terest is due December at per cent,
Business News and Gossip.
One of the Hebrew congregations has pur-
chased a site on Logan street, between Clark
and Hazel, for synagogue. They paid 5000
for it.
]. & ]. NJ. Phillips have purchased the
VI rtpo tba fhcid
kinds of coal mining machinery will be manu-
factured
The American AK and Tool Company has is
sued notice TO the trade to the effect that the
Pittsburg Boston and Troy offices will be dis
continued on the 18th inst
John NJ. Oakley, the broker arrived home
yesterday from a long European jaunt, and
was agreeably surprised by receiving, as token
of appreciation from his customers, who were
at his Office awaiting his appearance, a hand
some carved oak char and rich floral design
bearing the inscription, welcome Home" It
was a genuine surprise. The greeting meant
that his customers had been prospering during
his absence, and were satisfied with the situa-
tion.
Two or three lawyers have an itching for the
Kuhn property, on Diamond street, soon to be
knocked down at auction.
ALI of the downtown streets were crowded
yesterday by vehicles and pedestrians The
crowds were as large as they used to be on
convention and Grand Army occasions.
The Central District and Printing Telegraph
Company has announced its usual quarterly
dividend OF 8 per cent. The Metric Metal Com.
pany has declared a quarterly dividend of per
cent.
A Baltimore gentleman leased a room on
W ood street yesterday tor business purposes
Mr.. Ira NJ. Burchfeld yesterday reported
progress on the Homestead Railroad 1t is
now pretty certain that 1t will pass through
Calvary Cemetery
The lower part of Wood street. Williamsburg.
is being eurbed, workmen standing almost up
to their knees in mud while at work.
About S200000 will be invested early next
wear in a brick and tile factory between Edge
wood and Hawkins. The land has been p1r-
chased.
1t is understood that W. A. Heron q Sons
are engaged on plans for the Improvement of
the Schenley property
The haekmen did landofice business last
week. They think the Exposition and the
English visitors should come oftener and stay
longer.
New Buildings.
During the past week SO permits were issued,
45 buildings-S brick and 81
frame, the total cost being s4S,S55. The Twen-
ty-first ward led with 6, followed by the Thir.
teenth and Fourteenth with each.
The number of permits taken out the pre-
vious week was SO. representing SO buildings.
The estimated cost being S246,9l9. The total