Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-28
TRADE OF THE WEEK.
The Speculative Pulse Beats Low and
Values Take q Tumble.
A REVIEW OF LOCAL. OPERATIONS.
Real Estate Brokers Point Out Where
Owners Are Making Mistake.
WHAT SPOILED A FIFTH AVENUE DEAL

|
WHAT SPOILED A FIFTH AVENUE DEAL
Real estate brokers are almost unan1-
mously of the opinion that property owners
are making mistake by refusing to make
concessions. The trend of prices for every
| thing except land is downward, and there
seems to be no good reason why real estate
| should not yield something to stimulate bus
iness. This would not be an evidence OF
weakness; it would only place it in line with
| the general sentiment of investors. owners
| should remember that "the other fellow"
! also likes cream with his berries.
A Big Deal Spoiled.
That the best of plans gang aft aglee Is
| proved by daily experience. A prominent
real estate broker said yesterday: "The
worst knock out ever had occurred some
thing over a year ago. There was a big de-
mand for downtown property. Capitalists
would talk about nothing but business
blocks. Considering it good time for a big
deal, aroused the interest of three or four
| heavy capitalists, one of whom lived IN
| Philadelphia, in the Holmes property on
| Fifth avenue, and secured an option on 1t
and several adjoining pieces at something
like $4,000. My men. we're ready with the
cash, and everything went well until by
some means one of the papers got wind OF 1t
and announced that q syndicate was dicker-
ing for the Holmes property for hotel pur-
and when the option expired they would
not renew it except at a big advance which
my principals would not agree to. The
scheme therefore fell to pieces; The prop,
business block that would have over
shadowed everything else of the kind in the
city. But for the premature publica tlon l
believe would have succeeded in landing
the property"
Values Looking Up.
There has been no further movement in
North Diamond, Allegheny, property, since
the two transfers reported last week. The
conviction is SO firmly planted that the post
office will be landed in that neighbornood,
that good many options have been secured
on adjacent realty-in all cases at advances
over prices of six months ago.
Father Sheedy's Church.
Architect J. W. Offerman is preparing
plans for Rev. Father Sheedy's Church of St.
Mary of Mercy, corner Third avenue and
Ferry street. 1t will be built of brick and
stone. The inside work will be plain and
substantial. The dimensions will be 59x79:
the highest points on the inside will be SO
feet There will be q small tower but no
bell. 1t will cost about $4,000. Work on
this structure will be commenced early in
Ground will be broken this week for the
Italian Church. corner Tunnel and Webster
streets.
Looking for Bulge.
At Sharpsburg work on the extension of
the Citizens Traction road is being pushed
with such vigor that citizens hope soon to
enjoy the luxury of rapid transit. The main
street is being severed. A citizen of that
r.lon coid .Gor-. Tad Nf
locomotion will revolutionize our town.
Business will expand, building flourish and
real estate increase in value. We have
fine prospect before u.s."
Electric Railroad Development.
The electric railway system of Pittsburg is
one of the largest in the country. Some sta
tistics on this subject may be interesting.
The first regularly operated electric railway
in the United States was opened at Baltimore
in 1885. The development which followed
was unprecedented. There are now not less
than 325 roads in the United States England,
Germany, Italy, Australia and Japan, re-
quiring over ,0G0 cars and coo motors, with
1900 miles of track. with daily mileage of
not less than 400 900 miles, and carrying 750,7
O00. .0G0 of passengers annually. Not less than
l0,OO0persons represent the number employed
vested in this country alone, and O present
annual business of not less than $S 100000 to
$40 600. GOO on the part of sthe manufacturing
the present standing of the street railway
work.
Business News and Gossip.
1t is expected rapid transit will cause quite
a bulge in business in Sharpsburg.
G. A. Moore & Co.. commission merchants |
have closed out their business to J. E. Ken
nedy & Co., who will keep things moving at
the old stand.
small farm near Tarentum changed |
owners yesterday at SIS per acre.
Superintendent Porter, of the Census |
Bureau, says: "The future centers of iron |
will be Puget Sound, on the |
Pacific coast, Birmingham, East Tennessee |
and North Carolina in the South, and the |
Pittsburg region in the North.
Western advices state that the June earn |
ings of all the Granger roads will be good.
Another big manufacturing concern has |
secured site for plant at Kensington. It |
Will employ $50 men. The new towns are |
1ourishing.
The annual report of the Chicago Stock
Yards Company to be presented at the meet
ing July . will show, Notwithstanding the
large expenses the past year, gain in net |
of $4,000 over the previous year.
The new town of Blaine, near Elizabeth, on
the MonOngahela, starts out under encour-
aging auspices. 1t possesses ali the advan-
tages necessary to make it an important
center
\ movement in Smithfield street property |
will PROBABLY naterialize this week.
The Atchison system will pay out in inter-
est charges on July about So, SOC, 600. This
money is all in hand.
The New York Stock Exchange has listed
So 49,, ,OOO Distillers and Cattle Feeding stock,
which was given in the deal for the purchase |
of the Chicago distilleries.
4 quarterly dividend of 9 per cent has
been declared by the Monongahela Water
Company, and the Metropolitan National
Bank declared one OF per cent, semi
annual.
The circular of Secretary Foster, on the
street.
Traffic Manager Hamblin, Of the Burling-
ton, is quoted as saying that he expects big
business for ten months to come.
Reading Terminal bonds to the amount Of
6, 800 OC0 have been delivered to the COM |
oany, but no date has been made for issuing
hem.
The Building Record.
During the past week 80 permits were
ssued, representing IT buildfngs-2s frame,
s brick and stone ard brick, the total
cost of all being $55,295. The Eighteenth
yard led with buildings, followed by the
with 4.
The number of permits issued the previous |
week was 25, representing 2S buildings, the
,stimated cost being $35,377. Number of
buildings for which permits have been is
ued this year to date, l,4Sf
Two permits were taken out yesterday .
me by f. Hober for a two-story shop, 4X64 |
eet, on Fountain street, Fifth ward, to cost |
l. 600 and the other by Ella j. Manshall for
frame two-story dwelling, 20x32 feet, on