Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-31
UNDER THE HAMMER.
The Late Tony NewelPs East End
Resort Finds a Purchaser.
THE LOCAL BANKS WELL HEELED.
A Former Citizen Gives Pittsburg Capital
lists Some Good Pointers.
THE HOMESTEAD AND LOAN TRUSTS

W. A. Heron & Sons sold at Orphans
Court sale yesterday the property corner
Forbes street and Shady lane, well known
as the Newell Road House, consisting of
six acres of land, with large brick dwell
ing, out-buildings, stables, sheds, etc.
After active competition the bidding closed
at S33, 900, and was knocked down at that
price. The new owner, Mr.. H. A. Miller,
intends renting it for time. He purchased
it as an investment and not for home.
The late Tony Newell came into posses
sion cf the land by purchase in October,
1854, and he erected the buildings and male
other extensive improvements. Under his ad-
ministration it was one of the m ost popular re-
sorts in the East End.
The work of tearing up Second avenue for
the accommodation of the electric road has
been stopped, ana track laying and paving
will begin on this end of the line as soon as the
rails can be obtained. Their delivery on con-
tract time was prevented by the flood at
Johnstown. 1t is the intention to have the cars
running by December l. or sooner if possible.
The assurance of rapid transit is causing
great demand for building sites in the Glen
wood district. where the big Blair estate has
been subdivided and put on the market This
section promises to become in a few years one
of the most populous parts of the city. Its
close proximity to the business and manufac-
turing centers, together with its unsurpassed
natural attractions, is commanding the atten-
ton of good class of people who desire to es-
tablish homes at a moderate outlay of money.
Loans and discounts of the local national
banks amount to sS5,97l, 057. While this is a
large sum, it represents only about one-third of
the loanable funds of these institutions, show
ing that there is great abundance of unem-
ployed money. In addition, State and savings
banks hold large amounts-the whole consti-
tuting a reserve which should dispel all
thoughts Of financial stringency until the con-
ditions are reversed. of which there is no pres
ent likelihood.
There is almost a certainty, therefore, that
money will be plentiful and rates low for some
time to come.
Mr.. Robert Young, a native of Pittsburg, and
who will be remembered as proprietor Of a
livery stable in Lawrenceville about 20 years
ago, but who is now a resident Of Philadelphia,
is in the city visiting old friends In brief
interview yesterday he said Philadelphia was
growing at a rapid rate, both in size and busi-
ness. Since he went there in 1876, houses enough
have been built to accommodate population
of over 200, ,000 Capitalists there are very much
interested in real estate, regarding it as the
best form of investment Many large blocks OF
dwelling houses, some of them covering entire
squares, are going up in all parts of the city
These investments yield an average rate of 6
per cent interest, which is entirely satisfactory
to the capitalists. He added that rents are
cheaper in Philadelphia than in any other city
in the United States and that larger proper
tion of the inhabitants own the houses they
live in than in any other American city.
There is one point in this interview which is
of peculiar importance to Pittsburg. where the
greatest obstacle to the expansion of popula-
tion is the scarcity of houses. If local capital
lists would follow the Philadelphia plan of
building large blocks. they would benefit them
selves and do the public service Of inestima-
BILE importance.
If reports be true, homestead loan and trust
companies are superseding building and loan
associations. gentleman who is familiar
with the subject said yesterday: Recently
quite a number of loan and trust companies
have been organized in Pittsburg and vicinity
They are largely composed of persons who
were formerly identified with building and
loan societies.
"The new system possesses several advantages
over the old, but the principal one is of finan-
cial nature. Money can BIZ obtained on better
terms, loans being made at the uniform rate of
4 per cent for any length of time desired and
there are no premiums to pay. 1t has been in
process of development for II years, and is be-
lieved to be as near perfect as anything of
human origin can be-