Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-16
A SAFE INVESTMENT.
Little Danger of Losing Money by
Placing it on Mortgages.
SCARCITY OF BUSINESS HOUSES.
Hastling McKeespOrt Bound to Make Her
Mark in the Business World.
THE BIG CHURCH DEAL OFF FOR GOOD.

The deal for the big church at the corner
Of Smithfeld street and Sixth avenue,
about which there has been no end of talk
the past few weeks, is off for good. Henry
Arnold, Chairman Of the Church Commit.
tee having the business in charge, said so
yesterday evening. He added: ''The propo-
sition of the syndicate to lease the property
for 80 years could not be entertained. It
would be equivalent to a sale, and that
would vItiate our title. Besides, if we had
been disposed to accept, the offer was con-
siderably under what we think the property
is worth. 1t is not on the market, and
never has been, but if we could get what we
hold it at we might let it go on reasonable
lease. The congregation is under no pres
sure to part with the property, and may
take a notion sometime to put up business
block there themselves. We have had no
other offer that we thought enough of to
take under consideration, and 1 think it
will be long time before the property passes
out of our hands,"
1t will be remembered by many that the late
Peter Dressler was an active agent in the erec-
ton of this fine building. 1t cost about $685.
900, but material and labor were considerably
dearer then than now.
There are two ways of looking at mortgages.
When placed to raise money for purposes Of
speculation in which there is large element OF
risk they are dangerous. When given TO i'm
prove or buy property that has a fixed value
they are safe. In the latter case they indicate
enterprise and prosperity. Money raised on
mortgage to invest In Pittsburg real estate is
as secure as bank stock. The market is so well
it nearly always turns out well. In some cases,
where extravagant prices are paid, the profit is
small. In no case where average discretion is
exercised is there possibility of serious loss.
One of the oldest mortgage brokers in the
city remarked yesterday: Il don't know of
anything safer than mortgages on real estate.
Values in this city and its envrons have hard
ened so slowly, and there is such good de-
mand for lands and houses, that think they
are up to stay. 1 can see no signs of a reaction.
It's the healthiest market that 1 have ever
seen. It rests on sound bottom. I see no
reason to be afraid of mortgages if judiciously
made"
In regard to the scarcity of business property,
and the danger of going to the other extreme,
a member of the firm of w. A. HERON & Sons
said yesterday; There is danger of owners of
downtown business property OVERRIDING the
market owing to the prevailing scarcity. Many
complaints have been made of owners renting
over the heads of present occupants. al
though they were willing to pay
in most cases what would be
deemed a fair price, because someone else
offered to pay higher price in order to get a
place 10 tide over the present emergency, and
until more houses could be put up Persons
who are now contracting to pay excessive rents
will do so only for a short time, as no legiti-
mate business can afford to pay now the rent
of property valued five or ten years ahead. As
soon, therefore, as more business houses go up
and the present demand cannot but stimu-
late building-people who are now agreeing to
pay exorbitant rates will seek new quarters
and leave the owners of their present quarters
without tenants.
"No doubt the enhancement Of values and
the prospective increase of taxes warrant
fair increase of rents, but owners will act
wisely and in their own interests, if they see
that only fair and just rent is placed on their
houses, and pay no attention to persons making
fancy bids. A good, permanent tenant is worth
keeping, but he must be treated fairly or he
won't stay"
McKeesport is keeping step with other ALE
gheny county towns in the march Of improve
ment A citizen of that borough was in the city
yesterday, and said that all kinds of business
there was unusually active. A large number of
fine buildings are going up Of which the River
view Park plan is getting its full share. This is
becoming the aristocratic part of town. The
main avenue leading to it has been graded and
paved. Lots on the principal streets are selling
at SO to $50 foot front. The street railway is
being extended up the Yough side Of town.
Industrial expansion is also marked feature
of McKeesport. Work on the Monongahela
glass furnace plant is progressing rapidly. The
Novelty Steel Wheel Company, at BisselI is in
shape to market is product Several new en-
terprises are talked of. All the difficulties in
the way of building the bridge across the
Monongahela to Duquesne have been removed,
and the work on it will begin in short time.
The Pittsburg Bulletin hits the nail squarely
on the head when it says: The man who can
not get along in the Iron City during the year
of grace, 1880, cannot succeed elsewhere. And
the man who is divided in mind on the question
of going or of staying had better place the
solid weight of good sense in the trembling
balance and stay right here. Brains. energy
and capital, invested between the Mononga-
hela and the Allegheny. will yield dividends
surer than those aecruing from the same goodly
trio invested west of the Father of Waters.
There is no city or State or Territory in the
Far West whose immediate prospects are
brighter than those OF Pittsburg.