Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-30
PROPERTY TIED UP.
Big Offers for a Valuable Location on
Fifth Avenue and Wood Street.
WHY 1T is NOT ON THE MARKET.
Water Delivery at Highland Park Re-
stricted to the First Floor.
TIE NEWS AND GOSSIP OF THE CITY

some mlsapprenenSlOn exists among ceI-
tain investors in real estate in regard to the
status of the property on the southwest
corner of Fifth avenue and Wood street,
which is occupied by the Baltimore and
Ohio Railroad as a ticket Office. 1t is
managed under a trust deed, and cannot be
sold or improved until the death of the old
est heir, who is 20 years of age.
The location of the property, at the corner
of two of the best business streets of the
city, makes it very valuable. Several offers
have been made for it-one of $500, 900, or
at the rate of $1,000 foot-but for the rea-
son above given they were not taken into
consideration. Upon the expiration of the
trust which in the nature of things is not re-
mote the property will be sold or improved. A
ten-story building has been talked OF.
s&E
A Water Famine.
In the opinion of good many persons it will
be some time before fancy prices are realized
for property adjoining or near Highland Park
On account of the weakness of the water pres
sure, the delivery of this necessary fluid is re-
stricted to the first floors within a range OF
about 200 feet of the reservoir. Sometimes
when the water is high. it rises to the second
floor but this seldom happens The top floors
have, therefore, to be supplied by force pumps,
operated by hand or wind power.
This is a curious condition at the source Of
water supply of this great city, but is unavoid-
able, without great labor and expense. To
raise the reservoir would be difficult and cost
ly piece of work, and. perhaps impracticable.
A water famine with millions of gallons in view
suggests the plant of the "Ancient Mariner"
Water, water everywhere,
And not drop to drink"
1t is worse than carrying Goals to New
CASTLE" of which famous feat it is a reminder.
In speaking on this subject yesterday a
broker remarked: 'Some time ago took
fancy to a piece OF property near Highland
Park, but before had made up my mind to
buy it friend spoke to me about the water
trouble. 1 investigated and found the supply
limited to the first floors. I at once gave up
the idea of buying. Added to the inconven-
fence of relying upon force pump is the in
creased danger from fires to which property
there is subjected by the low pressure"
Business News and Gossip.
A gratifying feature of the mortgage busi-
ness this season is that the bulk of them repre-
sents purchase money. This encourages i'm
provement and involves no great risk. Bank
ruptcy seldom grows out of this form of debt.
d. 4.
erty in the Twenty-frst ward, particularly on
Lincoln in the vicinity of Washington avenue
"A district that has hitherto failed to receive
the attention its location and advantages de-
serve.
Now is the time to improve the country roads
so that they will be passable next winter and
spring. 1t is feared. however, that the opeor-
tunty will not be improved. Practically
nothing has been done in this part Of the
county outside of the city limits.
A summary of the crop reports indicates an
average yield throughout the country, with the
exception of fruit. Canned goods will be
marked up next winter.
The two big bank buildings on Wood street
and Seventh avenue are assuming a habitable
appearance, although they are far from COM
pletion. They represent over half million of
money.
Eleven of thirty-two mortgages on file for
record yesterday were for purchase money.
The largest was for s., 100. Sixteen were for
81, 600 and over.
A London authority, in referring to the
probable effects of the silver bill. says the
price of silver will go higher, but it is doubtful
if the advance can be maintained on account
Of the great increase of production.
1t was stated yesterday that several new
options had been secured on Twenty-second
ward property-one of them to run only "a
hours. This shows that the movement out
there is still in full vigor.
A big deal in real estate, involving a sum
represented by six figures, has been hung up
for three days by the absence of one of the
owners 1t is unimproved land within the city
limits.
The proposed Baltimore and Ohio improve
ments, together with the assurance of q bridge
at Ross street. have given property in that