Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-08
THE DRIFT OF TRADE.
Labor Day Closes the Banks and Ex-
change, but Otherwise
BUSINESS is ABOUT AS USUAL.
Financial and Speculative Conditions
Strong and Growing Stronger.
NO FEARS OF A MONETARY STRINGENCY

Yesterday was large holiday in defer
ence to labor, but so many people were at
work, the stores and shops were so we'll
patronized, and the streets so thronged
that the character of the day was not OBJ
vious to the observer. The Exchange and
banks were closed, but in other respects
Labor Day was much like other days.
Stock brokers did little, and had nothing to
say. There was some inquiry for Philadel-
phia Gas and Luster at close to Saturday s
figures. 1t was reported that the Air
brake Company would soon reduce the
hours of labor and wages.
Will Build Next Spring.
Colonade row, on Federal street, Alle-
gheny, will not be torn down this year.
Next spring it will disappear and be suo-
| ceeded by a six or eight story business
| house. The outcome of this improvement
| will be closely watched. 1t is predicted
| that it will wake up owners on that part of
the street and pioneer the way for IA general
| overhauling of the antiquated structures
| which have long survived their usefulness.
| This will be distinct gain to the Northside.
Indications of Easy Money.
| The improvement in mercantile and manu-
featuring lines points to a larger use of
| money ITOIn UnlS ClIO6 lOEWdru, anu UueTO Is
some apprehension of hardening of inter
est rates. As foil to this, it is pointed out
that the return of gold from Europe and of
currency from the West after the crops are
| moved will counterbalance the absorption
| of funds by the expansion of legitimate
| trade and maintain the market in an easy
| condition. The latter view is the more rea-
sonable of the two. Not for many years has
the supply of funds been SO easy at the
Al,4 Fr1l Tl,ar
| complaints of scarcity from any source. No
| worthy interest has suffered for necessary
assistance. The condition of the P1ttsbuTg
banks was never better. ALI the financial
bearings tend in the direction of promise.
The strong position of the market will be
reinforced by the return of the gold exported
to Europe which will contribute to its ease
and efficiency. From these considerations
there would seem to be no reason to appre-
hend a stringency. without which an ad-
vance in rates would be an anomaly IN Dusl-
ness.
Widening Its Field.
Preliminary work on the Mckee building,
at the corner of Wood and Diamond streets,
is we'll under way. 1t will cover the lot and
be two stories high. AS stated some time
ago, it will be occupied by the Edison
Electric Company on a five years lease at
an annual rental Of 1000. The company has
been represented in this city for several
years, but proposes to extend the field of its
operations. It will display a full line of
electrical goods, but the report that it will
compete for city lighting has no foundation
in fact-at present. What it may do is
further along.
Outlook for Stocks.
In regard to local stocks, it is clear to even
ordinary observation that the public is on
the bull side. The realizing of profits has
reached point to leave the market free to
move forward. 1t is as certain as anything
can be- that there will be no general move
ment backward. Stocks as general thing,
are in strong hands, which of itself is suf-
ficient to insure a strong market. But bet
ter than all, perhaps, is the fact that nearly
all the weak spots developed early in the
season have been fixed up and no longer
act as a dragnet on other unimpeachable
securities. This has strengthened public
confidence, and won back a great many in |
vestors who had become disgusted and left
the market. |
&C. An Important Meeting.
The next important local corporation |
meeting will be that of the Union Switch |
and Signal Company on the 18th inst. At
this meeting the stockholders will take |
action on the proposition to confirm the |
sale of the Garrison alley property to the |
Westinghouse Electric Company, and to
transfer tile mortgage lien from this prop
erty to the property of the Switch and
Signal Company at Swissvale. Of the |
$3.50, 900 bonds issued by the latter company |
and $54 600 sold to spectators. Interest |
amounting to about 100000 on the holdings |
of the Airbaake Company has not been paid. |
The notification of the sale of the property |
and the removal OF the lien will enable the |
Switch and Signal Company to meet the |
obligation and place itself on better finan- |
cial footing generally.
A Boom on the Way.
Some peculiar theories have been ad- |
vanced in regard to seasons of activity in |
realty. Basing his calculations on the his |
tory of real estate transactions all over the |
country. one broker OF a philosophical turn |
of mind attempts to show that "booms" or |
seasons of activity have a tendency to move |
from west to east. According to his theory |
the movement of last year in Chicago was |
but transfer of the activity of a few years |
ago among the towns along the Pacific coast |
and more recently in Kansas City, st. Paul, |
Minneapolis and Omaha. Following his |
idea the next scenes of activity will be in |
the East, embracing the large cities of the
Ohio Valley. and later Boston, New York |
Philadelphia, and Pittsburg.
Business News and Gossip.
Half dozen real estate brokers visited
Shadyside on Sunday. Something must be in
the wind.
Mr.. H c. Wilson has withdrawn from the |
firm of Samuel W. Black & Co., and will en-
gage in another line of business.
Pittsburg dropped to the ninth place in
the list of clearing house cities last week.
A. L. Watkins has sold to John F. Gang
wish, Jr, house and lot in the Nineteenth
ward for $4,000
Several oil traders yesterday predicted an
active market this week. They think out
siders are becoming interested.
The Westinghouse airbrake has been
adopted in Prussia and Australia.
The improved demand for bonds shows
there is plenty of. money for investment
after taking care of business.
George Wortley will break ground this
week on Hill street, Brushton, for four frame
dwellings.
The corner stone Of the NJ E. Church at
Williamsburg will be laid Thursday evening.
Movements in Realty.
Reed B. Coyle & Co. sold through the
agency of Hornberger & Co. property on
Second avenue, Glenwood, consisting of a
storeroom and two dwellings, with lot 24x
l2O feet to an alley, for 81, ,l5O cash.
The Burrell Improvement Company report
the following sales of lots at Kensington, the
new manufacturing city on the Allegheny
Valley Railroad: John Vaughan Mononga-
hela City, lot 76 block g. for $685.; Hugh Rodp-
ers, Sharpsburg, Pa, lot IS, block Z, for
SOL 25: Basil Bell. Pittsburg, lot 81, block 4
for $!SS 70; Frank Dahlman, Southside, Pitts.
burg lot So block s, for $40: Adolph w. |
Warg. Southside, Pittsburg lot lOs block s. |
for $4SS 75; Tommy Stiviski, Pittsburg lot |
IA, block 2, for $3.50: Wolfganger Becker, lot
so, block Z, for $431 %.
w. A. Heron & Sons sold lot l45 in the
sr-1.A