Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-31
WORK OF THE YEAR.
Review of Local Business Operations
for the Past II Months.
GOOD RESULTS ACCOMPLISHED
In the Face of Difficulties in the Way of
Strikes and light Money.
FIGURES ON BUILDING AND REALTY

business point OF view, and it is in order to
take a general survey of the results. 1t
started badly. Business went to the wall
in the latter part of $780, Money was tied
up and confidence shaken. Disaster after
disaster added to the general discourage
| ment. Enterprise was stagnant As time
| progressed, however, improvement set in.
Weak concerns were weeded out, confidence
returned and the volume OF trade increased.
In the last quarter money became easy and
bank clearings increased. They will aggre-
gate in round numbers S670, ,00O, 600, against
$3.50, S77 ,4G1 in 1890, and S649, S32, GA in
1889. being the largest, with the exception
of last year, since the organization of the
Clearing House in 1876.
Operations in Realty.
Transactions in real estate while better
than expected, fell considerably below those
of 1890. The causes for this have been
pointed out often that they need only to
be referred to here. Tight money at the
beginning of the year scared investors out
of the field. They held back for break in
prices that never came. Later on, the
carpenters strike, which touched realty on
every side, added to the depression, and
put the market flat on its back By the
tine this incubus was removed it was too
late to recover all the lost grouud The
market commenced to rally at the begin
ming of November, and became decidedly
active by December, most agents reporting
q better business than in the same month
last year. The total value of property that
changed ownership during the year
is estimated by good authority at S250OO,-
600. Last year IL was estimated at $40 000,-
900. One firm reports decrease in its sales
of nearly s. 600. 600 for the year, but others
did more. There were fewer large trans
actions than in 1890. The principal are
these: Central Hotel, $3.50, O0O Govern
ment property on Penn avenue, $3.50, 900;
Kafe Bailey, $4,000; Herst property to
Boggs & Bull, ,Ss5, 900; Messler to Solomon,
S95,O00; Nimick property, Williamsburg,
SIC, 900; Christ Church purchase, Baum
plan, S7S,000 The close of the wear finds
the market occupying strong position,
with good prospects of a. busy time in the
spring.
The Binding Record.
Building operations suffered from the
same causes that operated against real cs-
tate-tight money at the beginning of the
year and the strike during the summer.
These caused many building projects to be
abandoned for good and all, or to be de-
ferred until more favorable season. Still,
with all the draw backs. the result of the
years operations in this line is quite re-
spectacle. Figures at hand, a few estimated,
show that permits were issued for about
$500 improvements of all kinds the bulk
being small and medium-sized dwellings, at
total estimated cost of s., no, 900 in round
numbers. Districts outside of the city are
not included in the estimate. The number
for which permits we're granted last year
was 8, ,141 at an estimated value of S,000,
600. In 1889 1926 buildings were erected
at cost of Sc, S45, go, and in 1888, 2.764,
costing S., 341, ,193. In the last decade the
number of buildings erected in Pittsburg
aggregates 1881. The outlook for the
coming year is favorable to great activity in
this line of ofdevelopment.
Local Stocks and Oil.
The year was not bad one in speculative
circles Tight money induced free real
izing during the first half In the first
quarter holders of Westinghouse Electric
were free sellers. The largest sales of the
year were on February Z, when 12,615
shares changed hands, of which II, $50 were
Electric. The successful reorganization of
this company impaired n better tone to the
market, and during the present quarter
trading has been fairly active and the tone
firm, with general recovery in values.
Final prices, however, with few exceptions,
are materially lower than year ago
Total sales for the year approximate
130, 900 shares, against about 1900 last
year More bonds were sold than last year.
Oil was slow all year, but there has been
some improvement within the last three or
four months. The principal event in this
line was the opening of the Mcdonald
field. which largely increased the pro-
duction. This has been and is the principal
bear card AS only part of the transactions
passed through the Clearing House. clear
ances cannot be given, but they are not
within speaking distance of last year. when
they footed up 81, AGO. 900. In 1889 thew
were a2s, 100000. Brokers think the out
look for the coming year is fairly en-
couraging
This Situation and Outlook.
Business results for the past u months
are before the people for their verdict They
offer much to think about and rejoice over.
The big crops were not only boon to this
country, but to the Old World rs we'll.
What does the coming year portend? As
things now look, it will be one of prosperity.
The financial situation is strong; capitalists
feel safe and investors are confident. Great
interests are organizing for active opera
tions. There are signs of activity Oh every
hand. Work is plentiful and wages fair.
Viewed from any point the outlook is en-
couraging. This is the situation as the
curtain falls upon 1891
Business News and Gossip,
Business was slow yesterday, but there
were no bad influences at work. 1t was the
regular New Years slump.
Real estate agents having large deals on
hand say it is almost impossible to bring the
principals together. and do-not expect to
close anything until the holidays are out of
the way.
An agent stated yesterday that he did not
think there would be any advance in rents
town district. He was certain there would
be none in East Liberty or Oakland
At the last call yesterday l07 was bid for
S., 600 or so 600 Citizens Traction bonds.
A charter was granted yesterday to the
Armstrong Brothers Manufacturing Com
pany. of Pittsburg. Incorporators, Thomas
NJ. Armstrong, Andrew J. Armstrong,
Charles D. Armstrong William H. Pfahl and |
William L. Standish. Capital stock, 81, OOO,-
OoO
The Metropolitan National Bank ha. de- |
ciared a semi-annuai dividend OF 8 per cent, |
payable January l.
1t isamong the probabilities that the pur- |
chaser OF the Government Penn avenue |
property will fail to comply with the terms, |
and that resale will be ordered.
W. G. Johnston has sold to w. II. DAILY a |
residence property in the Fourteenth ward |
for SIS, 500
Papers passed yesterday consummatine |
the Messler-Solomon Gesl on Smithfield !;
street.
Movements in Realty
Baltensperger & Williams sold for 3. ]. |
Williams and George H. Hershey, to Charles |
Wenk, a new frame house of five rooms, nall, !
porches. ETC., on Natchez street, Mt. Wash I,
inutOn. for a Dnce DDroximatino 60 mn 90 Sb 4