Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-12
ON A SOLID BASIS.
Reasons Against Reaction in the Value
of Pittsburg Realty.
TWO MORE IMPORTANT DICKERS.
Petroleum Stagnant and Both Of the Stock
Calls Result in Goose Eggs.
THE NEWS AND GOSSIP OF TIE CITY

To the Financial Editor of The Dispatch:
In an article on real estate in Fridays
issue you speak with the positiveness of
conviction that not only will present prices
be maintained, but that there will be large
advances, rendering sure, profits to present
| investors.
Will you please favor me with your rea-
sons for this prediction. If mere prediction,
it amounts to nothing. Real estate prophets
have been sadly deceived before now. Real
estate is dangerous realm in which to ex-
ercise the gift of prophecy. Then you can
never prove prophet true or false until
the future has become the present.
You say it is different now from 1870 odd.
We are pursuing the same methods SO closely
that we are justified in pausing and taking
breath. 1t is true that the brass band and free
| lunch have not reappeared Whom they come,
the end may be reasonably foretold.
A. LEGGATE.
| ALLEGHENY CITY, August 10.
REPLY-The financial editor disclaims. once
for all, having essayed the prophetic role. 1t
| was not upon him that Elijah's mantle or in
| f1uence fell. Therefore he has never said that
There will be large advances" in real estate or
| anything else; but he has said, and repeats the
observation that the outlook is favorable to the
maintenance of present values and for gradual
enhancement as the city grows in population
and business. There is nothing akin TO proph-
ecy in this. The conclusion is based upon q
| principle that pervades every department Of
| business-that demand regulates prices. Is
there demand for property in Pittsburgh The
fact that there are practically no empty houses,
business or orresidence. shows conclusively that
| there is. In addition to this, and affording
| further proof of the existence of demand,
| the supply of houses is largely inadequate to
the wants of the rapidly accumulating popula-
| tion. This shortage is at the bottom of the
activity in building lines. When people can't
rent they must build. 1t isn't considered the
correct thing TO live out Of doors in this
| country
| These statements are based upon data in the
possession Of almost every broker in real estate
in the city. If an active demand for improve
ment not speculative, be indicative of weak
| ness, then the local real estate market is In q
precarious condition, and "the end may be
| reasonably foretold." But such a reversion Of
fundamental business principle is impossible
Mr.. ]. Ledlie Glon1nger, who was in Balti-
more short time ago. said on his return that
he saw at least /, 900 empty houses in that city.
| and that 81 600 a foot was about the average
| price on 'ne principal sttee[ 1nls means tnst
pi.iore 10 oNerpunt' inat reai estate snouiu
pe SLOW anu weak unoer suon conoiuon Is
| 9ui'o rasuiAi, Inc ie'e-se "ouiu pe astonisu-
Ing. In Pittsbuig. where every house is occu-
| pied and demand for more. the price on the
| principal streets Is from e. 900 to 81 600 foot
according to location. In few instances So, 900
has been offered for corner property.
Business lis the basis Of value in both cities.
of pi.tsh,,-s aa.n.;os saaosn ne PopsV ol;t,a ~
| tho ,noa-.s1 o,.sl S"se NJ ps-u t-s.. -
romorsoha a. tho faot tho-aforo .hat III
asto+a is bicbar hors to- .hars -''
| Tho nsonIo conno. ro1i he daoo;,od rhoo
| t,vit;es 81 pit+shnr, o.. - 80 .hat 80.
Tbev .fford rer-0orsrt erD-,orraa.. 80 80
wages for at least lao ooo nersons ana this nnrn-
ber is being oonstantlv added TO bv fresb .cces-
sions from othar cities and the .rrrnr,d;r,
country districts. This great industrial move
ment and growth Of population project an ele-
| meat of strength into the real estate market
which gives it permanency and activity and
furnishes reasonable guarantee against a reac-
tion.
| 'ss
Business News and Gossip.
He who makes q blade of grass to grow
where none grew before is public benefactor,
but he who buys lot and builds on it is still
more worthy of esteem.
The progress of rapid transit in the Wilkins
burg district is causing building lots to be
picked up fast There is no danger of q
famine, however.
Rural farmers report that the rains of last
week were the salvation of the vegetable crops.
Prices will be lower but still above the average
OF recent years.
Supper Table speaks in glowing praise of tho