Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-27
A BIG INVESTMENT.
Over $12S a Front Foot Paid for a
Vacant Lot in the East End.
PLEETYOF MONEY FOR MORTGAGES
Capitalists Planning to Supply the Demand
for Small Houses.
ALLEGHENY BUILDING INSPECTOR

An important real estate transaction,
which had been hanging fire for some time,
was closed mp yesterday. George Dick, a
brother Of Mr.. Dick, OF the Peoples Store,
bought vacant lot 1O5x2OO at the corner Of
Negley and Penn avenues, for which he
paid SIS, 40 or a fraction over $12s front
foot. 1t Is understood that Mr.. Dick
will build on the property next spring.
SIS
Information from reliable sources confirms
the statement made in The DISPATCH a
few days since that business in mortgages is
decidedly better than month ago. For
some time the applications were for small
amounts, ranging from 81, 900 to S. 600; now
they are for larger sums, with view to
making Improvements in the spring. Some
extensive operations in realty have been
heard of within day or two, for which
money is being sought. The scarcity of
small houses has set some of the capitalists
and contractors to thinking and making in
quiry for sites and material with view to
supplying this great want, and there Is
reason for believing that their inquiries will
suit in large investments in that direction next
spring.
Money is plenty for loans of moderate
amounts, and the persons who desire to place
them are. as a general thing, financiers and
merchants who can spare from 81 600 to $l0,00
from their earnings. This shows very clearly
that business is active and profitable, and that
the men who conduct it are not pinched for
means After the January settlements they
will be in position to invest still more largely
in realty and expand their building operations.
The strongest possible indication of the sub
stantial condition of the real estate market is
the fact that cool-hesded business men of all
classes are beginning to regard it as the best
and safest investment and are putting their
money into it with lberality which proves
their confidence.
Allegheny City is large enough and import
ant enough to have building Inspector. New
houses are going up SO rapidly that there
should be some one whose especial duty it is to
look after them and see that they conform to
the law. Life and property are involved, and
the small additional expense which such an
officer would cost the city should not be allowed
to stand in the way.
The duties of the office are now discharged
and ably, too, so far as his time allows, by the
Clty Engineer, DuL TO require MIN TO 90 QOuDle
duty in affairs of the utmost importance to the
community is asking entirely too much. Beside,
it involves large element of risk, which the
city cannot afford to assume for the sake OF
saving a few hundred dollars annually. Iti to be
hoped that the movement on the Northside for
the appointment of building inspector will
have a favorable result
The time for signing the agreement for
changing moving day from April to May 1 in
order to make it available next spring, is rap
idly passing. So far the attitude of the land
lords to this important matter has been one of
Indifference. 1t is of great Importance to
large part of the community, and should not be
ignored. Tenants should best1r themselves
atd bring owners to the scratch. Their tardi-
ness may spring from thoughtlessness rather
than indifference, and little moral pressure
may be all that is necessary to induce them to
give the proposition their approval The ex-
pertinent is worth trying.
The increased and increasing expense Of
living in the more central and densely populated
parts of the city is causing the outer wards to
build mp rapidly, among others the Thirty
fifth, better known as Duquesne Heights. The
Assessor of that ward reports that 70 new
houses have gone up there since his assessment
a year ago, and many others are being built
Another advantage that this ward possesses is
th3+ property is cheap compared with other
loc;;11ties. The location is very desirable, with
good schools, city water and natural gas, and it
is very easily and cheaply reached.