Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-22
WORKS LIKE A CHARM
Real Estate Exchanges Give Salts
faction in Other Cities.
ENCOURAGEMENT FOR BROKERS.
Local Securities Continue to Gain Ground
All Along the Line.
THE NEWS AND GOSSIP OF THE CITY

Now that the real estate brokers of Pitts
burg have established an auction sales board
as stepping stone, it is believed, to regu-
lar exchange, information in regard to the
workings of the system in other cities is OF
peculiar value. A Fourth avenue broker
received letter from the President of the
Chicago Exchange few days ago, in which
this passage occurred: 81 would advise you
to establish an exchange at once. 1t works
splendidly. We could not get along here
without it. 1t does not destroy the in
dividuality of members or interfere with
Office business. Business is prepared in the
office and executed on change" A broker who
was in New York short time ago gives the
following account of the operations of the Real
Estate Exchange in that city:
THE New York Real Estate Exchange was
organized about seven years ago. The men,
bers own the building in which they meet 1t
is valued at 5000 The par value of the
stock is 500. 1t is quoted at % per cent pre-
MUM in the open market. Stock brokers are
admitted to membership by paying yearly as
sessment of $780, but they have no voice in the
management All the real estate business
transacted in New York passes through me
Exchange, including Sheriff sales. There is
full con- pement of officers and general mana
ger who supervises all the business. There are
several committees the most important OF OF
which is that on arbitration, which settles all
disputes between buyers and Sellers.
o"All transactions are conducted on strictly
business principles. Bogus bidders are rlgidiy
excluded. All bids must be in good faith
Owners of property bidding it in must pay the
commission the same as others This is pro-
lection to both buyer and seller. The exchange
system has worked so we'll and given such salts
faction to all dealers in real estate that it has
becomes a fixture, and not one member in
hundred would vote to 60 back to the old way
OF doing buainess"
Business News and Gossip.
The special rent lists appearing on Mondays
and Thursdays in THE DISPATCH are rein
forced to-day by contributions from Messrs.
w. A. Heron & Sons, Charles Somers d Co.
and Reed B. Coyle & Co. These lists are
great convenience to renters. Their perusal
will save much time and trouble to all in quest
of houses and Offices.
Mr.. Jacob Kaufman, the Smirhreld street
clothier was the purchaser Of the Ridge ave-
nue., Allegheny. residence mentioned in this
column about month ago. The consIdera-
tiou as stated, was $50, 600.
A Southside gentleman said yesterday: Il
know of at least 100 houses to be built in the
hill district the coming season. How many
more will be put up do not know, but there
will be great many"
There is not a vacant lot on Wylie avenue
from the Court House to Fulton street. dis
tance of about half a mile. Values on this
street between the points named are very
steady
The renter is once more familiar figure on
Fourth avenue. All the agents making
specially of this business report brisk inquiry
for houses Small ones are in most demand.
There will be less moving in April than usual,
owing to the difficulty in securing other quar-
ters
The largest of 81 mortgages on file yesterda..
WAS for $40, 000 Each of 16 was for less than
$1,000.
One of the largest deals in coal lands for a
long time is being brought to head. Particu.
lars will be given in few days.
Newly elected trustees of the Dollar Savings
Fund are: A. ]. Armstrong, John w. Chalfant,
A. Clendenning, Urilles Baird, R. II. Boggs, ].
James B. Heron, B. F. Jones. A. NJ. Marshall,
Henry w. Oliver. Jacob Painter. Jr., P. ].
Pierce and G. H. Voigt.
Fifth avenue. from Soho street to Oakland,
on account of the irregular grade shows a ma
jority of frame houses. A change is apparent.
however. Three three-story brick dwellings
will be erected on the triangular strip on the
corner of Boston street. early in the spring.
Julius F. Stark sold 40 shares of Philadelphia
Gas Company stock at TO-.
Mr.. Marion F. Hipple's sickness is Of seri-
Gus nature. but his friends are hopeful of his
recovery.
The Building Record.
Four permits were issued yesterday for l3
houses, as noted below:
William Grindle frame two-story dwelling,
l4x2s feet, on Susquehanna street, Twenty
first ward. Cost, 500.
A. L. Watkins. ten frame two-story and attic
dwellings, ISx2S feet each, on River avenue ex-
tension, Nineteenth ward. Cost, So, 000
G. w. Gotthart brick and stone one-story
store, 20x36 feet, on Fifth avenue, Eleventh
ward. Cost, s., lO0
Margaret Van, frame one-story dwelling, Tx
"a feet. on Rowan avenue, Twenty-nrst ward.
Cost, sl50.
Movements in Realty.
Thomas Liggett closed sale for ]. ]. Pritch-
AID to ]. P. Bailey of a tract Of land adjoining
Park View place, for a price approximating
$4,000. 1t will be plotted into 30 lots and put
on the market at once.
James w. Drape & Co. closed the sale of a
house and lot at Shadyside. eight rooms and
lot about 40xl20 feet, for 5000 cash: also COL
lateral interest in two pieces of realty in the
citv and Homestead of $1,000.
Reed b. Coyle & Co. sold for William o. II.
Scullv tract OF land in the Twenty-third
ward containing seven acres, more or less, for
Sl2 500
Black Baird sold to George Kettenburg for
William 6. Gray lot on Niagara street. Oak
land near Craft avenue, in size 32x95 feet for