Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-17
OLD AND NEW VALUES.
Instances of Enhancement on Some
of the Prominent Streets
DUE TO BUSINESS EXPANSION.
Prices Still Much Below Those in Other and
Less Favored Cities.
FEATURES OF MONEY AND SPECULATION

|
pal streets of Pittsburg in the last few
years, while considerable, is not out of line
with the progress of the city in wealth and
population. Growth and enhancement are
simply due to the legitimate operations Of
the law of cause and effect.
1t was stated in this column short time
ago that Sc, 600 foot front had been offered
and refused for the Schmertz property, on
Fifth avenue. This looks like a pretty
steep price, but when the depth of the lot,
240 feet, is considered, the figure is not so
formidable. 1t has been exceeded on Fourth
avenue and on Smithfeld street. Five or
six years ago the same property. although
not in the market, was valued at about
s., 800 foot. That was the price paid for
the ground on which the Hamilton and the
Schmidt & Friday buildings stand. 1t
could not be bought to-day for double the
money. The increase in business on Fifth
avenue justiies the enhancement, and that
owners so regard it is shown by their re-
| fusal to sell.
The opening of the new postofice has
caused a diversion of business and travel to
the district of which it is the center, and
brought Smithfeld street south of Fifth,
II
with the natural result of enhancing values
For the lot on which Captain Vandergrift is
erecting one of the largest and finest build
ings in the city he paid $1,000 foot about
two years ago. 1t is now worth not less
than So, 900. The appreciation on this
street within FIVE years will average fully
so per cent.
Enhancement on Smithfeld street has
been no less rapid and positive. Three or
four years ago 50, 600 a front foot was con-
sidered good price for property on this
street. Now it is difficult to get it for less
than $1,000, and in some cases more is
asked. Mr.. Messler was paid at tine rate Of
about s., 800 for the ground lately sold by
him to Mr.. Solomon. 1t is only 60 feet
deep.
Values on Third avenue, between Wood
and Grant, have experienced slow but
steady appreciation. A property on this
street changed ownership in 1886 at about
&c., 1t was resold last year at S26, 900.
The Rabm property fronting the south en-
trance to the new postoffice, the sale of
which was reported on Thursday, brought
almost 81, 400 foot front. djoining prop
erty is held higher
There is nothing remarkable or abnormal
in these instances of increased values on
the streets named. The precinct of which
they are the main arteries comprises as
good business territory as can be found in
the city, if not the best; and with the bulk
of the inquiry for downtown property GEN.
tering in this direction, enhancement nat
urally follows. Progress is catching 1t
affects everything. Old values were as i'm
posing in their day as new values are in
this. They have been forced up by the
pressure of business.
But big as they seem, they are still far
below those in other cities possessing
scarcely any of the immense natural re-
sources of Pittsburg. The steady advance
in real estate and the frmness of the mar
ket are the best evidences of general pros
perity that could be furnished. 1t ismerely
keeping in line with the expansion of other
interests.
Business News and Gossip.
A deal in acreage down the Panhandle
railroad. involving $50, 900 or more, failed to
go through yesterday, contrary to expecta-
ton.
Pennsylvania's dividend for the last half
of 1891 is expected to be 2H per cent in
cash. If per cent it will be paid in cash
or stock, at option of holder.
Nearly all of the local business troubles
have been settled. The outlook is growing
brighter.
The Twenty-sixth ward School Board yes
terday took out permit for brick addi-
tion three-story building on Sarah street,
Twenty-sixth ward, to cost SO, $50. Per-
mits for two small improvements were also
issued, both costing 81 1,075.
The outskirts are not as familiar to the
average citizen as they ought to be. Said a
business man yesterday: ''1t is not unusual
to encounter a man whose only knowledge
of the suburbs is obtained from hearsay.
He has never seen them, and if called upon
to visit any of them would probably want
to take his gun along for protection against
wild animals"
The result of the meeting of Oliver &
Roberts creditors will be found in another
column.
George B. Hill & Co. and Henry NJ Long
bought Pleasant Valley.
Exchange memberships are still quoted at
a low figure, but there are no sales. 1t is
bad policy to bear this stock.
The subscriptions to the new Westing-
house Electricistock closed yesterday. They
were small here, but large in Boston and
New York.
Creditors of S. v White & Co. yesterday
accepted the proposition to pay 90 cents on
the dollar.
John NJ. oakley " 20. are eXhlDltlng
some fine samples of block tin.
Movements in Realty.
S. A. Dickie & Co. sold for Dr. W, s. Tay-
lor to J. S. and 4. r. Walters a piece of
vacant ground on Penn avenue, east of the
city line, l56xl23 feet, for 5000.
James w. Drape & Co. sold two lots in the
keystone plan, ut Grafton, for 500; also five
lots in Munhall terrace plan at from $500 to
S4OO each; also sold piece of ground on the
Allegheny Valley Railroad, adjoining We
roma, at 300 per acre; also sold collateral
interest in three properties in McKeesport
and Tarentum for S6, 7O0 cash.
A z. Byers & Co. sold for Mrs. Seloma B.
Jenkins to p. L. Falk, lots 1877 and 1885, In
Duquesne Park, Tenth ward, Allegheny
City, each fronting 25 feet on Duquesne ave-
nue., and extending back 100 feet, for 81, ,059.
George Schmidt sold for John E. Obitz a
two story frame dwelling on Clayborne
street. with lot 35xl20, to Mrs. NJ. J. Hamilton,
for 81 900.
Black & Baird sold for Ada V. R. Gillespie
to Emma Guinter, lot No. II in the plan of
Homestead borough, having a frontage of 80
feet on the south side of Second avenue and
extending back distance of Ito feet to
Beech alley, for $500.
Baxter, Thompson & Co., sold lot No. ll9,
Ruch Place plan, fronting % feet on Ruch