Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-02-20
A GOOD INVESTMENT.
Another Striking Instance of Rapid
Advance in the East End.
AGOOD WORD FOR MT. WASHINGTON
Practical Views of a Veteran Who Has
Passed Through Three Panics.
THE DAY In STOCKS AND PETROLEUM

Less than a year ago prominent Pitts
burg gentleman purchased house and lot
out Fifth avenue; in Oakland, for $4,000,
! and sold it within month for $40 600. The
new purchaser has been offered S12, 600 for
the property. If demand indicates any
thing, the prospects are that there will be
more such instances of big profits in the
locality named during the present year.
This incident affords good illustration of
the rapid advance of real estate in the East
End, and especially On the line of Fifth avenue.
'Of the three or four financial panics that
have swept over the country in my time" re-
marked local fnancier yesterday, ''the most
disastrous to Pittsburg was that of 1873. Near
ly all the iron mills here were compelled to shut
down, and there were many failures The de-
preston lasted for six years. The people went
to work with wonderful energy, however, and
soon repaired their misfortunes. It's hard to
keep Pittsburg business man down.
What were the direct causes of the disas-
terfr
1T would be hard to say Jay Cooke is. gen.
orally blamed for it, but think it would have
come without him. His failure only hastened
the crash. l think it was caused by extrava-
gance and wild spec culations, induced by cheap
money!
Money is plentiful and cheap now. Might
this not lead to results similar to those of
1872"
ut is possible, of course, but not probable.
People have learned to be cautious. Having
passed through the financial cyclone they are
not anxious for another. Then everything was
inflated. The war fever had not yet subsided.
Values were sky-height. Every scheme no mat
ter how impracticable, found favor. A propo-
sition to build railroad to Alaska had scores
of influential advocates. Everybody was bead
over-heels in debt. Existing conditions are
different. Balloon projects find very little
favor. Speculation in oil, stocks and grain
cuts very small figure. There is no boom and
no imitation"
"Some people seem to think Pittsburg real
estate is inflated What is your opinion?''
Those people don't know what they are talk
ing about. They are off their base, as the say
ing goes. There is no city in the Union in
which values stand on more substantial basis.
Of course the rapid growth of the city enhances
prices but as they are backed up by legit-
innate demand for business or residence pur-
poses-cash payments being maze in majority
of cases-it is not only silly, but unfair, to say
they are fictitious. Every lot or parcel of
ground for sale in and about Pittsburg is worth
all that is asked for it, because it is soon will
be wanted by individuals who will improve it.
These conditions are not favorable to panics
They beget confidence, which is the foundation
of business stability. can see no signs of
collapse; on the contrary, think the times will
continue to grow better"
II am surprised that there is not greater
demand for houses and lots on Mt Washing
ton," remarked a real estate dealer yesterday
evening THE location is all that could be de-
TA ,e ,,rl,l ,f,,I
easy of access as Allegheny or the East End"
"How are values over there?"
VERY moderate. Desirable lots are offered
at a very low price"
what is the nature of the improvements
that have been nader
1.-THE church and school buildings would do
no discredit to any locality, while the dwellings,
although generally of moderate size, are sub
stantial in build and tasteful in appearance"
The gentleman went on to say that Mt.
Washington was liked most by those who
knew it best PEOPLE who have settled there
could not be induced to leave it for any other
part of the city. His son, he said, boarded
there one summer, and liked it so much that he
bought lot and built house on it, with the
intention of making it his permanent home
He is living there yet, and could not be induced
to leave.
Samuel W. Black & Co., No SO Fourth ave-
nue., have concluded to make a change in their
method of advertising. Hereafter, twice a
week-Wednesdays and Saturdays full list
of all the houses they have for rent will appear
in THE DISPATCH instead Of in printed hand
bills, as heretofore, to obtain which required a
trip to their office, often at great Inconvenience
and loss of time. This departure will be of
great benefit to those interested in this descrip-
tion of property, as they can peruse the list and
make selections at home, visiting the Office only
for the purpose of signing leases and arranging
minor details, and this in many cases could be
done bymail or telephone. From the length of
the list published this morning it may readily
be inferred that there are still plenty of houses
whose owners are in quest of tenants.
CHANGES IN STOCKS.