Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-31
CITY'S REAL ESTATE.
Twenty-Eight Acres Picked Up in an.
Outer Ward by a Company.
POINTS FOR SELLERS AND BUYERS.
Review Of the Weeks Work in Local Stocks,
With Hints for Investors.
WHEELING NATURAL GAS CO.'S REPORT


was made yesterday. This land ad1o1ns
calvary Cemetery, and the price is said to
pe very low considering the value OF aqua
cent property and compared with recent
sales in that neighborhood. This properly
has changed hands twice within the past
year, and has doubled in value. The Com
merelal Land Company is chartered organ
lzation, composed of business men who are
investing for the future. The location OF
their recent purchase gives beautiful ana
commanding view of the Monongahela Val
ley for ten miles, and in the near future will
bring to the owners handsome returns. The
tract was part of the belmont Jones farm,
but the title was more recently vested in
the Walker heirs.
Weekly Review of Local Stocks.
A. j. Lawrence 6 Co. say: 1.-THE anniversa-
ry of the Johnstown flood recalls fact in
relation to our local stock market which has
often been commented on by brokers. That
great disaster marked the turning poins for
both values and business, and from May 81,
1889, until May 81, 1891, was one long sweep
of downward prices, only relieved by occa-
sional rallies in few specialties. 1t may De
interesting to take look backward for
moment. In the flood year the market was
running at full tide up until Decoration Day.
The weekly sales of stocks averaged 10000
shares, aud there were heavy transactions
in bonds.
philadelphia Company, which had started
the year at 352< ran up to 43, and it was q
duh day when less than 500 shares changed
hands. Westinghouse Electric opened the
year at 3415 and never stopped until it
touched 631S. Switch and Signal advanced
Gaef lS per IN three mebR6n Of IRON
had had their phenomenal boom, when Cen
tral Traction took up the running and COW
cred the ground between 21H and 30 in very
bonds sold in one block at 103 and quickly
retailed at 105@106. And SO on throughout
the the entire list. The trading was marked
by confidence, and spectators and investors
stopped waiting for reactions on which to
buy
Immediately after the Johnstown calam-
fty the situation changed. The downward
structive torrent which swept through the
Conemaugh Valley, but it was none the less
productive of financial loss. The culmina-
Electric sold at 6sS, Philadelphia Company at
81, Switch and Signal at ", Central Traction
at II, and nearly all the other active stocks
S. to $40 a share lower.
Such Tremendous Shrinkage
in values has certainly discounted all the
much-talked-of water which is said. to be
represented in the various capitalizations,
and we believe present conditions justify
material rally. This rally began two months
ago, but it has been handicapped by the
unsatisfactory status of affairs in the West
inghouse Electric Company. The .embar-
rassment of this company has been
an incubus upon the market, holding
it down in spite of easy money and
improved prospects Of other properties
listed on the exchange. Mr.. Westinghouse
personally assumed the herculean task of
extricating Electric from its troubles. He
interested in it a New York banking house
having an international reputation for
strength, and beside q number of fnancierS
who are known everywhere for their. sue
cessful management of large corporations
Having accomplished that much, he asked
the cooperation of the stockholders in a
plan of reorganization which he and his emf
rnent associates believe will place the en-
barrassed company on paying basis We
believe that the proposed reorganization is
combined financial ability of the hackers of
the plan will be immeaSurably superior to
that of any man who could be selected as q
receiver. In our opinion, therefore. the
should act promptly in aiding
the reorganization.
"The embarrassment of the Westinghouse
interests is to Pittsburg what the Barring
Bros troubles were to London. In the latter |
instance the great bankers of England and |
the Continent came to the rescue, and the |
partners of the famous firm made tempor- |
ary sacrifice to preventa greater disaster. In |
York and Boston have been induced to ex- |
tend relief, provided the stockholders ii. e., |
partners) of the electric company will make |
q temporary sacrifice. The effect of an ad- |
justment OF the local company's troubles |
will be as favorable, proportionately. as that |
of the London firm. The Westinghouse |
group of stocks represent d capitalization of |
over $23 900, and all of them would be |
affected, while the remainder of |
the active list would respond in sympathy to |
conditions"
The Significance of Gold Shipments.
Henry Clews Co. say in their weekly re.
view of the financial situation: "The course |
of business ON the Stock Exchange still |
turns almost entirely on the exports of gold.
As foreshadowed in my last advices, the |
shipments have materially declined, having |
been about "a, 500, 900 for the week, compared I
with $1,000, 600 last week; and although there |
Is sharp demand for bills, the probability |
Is that we are almost at the end of the move |
ment. At the moment there are considerable |
being made against the recent
specially large imports of raw sugar, Incl
dent to the repeal of the duty upon that |
article, the receipts of which since March / |
exceed those for the same period OF last year
by 100, 900 tons, valued at 81, 100000
''The factor determining the future course
Of the foreign exchanges, however, is less
whether there is still outstanding any i'm
than what Europe is likely to do
under the increase of money that now rests
in it's great banks? Within the past two
months, we have sent close upon $50, ,000, 900
Of gold to Europe; and, although the bank re-
turns do not show exactly where it all rests,
yet such a large and sudden accession to cash |
reserves cannot fail to strengthen confidence
IN the foreign money markets and produce
IN expansion of lending ability.
"Under these circumstances. it becomes |
not so much question whether Europe will
want more of our gold, but rather whether
It may not find it necessary to encourage |
The refuN of our money in order to find use
'or it. Such situation as this suggests |
probability that European bankers may
tlrect their agents here to lend more or less
freely in advance of the anticipated return
If gold in payment for our crops. 1t seems
reasonable, therefore, to expect an early
urn of the foreign exchanges in our favor.
IN the meantime, the rates of exchange at
III interior points are at SO high premium
IN New York as to suggest the continuance
If free receipts of currency by our banks.
e is true that the receipts have been heavy
Turing late weeks the total net cash remit
he middle of April having amounted to
bout $50, 100000, which, compared with the
efuX of recent years. might seem to sug
rest some probability that these receipts
nay soon decline.
But it Is not to be overlooked that, during
asst fall, the Treasury let out some $4,000, 600
# cash, which was drained Off into the in
erior as fast as 1t came out besides which
he Treasury has since that time issuednear-
y $5O, ,OOO, 900 of new silver notes. 1t hardly
GEMS unreasonable to expect that, with a
comparatively quiet condition of general
rade throughout the country, this immense
nf1ation of the currency should be followed
y specially liberal spring and summer re-
urn of money to this center Coupling this
probability with the prospect of. favorable
nfuences from Europe both before and after
l,D vITzIr