Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-04
THE STATE OF TRADE.
Another Handsome East End Resi-
dence Changes Ownership.
SALE OF TIE HOPKINS HOMESTEAD.
Easy Money Favorable to the Expansion Of
Legitimate Enterprise.
FEATURES OF MONEY AND SPECULATION

changed ownership yesterday. Black s.
Baird sold for Joseph X. Cass to H. j.
Heinz, the pickle man. property on the
and Murtland, consisting of lot fronting
III feet on Penn by 800 feet in depth, with
large brick mansion, for $50, 900.
This place was for many years the home
of Hon. James II. Hopkins. Mr.. Cass
parts with il solely on account of being
obliged to live in or near Tyrone, where ne
has important interests requiring his per-
sonal supervision.
The State of Trade.
Seldom has money been SO plentiful as at
the present time. 1t has become so much
of drug in New York and Boston that the
banks have cut down the rate of interest to
large depositors. 1t is estimated that the
financial institutions of Pittsburg hold be-
tween S15,0c0.O 600 and $40, 600, 900 OF idle
funds. If there is any locality in the coun-
try not fully supplied with currency it can
not be argued as reason that there is not
enough to go round. This plethora of
money is regarded by some as evidence of a
slack condition of trade. Clearing House
statements and business reports do not bear
out this theory. They show that the vol
ume Of trade is larger than ever before at
this season of the year. Exchanges be-
tween the Pittsburg banks for January,
ultimo, were nearly 1000, 900 in excess of
those TOR the corresponding month last year.
The true reason for the opulency of the
money market is found in the fact that the
outflow to Europe is restricted, imports be-
ing paid for with provisions and breadstuffs.
Another fact is importan. in this connec-
tion. A great deal OF the money that was
boarded in the latter part of 1891, when a
panic was imminent, is now seeking en-
ployment.
Prosperity in Pittsburg.
Many express surprise that, with so much
idle money, to be had almost for the asking,
new enterprises do not make better show
ing. These critics-or grumblers-are un-
reasonable. For the week ending January
% there were organized in the United States
354 industrial corporations having an aggre-
gate capital of S99, 900, 600 in round numbers.
What is the situation in Pittsburg? Nearly
all the great and small industries are in
operation, labor is fairly employed, the city
is prosperous and growing. There has never
been a time when capitalists had more
confidence in its future. This is shown in
the large number of building projects both
of public and private nature, of which
previous mention has been made. Pitts
burgers believe in Pittsbu-g, and are sub
stantially backing their belief Real estate,
which underlies all other interests, was
never in a healthier condition. Homes for
the people are springing up on every hand.
Prosperity is general, and bears every mark
of permanency. Easy money is favorable
to development.
OF course the unexpected may happen,
and Benner's prophecy of six years of busi-
ness stagnation may come true, but there
must first be complete reversal of condi-
tions, of which there snot sign in the en-
tire business world. The future is full of
reasonable certainties of peace and plenty
for ALL
A Conservative Forecast.
Mr.. c. II. Love, one of the most conserva-
tive real estate brokers in the city, in dis
cussing the situation and outlook yesterday,
said: Conditions are much more favorable
than they were at the same time last year,
and business is more active. 1 have never
known a time when there was a more sub
stantial demand for nearly all descriptions
of property. Many new investors have en-
tered the market this year, and with graft
flying results to themselves. The inquiry
for downtown property is remarkable. This
is shown by the steady run of sales, many of
which have not been reported. Everybody
appears to have confidence in the future of
the city.
'I think we are at the beginning of year
of great things for Pittsburg. If even half
of the improvement schemes we hear of ma
terialize, the end of the year will show re-
suits ahead of anything previously known.
The outlook is encouraging to every busi-
ness man."
Business News and Gossip.
1t was reported yesterday that the pur-
chaser of the $50 acres at Webster station is
a Pittsburg land improvement company
Traction stocks seem to have a strong pull
on the pockets of investors.
1t is stated that the new stock to be issued
by the Sugar Trust is for the establishment
of number of beet sugar factories through
out the country.
Wheeling and Lake Erie trains are now
from Wheeling to Toledo.O., direct,
with close connections to the North west
Henry Nj. Long sold yesterday block of |
Traction stock at 391S, and also |
a block of Pleasant Valley at 221z
The San Carlos Coal Company, capital |
100000, was organized in this city yesterday |
with s. A Johnston as President With one |
exception. all the promoters are Pittsburg |
men, G. L. Straub & Sons are the local |
executive agents. |
Five permits for the erection of new build |
ngs were issued yesterday, aggregating |
IS, lou.
At the last call Yesterday 10S fiat was bid |
for $1,000 Manchester Traction bonds.
Citizens Traction bonds were wanted at lO7,
offered at los.
President Greenhut, of the Whisky Trust,
stated in an interview yesterday that COM
petition was becoming too strong for the |
rust, and that 20 per cent of the present
business was being done by outside dis
,illeries, as against 10 per cent short time
igo.
1t is thought the Christ Church property
will be disposed of this week
Movements in Realty.
s. A. Dickie & Co. sold for j. H Rugg to
Levi Close lot on Euclid avenue Baum
Grove 371114 feet, for S., 600. Mr.. Close in
ends building brick residence at an early
lay.
W. E. Hamnett & Co. sold house ana lot
IN Tioga street, Brushton, for s., ,6c0
Black & Baird sold to William Kertz lots
Nos. and in the John Herchenroether
plan, in Spring Garden borough, fronting 4S
eet on Spring Garden avenue by depth of
70 feet to Gebbart street. for $1,000 cash.
d. Behen & Son sold for j. L. Zinsmeister
louse and lot 20xl32 feet, on Penn avenue
lear Fisk street, Sixteenth ward. Terms
private
w. A. Heron & Sons sold property on the
northeast corner of Carson and Fifth streets,
consisting of three-story building used as
store and dwelling, with lot about II feet
ront, for $500.
unAErN NnnUrnUnVr1o |