Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-22
AS GOOD AS WHEAT.
Plenty of Home Money to Loan on
Good Real Estate Security,
NEW DEPARTURE ON SHADY LANE.
City Development in Its Relation to Street
Railway Securities.
THE FEATURES OF LOCAL SPECULATION
NEW DEPARTURE ON SHADY LANE.
THE FEATURES OF LOCAL SPECULATION

Easy money is stimulating the demand for
mortgages. A member of the firm of w. A.
Heron & Sons had this to say yesterday
afternoon: "There is good inquiry Tor
loans on real estate security. Mortgages ON
desirable property can be placed without
much difficulty. The prevailing rate is 8
per cent, but in cases where property is ex-
ceptionally good money cnn be borrowed
at 5 $40.
persons having good property, and de-
string to borrow on it find no difficulty in
obtaining funds as there is a great deal of
unemployed capital in Pittsburg seeking
is hardly worth considering as collateral for
loans."
Widening the Business Area.
Mr.. Joseph NJ. Schaefcr recently purchased
sexll5 feet of ground on Shady Lane for
5000. He now contemplatcs erecting
thereon block of business houses, for
which bids arc being taken. This is new
departure on that street, which has hereto
fore been almost entirely devoted to resi-
denceS. Being the main thoroughfare for
the entire Squirrel Hill district, and prin-
cipal feeder to Penn avenue, MIR. Schaefers
venture to widen the business area of the
East End bears every promise of success.
Conservatives Hold the Fort.
There has been quite q change in the bust
ness sentiment of the country within the
last two or three years, especially in regard
to real estate. Then the temper was largely
speculative, as shown by the numerous
wildcat schemes that were f1oated in the
Westand subsequently went to pieces, leav-
ing ruin in their wake. Tho financial crisis
of the last half of 1890 checked this sanguine
spirit and brought about reaction. Con-
servatism became the rule: and this is the
that iS haip
of real estate transactions. This is one of
the strongest factors in the local market,
and the best possible guarantee of perma-
nent activity. Buying for use keeps the
liable criterion of value. Speculation has no
place in such market.
That changes in ownership of land are
speedily followed by development is seen in
many of the thickly-built suburbs which
only a few years ago were used as pastures
for cattle or Fairgrounds for boys. There is
something substantial in this: it entirely
eliminates the element of. uncertainty from
the market. and lifts real estate, as an in
vestment, to the position occupied by Gov
ernment bonds or other undoubted securi-
ties.
Street Railway Development.
In estimating the value of street railway
securities, which are rising in importance
in this market for investment, the develop
ment of the city should be taken into con-
sideration. Everybody knows what has
been done in this line in the last few years,
but few stop to think of the probabilities, or
rather certainties, of the future. 1t has not
been long since horse cars supplied car To-
comotion, but they are too slow to meet the
requirements of to-day. The city has out
grown them. That Pittsburg will continue
to extend her boundaries is beyond Ques-
tion: and this growth will enhance the value
of the street railway properties by increas-
1t is safe to predict that with the removal
of the friction that necessarily attends the
establishment of the rapid transit systems
of this city, earnings will increase and ex-
is a guaranty of the former, while policy
will dictate the latter.
Business News and Gossip.
The rain put millions of dollars into the
pockets of the people.
Trustees of Christ Church have not yet de-
cided whether TO rebuild or sell. They will
holda meeting some time next week, and
to reach conclusion.
DuquesneTraction cars are of several colors,
which caused business man to remark
81 think this is Il mistake. All
the cars of this system should be of the same
color, not only as trade mark, but to avoid
confusion among patrons of the road. A
Duquesne car should be recognized as soon
as seen, but this is impossible in all cases
with so many cOlorS."
An experienced broker says selling stocks
short at this time is mighty risky business
The grain trade of the New York Produce
has adopted the amendments to
its rules necessary TO establish 5000 bushels
as the trading unit, instead of 5000 bushels,
the unit hitherto in force.
The question of continuing the four and a
half per cent bonds will be allowed to remain
until about July /.
While there is no immediate prospect of
f1na aloa hnil f1nr
worrying over the matter 1t is good prop
erty to hold.
Oil deliveries in the first four months of
1891 were less than for the corresponding |
period of $780, and only little in excess of |
1859. But the production was about l4O0 900 |
barrels in excess of 1890, and 4, 100 900 in ex-
cess of 1889. |
At Paris the financial distress is abating, |
owing to the denial of rumors affecting the |
credit of several large commercial houses.
The Homestake Mining Company has de- |
clared monthly dividend of 10 cents per
share.
The First National Bank of Sewicl1ley
business November l5, 1890
From statement just issued it is learned
that deposits now reach the sum of SCI, 1853 H.
This is an excellent showing for six months
Pittsburg and ConneIlsville Railroad Is
sold in Baltimore at 1l3A.
Sales of 5000 Manchester Traction bonds
we're reported yesterday at 103 and interest |
BY provisions of the Fow bill passed by the
Legislature Saturday, half
lOllQaNS 1Or Da1lkS anu bankers are leSal1Zod !
from June 10 to September Is, at the dis
,retion of the directory of each bank. New
cars Day, Washington's Birthday, Febru-
!ry p: Good Friday, Decoration Day, May 80;
Fourth of July, Labor Day, first Monday of |
september, and Christmas are made full
egal holidays.
Pittsburg Traction was several points
over in the bidding, as compared with
ednesday, but there seemed to be no
eason for it not previously known-Du-
uesne Traction completion.
The Building Record.
Permits for the erection of the following
were issued yesterday:
Elizabeth Call, frame two-story dwelling,
6x3715 feet on Promenade avenue, Twenty
bird ward. Cost, 1920.
Edward Geary, frame two-story and man.
ard dwelling. 1212x32 feet, on Whitney
treet Fourteenth ward. Cost $500
Thomas Dcvine, frame twostory dwelling, |
6NlS feet, on Fifty-fourth street, Eighteenth
rard. Cost, $500.
Martin Kmmel, brick addition onestory |
nd mansard dwelling, 15x34 feet, on Hall |
treet, Thirty-second ward. Cost, 5000.
Movements in Realty.
NJ. +. Nipple & Co. sold for Isador H Aaron
We lots, each 2Oxl00 feet, ON the west side of
'utler street, in the Watkins plan, Thir-
eenth ward, for g OO0
Black Il Baird report a large number of ad- ,
ftiona1 sales in Ellwood J. NJ. Hughes has
ought five lots for a large lumber yard. A |
Miller, of Pittsburg, has bought lots Nos.
Is and $50 for 81, 100, ID. r. Miller. of East Pal
stine, has bought lots Nos sl9 and $50 for
500 each; j. L. Turner, of Sandy Lake, has