Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-03
A GREAT MISTAKE.
People Who Boom Real Estate Doing
Great Injury to the Market.
BUYERS WILL NOT BE COERCED.
Illustrations Of the Extravagant Ideas
Which Some Owners Entertain.
LOCAL BUSINESS NEWS AND GOSSIP


1t is great mistake to think that bip
prices for real estate-phenomenal iumr
here and there which the thoughtless tax
pride in spreading broadcast as somethin
great and praiseworthy-are helpful to bul
mess. They have the contrary effect. The
not only embarrass the brokers, but injur
owners chances of selling. This fact ha
been stated time and again in the city pa
pers, but it cannot be repeated too often
Initiation is the bane of all business, an
none feel its bad effects quicker than rea
estate.
Messrs. Anderson & Beeckman, in the cours
OF a brief interview yesterday. mentioned tw
or three cases OF kite-f ying which are admira
BILE illustrations of its folly. They made an of
fer of SIS 600 for three acres on Black Hors
Hill. 1t was refused, the owner saying that h,
might possibly accept Sl0.O 900 an acre. AS the.
knew they would be unable to get a customer
for the property at anything like that fgur,
they dropped the deal there and then. Jus
across the street from the locality indicated
lots 25xl00 are selling for s400.
A Few days ago an offer of 81, 600 an acre for
considerable body of land on Heron Hill wa!
| refused, the owner saying that that price didn
come within gunshot of the figure he had set.
The chances are that both of these propertie.
will remain unsold for long time-unless 9
millionaire takes fancy to them. 1t should
be remem bered that there is point beyond
| which buyers will not and cannot go. The only
way to maintain an active movement in realty
is to adhere to fair prices. Forced values will
drive buyers out of the market.
Business News nnd Gossip.
The American AK Association will meet on
the 10th inst and advance the price so cents Der
dozen.
Extensive improvements are being made in
the Williamsburg district. Several tracts of
land are being laid out in lots streets are being
opened and sidewalks made. Several hundred
fruit and shade trees have been planted within
the past two weeks. Houses are going up in all
directions.
The following notice was posted on Change
yesterday: "All members of this exchange
are hereby prohibited from giving or receiving
quotations on the floor of the exchange to or
from any bucketshop, to take effect on Tues
day, May 6, 1890 By order of the Board of Di-
rectors.
The Northern Pacific Railroad Company
gives notice that call Of 20 per cent has been
made on subscriptions to the land grant consol-
idated mortgage gold bonds, payable at the
Farmers Loan and Trust Company on June l.
1890 under the terms of the resolution of the
Board of Directors. adopted December s. 1889.
Gardening is an important industry in the
suburban districts. The market value of the
produce thus grown last year has been esti.
mated at S500.000 This work is now in full
swing.
The Allegheny Valley Railroad is grading
the property at Forty-eighth street, prepara-
tory to the erection of extensive freight yards,
Thomas Brown, well-known oil well driller,
VIII leave for Catoosa county. Ga. next week,
where he will sink several holes The pros
poets for big strikes there are considered good.
ot 26 mortgages reported yesterday the larg-
est was for $4,000
Directors of the Pennsylvania Railroad have
declared semi-annual cash dividend of 2H
per cent. and an extra cash dividend of half of
per cent They also authorized the issue of
SOI9,0SS shares of stock, the proceeds of which,
sIl, 100000 are to be applied to construction and
equipment
There was surprise party Thursday night at
the home of Mr.. c. L Straub, of Straub &
Morris, in the East End, the occasion being the
anniversary of his birthday. He was the recip-
lent OF many handsome presents, including
an elaborate silver service from his employees.
Dividends declared, all semi-apnual: Second
National Bank, per cent payable on and after
the 10th; Diamond National Bank, per cent.
payable on demand; Iron City National Bank.
per cent
Black d Baird will sell at auction to-day 81
building lots at Linden station. The best bid
ders will get them.
Movements In Real Estate.
Reports which appear below are sufficient to
dispel the Illusion that real estate is fat on Its
back. The inquiry for nearly all descriptions of
property is increasing day by day.
c. H. Love sold to c. L. Reno for Frank 7
Brady and wife, l03 feet on Rippey street. cor.
ner of Beatty, for S., 800 cash. The purchaser
intends erecting three nice dwellings ON the
property at once.
James w. Drape Co. closed the sale of a
residence property in Allegheny, lot about 25x
100 feet. and brick dwelling, near North ave-
nue. and Palo Alto street, for $4,000: also the
sale of residence and lot in the East End
frame dwelling and lot 40x15O feet for 81 600.
also two lots, 50xl25 feet, at Mansfield. at the
rate of s., 900 per acre. They also placed two
mortgages on Allegheny properties of $40 500 at
8 per cent; also five other mortgages of $1,000
on East End and McKeesport properties at 81
per cent; also, by order of the executor. closed
out an interest in property on Liberty avenue |
of s25, 600 cash.
L. o. Frazier, corner Forty-fifth and Butler |
streets, sold a new two-story frame slate roof |
dwelling of five rooms, etc., with lot 2lxlOO feet
to an alley. situated on the north side of How |
ley avenue. near Thirty-ninth street, Sixteenth |
ward. to Joseph Kroneisen, for $500.
Black Baird, IS Fourth avenue, sold for q.
d. Simen to Wallace H. Rowe, lot No. 6s on |
Thomas street. Boulevard place, East End
54xl42 feet, for a price appr oximating $40 per
foot.
Charles Somers & Co., 3l3 Wood street sold
for John Mathews to E. L. Thompson. a resi-.
dence property, being No. a Martin street AL
legheny, a twostory brick of six rooms. with
lot 2Sx70, for 81, 30O They also sold for James
H. Aiken to w. l. Williams, lot No. IL in
Fairmount plan, fronting 25 feet on Fairmount
avenue and in depth about las feet, for $500
Reed 3. Coyle & Co., 131 Fourth avenue sold
to Mrs. Catherine Burns lot No. 25 in the plan
Of lots at Marion station, being 2297 feet front
On Moaongahela street, for $3.50.
/. N. Peupock & Son sold lot No. ga in tba
Homestead plan of lots. 60x1lO feet, for n. q
Phillips to Calhoun Lynch, for $3.50. Thew also
'old and settled mortgage for Sl2 600 on Allie
,heny property, nve years ar 8 per cent free Of
AK.
Samuel W. Black & Co., 9S Fourth avenre
'old for the Blair estate, Twenty.third ward'
OF No: rs. situate on Almeda street. size 24xI2O'
or $500.
George Johnston has within the past 30 davs
old l47 lots on Webster, Wylie and bedford
venues and Francis street. Buildings. and
ONE of them fine ones, will be put up on these |
his season. In addition to this work Mr.
10000 SIS 600 and $4,000 respectively. He
tates that though he has been keeping oniet
lis business has been better during the past siY
lon.hs than ever before.
Boston Stocks.