Source:Old-water-lot
"Sale of the old water lot: Great excitement among the holders of scrip!" Daily Morning Post (Pittsburgh), May 7, 1849, [p. 2]. Newspapers.com 86641622.
In pursuance of an ordinance passed by Councils, the old Reservoir Lot, situated on what was once known as "Grant's Hill," was exposed to public sale on Saturday last, at 2 o'clock, P. M., by James M'Kenna, Auctioneer. An immense number of persons were present on the occasion, and of course there was great excitement among the holders of City Scrip.
The lot covers an entire square, and is bounded by Grant and Fifth streets, Diamond and Cherry alleys. It was purchased by the City about twenty years ago, for the sum of $3,500. The Committee on City property had it surveyed, and laid out in 24 lots, the whole of which brought $32,405. Payments are to be made in scrip; one-third cash, one-third in six months, and one-third in a year, with interest from the day of sale.
From Fifth street to Diamond alley, there are 12 lots, each fronting on Grant street 20 feet, and extending back to Scrip alley 100 feet. Lots No. 1 and 2, beginning at the corner of Fifth street, were sold to S. Jones & Co., the first for $2575, and the second for $2110. No. 3 sold to James Laughlin for $1660; No. 4 to John M'Closkey for $1605; No. 5 to Anthony M'Tigh for $1605; No. 6 and 7 to C. Ihmsen for $1550 each; No. 8, 9 and 10 to N. Holmes Jr. for $1600 each; No. 11 and 12 to S. Jones & Co. the first for $1620, and the second for $2010.
From Scrip alley to Cherry alley, there are 6 lots, each fronting on Diamond alley 20 feet, and running back to Relief alley 1 0 [sic] feet. No. 13, commencing at Scrip alley, sold to S. Peppard at $650; No 14 to Isaac Taylor for $535; No. 15 to Wm. Gorman for $535; No. 16 to James Logan for $555; No. 17 to S. Lindsay for $570; No. 18 to Wm. H. M'Connell for $580.
From Scrip alley to Cherry Alley, there are 6 lots, each fronting on Fifth street 20 feet, and extending back to Relief alley 110. No. 16, commencing at Cherry alley, sold to Alexander King for $1330; No. 20 to Dr. Gustin for $1060; No. 21 to Thomas McKee $1015; No. 22 to Wm. H. McConnell for $1030; No. 23 to same for $1060; No. 24 to Alderman McMaster for $1410.
We have endeavored to describe the above property as accurately as possible, without giving a plot of the ground. It is thought by good judges of the value of Real Estate, that the lots sold very low. It will, however, require the expenditure of considerable money to cut down the hill, as there are in some places, about 40 feet of perpendicular earth and rock.