Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 23, 1907)
10 THIS MOJKX.l0 OEEGOXLAN, TTTESOAY. JTTmC 23, 1SOT. V LEASE OF P1TT0CK BLOCK IS CLOSED Trustee Company Secures Business Property in Heart of the City. FOR TERM OF 99 YEARS Jtental Gradually Increases From $80,000 Per Annum for First 10 Years to $108,568 Tear ly lor Final Decade. A lease that extends into the twenty first century and by Its terms gives some Indication of probable future real estate values In Portland was closed yesterday when the block bounded by Washington, West Park, Tenth and Stark streets, and owned 'by H". L. Plttock, was secured for 99 years by the Trustee Company of Portland, Seat tle and Los Anpeles. This deal, which has been pending for many months, was definitely closed and a bond of $150,000 deposited to assure the carry ing out of the contract. In leasing the property, J. Whyte Evans acted fori the Trustee Company, which, under the agreement, will erect a building to cost not less than J5JO,000. As an example of the rapid Increase In Portland property values this is un doubtedly the most important trans action ever closed here. Fifty years ago this block was purchased by Mr. Plttock for $300. Under the terms of the lease an annual rental of $30,000' Is paid &t the present time, or on a basis of 5 per cent net returns, it is now worth $600,000. In 51 years, therefore, the value has increased 2000 times over. The rents to be paid by the lessee in crease from year to year until 1997, when for the last nine years of the agreement an annual rental of $103,568 Is to be paid. At that time, on a 3 per cent basis, the property. It Is estimated, will be worth $2,071,362, and will In 90 years have Increased in value $1,471, 362. tn addition to meeting these rent als, the Trustee Company will erect and maintain the building, which is to cost not less than $530,000, and will, ac cording to Mr. Evans, be much more costly. Scale of Rent Payments. The terms of the lease provide for payment of rentals on the property to Mr Plttock under the following scale: $30,000 a year from February 1, 190T, to January 1, 1917. $33,000 a year from January 1, 191T, to January 1, 1922. S,300 a yar from January 1, 1922, to January 1, 1927. $39,930 a year from January 1, 1927, to January 1. 1932. i $43,923 a year from January 1, 1932. to January 1, 1937. $48,813 30 a year' from January 1, 1937 to January 1, 1942. $.3.14.S3 a year from January 1. 1942. to January 1. 1947. $58,461.81 a year from January 1, 1647, to January 1, 1952. $64,307.66 a year from January 1, 1852. to January 1, 1907. $70,738.42 a year from January 1, 1957 to January 1, 1067. $77,812.26 a year from January 1, 1967, to January 1, 1877. $85,503.48 a year from January 1, 1977, to January 1. 19S7. $94,153.82 a year from January 1, 1087, to January 1, 1907. $103,508.10 a year from January 1, 1997, to December 31. uo3. As will be seen by these figures the terms of the lease have been effective, and rent has been paid on the prop erty since February 1. It was not until yesterday, however, that the transfer was definitely closed and the bond of $150,000 deposited. This bond Is to guarantee the erection of the building, construction of which Is to begin not later than July 1, 1908. It Is expected, however, that work will be under way much "sooner, as the Trustee Company has announced Its Intention to start excavation as soon as the steam shovels finish operations on the Pennoyer block, which Is also under lease to the same company. Exact Plans Undisclosed. The Trustee Company has not yet disclosed Its exact plans for either the Plttock or the Pennoyer block. It is said that several projects are under consideration for both properties, and it is believed probable that business and office structures will be erected on both blocks. A theater and hotel building is said to be another plan under consideration. On August 1. 1856, Mr. Plttock bought the block bounded by Wash ington, West Park, Tenth and Stark streets from William Gray, paying $300 for the property. William Gray was a member of the Arm of Porter & Gray, builders and contractors. The land was originally a part of the D. H. Lownsdale donation land claim. The deed was witnessed by John Walker, who ran a planing mill, at that time, and R. Porter, Gray's partner. Francis IPanton. a physician, who was then a justice of the peace, acknowledged the deed. All of these men are now dead. Porter & Gray had acquired the property as payment for some build ing and contracting work done In the village of Portland, which van then a very small town. Then in the Suburbs. In. 1S56 the Pittock block was In the woods. Only three small residences were farther westward. It was covered with young fir trees, stumps and snags left from wood-cutting. There were no grad ed streets out to the block' In those days, and to get there the pedestrian had to walk through the mud. Mr. and Mrs. Pltttock were married June 20, 1860, and four years later Mr. Plttock built the cottage that now stands at Tenth and Washington streets. Since 1864, Mr. and Mrs. Plttock have resided continuously on this property at a later year moving from the cottage Into the residence at West Park and Wash ington streets, which they are now occu pying. Since that time they have seen Portland grow from a village to a me tropolis, and the business district move uptown until now their residence is sur rounded by substantial buildings, - Plans Still Undecided. It is with regret that both Mr. and Mrs. Plttock will leave the home in which they have lived for 43 years. They have not yet made definite plans as to their future place of residence In Portland. The lease on the Pennoyer block ex tends for 50 years. For the first five years the lessees pay a rental of $1500 a month, for the second five years $1750 a month, an advance of $250 a month being made at the end of each five years thereafter. When the lessees have been on the property 46 years they will be paying $3750 a month rent. They must also pay all taxes, and water rents, and must put up at their own expense building on the property to the value of $300,000 or more. . Con struction on the building must be com menced before April 1. 1908. During actual construction work the lessee is to pay only $700 a month rent, but this time is "not to exceed one year. The buildings are to be kept insured for three-fourths of their value, In surance payable to the Security Sav ings & Trust Company. The lessees are also required to give a bond for $100,000. and the premises must not be occupied by Chinese or negroes, nor. be used for any unlawful purpose. KRUITSC1ITT HAS no inn Says He Knows Nothing of Harriman's Central Oregon Plans. Says He Feels Like Rip Van Winkle "Bunco" Kelly Tells How Portland Has rhaniced. In the 13 Years He Spout in Prison. HOPES RUDELY DISPELLED i t(i CANNOT yet realize the remark I able changes that have taken place In Portland during the last 13 years," said Joseph ("Bunco") Kelly yesterday. "I can perhaps appreciate better than the average person, the wonderful changes with which Rip Van Winkle was greeted when he awoke from his 20 years' sleep although the revelation to me is of much greater difference. It shows a more sud den transformation than had been dreamed of for this city. From a good business community with every prospeut and assurance of substantial growth, I find that Portland In a little more than a decade has grown to become a wonder ful metropolis with scores of new build ings and Inhabited by a live and progres sive citizenship that has only recently come to realize its possibilities and are making the most of them. "When I left Portland In 1894 the busi ness district of the city extended from the river . to Sixth street, bounded by Washington . and Morrison streets. The location . of the present Customs-House was then considered in the suburbs. At that time the principal large buildings in the city did not exceed a half dozen in number and Included the Chamber of Commerce, Marquam Theater, Ablngton building, the Portland Savings Bank and The Oregonian Building. "Sunday morning I made a trip up Willamette Heights where I could better look over the city and I was amazed to witness its growth both in the business and the residence districts. Many of the smaller residences have given way for modern and expensive homes. I find a new generation in charge of affairs. There is no place In the life of this city for those who would not keep up with the procession. Friends had told me of the many changes taking place In Portland, but the actual condition has far surpassed all expectations based on those reports." . TUNING. The Summer vacation Is just the time to have your piano tuned and re paired. We have every facility for doing this work right. Ours Is the piano store on Burnslde street. Reed French Piano Company. Phone Main 1252. T1HS IN DENTURE, Made the vaV ; day of Oaa.cJv in tb year of our Lord one thousand eight hundred and w. - $S1FWIM8 V of the second part, AIV!UF5SETH That-the said pari. of the first part, for and in consideration of the ,n hand by the said partvy of the second part, the receipt whereof is. hereby acknowledged, ha-remised, released, and quit-claimed, and by these presents do remise, release, and quit- ckiim, unto the said partly of the second part and to ' Wltfiril.ond assigns forever, am JLCJt J ,cL Wi "V - - t . At? -RoA - 'T T fjg 1 AXO, o-p-S C. t-VJ 1 . TOGETHER .vitlialUnd singular the tenements, hereditaments, and appurtenances there unto belong...-, or in any wise appertaining, and the reversions, remainders, rents, tssues, and profits thereof: AND all the estate, right, title, interest, claim and demand whatsoever, os well In law as ... equitv, of the .aid partly of the first part, of, in, or to the above da.rt.bed piTO ises and cw-rv part and parcel thereof: Co 15nnc Dili M 13nl all and singular the above men tioned and described premises, toScrf.cY with ihc appurtenances, unto the said part of the second paru- heirs and assigns, forever, . " . . , 38 Ittta iWtrnf, The said part of the fir.t part-h hereunto set Unhand and seal the day and ') ear flrot above written ' , TEK1UTORV Of OHEG0N, 1 J AAJfcAvrvva)s. County, J X-r it lUintmlirrrlt, rut ou this &J&vjX hundred aud fifty- .yv- before uie""roi. and for the nid county, pcrfonally. appeared Kxj-JLL dav of cvv-lA - ..A D. our thousand eight iu kuown to me to be.the dmdoal described ip, and Wha. exeeuted the within conveyance and m due form of law actuoWled5ed that .igned. sealed and delivered the same for the uses ana Purpo u .. , A.vKsWiJ beSng eAipxd stately fids.a4i ftow. br 3D ttfitoS IBjjmof I nave hereunto set my hand and affixed my seal the day and year above written. THE DEED FROM WTLLIAM GRAY TO HEXBY I PITTOCK. Wall Street Magnate's lieutenant Asserts That Automobile Trip Into Interior of the State Was Without Significance. . If Harrlman ever Intends to give the people of Central Oregon railroads, the one man who should know it is Julius Kruttschnitt, Harriman's director of maintenance and operation and he pro fesses to be ignorant. Mr. Kruttschnitt was frank enough last night to admit that his recent trip through that section of the state had not enlarged his knowl edge of Mr. Harriman's plans regarding railroad construction in the eastern part of this state. Director Kruttschnitt fur ther declared that his recent trip through Central Oregon was on personal busi ness and had no relation whatever to the Interests of the system he represents. Mr. Kruttschnitt, aecompanitd by J. P. O'Brien, " general superintendent of the Harrlman lines in the Northwest; W. W. Cotton, of the legal department of the Harrlman system, and George W. Bosch ke, chief engineer for the Oregon Ran road & Navigation Company, returned yesterday from a trip through the Inte rior of the state. When the party left tills city last Friday It was announced that the purpose of the trip was to make an inspection of the Oregon Railroad & Navigation Company's system In this state, but instead the officials proceeded to Shaniko, the terminus of the Colum bia Southern, where automobiles were taken by them Into the interior of the state, as far south as Prlnevllle. The party was in charge of Fred S. Stanley, of the Deschutes Irrigation & Power Company, who personally escorted the visitors over that section of the state and pointed out the urgent need for transportation facilities. Mr. Stanley's company Is interested in large Irrigation projects In the vicinity of Bend and throughout the interior of the state ari6 is especially desirous of having a rail road. "My visit to th central part of the state was on personal business," said Mr. Kruttschnitt last night. "I had been desirous of visiting that section of Ore gon for some time and availed myself of the courtesy of Mr. Stanley to get better acquainted with that territory- We were the guests of Mr. Stanley, who piloted us over a large area, including the dis tricts surrounding Bend, Shaniko and Prlnevllle. The trip was a very pleasant one and I learned a great deal about the section that was visited. "I cannot say what Mr. Harriman pro poses to do regarding the building of a railroad Into that part of the state, for I do not know what his plans are." This was the answer made by Mr. Kruttschnitt when asked if the visit of the Harrlman representatives to Central Oregon might indicate the taking of immediate steps by Harriman in providing that section of the state with the railroad' facilities it has demanded for so many years. General Superntendent O'Brien was also reticent and declined to make any state ment, or to intimate what recommenda tions, if any, will be made to Mr. Harri man as a result of the trip. PERSONALMENTION. - Fletcher Linn left Monday night for his Rogue River Valley fruit farm. George J. Quinlan, clerk of the East Side Justice Court, and Councilman Dan Kellaher, with several others have started for . the headwaters of Clackamas River. They will be absent until August 1. Miss Jocelyn Foulkes has gone up to Eastern Oregon to assist Miss Ina B. Wright in concerts at Union, La Grande. Baker City, Boise, Pendleton and Walla "Walla. Miss Wright, an Oregon girl. Is leading soprano In the Royal Opera-house at Saxe-Coburg, Gotha and will return to Germany In August. Mr. and Mrs. William M. Whidden and sons, Austin C. and Thomas A., returned from Boston last week, spend ing several days in New York and Chi cago en route, sightseeing and motoring. The year in the East was of great bene fit to Mrs. Whidden's health. Austin Whidden returns to Milton Academy in the Fall. CHICAGO, July 23. (Special.) Portland people at Chicago hotels: From Portland Alonzo Williams, A. M. Oakes, Chandler Bloom, L. H. Northrop, at the Auditorium. . NEW YORK, July 22. (Special.) Northwestern people registered at New York hotels: From Portland Mrs. G. Merges, at the Martha Washington; Mrs. E. Merges, H. Edwards and wife, Mrs. T. H. Edwards, at the Empire; W. Nash, E. Peterson, at the Astor; F. J. Sechten and wife, at the Herald Square: P. Wessenfeld, at the Hotel Astor; Mrs. S. A. Mulford. Mrs. L. A. Schurman, at the Martinique. From Spokane W. W. Dreyfoos, J. Goldsteins, at the Wellington; E. W. Talbott. at the Westminster. . From Seattle A. Meyer, at the Astor; A. N. Tindall, at the Victoria; Miss M. Weir, J. A. Weir and wife, at the Al bany. From Dayton, Wash. W. Marks, at the Arlington; R. D. Sayres, S. S. Moritz, at the York. From Tacoma E. R. Roberts, at the Continental. From Albany, Or. J. S. Van Winkle and wife, at the Grand Union. Church Dedication. The Melrose Methodist Church, near the Sandy River, south of the Base Line road, was dedicated Sunday free of debt. Rev. J. H. Coleman, president of the Willam ette University, delivered the dedicatory sermon at 10:30 A. M. Rev. B. F. Rowland, presiding elder, had charge of the dedication and of services in the afternoon. Work on the building was started last April. The trustees are J. H. Wilson, A. B. Conrad, Mrs. E. T. Wood and W. B. Parsons. W. B. Parsons, H. W. Frits and John Bramhall were the building committee. Rev. J. H. Wood is the pastor. He worked with untiring energy to get the building erected. There was a large number present at all the services. A basket dinner was served In the grove near by. Italian Murderers Sentenced. HAHNVILLE. La., July 22. Ignacio Camplsciano, his wife, Collagaro Gen dusa and Tony Costa, found guilty last week of murdering the Lamana child, were today sentenced to life imprisonment. Buy some extra quality negligee shirts today at Robinson & Co.'s great salel Which Will Yob lave? VESTMENT OR ECUiTlON An Investment all of YOU know ALL about or, one you THINK PERHAPS you may get something out of it's up to you. LISTEN AGAIN f i Part of the J. M. Acheson Company's Stock NOW FOR SALE lO Per Cent Guaranteed Have you ever had a better proposition This is not a "THINK" WE MAY make this interest on an investment but if the sun shines and J. M. Acheson lives (and he is a young, energetic man), you have an income according to your investment, plus your sav ings of the discount on the goods you purchase. If he dies (you are still protected) you have still the same guarantee. Don't worry about real estate investments. Get an investment that brings you (not one that MIGHT bring you) io per cent on your investment and a SAVING on purchases. Be with the little fellow. Get into the band wagon and get a sure income. , No worry no taxes no THINKING "Shall the property go up or down " Property will and must go up WHEN IT SHOULD. But now I am not selling earth. I am selling, and have been busy selling stock all day that will net you io per cent, and if you "or your family uses Ladies' Suits, Dresses, Gowns, Cloaks, Skirts, Petticoats, Waists, Underwear, Corsets, Gloves, Hosiery, Handkerchiefs, etc., and not only that, but when the Grocery Department is installed the same discount privileges will be given to apply in all other departments except millinery. Your income of io per cent will then be accompanied and increased with your saving of ANOTHER io PER CENT on these purchases. - Have you ever had a better proposition presented to you. It has taken weeks to have Mr. Acheson agree to it. When business exceeds one's capital he must get more capital to meet his trade. Mr. Acheson WILL ALWAYS GO AHEAD. He is built on those lines. Why? He has confidence in the people of Portland and in his ability and capacity. During seven years he has increased hi? annual business from $25,000 to $350,000. He wants now to make a half million business annually, and he will do it. Then do not hesitate to call either at The J. M. Acheson Co.'s store or here and get your stock. If you have not enough cash to pay for what you want, and you can pay for it in time, we can arrange it But buy now ts going fast. Jo Wliyfce Evaum 7 Chamber of Commerce 1