Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-10
A MILLION INVOLVED.
Extent of the Big Gobble of Acreage
Property at Parnassus.
SCOPE AND NATURE OF THE DEAL.
An Opening Presented for Many Industries
and the Germ of New Town.
SCOPE AND NATURE OF THE DEAL.
NAMES OF OPERATORS A CLOSE SECRET

Olcate mas already secured between 0VV
and 900 acres, and has secured quite a
number of options covering the entire tract
which it had in view when it COM
menced operations. The last purchase, that
of the Dr.. Hale farm, was effected about 3
o'clock Saturday afternoon. The price ap-
prOximated $500 an acre.
In regard TO the extent and characteristics of
the territory in question. Mr.. Howley said, in
interview with THE DISPATCH representa-
tive yesterday: The syndicate's first move
was to take in a river frontage of nearly u
miles, This gave it about 21S miles on the
railroad. The eastern boundary of the tract is
the Freeport road, extending from Valley
Camp to Parnassus. The western boundary is
the Allegheny river, the northern is Valley
Camp and the southern is Parnassus, of which
borough it takes in about 80 acres. In addition
to this. the syndicate has leased about 300
acres of as fine and promising gas territory as
there is in Western Pennsylvania The entire
tract, as stated by Mr.. Liggett, is underlaid
with vein of coal between six and seven feet
thick. The land is so situated. and possesses so
many and great advantages, that consider it
unvQuRled for manufacturing and residence
purposes.
The primary object the syndicate has in
view is the establishing on its purchase a
variety of manufacturing interests, by afford
ing inducements unsurpassed by those of any
other locality within 20 miles of Pittsburg, or
in fact west of the AlIeghenies; but they also
propose to lay out town. for which purpose
surveyors are now at work on plans and de-
tails. There is sufficient territory outside the
manufacturing portion to give Is miles OF
street frontage.
LAS to the parties directly interested in the
deal am not at liberty to speak at present,
but can say that they are Pittsburgers, and
have such standing as men of business and
means that failure in anything in which they
engage is unknown to them. I can also
say that neither the Westinghouse nor
the Pullman corporations are connected
in any way with the business. I will say moth
ing of individual members. The promoters
have already received assurances that number
OF industrial plants will be erected on the pur-
chase as soon as details can be arranged. The
purchases and leases aggregate nearly. If not
quite, 81. 100000. The syndicate could sell out
to-day at profit Of nearly Sl0O 600, but such a
proposition would be, in my Judgment perfect
ly absurd. To show the influence of this move
ment on surrounding property, may add that
land which few days ago could have been
bought for $500 an acre, but was refused by the
syndicate because Of its inferior location, was
sold TO outsiders on Saturday for 6, 200 an
acre"
A further attempt was made to find ont the
names of some or all of the men engaged in
this mammoth transaction but without sue
cess Mr.. C. H. Love said: ut is being worked
as close secret. L know that one of the
shrewdest men in the city went up there on
Friday in search of names, but he made an
utter failure of it It'll my opinion that the
syndicate is operating through middlemen,
and they will not reveal their identity until
everything is closed upr
-
Business Men and Gossip.
Parnassus has a good opportunity to cut
quite figure in the world. Few places have
had such boost as it has lately experienced.
The woods at Edgewood were full of people
on Sunday picking out lots and discussing
prices.
Baltimore had big trade IN grain last week,
which enabled her to put Pittsburg in a hole
for the fourth time this year
1t is announced that all Texas lines will re-
duce rates on cattle shipments from Texas to
Chicago, st. Louis and Kansas City go per cent
This cut is made in retaliation for alleged re-
duction in grain rates by Missouri, Kansas and
Texas.
Citizens of Edgewood borough will soon have
an opportunity to vote on proposition 20 issue
bonds to the amount of $4,000 to build school
house. An option has been secured on an acre
lot on Maple street for S6, 700
The Citizens National Bank has been author
lied at lronton, o., with a capital of 500 600.
William NJ Merr is President
The passage of the silver bill in the Lower
House of Congress caused a decidedly bullish
feeling in Wall street
A bond specialist said yesterday that a good
many sales were being made showing that
there is no scarcity of money. One OF two
brokers have turned their attention almost en-.
tirely to this class of securities,
Railroad earnings-East Tennessee, Virginia
and Georgia, fourth week in Nav increase
s40,46S; month of May increase sI09.743
Thirty-six mortgages were recorded on Sat-
urday. The largest was for S. 500 and the
smallest slO0. Eleven were for purchase
money.
Movements In Real Estate.
There was good inquiry for building lots
yesterday, showing that demand has not been
satisfied. Values were reported moving very
little, indicating steady market Sales closed
follow:
]. B. Larkin & Co. sold one two-story brick
house. lot 2lx56 feet, corner Maria and Chest
nut streets, to Thomas McMichael for James
II. Riley for s., $50 cash; also one two-srory
frame house. No. 1856 James street. Allegheny.
TO B. Miller for Z. G. Dixon, lot 20xlO0, for
81 100; also six acres and Is perches in Charters
township to E. A. Lyn for s., 600 cash. They
also placed mortgage on Fifth avenue prop
erty for S., 600 at per cent:salso placed a mort
gage on Locust street property for $500 at 6
per cent.
Reed B. Coyle & Co. sold for Mrs s. P. Co.'S
tello to the Bethesda Home Association the
property corner of Colwell and Townsend
streets, being ten-room brick dwelling. with
lot fronting "a feet on Colwen street. 20 80 feet
on Townsend street and 7sS feet on Charles
alley for $500 cash.