Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-09
A RUMOR RUN DOWN.
Reported Sale of the Holmes Prop
erty on Fifth Avenue Denied.
SEVERAL BIG MORTGAGES PLACED.
The Work of Opening Up Sewickley Valley
Progressing Favorably.
HOW REAL ESTATE LOOKS TO AN EXPERT

A report obtained considerable currency
on Fourth avenue yesterday evening. in
substance that Mr.. Americus Holmes had
sold his Fifth avenue property frontage
of 12O ieet to McMasters alley-at steep
figure.
Mr.. Holmes was seen and asked for
particulars. He said: "Such a report is
out, is it? Well, it's news to me. If I've
sold 1 don't know it. The author of the
story must be mistaken" That settled it.
Messrs. W. A Heron & Sons yesterday
placed the following mortgages on city
property: One OF SCI, 900 at per cent, one
of Sill 900 at $40 per cent and one of $4,000 at
5 per cent.
Samuel W. Black & Co. yesterday placed
mortgage of Sl650O on Third avenue property
for two years at per cent
There was $4,000 deal in acre property at
Hazelwood yesterday. but particulars were un-
obtainable.
1t seems to be settled that there will be no
boom, no imitation. no kite-fying in Pittsburg
real estate. This is encouraging. 1t means an
active, steady market In regard to this matter
one of the most prominent real estate brokers
in the city said yesterday: "A year ago WAS
fearful that the activity IN realty would have
bad effect upon owners, by encouraging them
to put up prices beyond the reach of ordinary
buyers. But was mistaken. They have not
done SO. and thereby showed their good sense.
1t is true property is higher now than it was
year ago bnt the city contains more people and
has more business. 1t would be foolish to expect
property to remain stationary under such
conditions. Like everything else it keeps pace
with the demand. There is no danger in this.
1t is legitimate. The danger lies in out
stripping the demand. But this Is not likely,
or it would have been attempted long ago.
"At present the market is working quietly
and smoothly. There are fewer new buyers
than usual but sales in a regular way are
respectable in number and value. A great
many important deals are under wav, but as
they involve large amounts of money it takes
time to bring them to a conclusion. There are
no indications of waning interest. look
forward to a season of great activity. The
market is not oversold, and there is no scarcity
of good property for all purposes-improved
and unimproved."
A great change is in progress along the Ohio
river which will bring real estate in that section
into equal prominence with that in any other
locality adjacent to the city. California avenue
is being opened to the full width of 80 feet
This is an important improvement and should
be pushed vigorously. A fine bridge across
Mcclure avenue is under way and will be COM
pIeted in a short time.
A 6Q-foot street has been opened to Jacks
Run, where another bridge will be erected to
connect Allegheny with Bellvernon tine CouD-
Gil of which place is considering the question of
granting right of way for an electric road,
which will no doubt be granted and the road be
built as soon as possible to Dixmont, and prob
ably to Sewickley, In order to head off another
company which proposes to build one along the
New Brighton road. The road first mentioned
is now running cars to Strawberry lane. When
completed, as proposed. it will open up some
very fine residence property.
1t will pass through Emsworth-one Of the
liveliest and most romantieaIly situated little
towns on the route. where there are large
number of fine sites for county residences
equal to anything in the East End-and much
cheaper. Further down, the new town of Cliff
ton is being laid out, with good prospects of
ground between Ellsworth and Dixmont; but
tions, either in blocks or lots, in and around
Ellsworth, Laurel and Avalon at moderate
figures.
The oil craze has struck these communities
pretty hard, and everybody is waiting to see
what it will amount to. The people, however.
have not permitted the excitement to divert
their attention entirely from ordinary affairs.
There is good inquiry for building sites. and
a large number of houses will go up this year,
oil or no oil.