Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-11
THE DIAMOND BOOM.
Suggestions of Importance to Both
Sides of the Controversy.
SLOW COLLECTIONS EXPLAINED.
A Pittsburg Firm Compelled to Send East
for Supplies of Hardware.
STILL ANOTHER EAST END PARADISE

The leading event that occupies public
attention in real estate and local business
circles these days continues to be the pro-
posed widening of Diamond street. Sum-
maries have been made Of all the purchases
between Market and Smithfeld, which have
been separately reported in THEDIsPATCH
from day to day as they were made sduring
the past two months. These now aggregate
over $500, 900, beginning with the Marvin
sale of 60 feet, and ending, so far, with
sale of 40 feet, the Bihlman property, so
long and so well known for its restaurant
Mr. J. M. Guffeyiwas the buyer of this lot at
$4,000. The question now is, will the street be
widened and how far? The ordinances pend
ing before Councils leave this wholly to the
abutting property owners. The new purchasers,
who are reported as including among others
the well-known and enterprising capitalists and
business men, Messrs. Mellon, Magee,
Frick and Craig, have the widening
in view. Many of the older owners on the
street favor it likewise. The difficulty. such as
it may be, will come in adjusting fair allow
ances for the property that is damaged or
wholly taken. The general business opinion is
that what is untouched will be increased in
value from the average price of about $1,000
per foot, at which it has been bought, to at
least 81 900 per foot, and possibly 5000 where
the lots are l20 feet deep. This increase leaves
ample margin for paying damages.
As to that part of Diamond street above
Smithfield, little has been said and nothing
done beyond introducing an ordinance which
likewise leaves the widening there to the prop
erty owners. Above Smithfeld, the street is
already wider by ten feet than below. This
widening is complete on the northerly side
uha hui
southerly side is about three-fourths of the
length widened. What is now most desirable
on the part of Diamond street above Smith
field is reduction of the grade SO as to make
the outlet to Forbes and the East End easier.
This, it is supposed, will be considered.
Several Pittsburg firms in the drygoods and
grocery trades complain of the tardiness of
their country customers in paying their bills.
A member of one of the firms in question SAID
yesterday that he had never known collections,
to be slower Country merchants have good
excuse for this. The roads were in such
wretched condition during the winter that they
were unable to market the produce they had
taken in exchange for goods. The result was
that they were unable to meet their bills as
they fell due, This is further evidence of the
fact that bad roads cost the country large
sum of money every year by cutting down the
volume of business.
The Sunday fire that destroyed the Hubbard
az factory upset the calculations of several
large hardware firms. One of them had placed
orders there for a full line of axes and shovels
for the spring trade. The fire came before any
part of the order had been filed. The firm will
now be compelled to purchase from Eastern
manufacturers. If the fire had occurred few
1o%ar piftehuro xuould ha q Onod MANY
thousand dollars better of.
There is good demand for warehouse floors
on side streets. They are wanted for light
manufacturing and other kinds of business
that do not demand central location. Build
ings of this description are scarce, and pay
from to 10 per cent. on the investment. This
is pointer for capitalists.
Real estate is still live interest in and
about Pittsburg. The demand for all descrip-
tions of property is unabated. Several large
transactions are in course of development, but
are not quite ripe enough to cut. One of them
is the transfer of about 25 acres in an East End
suburb to a syndicate compdsed of local capi-
talists. If the deal materializes the purchasers
will during the summer, put up about so houses
on the property and sell the remainder in
large-sized lots to persons who will agree to put
up first-class buildings. If all the plans are
carried out the place will be one of the toniest
in the East End.
The big bank vault in the Fidelity building is
approaching completion. The doors are up
and part of the roof is in place. The job it is
thought, will be completed in about two weeks,
when there will be grand test of its ability to
withstand the assaults of experts in the line of
opening strong boxes. The cost of the vault
will be about $4,000.
James W. Drape & Co. have sold about 80
houses at auction this season at prices ranging
from 81, 500 to $4,000. One advantage derived
from selling property this way Mr.. Drape re-
marked, is that it brings all the prospective
buyers face to face and compels them to act
promptly; and it generally results in securing
higher prices by getting up friendly rivalry
between the bidders.
A syndicate of local business men, headed by
Joseph s. Brown, Esq. has purchased the con-
trolling interest in the Allegheny and New
Brighton Turnpike road at a price approx
mating 500, 600 1t is the general opinion that
the road will be utilized as the route for a new
rapid transit line, to be operated on the cable
system, by electricity, by steam or some new
motive power There are other theories how
ever. A gentleman who claimed to know de-
MED that the Fort Wayne Railroad Company
int fad in @ba