Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-11
HINTS TO BUILDERS.
Land Companies and Their Methods
Briefly Considered.
HOW TO HANDLE ACREAGE.
Report That Mr.. Westinghouse Has Issued
q Circular in New York.
OFFICE AND STREET NEWS AND GOSSIP

OFFICE AND STREET NEWS AND G0SSlP
There are a number of land companies in
this city operating under a number of meth
DDS, and alter an existence of one to three
years. The DISPATCH may be pardoned for
venturing an opinion as to which OF the
plans of operation have been the most sue
cessful. There are three distinct features in
the plotting and selling of land, two Of
which have been notably successful, while
the third seems to be antagonized by the re-
deeming features of the other two and there
by suffers.
The most popular one for the masses, and
the one that brings most money in the short
est space of time, is the purchase AID plot
ting OF acreage and its sale on the INSTALL
ment plan. Thousands of lots have been
sold in the suburbs within the past three
years on monthly payments of S. on lot
that cost from $3.50 to $500. and they have
been paid for as we'll as purchased. A lot
at this price, on these terms, and within the
city limits, is just what the mechanic and
workingman wants. and he buys it and
pays for it without realizing that he has
to pay one-third cash and the balance
in one and two years he would not buy at all
Many persons who never had a thought of own
ing their own home have been struck with the
advantages this method offers, and they IN
vested for the future. Unfortunately this class
of property at these prices has been practlcally
absorbed and sold of.
The next most popular plan is the plotting OF
land and the erection of houses. 1t has been
very profitable to capitalists and very accept
able to people in the middle walks of life. Very
neat, substantial houses with nice lots have
been put on the market at from So 0OO to SS,OOO
each, and sold on cash payments OF SOU to u, UOU
balance Oh long time. with interest and 1nsur-
ance clauses Everything of this kind that has
been offered for sale has been sold, and the de-
mand has been greater than the supply. rms
plan differs from the other in only one partlcu-
lar, it takes more money to operate, and capi-
talists SO operating are looking more to interest
on money invested than to principal.
The third plan is the purchase and plotting
of high-prlced ground and the sale of it in the
regular way, one and two years, with one-thlrd
cash. These lots must be sold for $500 to 81, 200
each. They are too high for poor man and
too cheap tor the rich, and the middle man,
always the most critical Is afraid of the neigh
bolhood. These lots sell, but they drag, and
the final outcome is not satisfactory. Ii the
second plan could be followed so as to embrace
five.roomed houses at cost for lot and house
of say, 81 COO there would be large fortune
in it for the protector. nice five-roomed
house, with front and rear porches, hall. etc.,
sl50 leaves profit of $3.50 or about 20 per cent.
TO the builder.
Business News and Gossip.
Building operations In the suburbs have been
resu med. and large number of houses are be-
ing hurried to completion.
Of the 90 houses just finished by Mr.. Charles
Lockhart on Dinwiddie street. As have been
rented and occupied.
An entire block on Smithfield street, below
Diamond, is on the market. or rather would be
if buyer were to come along.
The statement that the Baltimore and Ohio
Railroad Company had purchased the Blair
Iron Works property, at Glenwood, turns out
to be correct 1t rounds out their former pur-
chase at the same place.
There is a profuson in the Pittsburg mar
kets of nearly all the spring luxuries. They
come from the South. The local supply will
be late owing to the backward season.
The Calvary Seminary deal IS still in sus-
pense owing to difference OF opinion in regard
to value, which is likely to be bridged over in
The largest of So mortgages on file yesterday
was for SIS, 600. Each of ID was for less than
81. 900.
If Mr.. Westinghouse has issued a statement
as reported the electric muddle will soon be
cleared up. The rumor that the control of the
company had passed out of his hands was not
verified.
According to a statement of the directors the
Indebtedness of the Philadelphia Company has
been reduced S50U.OOO since December l.:
&. q. Hussey, and not Captain Vandergrltt
was the purchaser of the property recently sold
on Fourth avenue for $4,000
The Building Record.
Permits for the erection of new buildings
were issued yesterday as below:
Fred Baker, brick two-story and attic dwell
ing 20xS2 feet, on South Twenty-sixth street.
Twenty-ffth ward. Cost, 50, 500
Morris, Williams & Bailey, ironclad addition
one-story rolling MILL S5x25 feet, on Liberty
avenue, Sixteenth ward. Cost, 81 20O
d. R. Gallagher, frame two-story dwelling,
l5S2S feet. on Morningside avenue, Eighteenth
ward Cost. $780,
Richard Jones, frame addition two,stoTy
Twenty-ninth ward. Cost, $500.
Movements in Realty.
Baxter, Thompson & Co. sold to pr prominent
oil man inc residence near the corner of
Aiken and Center avenues, Shadyside, at .
price approximating ST., $780,
Lggett Bros. sold property on Penn avenue,
near Atlantic avenue lot 24xl00, with large
brick house, for Sc, 5O0
Allies & Bailey sold tor David Carlin, manager
of the Berlin Iron and Lead Works, No. l37
Crawford street, being two-st"ry nansard
nressed-brlck dwelling, lot 24xl3o feet, for
SC, 600
Black Baird sold to NJ, ]. Connahan lot
No. SO in the Urling, Bihlman & Cordier plan,
Eighteenth ward, on Dearborn street, near
Penn avenue, 2Oxl00 feet, for $3.50.
Morrison & Banks sold for Reed B. Coyle to
Harry Botsford house and lot on Sixth street,
borough, for $1,000 cash.
George Schmidt sold to Peter Paf an i'm
proved property on Lombard street, lot 22xll5
feet. with ,Hice brick dwelling with all con-
for $500. Also sold several lots
fronting on Mama avenue and Lookout ave-
nue.. in his Eureka place plan, Oakland.
s. A. Dickie & Co. sold for Homer Bowes to
]. II. Eichars, the property, No. l66 Carver
street, consisting of a six-roomed frame house
with lot 25xl00 feet. for $780,
NJ. F. Nipple g. Co. sold for ]. Walter Hay
lot No. 80 in Kenilworth place plan. Heron
avenue, Thirteenth ward, having front of 29
feet by a depth of Us feet, to Mr.. Max Sello,
of New fork, for $3.50.
Magaw & Gotf, Lin, sold to Mrs. Leonora
frame house of six rooms, with lot
24xl00 in Etna Park place, for 1850, on
payments.
James w. Drape G. Co. sold lot on Liberty
avenue near Shadyside, East End. 50x200 feet,
for S4.oO0 cash: also honse and lot near the
head of Federal street, Allegheny. for So, 100.
Howard Brown sold lot No. 562 Bank of
Commerce addition, at Brushton with aItront-
street. to Elmer Rupel for $780,
Jacobs Son the property No. 27l Madison
avenue, Third ward, Allegheny. being a two
story frame house of six rooms and attic. with
lot lSxl00 feet to an alley. Consideration So 800
cash.
MONEY MARKET.