Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-13
AN ORIGINAL IDEA.
A Scheme to Extend the Opera House
Through to Fourth Avenue.
AN ARCHED STREET AND STORES.
No Immediate Danger of a Land Famine
With Thousands Of Idle Acres.
THE IRON TRADE STRONG AND ACTIVE

The contemplated widening of Diamond
alley has given rise to several schemes for
the improvement of property in that part of
the city, concerning which a Fourth avenue
gentleman said yesterday: "The widening
of the alley will necessitate the tearing
down of the rear portion of the Opera
House. To offset this damage to the build
ing, and render it, If possible, more pro-
ductive than at present, it has been pro-
posed by the owners, in conjunction with
two or three outside capitalists if an equit-
able arrangement can be made with owners
of property Immediately in the rear, to con-
struct an arcade from Diamond through to
Fourth avenue, the building to be similar in
arrangement to that of the Equitable Company
in New York. The lower part will he in the
| form Of an arch, with street through the
middle, on each side of which stores and booths
will be arranged for the sale of light and fancy
articles. These stores will be handsomely fitted
up and, the location being central, they will no
doubt be in demand and bring good prices.
"Of course, the carrying out Of this scheme
depends entirely upon the improvement OF
Diamond alley, but should that be done the
arcade project will probably be carried out, as
it has received the Endorsement of a prom inent
architect, who considers it entirely feasible,
and several business men who have been con-
suited give it as their opinion that it would be
good investment"
There is no danger of a land famine in and
about Pittsburg-at least not during the pres
ent generation Of people In discussing this in
teresting subject yesterday one of the Oldestreal
estate brokers on Fourth avenue remarked: 'of
course land is scarce In the business part Of
the city but there is plenty of it IN the immedi-
ate suburbs. Taken altogether, there are thou
sands upon thousands Of acres of unoccupied
soil within ten miles of City HalI-enough to
accommodate population of 5000, 900 people at
least. Where is itf Everywhere There is plenty
Of it on the Northside, just over the hills-fne
residence sites and becoming convenient of &C
cess by reason of the introduction of rapid
transit. The Southside is full of it, on Mt.
Washington and beyond. This district is grow
ing very fast but there is land for all. Down
the river, in the Sewickley district, may be
found large tracts of unoccupied land. They
will have electric cars there pretty soon, and
then there will be lively times. Then, last but
not least, the East End is not half filled up
There is enough land out there to supply 10000
people with building lots. So you see there is no
immediate danger of a land famine"
SIS there any scarcity OF business sites~
mo. There is more than enough to supply
the demand for the next 10 years no matter
how great it may be. They abound on the
rivers-splendid locations-and on all of the
railroads. They can be bought on reasonable
terms, too. have some good ones on my books
as low as $500 an acre. The story circulated
every now and then that business sites are
scarce is out of the whole CLOTH as any one can
see for himself if he will take the trouble to
investigate a little. We can easily find room
for double the number of establishments that
are now in operation. Pittsburg has room to
grow as big as she pleases, and she is making
good use of the opportunity"
The iron market continues very active, and
prices are firm all along the line Pig has made
another jump. A recent sale was on the basis
of SIS for Bessemer. This is the highest point
yet reached, and hardly a fair gauge of the
market as the transaction involved some
special features. The average quotation is
from So so to SO 5O-the outside for January
delivery indicating a still higher range of
values during the early months of next year.
Manufactured iron is very firm at former
quotations, but as it is cheaper in proportion
than metal, an advance is looked for along in
January. Steel rails hold all the ground they
have gained during the season. and the demand
for them is so great that the mills are behind
in their orders at least three months. They
are quoted at about $S4 for heavy sections, with
a hardening tendency. Every furnace and
mill is full of business, and quick deliveries
are next to impossible.
The outlook for next year is good for the
heaviest trade ever known in the country. The
demand being for actual consumption, and no
accumulation of stocks, there Is no probability
of overproduction for two or three years.
Under present conditions, the subsistence of the
remarkable activity in England and other
European countries, would have no immediate
effect upon the American market except, per-
haps. to check the upward movement in prices.
There will be no cessation Of activity until the
demand is supplied, and as it is increasing and
becoming more important every day, there is
no probability that it will be easily satisfied.
Exports of steel blooms to Europe is a new and
interesting feature of the trade.
According to advices from New York it is
evident that Mr. Gould is not doing anything
in the market, and that the squirt which was
given to his various stocks last week was sim
ply the result of the action of the room traders.
He said Wednesday night that he thought it
was very good time to go slow and that un-
less one was prepared to take on line of stocks
and stand by them inactivity would be desir-
able under the circumstances. His various and
extended interests, of course, prevented him
from talking in a bearish strain, but those who
conversed with him on the general situation
feel more than convinced that the time is not
yet ripe for any extended upward movement
"a
The anthracite coal agents find it impossible
to meet this week, and the conference will go
over for few days longer. Business is scarcely
brighten than it was month ago, and the out
look because of the holding of of cold weather
is hardly more propitious. As general rule,
however. schedule rates arc said to be fairly
well maintained, and there seems to be a dispo-
sition on the part Of the agents to live up to
their agreements.