Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-17
A BIG DEAL CLOSED.
Carnegie, Phipps & Co. Preparing to
Enlarge Their Bessemer Plant.
PATTERSON FARM CHANGES HANDS
Speculation Taking Broader Range With
the fractions in the Lead.
OFFICE AND STREET NEWS AND GOSSIP

OFFICE AND STREET NEWS AND GOSSIP
1t was stated in THE DISPATCH OF Satur
day last that Carnegie, Phipps ~ 20. had
about closed deal for 55 acres, the re-
mainder of the Patterson farm, adjoining
Duquesne and opposite McKeesport. This
transaction has since been closed. The con-
sideration was s255, 900. The ground will
be utilized by the purchasers for the extern
sion of their already large Bessemer works.
1t is understood the Thirty-fourth street
mill will be removed to this place. The
price is the steepest ever paid for acreage in
that vicinity, but the company needed it, it
suited them, and few dollars extra counted
for nothing. This important deal vas en-
gineered for the owner by Will S. Stokes,
with David Shaw & Co.
Good Railroad Reports.
There are many favorable features in the
October returns of gross earnings. Both in
volume and in percentage of increase there
is very considerable gain over October of
1890. Among the features of the exhibit
are the uniformly large gains shown, and
the correspondingly small number and
slight Importance of decreases reported. In
many respects, therefore, the October report
is quite satisfactory. According to Brad
streets compilation gross earnings of 14O
railroads for October aggregate S56, 712, 549,
gain over last year of 81 per cent. The
grangers lead all other groups in percent
age of gain, with an increase of more than
IA per cent. -Four other groups, the East
ern, Southern, Southwestern and Trunk
lines, shown gains of between and 10
per cent; the Pacific roads gain per cent
and the smallest gain of any group is that OF
the Central Western, per cent.
Gold and Silver Statistics.
The annual report of the Director of the
Mint, although bristling with figures, is
more interesting to the business man than
Persian tale From this document it ap-
pears that the value of the gold deposited
at the mints and assay Offices during the
fiscal year 1890 amounted to S59, ,625, ,675 0S,
as against S49, ,22s, ,S2S 56 in the preceding
year. an increase Of $40, 1896, 854 81. The de-
posits and purchases of silver aggregated
Il, ,S69, 1858 80 standard ounces, of the coin
ing value of Ss3. $50, 154 81, as compared
with S43, 565, 135 10 in the preceding year ,an
increase of a little over $40 900, 900. Coinage
executed at the mints was the largest in the
history of the country. A greater fuctua-
tion was shown in the price of silver during
the last fiscal year than in any previous
year of which there is any record The
range was from sO.964 to S1.21 per fine
ounce. The price of silver in New York at
the beginning of the year was S1.05 an
ounce. From this the price advanced to
81. q per fine ounce on August 10, 1890, the
highest point reached. The average price
for the year, on the basis of London quota
Hyn and no
basis of New York quotations, 81. 3-10per
fine ounce.
Bonds Coming to the Front.
The opinion widely prevails that there
will be an active market for good bonds
after January 1, the period Of yearly settle
ments and reinvestments. Already there is
a fair local demand and it promises to
expand. This opinion is we'll founded.
General business is in good condition and
money is easy. There is no apprehension
of any important financial disturbance.
There Is, therefore, ample ground for conf
dence Such a condition is favorable to
investment Money will seek and find en-
ployment, and as bonds of reliable issues
are always favorites with investors in flush
times the probability, as stated, is that
they will be in active request and rule
higher soon after the advent of the new
year.
Business News and Gossip.
1t is understood that Captain Wander
grift has let the contract for his Office build
ing, corner of Wood and Water streets.
Investors should consult the advertise
ment of the Central Trust Company, 81
Wall street, New York. II. H. Warner &
Co., Limited, are the largest dealers in
their line in the world, and the stock is
everywhere recognized as high-class
security. Subscription books will close at
II NJ. Saturday next.
AT the annual election yesterday for
directors of the Bank of Pittsburg, the fol-
lowing were chosen: R. NJ. Tindle, Reuben
Miller, William Thaw, Jr., John Porter
field, John A. Harper, John H. Ricketson,
William A. Caldwell, William G. Park, J.
Stuart Brown and James Collord. There
were two tickets, conservative and pro-
gressist. The result was mixed, but those
favoring the old policy had the best of it.
The new men are John Porterfeld, John
Ricketson and James Collord.
The following corporations were granted
charters at Harrisburg yesterday: The
Blair Land Company, of Pittsburg; capital,
sos, 900; incorporators, George S. Fleming,
S. P. Conner, P. Foley, E S. Kennedy, O.
John B. Larkin, John A. Craig, John j.
O'Leary and 7. O'Leary, Jr, of Pittsburg;
A. B. Kennedy, of Allegheny; James
Hagan, Harrisburg. The Perry Homestead
Loan and Trust Company, of Allegheny;
capital, $751; incorporators, Charles W.
Simon, w. G. w. Taylor, Charles P. Lang,
Peter Lauster, H. w, Klein. Fred Land, Of
Allegheny. The First National Building
and Loan Association, of Pittsburg; capital,
81, 100000.
John D. Bailey yesterday sold Is shares
Exchange National Bank at So.
At the last call Yesterday Duquesne Trac-
tion was bid up to 171s, and was offered at
10. Manchester was offered at 80, and liz
was bid for Birmingham.
New stock of the Fidelity Title and Trust
Company was offered at IS.
Pleasant Valley Railway earnings for Oc-
tober averaged 81, 1l5 day. Dividend and
interest on its bonds seem to be assured
Movements in Realty.
A combination sale of valuable real estate
will be held at the Real Estate Auction
Board rooms on Thursday, November 10. at
9 P. NJ, under the auspices of four or five of
the leading real estnte agents. The variety
of property, as shown by the advertisements
in this paper, should insure q large attend
ance
Allies Bros. & Co. sold at auction for A.
Kuntzleman No. % Plus street, double two
story business property, with lot Axl0O feet
to O street, to St. Micheafs Church 1or So 400
cash.
W. A. Heron & Sons sold lot No 13, Del
mar Terrace, Fifth avenue, Oakland, to Mr.
Z. C.. Nc Elroy. who will erect a residence at
an early. date. This is the second lot sold in
this plan within ten days, and negotiations
1tv,<~F Fzv.