Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-06
Along Fourth Avenue.

Along Fourth Avenue.
Among downtown streets there is none that
possesses greater possibilities than Fourth
avenue Largely devoted to the banking, stock
brokerage real estate and insurance intel ests,
it is coming to be known as the Wall street of
Pittsburg. and the title is well deserved, for it
originates an enormous volume of business
THIS thoroughfare offers good illustration
of the tendency of people engaged in allied
lines of activity to concert together Having
become the center of financial and real estate
operations of the city. 1t would be almost I'M
possible to divert it to commercial purposes
There people who think bank or real
estate office anywhere else would be failure.
This opinion is unsound, as the success OF those
who have found quarters in other localities
copclusively proves: but its prevalence will
prevent any material change in the character
of the highway for years to come. Local Wall
street it is, and local Wall street it will re-
main.
The rise of Fourth avenue to prominence as
a financial center has been slow but unlnter-
rupted. The first of the many banks which
are located on this street was established in
1910. The first real estate office was opened
along IN the early fifties. Soon after the war
accessions were rapid and numerous, ana the
foundation of its present distinction was laid.
But for long time business was restricted to
the lower end Of the street, from which it was
hard to dslodge. Gradually, however. it
moved up to Wood, and then rooms and ofhces
being scarce, one adventurous firm or indl-
vidual after another. with the spirit OF Cesar
passing the Rubicon, crossed over Wood and
opened up new territory. The experiment
proving successful, others followed, and in
few wears every stand was occupied as Tar up
as Smitbfield street.
For several years this was thought to be the
limit of the easterly migration. But clrcum-
stances decreed otherwise. The rapid growth
of the business OF the city brought other men
into the arena, and the field OF operations had
to be enlarged. At first no one took any stock
in the availability of Fourth avenue above
Smlthfield street. In the opinion of many to
locate there would be short cut to business
suicide This was only about three years ago.
But something had to be done, and, no other
outlet appearing, with m lch fear and tremb-
ling, one OF the boldest of the real estate
brokers leased a place on the east side OF Smith.
field, as near the corner as possible, SO as TO
maint.in communication with civilization.
Much to his surprise. he fourished from the
start. His success encouraged Others, and the
rush great that in short time every
stand was occupied. and the demand largely
unsatisfied. To-day this part of Fourth avenue
compares favorably with any other In the char
acter of its OCCUPANTS and in the amount OF
business transacted.
The moral of this narrative is apparent. The
notion that certain lines OF business can be
transacted only in certain places is fallacious.
as is shown by the success of hundreds who
have broken away from this ancient tradition.
In a Bad Way.
The Allegheny postoffice question seems to
have turned Ohio street upside down. Mr..
Bury is catching It right and left for putting
up the price of his Diamond property to such
pitch as to cause the Government to switch off
to Stockton avenue Ever since the announce
ment of the pending deal the city officials have
been overrun with inquiries for particulars.
The postmaster has had TO repeat Il have no
information on the subject" SO often that life
has become burdensome to him.
Business News and Gossip.
A $1,000 schoolhouse will be erected at Idle.
wood this season.
Speaking of farms yesterday Mr.. H. W.
Strckler said: II bought piece ground, SO
acres adjoining the Wylie farm. at Blair sta
tion last summer for $500 an acre. 1t is as good
as the Wylie farm in every way, and has a fine
river front. Neither it nor the Wylie track is
underlaid with COAL"
Within the last II months S., ,000, 600 have been
put into improvements at Memphis by North
ern and local investors.
Van Gorder & Lloyd report building pros
poets exceedingly good in the East End. An
unusual number of handsome dwellings will be
erected there this season.
Henry NJ. Long yesterday sold 200 shares of
Pennsylvania Railroad stock at 52-an advance
over the last previous sale.
The most important of q mortgages on file
| yesterday was for S.. 900. Each of II was for
less than 81 600.
Passenger business on the Western Railroads
| for January shows a heavy increase The
Union Pacific is taking IS 200 to 200 more per
| day than last year. Most OF it is on through
| business. The increase is chiefly due to the
higher rates.
| MIR. Marion F. Nipple, who has been sick for
| two or three weeks at times seriously, is i'm
proving and hopes to be out in a short time.
| Magaw 4 Gotf were doing a good work in
| building houses for their customers and selling
| on easy terms. This is direct benefit to the
| city.