Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-29
SOMETHING TO BOOT
Mayor Gourley Figures That the Poor
Farm Property Will Sell for
More Than Enough
TO PAY FOR A NEW INSTITUTION.
A Einancier Sees Only Fair Profit for the
Syndicate if it's Offer is
Accepted.
TO PAY FOR A NEW INSTITUTION.
CHEF ELLIOTT VERY WE'LL SATISFIED
Re Thinks City Hospital Can be Gotten Out Of
the Deal


the Poor Farm. He is not prepared to
state just what the property is worth, as be
SAYS that in his own real estate deals he has
not been remarkably successful. Ee gen.
orally paid too high price for the property,
and when he was ready to sell there was not
q great margin of profit for him.
In talking of the matter yesterday after
noon be said: ''There is one point 1 am
determined upon, and will press to the best
of my ability and power. The proceeds of
the sale of the Poor Farm must be sufficient
to purchase new site and erect a suitable
building. I will not consent to have the
citizens of Pittsburg taxed to make mp
deficit
While the Mayor was talking Mr.. B. S.
A. Stewart, prominent real estate dealer,
and a director in the Freehold Bank, and
Mr.. A. F. Heating walked into the Mayors
Office and Joined in the conversation.
FAIR OFFER.
Mr.. Stewart thought that Black & Baird's
bid of S432, 100 was fair one He admitted
that they would probably make a profit, but
not an extraordinary one. He figured on
cutting up the property into lots 25x15O feet.
Allowing for streets and alleys, each
lot would represent a depth of 1872
feet This would give lot frontage to the
acre of $50 feet, which at the price bid by
Black & Baird, would represent first cost
of So 60 per foot front, or SS15 per lot of 25
feet front These lots, in Mr.. Stewards es-
timation, should average, taking the entire
plan, $500 lot, leaving a margin of S185
per lot. From this is to be deducted the
interest on the money paid for the portion
of the property reserved by the city for
three years; the cost of plotting the land,
clerical work, etc., the usual expenses Of
real estate business, advertising, making
deed for each separate lot, and in
many cases making out mortgages for a
large portion of the purchase money.
NOT FINDING MONEY.
Altogether Mr.. Stewart considered that
while Black & Baird's offer was a good
business venture, it was not exactly finding
money, as it would require considerable
capital and business tact to bring to a sue
cesstul conclusion. He said it would be
from three to five years before all the prop
erty could be disposed of, and during that
time the money invested in the farm would
be tied up.
The Mayor asked Messrs. Stewart and
Heating for information as to the cost of
new building with the latest improvements.
He thought the building should be erected
with a view to the future, but to this Mr..
Heating demurred. He held that with the
rapid Improvements being made in every
branch of the industrial arts an6 sciences, a
building erected now would be antiquated
in ten years time. He thought the best
way would be to put up building in such
q manner that additions could be made to it
in the future as the necessity arose. From
his experience, and in this he was corrobor-
ated by Mr.. Stewart, he thought that from
$50, 600 to $500, 900 would put up magnif-
cent building entirely adapted to the needs
of a City Poor Farm, this sum including the
furnishings.
BOOMING SITE.
Mr.. Stewart then mentioned the fact that
he was interested in the sale of site for the
farm near Parnassus. 1t is in Westmore-
land county and 19 miles from this city. He
wanted 500 an acre, or $iS6, 900 for the
whole tract. The land. he claimed, was ex-
ceIlent for farming, had bounteous springs
and a river front of about a third of mile. |
He further said that all the brick |
needed for the new building could |
be made on the farm at a very low |
price. He was confident that if the board |
visited the property they would become en-
smored of il. Mr.. Stewart stated that he |
had refused an option of $3.50 an acre for it. |
The city was good and sure paw, and that |
was great feature in a real estate transac- |
tion. Mr.. Stewart knows the farm is un-
derlaid with coal, and thinks there is nat
ural gas there also.
Chief Elliot Chiet of the Department of |
Public Charities, and the man who has the |
most to say about the sale of the Poor Farm,
is we'll satisfied with the bids made, /
he would be only too hap i
py to get more for it if he could.
He said: "Forty years ago the city |
paid S, 900 for the Poor Farm property, but
have arisen which have |
caused remarkable increase in its value,
and the city is now offered S4S2 900 for it.
PLEASANTLY SURPRISED.
"I was greatly astonished when we opened
the bids on Saturday, for L did not expect
10 get an offer for over $3.50, 000 With this
sum the city can pay 100000 for the right
kind ofa location for the new farm, erect
buildings with ample accomo-
dations and all the latest improvements,
and still have $4,000 or 5000 left. This
InoLey might be put aside as a nucleus for
q fund for the erection of city hospital,
which is greatly needed. With this amount
on hand the city would be justified in COM
mencing this work
Mr.. G. L. Magee, in speaking few days
since of the sale of the Poor Farm property,
SAID he favored its purchase for a manufac-
turing site, as he thought it would inure to
the beneftof the city as we'll as the county at
large. He held that wherever a manu-
establishment is located dwellings
will naturally follow, and if the farm prop
erty was sold for this purpose. it would not
be long until the rural land around it would
be solidly built up.
LOOKING FOR ASSESSMENTS.
Among the different sites offered the CITY
for Poor Farm are mentioned those of
John T. Hay, on the Yough, at 5000 an
acre, and the Ramsey farm, on the Monon-
gahela, owned by j. W. Kuhn. These are
probably assessed in some other names, as
the township assessors books in town.
ships thereabouts do not show them.
The land offered by Black & Baird, some
20 miles up the Monongahela river, 25O
acres at $3.50 per acre, is the Wylie tract. 1t
is assessed at $55 and S95 an acre on the
authority of q gentleman connected with
the Court House. Mr.. Baird did some
figuring on the bid his firm had made for
the Poor Farm, and he said that at 5000
lot there would not be much money in the
affair he talked as though he thought
S432, 100 was rather too large for a safe
margin. Some say that Black & Baird
will take $500 an acre for the Wylie tract,
but on this head Mr.. Baird did not enlarge.
Will Hear Billy sunday.
WiIIia iarnshuro will bave an onnortunitv 70 |