Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-18
A BUSINESS BREAK.
Some Of the Disadvantages of a Par
tial Legal Holiday.
DIAMOND STREET 5 YEARS LATER.
An Interesting Incident in the Career Of q
Building Association.
THE OIL MARKET STRUCK BY A BLIZZARD

To-morrow-GOod Friday-will be legal
holiday in Pennsylvania, and the exchange
and banks will be closed. People who do
business at the banks should make a note of
this and arrange their affairs accordingly.
Partial holidays, such as Good Friday,
Washington's Birthday and some others, find
very little favor with business men, who are
often put to great deal of inconvenience with
no compensatlng good. For instance, man in
New York, where Good Friday has no legal
standing, may have note to pay here to-mor
row. Through forgetfulness or ignorance that
it is legal holiday here, he neglects the re-
quirement to pay the day before, and his note
is protested, furnishing his reputation as o
business man. 1t is legal maxim that all men
are supposed to know the law but in the case
of partial holidays it is an utter impossi-
bility. Even bankers are sometimes caught
mapping.
Five years later. Two gentlemen, one clti-
zen, the other a stranger, meet on the corner of
Smithfield and Diamond streets and enter into
conversation.
Stranger docking down Diamond)-What a
handsome street. What nice looking business
houses. How fresh and bright everything
looks. We have nothing to equal 1t in our part
of the country.
Citizen-Yes, we are quite proud of it. 1t is
the fashionable thoroughfare of the CITY, A
great part of the retail trade is done here.
Every evening it is thronged with women
doing their shopping. Formerly the bulk of
this trade was done on Fifth avenue, but it be-
came so crowded that an outlet was necessary,
and this street is the result. The people have
never regretted that it was widened.
Stranger-WidenedI Was it narrow?
Citizen-Five years ago it was nothing but
an alley from Smithfield to Liberty, and was
practically useless for business purposes. It
had a few good houses, but the most of them
were small and cheap. A few enterprising
citizens, looking at it from a business point of
view, and having the best interests Of the city
at heart, conceived the idea of rescuing it
rom its obscure position and by widening it.
place it in line with the best streets in the city.
They did not dream that in SO short time 1t
would become the great thoroughfare that it
is. They builded better than they knew.
Stranger-I suppose the project encountered
considerable opposition at frst2
Citizen-Yes. For some time it was doubtful
which side would win, the improvers or the
anti-improvers. But little by little the project
grew in favor as its importance was made
clearer, until finally all opposition was with
drawn. Then it was plain sailing and the work
was speedily accomplished.
Stranger-It was costly undertaking, was it
not2
Citizen-Yes, all the houses on the upper
side had to be torn down. This was expensive
but it was more than overcome by the benefits
that accrued. Before the Improvement ground
was rated at about s., 900 per front foot now, it
is hard to get at S. 600. This increase paid the
damages and left large margin of profit, so
that as business venture it turned out to be
real bonanza stroke of genius which COM
mon minds were slow to perceive, but which,
once comprehended, was so transparent in all
its bearings as to bring everybody to its sup
port.
Stranger-I see it is not burdened with street
car tracks.
Citizen-No and it is my impression that it
never will be. There are street cars on each
side of it, on Fifth and Fourth. which afford all
the transportation facilities that are necessary
Besides, they would destroy the value of the
street as a fashionable shopping resort.
Thirty-uine months ago young man, in COM
pany with his mother, stepped up to the Secre-
tary's desk of one of the Philadelphia building
associations and subscribed for ten shares each
in new series opened that night. The dues were
paid with regularity, and at the April meeting
the young man bid for a loan of 81, 400. When
the loan was applied for notice was given to
withdraw the 20 shares of stock owned by the
mOIneT anu neT DOy. Each naQ palQ IN So9O as
dues, and each was allowed profit of S34 20,
making the total value of the Withdrawn shares
sS4s 40 The society promptly granted the loan of
g. 400 to which was added the $780, and the house
was paid for, and is now occupied by the happy.
| family. The papers were made out in the name
of the son, and the monthly cost will be $24. In
| this case IL shares were taken in a new series
The house will be freed from debt in about IL
years. The new shares are held as collateral
security for the loan and when they are worth
600 each the mortgage will be cancelled. This
incident is of value to building society students
as pointing out a sure road to house ownership.
Here is an incident that proves the truth of
the saying that 'the early bird gets the
worm" Fourth street real estate agent had
several lots for sale in an East End suburb. As
they were deairabIy located and reasonably
cheap as soon as it became known that they
were on the market there was a lively scramble
for them between several gentlemen living in
| the vicinity, but as the dealer was in no hurry
| to sell feeling satisfied that under the active
demand prices would go up. the dickering
! amounted to nothing. Finally on Tuesday he
set price and notified his customers One of
! them made up his mind instantly to buy the
| lots, but said nothing lest his competitors
| should make better offer. About o'clock
! yesterday morning he went to the agents
| house, aroused him from his slumDers and
planked down the cash for the lots. Later
| in the day the other fellows one by one. went
to secure the prize but only to learn that they
were too late. The early bird had carried off
the worm. To talk about the collapse of an
| interest that requires man to get up at mid
! night to head off his rivals is the height of
folly.