Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-27
ANOTHER BIG DEAL.
Two Fine Business Properties on
Smithfield Street Picked Up.
NEARLY 100000 INVOLVED.
The Baltimore and Ohio Railroad May Soon
Double Its Common Stock.
THE NEWS AND GOSSIP OF THE TOWN

Three months ago one Of the members of
a prominent banking and real estate firm
went to Fourth avenue broker for his ad-
vice in regard to paying 81, 500 foot front
for two business properties on Smithfield
street. He was advised to make the pur-
chase. The deal was closed about II o'clock
yesterday.
The gentleman was Mr.. A. W. Mellon,
and the property in question comprises Nos.
5O4 and 5O6 Smithfeld street, having total
frontage of 3s feet, by depth OF go feet to
the Splane property in the rear, with two
four-story brick buildings, one Of which has
recently undergone extensive repairs. The
price, s., 500 foot front as stated above, or
$4,000 in the aggregate, is considered reasona-
BILE for thar locality and contiguity to one Of
the best corners in the city.
Many readers Of The DISPATCH will remem-
Der Lawyer Penny. who died 10 or II years ago.
He left considerable realty of which the
properties just acquired by Mr.. Mellon consti-
tuted part
Baltimore and Ohio Stock.
The New FORK Herald Of yesterday says: "a
private dispatch from Baltimore received in
this city declares positively that the Executive
have decided to issue SIS, OOO. 900 of new common
stock to be used In retiring the floating debt of
the company and for the construction OF better
terminal facilities at Staten Island, Philadel-
phia. Washington, Pittsburg and Chicago, and
for double tracking q portion Of the division
west Of the Ohio. The dispatch further de-
clares:
at is reported that the hesitation Of some Of
the Garrett party to consent to the increase Of
the stock has been the delay in earlier present
ing this plan. 1t is now believed that they ap-
prove OF it. Efforts have been recently made
to form a syndicate to purchase portion Of
this proposed new issue. These efforts are
doubtless the basis of all the recent rumors in
relation to the sale of the control of the prop
erty and the organization of a syndicate to buy
same. The issue of stock is really forced upon
the Baltimore and Ohio by the Pennsylvania
and other trunk lines, providing for vast expen-
ditures on their systems, which necessitates
the Baltimore and Ohio to expend large
sums to compete with them on equal terms,
This will double the common stock of the
company, and the future control OF the prop
erty must depend on the interests that secure
most of the new ISSUE OF course, if the new
stock were evenly divided among those who
hold the old the balance of power would not be
changed, but there seem to be difficulties in the
way of the city of Baltimore or the State of
Maryland or the Johns Hopkins University
making further investment in the road, which
do not apply to other interests"
Business News and Gossip.
A leading harness-maker said yesterday: 81
have all can do to turn out a sufficiency Of
stuff to meet orders, and some of my hands are
working overtime to enable me to catch up"
The fact that Allegheny county has placed
large 81 per cent loan at par and interest
shows how its credit is regarded by financiers.
1t never stood higher.
Nearly all the Pittsburg banks make daily
discounts. A few set apart Monday and Thurs
day, and a few Tuesday and Friday for that
business.
The Westinghouse Airbrake Company has
the largest capital of any of the local corpora
tions-S5, ,O00,0OO The Charters Gas Company
comes next with 81, 600 900. --..-sa
May 26. 1872, oil was quoted at Oil City at |
So 95.
The heaviest mortgage reported yesterday |
was for $4,000. Twenty-four others ranged |
from S.. 1000 to $780,
Citizens of Edgewood are anxious for rapid |
transit. The first company to reach the bor- |
ough will get the persimmon.
The supply of new cheese has not been up to |
demand for the past few weeks. One of the |
leading dealers said yesterday that he could |
have easily doubled his trade in this line last |
week II he had had the goods.
Whitney & Stephenson we're wired from Wall |
street yesterday: Commission people all agree
that the sentiment of the street and the public
is so decidedly bullish that it is impossible
that there will be very much of a reaction.
With the Improvement in the condition of the
bank reserves. they look for speculation to be-
come more active and prices correspondingly
higher.
Toward the close Of the oil market yesterday
a broker remarked: Il have made less than $50 |
on brokerage this month, and it has been the
best one this year. This shows how dull busi-
ness Is"
Movements in RenI Estate.
The week opened tavorably for real estate
InQuirers we're many and buyers not a few.
Particulars of an important deal on Smithfield
street are given above. Sales reported fol-
low:
Peter Shields sold for John M. and VIM. M.
Noble, to John G. Finch, farm of 7S acres
with improvements, I'M Robinson township. AL
legheny county, for IS $50 cash; also sold to
VIM. M. Noble. for Iohn c. Finch, an eight
roomed frame house. with lot 6Oxl55 on Her.
ron avenue, Thirteenth ward, for So SO cash.
Samuel w. Black & Co. lid for Black A.
Baird property No. 175 Buena Vista street. Sec
ond ward. Allegheny, having thereon a frame
dwelling of four rooms, fronting on Columbia
way, lot 2Oxll0 for So, 500.
Reed B. Coyle & Co. sold to VIM. Hill. for
Hugh s. Craig, a lot in the Fourteenth ward.
fronting $50 feet Frazier street and 10 feet on
ward street by from 96 to l2O feet Deep for 500
cash.
Black & Baird sold for I. D. Gardner to
Charles c. Schad a three-story brick store and
iwelling, situate No. 264 Center avenue Thir-
'eenth ward, with lot "a feet front and running
through to Kirkpatrick street, for 81 $780,
Thomas McCaffrey sold for w. A. Clements
% Otto Wilhelm and Charles Post, corner Pearl
Ind Isabella streets, Sixteenth ward, lot 6sxI37
With two frame dwellings, for 81, 900; also sold
,or P. B. McWilliams to Barbara McLane lot
'2xll0 on Rosetta street, near EvaIine, Nine
eenth ward, for $40; also sold for Silman
Now to Mr.. Hays house and lot on Orleans and
Denver streets. Thirteenth ward for $780, and
,laced mortgage for $500 at per cent for five
Tears on property in Sterritt township.
Ewing q Byers sold for James Nesbit to
William Lutz two-story frame house of four
ooms, with lot 16x9S, on Morrison avenue, Sec
md ward, Allegheny, for s., 200 cash.
Boston Stocks.
Itch. & TOP. ........ 47X Calumet & Hecla3,5
Boston & Albany .2eU4 Catalpa. ..........,, As
,0sIon q maine. 20 franklin ............, l9H