Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-12
FINANCE AND TRADE.
Italians Looking for a Tract of Land
on Which to COlopize.
HILL SIDE AND HILL TOP VALUES.
Comparison Between Real Estate in Pitts.
burg and the Booming West.
FEATURES OF LOCAL SPECULATION

The Italians of this city are looking about
for % to 80 acres of cheap ground as a site
for colony. Their idea is to become citi-
zens and get their own homes in some part
of the city where they can build together
and command respect. Two or three To-
cations are under consideration.
Fortunes in Hillside Lots.
Forty years ago the late James McGin-
ness began, upon very small means, the pur-
chase of exceedingly cheap property along
the valleys and Lillsides Of Soho. No other
person wanted it, and he bought it at cost
of about $40 to 500 per lot. Many years
ago it was said that he would not buy any
thing in the shape of ground that could not
shed water as fast as it would fall, except
the site upon which he lived and died. He
broke stone for a living on the Pitt township
roads in early days, and finally became super
visor for the Mechanics Turnpike Company,
where he relieved the monotonous peregrina-
tions over township roads, by looking after
hillside lots that in after years brought him q
fortune.
He was long-headed man. He foresaw the
occupation of the lowlands and valleys by in
dustrIal plants, whose employees must have
homes, and he had satisfied himself that the
level lands through Oakland and about Soho
held by Craft Breed, Zug, Gazsap, Tustin,
Wilkins and others would not be broken in
upon by tempting offers for at least quarter
of century. When he got his price for lot
he sold it, but he never sold unless he got SIS or
$40 for every dollar that he invested, and he
would Just as soon take fat mortgage with
per cent interest as the cash. He wanted his
interest promptly and he got it, and the inter.
est for one and half years pretty generally
equaled the original investment. He very
rarely put "for sale" on anything he had. but
the people out in that section knew when they
could see goat making its way along intricate
paths, or 45e slopes, that the properly belonged
either to James McGinness or Senator Gazzam,
ana that anyone that would pay the price could
have it.
He loaded up with the cheapest and most
worthless stuff that nature ever produced, and
totally unworthy the name of real estate. He
sold it, however. and at big prices, for at the
time of his death he left an estate valued at
$780, 600 after having taken life easy in a very
pretty home, for 25 years. The ordinary dealer
would not look at land Of this character now,
and one could hardly run fast enough, after
most of them, to give it away, and yet there is
no class of property that brings greater returns
to the fellow that waits.
Poor people always have been and always
and the consumers, and along these hill sides
you will sooner or later find their arborS and
trailing vines, safely anchored by natures
tendrils. The Southside Germans would not
buy anything for a home that did not have a
fall of at least 20 feet to the 100 and it Is we'll
known among real estate men on that side of
the river that level hill top lots bear no COM
parison in price to the shaggy. craggy, rock
ribbed lots along the almost insurmountable
and overhanging hill Sides
Fleeing to the Hill Tops.
Frank Kohne sold ten-acre tract at the
head of Hazelwood avenue to John Larkin for
$4,000. in April, 1890 There was some dispute
abost the details in closing up the sale, and it
was declared of. Six months later Mr.. Kohue
sold the same ground to the Schenley Park
Land Company for SIS, 600. Mr.. Rohne would
like to get it back again at $40, 00O and thinks
he could cut it into 100 lots and sell 1t out at
S35 600. The entire absorption of everything
on the lower level of Glenwood and Hazelwood
for manufacturing purposes is driving every
body to the hillrops, where nine-tenths of the
land Is controlled by syndicates.
Real Estate Out West.
Mr.. J. c. Allies, of Allies & Bailey, has Just re-
turned from q sx-weeks' trip through the
Western States, Southern California and Mex
leo, and in an interview yesterday gave his i'm
preston and views on real estate in those parts.
and especially in regard to valuation as COM
pared with Pittsburg. Mr.. Allies said; "In Chi
cago real estate has quite boom, the Worlds
Fair being the augmenting factor. For 20 miles
around the city they are selling what they call
town lots and building houses on stills in the
swamps. In my opinion the bulge will not last,
and after the Fair real estate will be a drag on
the market"
From Chicago Mr.. Allies went to Hot Springs,
Ark, and thence to Ell Paso Tex, which is
fourishing little city. Del Norte. a Mexican
town, was next visited. 1t contains the oldest
church in America. Los Angeles was the next
stopping place, of which he said:
alt is the worst place in regard to real estate
that 1 struck during my trip. 1t is in chaotic
condition. Hotels. opera houses and street car
lines are in all unfinished condition. People
who went there and invested thousands of dol
lars in real estate were glad to realize one-third
of their outlay. The great trouble there is
lack of money Southern California was badly
crippled by the land boom of a few years ago.
Costly buildings wore started in many places
and left half finished. A hotel to cost quarter
of million dollars was built up to the second
story and abandoned. In one case street cars
line had been built out Ten miles without a
house on the route"
OF San Francisco. Mr.. Allies said; This is
the great real estate city of the West Trans
fers are important in number and value and
prices are very firm; The only drawbacks are
the rapid growth and prosperity of the cities of
Seattle and Tacoma. They are diverting a
great deal of Pacific coast trade from San
Francisco. Seattle has already become great
shipping point"
OF Denver he said: "Real estate here is at a
standstill, prices being entirely too high.
Pueblo has to great extent taken the place of
Denver as mining center. Most of the large
smelling works are located there"
In conclusion, MIR. Allies paid high tribute
to Pittsburg. "Real estate here, ;" he remarked
us low as compared with Western cities, al
though there is abundant reason why it should
be higher. We have more manufactures and
larger resources to draw upon. anticipate a
bright future for Pittsburg industries and real
estate"
A Progressive District.
The East End district keeps on spreading out
toward Hawkins and Braddock. 1t Is big
district and prices arc accordingly high. The
man who has 80 to 40 acres anywhere between
Braddock and the Court House and near the
line of the Pennsylvania railroad, is in q fair
way to become a millionaire,
Business News and Gossip.
Electric weakened still further after call yes
terday, selling down to IL.
The volume of local business last week was
an improvement on that of the previous week.
There was better demand for money and
stock trading was more active