Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-15
A LONG FELT WANT.
Apartment Houses Recommended as
Public Necessity and
A REMUNERATIvE INVESTMENT.
Operations Of Syndicate That is Buying
Property Right and Left.
ELECTRIC STOCK SELLS ABOVE PAR

'Pittsburg has large number of elegant
public and private buildings" remarked a
welI-known builder yesterday. "Rich peo-
pie are well provided for in the matter of
houses to live in and also for business pur-
poses; but this cannot be said of the ma
jority of the population. They have to take
what they can get, in many cases paying
high rents for inferior accommodations.
What the city needs to overcome this draw
back and attract strangers are fats,
or apartment houses, such as they
have in nearly every other city OF
importance in the country. In New York and
Philadelphia they are very numerous and give
equal satisfaction to landlords and tenants
affording the latter all the conveniences for
living comfortably and yielding to the former
good return for their investments. 1 think
they would be popular here if once introduced,
as they may be this year, for understand sew
eral capitalists have the matter under serious
consideration. The erection of fats would go
a long way toward removing the pressure for
small houses. There is fortune in it for the
man who will introduce the system in Pitts
burg.
THE really important movements of the real
estate market are carefully concealed from the
public" remarked Fourth avenue agent yes
terday afternoon. "Both the name of the pur-
chaser and the price paid are as zealously
guarded as if they were state secrets. But in
spite of this precaution against publicity facts
frequently leak out which afford clue to what
is going on. A number of large deals have
been made in various parts of the city within
the past few months, of which nothing definite
could be learned. Who the purchasers were
was mystery. I am now prepared to throw
some light on this matter.
"a year ago, more or less, some half a dozen
of the principal capitalists of the city, includ-
ing prominent politician and two or three
iron manufacturers, formed syndicate, with
large capital. to buy up all the available busi-
ness property in the city and large tracts of un-
improved land in the suburbs. Their agents
have been buying right and left ever since.
They have secured several fire properties on
Penn avenue one or two on Wood street, and a
number on Diamond alley and Fifth avenue
above the Court House. The Cherry alley prop
erty sold few weeks ago for S120 900 was accord
ing to my information, purchased by an agent
of this syndicate. The rumor that Andrew
Carnegie had bought it and would erect fine
business Office on the ground seems to be with
| out foundation. The syndicate has agents in
the suburbs grabbing everything they can get.
| One of them has been dickering for 25O-acre
tract for two or three months, and will proba-
bly, get it. The intention is to lay it off in acre
| lots.
/ snow have no objection to this 1t is just
what we want. Capitalists have held aloof
from real estate SO long that doubts were ex-
pressed in some quarters of the stability of
values. The fact that they are putting large
sums of money in it will give others confidence
| and lead to further investments. A building
revolution is needed in Pittsburg, and this will
help bring it about More and better business
! houses are needed. A great many that are in
use arc antiquated and inconvenient. They
must be replaced by others adapted to the
times. This is in the line of the syndicate's
work. 1t is the beginning of a new era in Pitts
burg. L am glad these men have taken hold
with so much vim. While they will make
money for themselves they will also benefit the
city. hope their example will become con-
tagious."
A Pittsburg furniture dealer said yesterday
| that the manufacturers of Grand Rapids,
! Mich, have been successful in breaking up the
pool in German plate mirror glass that was or
ganized by New York men about two years
ago. The combination had succeeded in bull
ing the market 10 or Is per cent, and practically
controlled the output, but prices are now re-
stored to the old figures. The German glass is
! uSeu HOSIlN III Cu6dp oSlo, anu lls
manufacture is largely confined to the small
towns of Bavaria.
The first practical step toward the proposed
consolidation into one great municipality OF
New York City. slice of Westchester county
all of Staten Island, all of Kings county, and a
part of Queens county, was taken on Wednes
day, when bill was introduced in the State
Legislature at Albany with that object ir
view. If the project should be carried out as
seems probable the area of New York would
be $40 square miles. containing population Of
about g. 0O0, ,0OU, or about the same as Paris
Consolidation seems to be popular everywhere
except in this neck of the woods, There i;
talk of uniting st. Paul and Minneapolis
Chicago has just gobbled several outlying dis
tricts; SO has Cincinnati. These facts should
have local bearing. Pittsburg and Allegheny
City consolidated would have population Of
nearly 100000, placing it in the front rank o.
cities, and giving it prominence and force
commensurate with its large and varied indus
tries and social and moral influences.