Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-25
ANOTHER GREAT DAY
Everything damned With Disciples
OfSanta Claus Intent on
MAKING THE LITTLE ONES HAPPY.
Christmas Jollity Takes the Place Of Busi-
ness on Fourth Avenue.
SOMEBODY BOOMING BACK STREETS

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at the banks, where everybody was working
double turns. At the Exchange, brokers
smiled, snapped jokes, shook hands and
said something about Christmas Stocks
and oil were at heavy discount Similar
scenes were witnessed at most of the real
estate offices Big deals were forgotten, and
the PennsylvaniaRailro and Cherry alley
i got much-need rest. Every man looked
happy, whether he was or not, but it is to
be presumed that all were at peace with them
selves and on speaking terms with the world.
There were busy scenes on the streets and In
the stores. Seldom have they been so packed.
In the forenoon the crowds we're anxious and
eager. Many had their purchases to make.
Toward evening. however, when all OF their
wants, real and imaginary. had been supplied,
| and ample provision made for the little ones,
the old ones and the middle-aged ones. smiles
chased dull care away, and everybody seemed
happy as larks as they wended their way to the
several depots or cable cars, loaded down with
packages. 1t was great day-great in events
and great in social and moral influences.
This win be day of rest and enjoyment, and
then to work again with the usual rush and
hustle, but the relaxation-the change, the
sacred influences Of the occasion-win inspire
greater effort, and perhaps lead to the attain
| DS~--
no break in the monotonous round of life.
|
:. Pittsburg is full of real estate schemes. large
and small II one were to believe half of what
! he hears he would at once conclude that the
city is to be torn down and rebuilt in the next
few years. No part of the city has escaped the
contagion OF these rumors. They affect all parts
Of it and involve all classes people and all de-
| scriptions of property. One OF the Oldest and
| wisest of the real estate agents. whose habitat
| is on Fourth avenue, made some interesting re-
marks on this improvement epidemic in em-
bryo yesterday afternoon. He is q thorough
Pittsburger and believes in the manifest des-
tiny of the city, but he takes no stock in any of
the remarkable stories Of revolution and up
| heaval with which the air has been freighted
for q month OF more. Said he:
81 am afraid the people, or rather some Of
them. are not satisfied TO let well enough alone.
Where do these sensational reports OF immense
movements in realty come from? 1t looks to
me like concerted plan on the part of a certain
set Of spectators to get up boom. That
would smash the market at once. and put the
city back at least 10 years. Sensible people do
not bny when the commodity they seek Is in
fAted. The disaster in the seventies should
open our eyes to the coming danger. believe
in the steady and eQ uitable enhancement of the
value of realty as the city increases In popula-
ton and wealth, but not in forcing ir. Present
values except in particular cases, are about up
to the ability of the purchasing element and
to advance them much further would cause
reaction. Business would suffer. Owners
would find their property left on their hands.
LET us look at some of the schemes that are
being talked about. First, Diamond alley
Cherry alley, Virgin alley, and some others are
/ -. NJ huI1d
ished at one fell swoop. This is big job. and
it would cost millions. Who is going to do
it? Private individualsP Hardly. The city7
1t has about as big load of debt already as it
can comfortably carry. The Pennsylvania
Railroad3 It seems to be identified with nearly
all the wild rumors that are floating around
but it would be too much for even that great
corporation to undertake. Besides its interest
is local, not general If it can get place for
depot on Seventh avenue or Smithheld street
it will be satisfied. It will not expend dollar
for any improvement in which it is not directly
interested. The widening Of Diamond alley
would be public benefit, but as for the others
there is no hurry. When the demand for their
improvement becomes general and the neces-
sity apparent 1t win be time enough to act.
I'VE also hear great deal about contem-
plated improvements on side streets, where, we
are told, capitalists are investing immense
Why should capitalists invest on side streets
when they can do betterf Very little business
is done on them. The houses, with few excep-
tions, are tenements and are rented for about
all they will ever bring. They have practically
reached the limit of their productive capacity.
This means that the market value Of this class
of property has reached high-water mark.
Capitalists know this perfectly well; and to
suppose that they are hungry for side street
r. 49,
Judgment OF course there viii be
Improvement on the side and back
streets, but it will be slow and accomplished as
needed. There will be and can be no general
movement to elevate them to position Of i'm
portance. which, in the nature of things, they
cannot maintain Fiat money may do, but fiat
streets sounds Ridiculous. There is certain
demand for property on the retired streets, and
transfers are not unusual, but that there is a
regular scramble for entire blocks of it at al
most any price is as wide of the truth as any
thing in Gulliver or Munchausen. A few good
properties Cherry and Virgin alleys are
wanted for special purposes, and If sold they
will probably bring pretty steep figures, but the
bulk of it would have to be offered at a sacri.
fee to secure purchasers. The same is true Of
side streets in general.
a4s
''The effect of the yarns with which the pub
lie is being regaled is injurious to property
owners as well as buyers. Mr.. A, who lives on
q side street or alley reads or hears that Bull
lion & Co., acting for themselves or a great cor
poration, have an eye on property in his vicin-
ity. he tells his neighbors. They confer reach
the conclusion that a boom is coming their way
and forthwith advance prices 30 or 40 per cent.
A bona fide buyer comes along and makes them |
fair offer, but it is refused. Then they wait
for Bullion Co.. to show their hands, In due
course they learn to their sorrow that the great
firm had been misrepresentation the rumor |
connecting their operations with that thorough |
fare was an idle tale-shat they were not invest
ing in property there and didn't expect to. |
After all their waiting the deluded victims Of |
rumor find their property still on their hands, !
and no prospect of selling it even at q reduced |
valuation. Property owners, whether on side |
streets or not, frequently miss good trades In
this way
IA good deal of this sort Of work is going on
in the city at the present time, and it is grad
uslly putting buyers and sellers further apart,
to the detriment of all business. Judiciously /
managed the real estate interest Of Pittsburg |
will be strong and active for years, but unjus-
tifable initiation can have no other effect than
to drive buyers out of the market. humors of
booms, like hash, should be viewed with sus-
picion. am hopeful of a reaction and return
to common sense methods of handling real
estate"
The Real Estate Record, which keeps sharp
eye on all that is going on, remarks: '.The de-
mand for business property is pretty sharp.
The area of operations is extending. II any
body doubts this, let him inquire what prop
erty anywhere between Eleventh and Sixth
street. on Penn avenue, Is worth, OF what prop
erty on Third or Second avenues is held at
Let him inform himself of the prices
offered for it. Let him inquire what property
on Grant street is held at From Grant to the