Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-04
THE SALE DEFERRED.
Failure Of the First Attempt to Sell
the Shoenberger Property.
GLASS COMPANY STOCK PICKED UP.
The Fidelity Title and Trust Company
Increases Its Resources.
FINANCIAL AND SPECULATIVE DRIFT

berger as special partner in the firms of
Schoenberger & Co. and Schoenberger,S ,Speer
& Co. iron and steel manufacturers The de-
cedent had 5. 32d interest in each firm, the ap-
praised value of which is s20s, ,079S2. When
Auctioneer Leggate arose to open the pro-
ceedings seven gentlemen were comfortably
seated in the Office facing the immense plant.
These included all the partners except one.
Bidding was slow. Finally Mr. Speer Of
fered S53, 600 under the impression that the
profits of 1890 were included, but on At
torney Shiras stating the sale was to date as
from July, 1891, Mr. Speer withdrew his bid.
After waiting until nearly IL O'Clock, and
iourned until Tuesday, october 6, at p. NJ
Meanwhile the executors will receive .pri-
yate offers.
The Fidelity Doubles Its. Resources.
The stockholders Of the Fidelity Title and
Trust Company decided at special meet
ing held yesterday afternoon to increase its
capital to sl,Ooo,0o0 The present stock
holders are entitled to subscribe for one
share of new stock for one share of the pres
ent holdings, with the right of assigning the
options. Any new stock not taken by the
original owner will doubtless find ready
sale The payments have been made quite
easy; 10 per cent October and 10 per cent
every sixty days thereafter. But every sub
scriber becomes liable for the unpaid bal
ance of his subscription, and upon the entire
stock being taken the company may be
fairly regarded as having q capital of $1,000
O0O =.
Under the Corporation Act Of this Com
monwealth the capital stock of a trust COM
pany is taken in lieu of the bond ordinarily
given by guardian, administrator or
r,fh kla IL osofi fir,or f1,fa
value of ample security recommended the
action which the stockholders yesterday
confirmed.
In q corporation as large as the Fidelity"
absolute unanimity is not to be expected,
Dqt out of 5000 shares only 3S3 shares voted
against the increase. About rs per cent of the
whole capital was represented.
1t is probable the new capital viii De
largely invested in installment mortgages,
which experience elsewhere has shown to
be u desirable form for persons desiring to
make frequent and small payments. Each
payment being an equivalent to an invest
ment of that amount at the same rate OF In
terest as the mortgage bears, it keeps the
mortgagor's money always actively en-
large payment, or at best earning low rate
of interest
The Fidelity has grown to be one of the
most important institutions Of Pittspurg. IL
finds constantly enlarging field Of useful
ness in this ciry.
Meeting with Fair Success.
Subscriptions to the preferred stock ofthe
United States Glass Company are coming in
quite fairly. Robinson Bros. report that up
to date $500 600 of the $500. 900 has been taken.
Subscriptions were from one share to $50.
Subscribers are nearly all Pittsburgers.
Ground for Encouragement.
While it is plain enough that there is no
boom in Pittsburg realty, the market is fairly
active and full of good features. 1t is not
oversold, and there is good. strong inquiry
for use and investment. Speculation, like
hanging, is almost played out. The prospect
of an abundance of money for some time to
come is causing farsighted operators to turn
their attention to lands and houses, and
many of them have important deals under
consideration; Four or five downtown prop
critics are cooking.
In the outlying districts rapid transit has
penetrated, territory is being developed
and built up with surprising rapidity. All
things considered, the outlook is full of en-
couragement.
A Chance for Home-Seekers.
What is known as the Harris" property,
with a large frontage on Westminster place,
near ANDERSON avenue, Shadyside, has been
placed in the hands of w. A. Heron & Sons
for sale, either as a whole or in parts. West
pletion of the Shadyside. Presbyterian
Church has become one or the most desir-
able streets in the East End.
Business News and Gossip.
This will be another good week in the
building line. Large permits are a special
feature.
A mortgage specialist said yesterday:
Business is slow on account Of the absence
of many of the lenders. Inquiry is good and
the outlook favorable for a good movement
this fall. Very little money is offered under
6per cent"
1t is rather singular that whenever the
croakers exhaust the stock of natural gas
in their minds-new sources of supply are
developed.
The Shoenberger Iron Works cover ten
acres of ground. This affords pretty good
idea of the magnitude of this great industry
in Pittsburg.
The American Banker states that 4s counties
of Kansas the past three months paid off
81, 500 900 farm mortgages, and that It is ex
pected the payments win average 81 600 900
per month for the next year.
The Williamson Manufacturing Company
has been incorporated at Williamson, VI.
Va, to mine coal and sell lumber. iron, etc.
The authorized capital stock is $500, ,OOO
W. /. Muslin is back from his vacation
He made himself heard on Change yester-
Railroad reports continue to show busi
ness on the right side. This is a strong bull
card.
n
tnorized the First National Bank of Cali.
fornia, Pa, capital $50, 900, to commence busi-
ness.
At the last call yesterday Manchester
Traction was offered at 3sll.
There is said to be a big deal on the CARPET
for Point bridge stock.
a. Movements In Realty.
S. A. Dickie & Co. sold for d. j. Kennedy to
j: p. Fleming lot, corner of Lincoln ave-
nue. and Lake street, 40xl5O feet, for 8, 900.
Hoffman & Baldridge, Williamsburg, sold Z.
new and modern frame house Of eight rooms
all conveniences, on Savanna avenue. viii.
kinsburg, with lot 27x120 to an alley. for
$3.50.
Black & Baird sold to Mrs. Mary Dunleyv
a small frame dwelling on the south side of
Frazier street, Fourteenth ward with lot COX
100 feet, for 81 500.
John K. Ewing & Co. sold for i. G. Rohr-
kaste to William s. Morrison two lots. a0x
100 each, on Sheridan avenue, Tenth ward
Allegheny, for $3.50.
Reed B. Coyle & Co. sold lots Nos. l29 I3o
and l31 in their Glenmawr Park plan at
Haysyille, Pittsburg, Ft Wayne and Chicago
Railroad, being 80 feet on Merwyn avenue bv
ITO feet on Ferndall avenue, for 1915 cash,
w. A. Heron & Sons sold at Edgewood.
Pennsylvania Railroad in the wilkins es.
tate, third plan, lot "a on Hutchinson
for lots in this plan.
The Building Record.
Sixteen permits were taken out yesterday
for the same number of houses the esti-
mated cost of all being $25, 22O