Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-01
In THEIR OWN LIGHT.
Short-Sighted Policy Of Some Of
Pittsburg's Money Kings.
HOW THEY DO IN OTHER CITIES.
A New Rival for the Old Fashioned Build
ing and Loan Associations.
AMENDMENT OF THE BUILDING LAWS


their own light in refusing or neglecting to
build tenement houses" said a real estate
dealer yesterday. He continued: ''There
is more money in it Tran in anything else
that know Of A wealthy man came to
me five or six years ago and told me to buy
for him enough ground for 80 houses Before
could make deal he countermanded the
order. If he had adhered to his original
purpose he would have made at least
quarter of a million dollars by the invest
ment This lack of public spirit among
our wealthy citizens is one cause Of
the comparatively slow growth of
the city. There would be large ad-
ditions to our population if people
could secure comfortable houses to live in.
The demand in this direction always has been,
is, and, unless a radical change takes place,
always will be larger than the supply. 1t is
different in other cities In Philadelphia, for
instance, one man, John Loughran, has built
more than thousand houses in the past few
years. He is now constructing l19 two-story
houses in various parts of the city. Some of
these he will sell on the installment plan;
Others he will rent at from SIS to $40 month.
according to location. 1t is the same in Chi
cago where blocks of hundreds of houses are
erected and rented or sold at moderate prices.
If this spirit prevailed in Pittsburg we would
soon double our population. There is big
money in this business, and am surprised that
our capitalists fail to realize it."
Quite demand for Diamond alley property
has sprung up within the past few months, and
the indications are that in short
time it will become one of the busiest
as well as best streets in the city.
A real estate dealer said yesterday that he
knew of two important sales on this thorough
fare within ten days, and one or two more deals
were on the string. He would not give prices,
but said they were reasonable considering the
advantages of the location from a business
standpoint
The building and loan associations of Phila-
delphia, which have done so much to make it a
city of homes, have a new rival in the compa-
1ies which issue installment mortgages, form
of mortgage of recent invention, concerning
which the Record says: THE idea is that
borrower shall reduce his Indebtedness by
monthly payments of both principal and inter-
est until the entire amount shall be paid off,
generally in 10 or IL years. If desired, how
ever, the debt can be paid OF at any time. Six
per cent interest is charged. For instance, a
man borrows 81, 200 on mortgage on his house.
At the end of the first month he pays an in
stallment of $40 on the principal and pays So in
interest. The principal Is thus reduced to
ST. 100 and the next interest charge is only IS 95
BY continuing this process the principal, at the
end of the first year. is reduced to ST. $50 and the
monthly interest to S. So The close of the
second year finds the debt only 500 and the in
terest 81 go and so it goes on until the one hun
dred and twentieth payment wipes the mort
gage off altogether.
The leading event in the real estate market
yesterday was the sale by Samuel W. Black &
Co., 80 Fourth avenue, for the estate of David
NJ. Smith, of the residence property No. l46
North avenue, Allegheny City, lot 59xl70, for
$55,0OG The house, an elegant three-story
brick of II rooms and modern conveniences
nicely finished and decorated, was built by Mr.
McCandless, of the Edgar Thomson Steel
| Works, and occupied by him for several years.
The price at which this property was sold Is
considerable of bargain. Messrs Black 4
Co., report good demand for Allegheny park
property.
The proposition to amend the building laws
of the State meets the approval of Pittsburg
builders SO far as they have been seen. One of
them said yesterday: THE laws are very de-
fective in regulating the thickness of brick
walls. This has resulted in many collapses, at
tended in some cases by loss of life. The walls
| of three to four-story buildings should not be
less than II inches thick, and from four to six
stories not less than Is inches Good founda-
| tions and good walls are necessary to security.
| am in favor of letting people build as high as
they please. provided the walls be of the neces-
sary thickness to insure safety. Ground is be-
coming SO dear that it is cheaper to build up in
| the air than on terra firma." On this subject
the Philadelphia Ledger remarks:
THE proposed amendments will be in the
direction of giving greater security from the
destruction of houses by fire. The cost of con-
struction may be increased by the larger lots
required and thicker walls, but the end to be
attained justifes the change in the law. Nine.
inch walls do not insure protection from the
spread of fire from building to building, nor
| are fues inclosed by only four inches of brick
entirely safe. The slightest carelessness of
carpenters with such construction may cause a
fire."
The big vault for the Fidelity Title and Trust
Company, a description Of which was given in
this department few days ago, commenced to
arrive from Detroit yesterday. All of it will be
here in day or two. 1t requires 45 cars to
| transport 1t. 1t is coming over the Michigan
Central, Wheeling and Lake Erie and Pitts
burg and Western Railroad. Mr. Hough, one
of the inventors, arrived from Detroit on
Wednesday, and will proceed to set up this
mammoth burglar, fire and more defer as soor
as it is all here. 1t will take about three
weeks time to put it together. 1t is understood
that the plant for the manufacture of these
vaults will be located in this city.
| STILL, REAPISU