Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-03
SOME FANCY PRICES.
Circumstances Alter Cases in the
Purchase of Real Estate.
COST NOT ALWAYS AN OBJECT.
Plenty Of Good Property Within Reach Of
People of Moderate Means.
THE FEATURES OF MONEY AND STOCKS

|
Prices obtained for real estate are not
always indicative of the market. They
may be above or below the normal level.
Circumstances alter cases. The price paid
by the trustees of Christ Church for a lot in
the Baum estate is case in point. 1t was
the highest on record in the East End. The
purchase was influenced by several condi-
tions which overshadowed the intrinsic or
present value of the property.
Nothing else suited so we'll in regard to
| location and situation. 1t is more central
to the congregation than any other site in
the market; it is bounded on all sides by
| good streets, is easily accessible, and is
large enough to keep undesirable neigh
bors at distance. Besides, the purchase
was made in view of the future require
ments of the church more than the present.
| The actual value was, therefore, subordl-
mated to present and prospective advan-
tages, and the big figure. at which the
| property changed ownership cannot DE set
| up as q correct standard.
Here is another case in point. Some
months ago a gentleman took iancy
part pa t of the Squirrel Hill district. The owner
| did not want to part with 1t, and put the
price at such an exorbitant figure Tor that
locality-at the rate of about $2l, 900 an acre
AS he thought would discourage the appli.
cant. But he wanted it, had plenty OF
money, and at once closed with the offer.
He has since built fine residence on the
lot, and is satisfied with his bargain.
These are exceptions to the great bulk OF
transactions, and are no more criterla OF
the market than the high price of flour or
any other necessary in season Of scarcity
o1,1< AfR
Fancy prices obtained under such excep-
tlonal circumstances as here set forth should
not discourage buyers. PittsbuTg realty is
not jumping out of its boots in this fashion.
There is plenty of good property in the mar
ket at prices within the reach of shallow
pocketbooks.
Realty as an Investment.
Real estate is coming into high power as
an investment. Land is class of property
which may be expected to increase in value
from year to year in a settled community,
and is subject to few of the inconveniencies
of other classes of property. Unlike stocks,
observes the Journal of Finance, it's value
does not fluctuate each day: unlike chattels,
it does not wear out and depreciate. The in
crease of population makes increased num-
bers to be housed and requires increased &C.
commodations for business uses. The CON-
petition between buyers of lease privileges
forces up rents and the value of land follows
be occupied becomes narrower and the un-
tenanted portion becomes more desirable
and demands a higher figure; and it is this
fact that makes the purchase of land in
growing community seldom losing invest
ment.
A Prosperous Year Predicted.
A New York authority on real estate says:
'There are already sufficient indications to
warrant the real estate dealers in freely pre-
dieting prosperous year for their interests.
They base their calculations upon the fact
that this country has produced remarkable
crops this year, while the foreign crop has
been failure. That will bring plenitude
of money into the American market and
when there is an abundance of money all
interests are affected by it. Furthermore
they say that although their business, fol-
lowing the trend of the general inactivity of
trade, was a little dull up to short time
ago, the demand at present for houses and
flats increases every day. At the same time
no rise in prices, except in a few instances,
need be expected"
Business News and Gossip.
AS showing that Pittsburg is we'll of, the
Baltimore and Ohio Railroad is doing about
as much local business as it can conveniently
handle.
An important deal in Williamsburg real
estate is in a fair way to be closed in short
time.
The West End Rolling Mill Company, at
Lebanon, Pa, in view of activity in iron, has
increased its capital from $50, 1000 to 500, ,O0O
Boston's September disbursements are es-
timated ut S. 762, ,549 as against 81 O64, ,473 for
the same month in 1890 and 81, 576, ,s59 in 1884, :
A deal is on for one of the best business
corners in the city. There is difference be-
tween seller and buyer of about $4,000
1.-THE Vanderbilt holdings of the Union Pa
cific are estimated at 5000 shares.
The Pittsburg and Castle Shannon Rail
road Company has placed mortgage for
$4,000 with the Fidelity Title and Trust
Company, the money to be used for i'm
provement of the road. @.
The statement made on good authority
that the Female College people were dicker-
pears to have been unfounded. In note to
the financial editor the Superioress of the
Academy says: There is no intention
whatever OF sellng our property to the
reopen September g." This seems to settle
the que estion, but it would be interesting to
know how some of the college people got
the contrary into their heads.
Baxter, Thompson & Co. have sold % lots
at Ewyn, on the Castle Shannon Railroad
within few days, at prices averaging $l75
each.
1t was learned from a reliable source yes
terday that interest will soon be paid on
Westinghouse Electric scrip. The principal
will be taken care of when due.
terday ut 1SL.
A meeting will be held at Grafton some
time this week to expedite the rapid transit
scheme outlined a few days ago. They say
it's necessity and they must have it.
Movements in Realty.
A. J. Pentecost sold for C. S. Gray, trustee
of the Rosanna Mowld estate, 10 lots, run
ming from Hazelwood avenue to Lowrey
street, Twenty-third ward, with q frame
dwelling, for $500. The purchasers were
NJ. and w. Jenkins.
John K. Ewing & Co. sold three lots, 22xl0O
each, for Peter Sauer in his plan in Reserve
township, for $500.
Black b Baird sold to Thomas H. HanIon
lot No. 8, block 1 in the Denny estate
plan, in the Thirteenth ward, for $425 each.
Charles Somers Co. report the following
additional sales of lots at Blaine: j. W.
Hall, Freedom, Beaver county, Pa, lot 33, in
block II, $4O0; w. F. Hall, city, lot l. block I3,
$3.50; Frank Hackenberry Erie, Pa, lots Il,
10 and l6, block 10. S4e0 for all; Jacob Pence,
Cochranton, Pa, lois 60 and 63, block s, $500
each; Sarah Armstrong, Allegheny, lot 81,
block s, $50: George A. King, Dunbar Pa,
lots As ana 46, block 10, $500 each; A. +. Muir
dock, East Brady, Pa, lots 70 and go block 10,
$500 and s40O respectively; e. w. Wacksmith,
city, lots ST. 50 and s3 block s. s., 200 for all;
block S, 500 and $3.50 respectively; Joseph
Fowler, Franklin, Pu lot 81, block H. $780,
The Burrell Improvement Company re-
port the following sale of lots at Kensington:
Angelo Sebilia, Pittsburg, lot IS, block two,
$780, Taylor Mcintosh, Turtle Creek lot 10,
Evans City, Pa, lot LIS, block four, for $S25
cash; /. j. Fuller, Allegheny, Pa, lot 152,
block three, $255; b. +. Rynd, Allegheny, lot
l53, block three, $3.50; Mrs. Sophia LiererZopf,