Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-04
A TOUCH OF NATURE.
Business Overshadowed by the Great
Disaster at Johnstown.
AUCTION SALES OF REAL ESTATE
Presented From the Standpoint of a Gen.
tleman of Large Experience.
A DIAMOND STREET IMPROvER TALKS

7 1.-THE angels of our better nature" have
been SO deeply touched by the Johnstown
catastrophe as to cause business to be in
great part subordinated to the more urgent
necessity for the caring of the survivors and
burying the dead. Nobody seemed to have
any heart for business yesterday. Scarcely
a dozen brokers attended either of the stock
calls, and all of Captain BarDour's efforts
failed to excite sufficient enthusiasm to
effect a single sale. The same was true of
the stock market, which was strong but
dull. The banks did nothing but routine work,
and not much of that. Everywhere, on the
streets, in the stores and offices, wherever
| people assembled, the only topic of converse
tion was the disaster. Almost every man had
his hand on his pocketbook ready to respond to
a call for further assistance. 1t will be several
days before businessresumes its wonted course
To the Financial Editor of The Dispatch;
Having read several articles in THE DIS
PATCH lately on auction sales of real estate, it
occurs to me that probably few lines from one
whose experience in that business extends over
80 years in this county may be of interest. I
remember when owners OF real estate hesitated
about offering their property at auction for
fear that the public would think that they
were acting under financial distress, or that
they were compelled to sell. Gradually that
feeling gave way and auction became popular
method of offering property. This popularity
continued until few years ago, when it came
into disfavor, from which 1t has not recovered.
One reason for this decline was the introducr
tion of fictitious bidders. So long as bidders
had confidence in the honest management of
the sale they would bid freely, and under the
~
had really intended to give. But whenever the
suspicion of false bidding arose bidders would
decline to give even the sum that they had in
tended to bid.
Another reason was that, after attending
sales and bidding what was deemed the value
of the property, owners would withdraw the
property and hold it for a higher price Bid
ders thus lost both time and temper in attend
ing sales. Then came the era of brass bands,
free lunch and often free beer to stimulate the
bidding. Auctioneers used to pay $500 year
license and give heavy bonds for the faithful
discharge of duty. Ten years ago these were
entirely repealed. This developed an extraor-
dinary increase in the number OF auc-
uoneers.
Now auction ought to be a popular method
for the sale of real estate. How to regain the
old-time popularity is the question. AS already
an essential requisite. One idea wish to pre-
sent: 1t is well known that. with few excep-
tions, there is limited price at which owners
will allow the property to be sold. Then why
not publish the limited price2 II itiis low
prlce or fair price, buyers will be attracted
to attend the sale, and under the stimulus of
legitimate competition, may be induced
to bid over the limit Those who deem
the price too high will not attend,
and will not thus be disappointed.
When it is found that the limited price is too
high, let the sale be readvertised with price re-
duced. Let it be understood that the property
will be positively sold if the limited price is of.
fered. This plan may rob the auctioneer of his
opportunity to create enthusiasm among his
audience in order to reach the limit, but will
afford him higher order of skill to persuade
them to exceed the limit, which is of far more
consequence. Bidders will then attend sales
with definite knowledge of the owners views;
distrust will be abolished, and much more sat
isfactory results will be obtained. Many per-
sons have failed to attend auction sales from
lack of knowledge of the acceptable price,
whereas had they known it, they would have
attended aud'bidden higher. There is no good
reason why an auction sale should not be con-
Quoted as openly and above board as a private
sale. ALEXANDER LEGGATE
While there is nothing new on the surface
relating to the widening of Diamond street,
there is strong undercurrent of sentiment in
its favor. One of the most earnest and Jealous
advocates of the improvement is a Fourth
avenue real estate dealer, who has the courage
Of his convictions in expressing his sentiments.
He said yesterday: Il know that Diamond
street will be widened. won't tell you how 1
know it, but I give you the fact and you can
rely on it have watched this matter care
fully from the start, and have made up my
mind from pointers obtained from the inside.
While the opponents of the project have been
talking the other side has been acting They
have been buying property here right along
until now they are practically in control of
the street. Nor have they confined their
operations to the thoroughtare in question. but
have gone into the adjacent streets and worked
up strong sentiment in favor of the improve
ment. II the determination of the question
were left to vote of the people directly inter-
ested, the wideners would carry the day by a
decided majority. We are in no particular
hurry The more the subject is debated the
better it will be for us. No man in his proper |
senses can fail to perceive that the widening of
the street would be in the interest of the pub |
lie. A few men may make money out Of it. but |
that would be trifie in comparison with the |
benefits which would be necessarily follow |
from the opening of new street In the heart |
of the city. Another thing / can tell you. The |
street will never be obstructed with car tracks. |
In view of the almost universal sentiment |
against it, Councils would not dare to author
ize such an invasion of nuhlic riohts