Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-08
READY FOR ACTION.
Wheels of the New Piano and Organ
Factory Will Soon Go Round.
LUCKY DEALS IN REAL ESTATE.
Some Strong Features in Local Stocks,
While Petroleum Moves Up Peg.
OFFICE AND STREET NEWS AND GOSSIP


distance above McKeesport, will begin
operations week from next Monday. 1t
is completely equipped for turning out
! first-class work, and will afford employment
for about 500 hands. The Heinle hoop
mill, at the same place, will be ready for
business at the same time.
In regard to land values at Mendelssohn
and vicinity, Mr.. Wallace said: buyers
have poor picking there now. There is
nothing for sale at less than $4,000 to 5000
an acre. Land that was held at $500 an
acre before the town was laid out is now
scarce at $1,000"
A Short Road to Wealth.
The question is often asked by persons
who have paid little or no attention to the
subject: Is real estate profitable as an in
vestment? Here is an instance proving the
affirmative of the question. Names and
dates can be given if required: A piece of
unimproved property at ingram, consisting
of a number of acres, was sold less than q
year ago for 81, 500. The purchaser shortly
afterward traded it for improved property
worth $500 This owner subsequently
disposed of it for S24, 500.
As an explanation of this tremendous
jump in so short time, which is without a
parallel in this vicinity, it should be stated
that it was due to the promise and expecta-
tion of the speedy introduction of rapid
transit facilities, giving easy access to and
from the city, and rendering the property
valuable for subdivision.
Prosperity of the Railroads.
The bright expectations based on the phe-
hoi
and the era of prosperity for the railroads
of the country so confidently predicted has
set in. Great and steadily increasing gains
are noted in the earnings of the roads, and
the outlook is for a still more gratifying
showing. The most pleasing aspect of this
phase of the business revival is that the
activity in railroad circles is not confined
to one section of the country. North,
South, East and West-all roads are doing
most lucrative business.
The prosperity of the railroads will soon
react upon other lines of trade. 1t means
grist for the Pittsburg iron manufacturers.
Weak Concerns weeded Out.
The increase in the number of failures
this year over 1890, amounting to II per
cent, is not due to unfavorable commercial
or industrial conditions. The causes, in
brief, are in part the normal growth of the
commercial death rate due to a larger busi-
ness population, but for the greater part to
the prolonged period of restricted trading,
enforced economy and resulting wedding
out, following the congested money market
of November and December, 1890.
The wedding out process has apparently
eliminated, and it is fair to expect that the
last quarter of the year will show better
record in this respect than either of the
proceeding three quarters
Business News and Gossip.
A row of IL brick dwellings at Shadyside
will soon be under cover.
Owners of subdivisions report rapid sales
of lots to persons intending to build.
A. NJ. Tressel & Co. will to-day, weather
being favorable, offer at public sale at
Laurel station 40 fine level building lots
Bargains may be expected.
The statement is officially made that the
Buffalo, Rochester and Pittsburg Railroad
will in November begin payment of divi-
dends on the preferred stock at the rate of
per cent per annum.
The English syndicate which two years
ago bought the extensive brewery of Bauer
schmidt & Marr, in Baltimore, have Of
fered it back to the original owners for
S125, 1000, having paid 5000, for it.
There is some prospect that the Mckay
property at Edgewood will soon change
ownership and be improved with one of the
finest residences in the borough.
In September the earnings of the Balti-
more and Ohio Southwestern were S240, $50,
gain of $40, 139.
The farm lands in the Northwest are said
to have appreciated in value 5000, 900
since the close of the crop season of 1890.
Of47 mortgages on file for record yester-
day IL were security for purchase money.
The largest was for Sc, 900.
Messrs. August Belmont & Co., of New
York; Lee, Higginson & Co., of Boston,
and the First National Bank of Pittsburg
offer for public subscription $4,000, 900 of
per cent cumulative preferred stock of the
Westinghouse Electric and Manufacturing
Company. Shares are $50 each and are
offered at par. The preferred stock is en-
titled to its dividend semi-annually and to q
proportionate share of all dividends de-
clared after per cent has been paid on
other stocks outstanding. The security is
ample. Subscription books will be opened
at 10 A. NJ on Wednesday, October IA, and
will be closed at P. NJ. October 16. Un-
derwriters have guaranteed the subscrip-
tion for the entire amount of the preferred
stock.
Allegheny Court House As, maturing
1908, sold in New York at 81 051S and in
terest
Beginning to-day oil deals on the open
board will go through the Clearing House
as formerly.
At Harrisburg yesterday the Enterprise
of tod
an extension and renewal of charter. The
capital stock is $1,000
Permission was granted at Harrisburg
yesterday to the j. |. Case Threshing Ma
chine Company, of Racine, Wis, to open o
branch office in Pennsylvania, headquarters
to be in Pittsburg.
Movements in Realty.
Baltensperger & Williams sold for Miss E.
McCacken four-room frame house, lot 25
xlIO, on Ridgcwood avenue, Allegheny, to
A. L. Watkins for 81, 700.
Black & Baird sold to Grant Buzard lot
No. 81 in T. A. Gillespie's plan of Heron
Hill Park having frontage of % feet on
the southside of Webster avenue and ex-
tending back an even width of 100 feet to
Karnak alley, for $3.50.
Charles Somcrs & Co. report the following
additional sales of lots at Blaine: Josiah
Gester, city, lot 8, in block 10, s4O0; Margaret
Jafferies, Philadelphia, lots "a and So, in
bloc X s, 1900 each; ]. r. Stevens. Allegheny,
lot 81, in block s, s4O0; John Crozier South
side, city, lot %, in block ., sb0: Frank Um-
holtz, McKeesport lot IS in block l3, $3.50;
city, lot 81, in block L. $3.50; S. c. Zcllinger,
Mercer West, Johnstown, Pa, lot Al, in block
13 S4OO; Thomas Bendinge, Allegheny, lot2l,
in block 10 s409.
Thomas McCaffrey sold for William Tam
the property situated at the corner of South
and Thirty-ninth streets, lot 5Oxl20 feet,