Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-03
A GOOD BEGINNING.
The Young Year Productive Of Big
Transactions in Real Estate.
CONSOLIDATION OF INTERESTS.
Wilkinsburg Water Works and East End
Electric Street Railway.
FIVE THOUSAND MILES OF IRON WAY

The new year begins well for buyers and
sellers Of real estate. In addition to the
important transactions on Third avenue, re.
ported elsewhere, the report published
few days ago of the sale of No. 619 Liberty
street. lot 20x112, with a three-stOry busi-
ness house, was confirmed. james Murray
Clark was the purchaser. and the price paid
was $50, 900. He bought it as an invest
ment.
An Allegheny gentleman, well known in
political circles, was in close conference yes
terday afternoon with Fourth avenue
agent, his object, being the purchase of
a property on Rebecca street, having 'front.'
age of about 100 feet, The price asked was
$4,000. The deal will probably be completed
to-day.
The report which had been current for sew
eral days to the effect that Black & Baird had
purchased the renting department of the real
estate agency of Samuel w. Black 4 Co. was
confirmed yesterday by members of both firms.
This consolidation of the renting business of
these two agencies cannot but result adVanta-
geously to both landlords and tenants, as it
simpli1es and centralizes more than half Of the
renting business of the city, affording greatly
increased facilities for its prompt and satisfac-
tory transaction.
The deal affects no other branch of Samuel
W. Black & Co.'s business Both firms will
continue the sale and purchase Of real estate,
as heretofore. James A. Thompson, A. ]. Hop
kinS, ]. M. Allen, Alex Adair and L. l. Nc
Clelland. all former employees Of 8. w. Black &
Co., have engaged with Black Baird and will
occupy the same positions as under their for
mer employers.
Stock brokers, although business the past
year did not come up to expectations, should
not be discouraged. Ten years ago speculation
in local securities was almost unknown. A
Fourth avenue broker, who went into business
in 1871, received only So so in commissions for
his first six months work. He stuck to it,
however, and is now one Of the leading opera
tors on Fourth avenue. Twenty years ago
nearly all the stocks dealt in in Pittsburg were
disposed of by public auction by Alexander
McIlwain, whose Office was in the Splane build
ing. corner of Fifth avenue and Smithfeld
street The first approach to an exchange was
opened by George II. Thurston. John D. Bailey,
the Oldest stock broker in the city. called the
list.
The growth Of the business since then has
been steady and rapid The total sales of
stocks in 1889 Appropriated 100 O0U shares. A
few years ago half dozen brokers did all the
business and had plenty of spare time. Now
there are not less than 25 brokerage firms, to
say nothing of individuals who devote their
entire attention to stocks and bonds. There
are now listed on Change about 175 properties.
whose capital stock is not far from $780, 000 900.
Bonds of the city and other corporations raise
A. III
for investment and speculation to about $780,,
100000. These securities are all good, repre-
sentlng for the most part home industries in
which every citizen is interested.
Brokers, therefore, have no cause for COM
plant. There is nothing to warrant the belief
that business will fall away, but much to en-
courage the hope that it will expand, and that
the present year will show material improve
menI over 1889
The Pittsburg Water Company, at wilkins
burg, made series of tests yesterday TO ascer
tain the height and distance to which water
could be thrown without other power than the
natural pressure from the reservoir, near Wild
wood, on the Allegheny river, distance OF
about two miles. Two streams were thrown
to the top of the cupola on the Catholic
Church, 20 feet, the highest point in the bor
ough except the school house. The tests were
witnessed by large number of citizens, and
pronounced satisfactory. Williamsburg is pre-
pared to make strong fight against the next
fire.
The stockholders of the East End and Will
kinsburg Electric Street Railway, have aband- |
oned the idea of crossing the Pennsylvania
railroad tracks at Penn avenue by tunneling,
on account of the great expense, and it is said,
considering the advisability of entering
the borough by another route as follows: Along |
East End avenue from Penn to Franklin street; |
along the latter to either Pitt or Hay street; |
thence to Rebecca across the Pennsylvania |
railroad and up Wood to Penn and Penn to |
Water street. The ordinance granting the |
right of way through the streets will be pre-
sented for the action Of court at the next |
meeting.
Tie Engineering Nelos has prepared state |
ment of the new railroad mileage constructed |
during 1889, and finds that the aggregate was |
Just about 900 miles. This compares with |
7,02S miles built in 1883 1888 miles in 1887, |
S12S miles in 1886 and g. 1Sl miles in 1886. ac- |
cording to the figures in Poor's Manual. The |
result therefore, is very like what all the indi-
cations had led one to suppose it would be. |
The NelUs finds thar few long lines were built, |
and this, too. is in harmony with previous |
sions was only 1917 miles The State of Wash |
ington, in the Pacific Northwest leads in show |
ing the largest amount of addition. namely 1853 |
miles, but Georgia stands second with 3l5 |
miles, and over 1000 miles of the new construc- |
ton is in the States south of the Ohio and east |
of the Mississippi.
As to the outlook for the present year, it is |
yet.too early to make any definite statements. |
The total is hardly likely to be less than for |
1885, and that may doubtless safely be accepted |
as the minimum.
The New York Daily Investigator says. sit |
is announced that in April next Andrew Carne-
gle will secure a majority of the |
stock of the Pittsburg and Western
Railroad Company. Mr.. Carnegie al
ready has S5, ,0Oe shares The stock is 81, 600 900
common and S.. 6.0OOOUO per cent non-cumula-
tive preferred, both kinds of stock being Of the
par value of $50 share, amounting to 24O.0OO
shares The cost of the road and equipments
was S21, ,595 0O0 and the funded debt is So S5OOOO
The net revenue for 1888 was s494, 7sT. The road,
With leased lines, is 37L95 miles in length 1t
has leased the Pittsburg and Northern, the
Pittsburg. Cleveland and Toledo. the PittsburE,
PainesVille and Fairport and the Trimball and
Mahoning
M ur