Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-16
THINGS LOOKING UP.
Negotiations for the Construction of
Five Hundted Houses.
TWO BIG DEALS I'M THE EAST END.
Eastern Money Flowing in for Investment
in Pittsburg Real Estate.
A BROKERS' OPINION OF 3RUsT STOCKS

Negotiations were set on foot yesterday
which may result in the building of 5O(
dwelling houses on a plan Of lots jus
opened near the city. 1t is too soon to give
details, but the mere announcement is Of
public interest, as showing that there is nc
lack of enterprise among Pittsburg capi.
talists.
The old homestead Of the late James P.
Barr, on Fifth avenue, Fourteenth ward,
has just been sold to William Loeffler and
Edwin L. Porter, Esq, for $31, 500. The
purchasers will divide the property between
them. 1t fronts $50 teet on Fifth avenue,
running back 274 feet to Forbes street. The
price is considered very reasonable, and is
less than as been paid for property in the
same vicinity. 1t is understood that the sale
was conducted by Messrs. Black & Baird.
Another sale reported yesterday was that of
the Beeler property on wilkins avenue, con-
sisting OF a lot 25Ox30O feet. The price paid
was $4,000. Three or four gentlemen are inter-
ested in the transaction, but they declined to
let their names be used at present They
bought for an investment.
1t was reported on excellent authority yester-
day that a Philadelphia capitalist had sent
$l0O, 0O0 here within a few days past for invest
ment in real estate but neither his name nor
the kind of property he wants could be ascer-
tanned. 1t is understood that Wood street
firm has charge Of the business This should
stir up home investors. Pittsbrrg realty should
be owned by Pittsburg people, who are more
likely to be interested in its development than
foreigners. Still, outsiders are entirely well
come. and the fact that they consider Pittsburg
a good place in which to make investments is
more beneficial than otherwise.
Concerning the trust stocks, in which mum.
Der of Pittsburg speculatori are interested, a
broker said yesterday: "Tney have SO far
failed to establish confidence In their staying
qualities because of the refusal of their pro-
moters to furnish information about them.
They are mysteries, and those who dabble in
them do SO at great risk. Itis known that they
are heavily capitalized, or watered, leaving
their actual value a matter of uncertainty. Ac-
cording to a recent statement the capitalization
of these concerns is about as follows. Lead
Trust $SS 0lS 800; Sugar Trust $40 856 200 Cotton
Oil Trust. 81, lS5, 200; American Cattle Trust,
SIS 1886 500; Dstillers and Cattle Feeders Trust,
$50 726.600. 1t requires large amount of busi-
ness to pay dividends on these immense sums"
The gentleman added: II can see no good
reason why Pittsburg people should speculate.
in foreign securities, of which they know abso-
lutely nothing, when there are hundreds of
reliable properties at home, about which full
information can be obtained at any time. Some
Of them have been watered too much. yet they
represent a certain fixed value, which is more
likely to increase than diminish. If these men
would conine their operations to the Pitts
1xt,rr Ey1ha un7nA har l;xal r1ok
right along. By doing this they would not only
benefit themselves. but by keeping their money
at home, assist in building up all kinds Of busi-
ness.
The Thirty-third street sewer upon which
working is progressing as fast as practicable, is
a big undertaking.; but it will be of great bene-
At to the district through which it passes. Be-
ginning at Roup station it passes through
Shadyside, Ben Venue. where 1t is tunneled
through the hills, and SO on down to the ALLIE
gheny river. where it will be nine feet in dame
ter. The average diameter is about six feet
The sewer will be a common carrier all along
the route. The creek at Roup and Shadyside
will flow through it. A similar sewer is con-
at Negley run for the East Liberty
district.
The iron market is in a satisfactory condi-
tion to both manufacturers and consumers-to
the former because they have all the orders
they can handle, and to the latter because
prices are reasonable, neither high nor low, but
about fair average. There have been no
changes in quotations since last week, but they
are very firm. At the recent meeting of pipe
men in New York existing discounts were re.
affirmed. The proposition to organize a nail
syndicate seems to have fallen through because
of the opposition of two or three mills All of