Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-01
ANOTHER BIG DEAL.
Over 100000 Paid for Thirty-Six
Acres of Land in the East End.
A SYNDICATE MAKES THE GOBBLE.
Young Men Combine to Speculate in Real
Estate on an Extensive Scale,
BUSINESS MOVEMENTS AND GOSSIP

BUSINESS MOVEMENTS AND GOSSIP
One of the largest deals in real estate that
have occurred in the East End for long
time was consummated yesterday when
Black s. Baird and w. A. Heron & Sons
sold the Samson tract, consisting offs acres,
situated on both sides of Joncaile street and
adjoining the Schenley Park, for 81, 900 per
acre for the portion between Joncaire street
and the park and 1900 per acre for the re-
mainder. making the total amount Of the
sale S102, 500.
The purchase was made by a syndicate Or
ganized by Black & Baird. The property
will be subdlvided and put on the market
shortly. Mr.. Samson purchased it last fall
through Messrs. Heron & Sons. He realized
. handsome profit from the investment.
Young Men Are HustIing.
A peculiar feature of the real estate business
in Pittsburg is the large number of persons
who are handling 1t in one form or another.
This is seen in the number of organizations
which have been formed within a short time
for the special purpose of speculation in land.
These number at least half a dozen in the city
proper. They are composed for the most part
6f young men, many of whom possess consider
able capital and influence The newest of
these organizations has a membership of $50,
and others from so to 1O0 The plan of opera
tions is based upon a system Of dues, somewhat
similar TO that of the building and loan associa-
tlons and the object in view is the purchase of
acreage, with q view to subdivision and future
sale
Their field of activity is not confined to Pitts
burg, but extends to other localities, including
some of the Western States, where they
have acquired several large tracts,
one or two of which have been
sold within a short time at a handsome advance
on the purchase price. One of the companies
owns an extensive body of land in the East
End district and another is negotiating an i'm
portant deal on the Southside. Among the
members are number of city and county Off
cials and quite sprinkling of attorneys Re-
ports from private, but trustworthy. sources
show that all the companies are making money.
Local Wall Street Gossip.
Six months ago young lady drew $500 from
the Pittsburg Bank for Savings and, on the adj
vice of her agent invested the amount IN real
estate. Yesterday she sold her interest il the
investment for s625.
Messrs. Grace & Co. report a marked i'm
provement in the insurance business within
the past week or two, due principally to the
large number of new houses that are being oc-
cupied.
Yesterday was pay day at all of the banks in
Pittsburg and vicinity, and the clerks-nearly
800 in number-were the happiest people in the
city,
The reason assigned by some of the brokers,
including Mr.. E. P. Long, for the weakness in
Westinghouse Electric is the frequency of liti-
cation with rival companies. which absorbs a
large share of the earnings.
The first streetrailroad operated in Pittsburg
was the Citizens line along Penn avenue to
Lawrenceville. which was completed in 1854
Business is dull in Pittsburg. is ltf Let us
see. The bank clearlngs for April were the
largest for any month since the establishment
of the Clearing House in 1867, and were Sl2-
Ooo,0OO greater than for the corresponding
month last year. Comment is unnecessary
The Keystone Grain, Stock and Commission
Company is making arrangements to Temporal
rIly retire from business, and patrons have
been notified to close their deals, preparatory
to a full settlement. Mr.. McMullin, the head
of the firm and a prominent and wealthy gen.
tleman, stated yesterday that he had been led
to adopt this course by the rapid rise in all
commodities, which made a continuance of
business through the present furry decidedly
hazardous. The move is more in the nature of
a shutdown than a suspension. and the impress
sion largely prevails that it will be temporary
Movements in Real Estate,
There was considerable activity in real estate
yesterday. as the following transactions show:
S. ]. Fleming & Co. and w. NJ. Hager Co.
report sales of lot No. Aspnwall plan, look
14O. corner of Freeport avenue and Center
street. for 81 40O also lot No. 81, corner of Gen.
md
x125 feet. Negotiations are pending for tho
purchase of block of 30 lots and a block of TO-
Many more new buildings are to be erected.
Ewing & Byers sold for John A. Chambers to
John White a two-story and mansard frame
house of eight rooms and hail. with lot 2OxlOO
on Lithgow avenue, Second ward, ALLEGHENY
for s3,OOO They also placed a mortgage of
Sc 900 for three years. at per cent, on property
on Irwin avenue, Allegheny.
Baxter, Thompson & Co.. 1852 Fourth avenue.
sold to E. D. Rabenstein lot No. l3S, Bank of
Commerce addition plan, Brushton station,
frontage of so feet on Brushton avenue by I3O
to 2O-foot alley, for 5000 cash.
Charles Somers & Co.. 3l3 Wood street. sold
for William Marshall to John E Bay mod
ern-style frame dwelling of five rooms and i'm
provements, with lot 25xl23 situate on Amanda
street, east of Brushton avenue, Brushton sta
ton, for s., $50.
Black & Baird, 95 Fourth avenue, sold for
John Koehler to William E. Strong a two-story
frame dwelling No. 1877 Merriman's alley.
Southside, with lot 1Sx60 feet for S94O cash.
They also sold to Mrs. Louisa Weir lot No. 81.
in the roll plan of lots at Linden station, BaIti
more and Ohio railroad, for 5000.
Hamnett & Meredith. l02 Fourth avenue and
Williamsburg, sold lot lS0, plan No. 2, Wilkins
estate, Williamsburg, to Edward W. Zimm-r-
man, for $3.50.
c. Beringer & Son, 156 Fourth avenue. sold
for A. Ulrich to T. C. Waite. triangular vacant
lot at Ellsworth, for $500 cash.
Samuel w. Black & Co., SO Fourth avenue.
sold lot 2ix135 on Maple avenue and Olive
street, Tenth ward, Allegheny. for $3.50.
]. E. Glass. 1SS Fifth avenue sold a lot at
Mansfield, Pa, size 39xl65 for s., 900 cash.
James w. Drape & Co. placed a MORTGAGE
investment on farming and local lands in Ohio
of s10,0 at 6 per cent.
At the opening sale of lots at Wilmerdinp.
yesterday, by the East Pittsburg Improvement
Company quite number were disposed Of
There was a large number of visitors The ont
look there is very promising.
John Ramsey placed mortgage for 50. 500 on
Allegheny City property, three years, at 9 per
cent.
IN THE RUT.