Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-13
A BAR TO PROGRESS.
Property Owners Standing in the Way
of Business Expansion
WILL NEITHER SELL NOR IMPROVE.
The First Failure at the Oil Exchange for
Many Moons, but Small One,
MORE ACTIVITY IN LOCAL SECURITIES

PIttsburg has made marvellous strides in
industrial development within the past few
years, increasing her business SO as to occupy
seventh place in the list of Clearing House
cities; but her possibilities are even greater
than her achievements. What she has done
in the wav of expansion is but a foretaste of
what will be accomplished during the next de-
| cade.
While development cannot be prevented 1t may
be hastened or retarded by the action of property
owners. The first step necessary toward rapid
| expansion is to enlarge the business area and
| cover it with buildings suitable for commercial
purposes The scarcity Of business houses is
the subject of constant complaint. They can
not be had for love or money. Numerous appli-
cations for them from business men in other
cities have been received here within the past
few weeks, and in almost every case the answer
was in the negative. Many citizens would ex-
tend their operations or start new enterprises if
they could obtain suitable quarters.
The opening up of the Point district, which.
it appears, has been determined upon, will
afford some relief, but not enough. There is
| large and practically unoccupied field out Fifth
avenue, Penn and Liberty streets, and above
| Grant street in the Court House district but
| SO deep-seated is the idea that nothing in the
| mercantile line can be done on large scale
| outside the traditional business center" of
the city-by which is meant the triangular bit
of ground extending from Smithfeld street to
| the Point-that extraordinary inducements
would be necessary to development anything
| like general movement to any other locality.
This being the situation how can the busi-
ness center of the city be enlarged so as to
meet the demands upon it 2 This is question
for property owners to answer. A walk through
Second and Third avenues-not to mention
many other thoroughfares where similar con-
ditions prevail-wll disclose scores of build
ings, standing on good lots which are practi-
cally valuless for business purposes. Occupied
by small traders, they bring in an income
| scarcely worth mentioning-some of them not
more than per cent; the average will not ex-
| ceed per cent Worthless as they are they
stand in the way of needed improvements.
| Offers to buy them are met by such extrava-
giant demands as to check negotiations at the
very outset. Although at the height of their
productive capacity, the owners want as much
for them as if they were paying 6 8 or 10 per
j cent.
If the owners of these properties care any
thing for the prosperity of the city they should
| do one of two things-sell or improve. 1t is no
| credit to them to stand in the way of progress.
| They can at any time get a fair price, and by
investing the money thus obtained in some
other locality they would secure q fair return
for it-larger than they can reasonably hope
Tor from their present holdings-and at the
same time open up way by which the busi-
ness capacity of the city. territorially consid-
| cred, would be almost doubled.
Of course the city will continue to grow, Just
| as water will continue to run down HILL In spite
| OF all obstacles and regardless of whether the
| owners of the properties in question sell or
not; but they would perform a great public
service, and at the same time benefit them
selves 6v patfinO Of fha +ba,,
not able to improve let them sell to those who
| are. BY waiting for boom a result of the
exertions of more enterprIsing citizens they
may encounter q boomerang.
Business News and Gossip.
Two real estate deals, each involving about
$4,000. were tied up yesterday account of
slight differences as to values between sellers
and buyers, amounting In one case to sl50 and
in the other to $500
The certainty of the opening OF California
avenue this season has caused brisk demand
for residence property along the route.
Wood, Harmon & Co. have sold over 800
building lots at Clifton, near Dixmont, within
the past ten days.
C. Beringer & Son will this week lay out over
IA acres at Ellsworth in large building lots.
By somewhat singular coincidence six
real estate brokers took the same train yester-
and how they did it may cause some talk in a
few days.
A few days ago it was announced that deal
in East End realty, amounting to $780, 0OO was
in fair way to be closed up. 1t was as
certained yesterday that $4,000 of the amount
had been paid, and that the balance would be
Forthcoming before the end of the week.
The Fort Wayne Railroad bridge over
Woods Run, which is really part of Califor-
mia avenue, is progressing very fast. The abut-
ments are about completed and the bridge is
ready to be put up.
The number of mortgages recorded on Satur-
day was "a The largest was for S. 0O0 Seven
were for purchase money.
Money for mortgages is held at 5@8 per cent |
for small amounts, and a fraction lower for |
large loans on gilt-edged city property. Busi-
ness is fair. |
The Western roads have been unable to set |
tie their differences, and a further cut In pas
senger rates everywhere west of Chicago has |
been made.
Railroad earnings: Canada Pacific, first week |
OF May, increase. s34, 900; Toledo and Ohio Cen
trail first week of May. increase. S5, $50; Chica-
90 and Eastern Illinois. first week of MAY, in
crease, 81 800; Milwaukee and Northern, first
week in May, increase, S1l, ,073; Pittsburg and |
Western, first week in May. decrease, s. 900:
ST. Louis, Arkansas and Texas, first week in
May, increase, 81, 4sS.
A steamboat agent said yesterday that the
river business was unusually heavy. AS gen.
eral thing there is more freight than tonnage.
Movements in Real Estate.
There was sufficient inquiry for lands ana
houses Yesterday TO show thar the buyer is
still abroad. Steep figures are preventing
many deals. Owners are beginning to discover
that they can't have everything their own way.
The following transactions were reported:
Allies & Bailey sold for Ebenezer Mcknight
on Congress street. below Franklin, five brick
dwellings of five rooms, ETC., each, lot 65x65
feet to c. Malone for $4,000.
Reed B. Coyle sold lots Nos. ia, l25. Log, I27,
l2S, l29 and I3O in Marion Place plan Of lots,
fronting 200 feet more or less on two streets for
s., 500.
Sloan Co., sold for George s. Martin q Co.,
in the Lexington Square plan, Lexington
avenue, Twenty-frst ward, lots Mes. and 2
frontiug 70 feet on Lexington ayeEue, by Ito
feet to a 2Ofoot alley for sl,S0O; also lot No. 3.
25xll0 in same plan, for $500.
Hamnett & Meredith, sold lot No. a. plan
No. 2 Wilkins estate, Williamsburg, to s. P.
McRea. for $50.
Samuel w. Black & Co., sold two more lots
fronting on Lafferty avenue and West street,
in the Boggs plan. West Liberty borough, ap-
proximating $500 each.
]. E. Glass sold for A. L. Watkins and E. NJ
bair |