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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Nov. 10, 1907)
THE SUMJAY OKEGOMAX, PORTLAND, OVEMBERIOIDOT. 8 REAL ESTATE MEN ARE HANDICAPPED With Plenty of Business Of fered Legal Holiday Stops Execution of Deeds. VALUES REMAIN STEADY Wliile Season Is Against Starting ew Rulldlngs There Remain a Large Number on Which Interior Work Continues. Le"gal holidays are responsible for an absence of real estate transactions during the past week, not only 1 11 Ore gon, but in every state in the tnlon where the exigencies have made tho declaring of holidays necessary. In several real estate offices It was eald vesterday that despite the im possibility of having deeds and other legal papers executed and recorded 'there has been a surprising amount of business done in a preliminary way, and that thev expect an unusual rush when the Governor calls off . the holidays. The greatest drawback in the mar ket, according to dealers, was that considerable money on deposit in the two banks with closed doors, one a few weeks ago and one last week, was Intended for either making payments on property already bought or secur ing a home when choice of location had been made. The closing of the Title Guarantee & Trust Co. will have some effect on the market apart from tying up funds some of lt depositors had intended to Invest In lots or Improved property, but in the opinion of agents who are handling vacant tracts the temporary withdrawal from the market of the platted properties which the Title Com pany either owned or was acting as selling agent for will not retard the sale of the other plats on the market: as a matter of fact, this withdrawal will have the contrary effect. The real estate holdings of the defunct company in Portland, it is pointed out, will not be thrown away at figures that might set a lower basis of valu ations, for the demand for business locations is too strong to have two or three pieces suddenly come on, the market make any material difference. Outside Lots Attractive. A member of a firm operating in East Side suburban lots said yesterday that in view of the money stringency he was at first rather surprised at the number of inquiries his firm contin ued to receive regarding the purchase of lots. Afte giving the matter some thought, howler, lie reasoned It out. He said: "There has nothing happened to af fect realty values in Portland, and people must have homes whether the banks have trouble in getting their money from the East promptly or not. Depositors now realize that while our crops have been phenomenal it re quires a vast sum of money to con vert wheat afloat into ready cash. Never In the history of the state has there been anything like the prosper ity we have now and will continue to enjoy for months and probably years to come. With our grain, our fruits, our hops and our lumber bringing big prices, and our worklngmen all em ployed, what more could any commu nity desire? Of course there is an analogous condition of affairs exist ing. Just at present, for with our gran aries bulging and all our products in demand It Is difficult for those who are unfamiliar with banking methods to understand how It Is possible for the country to be without sufficient cir culating money. We all know, or should, that the scarcity. In the very nature of things, cannot last. "Desirable as is tho having of a good bank balance, people here never had a better opinion of real estate In Oregon than right now. The best evi dence of that assertion lies In the fact that while there is a good demand for lots, either vacant or improved, there Is no Indication of holders of improved property letting go; in fact, there are two buyers to one seller of that class of property. "With reference to surburban lots I can say that if there had been oppor tunity to execute contracts and deeds the past week, our sales would have been of the eame volume as for weeks past. As It was, we made several ten tative sales which will be closed up directly the Courthouse offices open again for business." In the way of rent collections the firms making that a feature of their business report payments made as usual. Said Mr. Fries yesterday: "We find no falling off In the amount of rent money coming In for the last 10 days as compared with the first of pre v V' ,Vf- -tmTk- IbL I ; ' 4 .,,1 , x. 7 : : RESIDENCE OF H. C. CAMPBELL, TWENTIETH AND CARTER STREETS, PORTLAND HEIGHTS. vious months. Rentals are customa rily paid by checks and we pay land lords by check also, o that whether the people dealing with us hand in their own checks or clearing-house certificates It Is all the same to us." Parrlsh-Watklns said practically the same thing, only they added that the usual amount of currency was com ing In. Caeh Is customarily paid for the smaller dwelling houses, but In case of large houses checks are em ployed and In both classes they report collections as good during the last ten days as at any other time In recent months. There is a lull In building operations, or to be more exact, there are no new large undertakings in the way of start ing work. . That Is a feature of the season rather than monetary condition, for with approaching wet weather ex cavating cannot be done to the best ad vantage. In the cases of buildings al ready up or nearly, built, there Is no cessation of work. Several office structures are being finished Inside, three or four of the more prominent of which will be ready for occupancy about the first of the year. A number of apartment houses and hotels are also up and are being fitted, this interior work not being hampered by weather conditions. Take Promises of Heeds. "In spite of the closing of the Re corder's office there have been some im portant changes In ownership and money passed for which deeds will be executed at a later date. Ordinarily purchasers demand their deeds before or at the time they close deals for property, and the fact that they are now willing to ae- I 'A i"6frr-fl -Aii-frttt-fc tii Art RF.SIDEXCE3 OF E. L. THOMPSO cept a verbal or written agreement to execute a deed at a later date clearly proves that buyers fear an advance rather than a slump in values after the banks obtain the gold tied up In New York. "Another thing, the people know more about banking business today than ever before, and Incidentally know more of what a desirable investment real estate Is," is the way one of the leading' deal ers put the matter. The large number of .colonists arriving In Oregon recently has an important bear ing upon the real estate market in that these homeseekers came on one-way tickets. That, means that they have re mained here and in probably the ma jority of cases have bought or Intend to buy homes, farms or business property. Over 4000 of these colonists came to the Coast in the months of September and October. The continued demand for resi dence property In all parts of the city Indicates that the population is growing in excess of available houses. The over crowded condition of rooming-houses and hotels is another proof of that fact. Taking everything Into consideration, the coming Fall .and Winter months promise to be exceptional in that an active market for both residence and busi ness properties will continue much longer than in any previous year. NUMBER OF SALES PENDING East Side Residence and Factory Sites Already Secured. A number of East Side sales are pend ing, which cannot be closed up until the holidays come to an end. but they In dicate a fairly active real estate market for residence property notwithstanding conditions. Pending deals will be closed up on a long list of sales on the I5ast Side as soon as finances settle down to normal conditions. Dr. F. A. Mclntire, a physician of Philadelphia, who has been spending his vacation in Portalnd every year, has purchased six lots in Rose City Park. He announces that he will erect a residence costing at least $10,000 and make his home here. Dr. Mclntire ex pects to come to Portland with his family next year. The Dunn-Lawrence Company has sold a house and lot at East Thirty-fifth and Bast Alder streets to A. Proger for $3300. This firm also sold two lots on East Twenty-eighth and East Morrison strets for $3000. The purchaser will erect a $5000 residence. , Daly & Streeter re port the sale of a lot 50x100 on East Washington, betwen Second and Third for $10,000. This lot Is occupied with a factory building. The Dean Land & In vestment Company announce the sale of three lots in block two. University Park, to R. R. Rohr. '?wf. fx it. r 5E. ; k "-7 Www-tsi I - HI mi BUILDINGS RISE N THE EAST SIDE No Cessation of Operations on Improvements Started, but New Work Held Back. USUAL WINTER STOPPAGE Inside City Limits .of Big District About $1,500,000 Is Being Spent In Structures Represent ing Important Advancement. At the present time buildings are under construction on the East Side, exclusive of the suburbs outside the city bound- aries. that will cost fully $1,500,000. Work ' on all these buildings Is now going for- - ew """ - - w X, CARTER AND TWENTY - FIRST ward, covering the great territory em braced Inside the city limits. Outside the city limits to the eastward for the Fall months the same story of building im provements may bo told. The financial stress, apparently, has not been reflected to this part of the city, although some of the large contractors report that less new work is now being offered. This con dition, they say, always prevails just be fore the Winter months. f However, It will take nearly all the Winter months to complete the buildings that have been undertaken. Following are the principal structures under way on the East Side: Mitchell, Lewis' & Staver, wholesale, $125,000. . . R. A. Proudfoot, hotel, $65,000. Buckman Sisters, business block. $45,000. W. L. Morgan, business block, $15,000. Masonic Temple, $25,000. Redemptorlst Fathers school, $10,000. Catholic clubhouse. $15,000. Portland Rowing Clubhouse, $5000. - Ms. Wortman & King, barn. $25,000. Blake-McFall Company, warehouse, $25,000. J. H. Xolta, business-house, $10,000. Multnomah Camp. No. 77. ?WO0. German Lutheran Concordia College, $10,000. St. Francis Church, $125,000. St. Francis Academy annex. $10,000. K. J. Haight. business building, $25,000. M. E. Thompson, bank building, $15,000. Patton Home, addition, $7"00. S. Aligrani. business building, $25,000. Central Christian Church and manse. $3S,500. Methodist Episcopal' Church South, stone church. $75,000. Pacific Bridge Company, dock. $15,000. Machinery Company, Grand avenue, factory, $15,000. Twls Montgomery, dwelling, $15,000. William McMaster, dwelling, golf links, $30,000. Mrs. A. T. Webbs, apartment,- $10,000. Walnut Park, 25 houses $3000 each, $75,000. These figures do not include the build ing for John' Deere Company to cover a half block on East Yamhill, between First and Second, to cost $100,000. Plans are being prepared for this structure. Also architects are preparing plans for a big apartment-house on Hawthorne . avenue for the Delta Building Company that will cost about $20,000. T. L. Jones Is pre paring plans for a ten-room schoolhouse for Waverly-Richmond district and a four-room addition for the Vernon build ing. These two buildings will cost about $40,000. Plans also will shortly be pre pared for a high schoolhouse to be erected on a three-acre site in Patton tract for Alblna and Peninsula, to cost at least $150,000. St. Stephen parish, recently or ganized on the East Side, will organize a building committee the-present month. It is Intended to erect a school and chapel on the parish property, 'between Forty- t & :-: ' ' 1 first and Forty-second, streets on East Taylor. These buildings do not include the hundreds of homes under construction in all directions, and which may con servatively be estimated to cost $000,000. Concrete Building Xears Completion The reinforced-concrete five-story build ing of R. A. Proudfoot, on the corner of East Third and Burnside streets. Is being completed. The cost of this building is much more than was expected. It will be $65,000 whereas the estimate was 160,' 000. This Increase Is due to the fact that more modern Improvements were added to the original specifications. The buildings will be fire proof, floors ali being solid concrete with supporting beams. It has been leased by the Star Brewery Company for a long term of years, and will be run as a hotel by parties who have taken a sublease on It. Provision has been made for a roofgarden on the top, an electric elevator will be operated. The top floor Is of heavy plank laid on concrete, on which there is laid heavy canvas heavily oiled and painted. The building will be finished and occupied by the first of the year. -Masons to Have, Beautiful Home. The Masonic Temple on East Eighth and Burnside streets, will be completed by December 15. It will be occupied by the Masonic lodges of the East Side about the first of the year. Walls are of white glazed brick, which -while not a dead white color present a clean, beautiful appearance. Its cost will be $25,000. When It is occupied it will be dedicated with the usual ceremonies of the order. With exception of Hawthorne Lodge all the East Portland lodges will occupy this building. ' The second floor is taken up with the lodge hall and committee rooms. tovKW ftwKr' v i J- ' -vr ; J- SVST J I' ' ill jTi"i inifi r him riMiM-uiiiiiii trr ' TV 1 1 rlfe ' - .v. - .v , n V niili --Yg wiiia-uiTmr-''- SitrfJ STREETS, PORTLAND HEIGHTS In the renovated building of Multnomah Camp, No. 77, Woodmen of the World, the East Side has been provided with convention and banquet halls, which are considered the best in Portland. The main hall. East Sixth street, has been en larged and provided with an ample stage at tfhe east end for conventions and thea tricals, while -a banquet hall that will seat fully 500 people has been built in the basement. Something over $6000 has been expended on these Improvements, which are now practically completed. On the corner of East Taylor and East Twentieth street excavating is being done for the new $35,000 edifice for the Central Christian Church and also for the $3500 residence for Dr. J. F. Ghormley, the pastor. The ground on this corner aver ages 15 feet high and is being cut down, and the dirt used to make a fill on Bel mont street at East Twentieth street. Although only three years old the Central Christian Church is proving iteelf to be a strong organization. Plans have been completed for the building and it will be put up as soon as possible. It will prob ably take a year to complete the edifice. Church Will Cover Half-Block. Material taken from the north side of the block on the south side of East Pine street, between East Eleventh and Twelfth street, where the new edifice of St. Francis Church will stand. Is being used in "tho fill of East Stark street. About 3000 cubic yards will be moved to make room for the basement of the church. The plans provide for an ample basement with a large assembly hall and smaller rooms. It will be the clubroom and social department for the young peo ple and the various social and religious organizations of St. Francis parish, which has a membership of over 1200. The church, will occupy the whole of the north half of this block. Sixty feet will be the width of the church auditorium.' but the extensions for the towers will bring the extreme width up to about 100 feet. Until the new church is ready the old frame church will remain at the corner of East Eleventh and Oak streets. The home of Father Black, the pastor, has been moved to the court between the old church and the Academy, In the center of the block, to remain until the new edifice Is com pleted, when it will be placed on the corner now occupied by the present church. It is estimated that the new church will cost $125,000. but It may cost more, that depending on the decorations of the interior. On the south side of this block the annex to the Academy or Holy tot. Francis Academy, In charge of the Sisters of the Holy Names, is being completed at a cost of $9000. When completed the school will have facilities for 400 students BTJYS FOUR FLAT BUILDINGS Hoyt-Street Property Changes Hands at Good Round Figure. Four fiats occupying a full lot at the southwest corner of Eighteenth and Hoyt streets, have been bought by W, C. Walker through the agency of Reed, Fields & Tynan for $15,000. T. B. Fos ter was the former owner and he In turn bought a vacant lot on Marshall street, between Twenty-first and Twenty-second streets, for $4000, on which a modern high-class dwelling Is to be erected. NEW ACHESON BLOCK SOLD Bought for $4 7,000, as Investment by Portland Man. With the building only partly occupied the new J. M. Acheson structure on Fifth street, between Alder and Morrison, l reported sold to W. F. Matlqck, of Pendleton, for $47,000. The building stands on ground belonging to the Borhies estate, which is under lease for 11 years. Three or four tenants have only recently moved Into part of the building, but on, account of Its desirable location the remainder will doubtless be rented In a short time. PLENTY OF WORK FOR WINTER More Office Room to Be Provided in Near Future. The pressing need of more office buildings has been relieved to some extent by the completion and occupancy of the Couch, Wells-Fargo, Rothschild, Falling, Acheson, Swetland and Bu chanan, and this relief will be further extended In the near future when the Corbett, Board of Trade. Baldwin Downing. CommercVl Club and some off wtf op Mfr P?e Aen You cannot imagine what a pleasurable emotion it is to buy a lot? build a home upon it, and then quit the old habit of paying rent and settle down for life in your own little castle in Rose City Park. You can have a home of your own in Rose City Park. See ua. HARTMAN & THOMPSON BANKERS CHAMBER OF COMMERCE ' All l. lesser buildings are completed. Then there are In architects' hands orders for plans and specifications for several important improvements which are to be undertaken In the Spring, notably the Falling, at the corner of Yamhill and Fifth, and probably the McGinn, at Seventh and Washington. New hotels are rapidly nearlng com pletion and early In the year at least four will be ready for opening. These are the Cornelius, Alexandra Court; Lamson and Proudfoot. Apartment houses are springing up like mush rooms for this class of .buildings Is growing more popular for dwelling purposes than flats. GASOLINE USED FOR FUEL Architect Builds House In Piedmont . Without a Chimney. Fuel expense and smoke nuisance are partly relieved in the first Instance and entirely done away with In the second In a new house at Piedmont. Archi tect Faber has arranged to heat and light the dwelling by means of a gas oline furnace, installed In the basement. Mr. Faber says he thinks from trials made of the new furnace that It will work a revolution In house-building, as in the first place it does away with chimneys, and In the second, is safe and economical. The only weak part in the scheme Is said to be the liability of a short supply of gasoline in Port land. SELLWOOD IS AFTER CAR SHOPS Movement in Board of "Trade to Se cure Proposed Plant. At the meeting of the Sellwood Board of Trade Monday night Councilman A. N. Wills announced that the Portland Rail way, Light & Power Company contem plated the erection of a plant for the making of its own cars in Portland instead of having them turned out in the East, so that all the money it has been sending out of the country for cars should be distributed In Portland. Options, he said, had been obtained on two tracts for this plant on the" Mount Scott railroad. The . Board decided that such a plant would be a good thing for the suburb of Sellwood and appointed a committee to endeavor to induce the rail road company to look with favor on that suburb. The company owns a 20-acre tract south of the Estacada branch Just X RESIDENCE OF 0 V hat live out from the Curves "TOj. faster. A few blocks of residences at the other end don't make much difference, ihink of the difference in price Half of the minutes out, a a quarter block costs $5000 to $6000the whole dis tance out, $450 to $600. Same service: same fare; same cars; same neighbors. Building restriction guarantees the sur roundings. Come in and talk to me about it I'll take care of you. I 1 east of the Southern Paolflc Railroad, purchased several years ago that may be used for thla plant. It Is understood at Sellwood that one of the proposed clubhouses for the carmen will be built on the Oregon City line Just north of the Golf Links. This point Is midway between Mllwaukle and Sell wood but practically In Sellwood. Car men live both In Mllwaukle and In Sell wood, and a clubhouse built on the main line to Oregon City and Estacada would be convenient to the men on those lines. The other clubhouse, of course, will be built near the Piedmont carbarns. MORE SALES OF ALBIXA LOTS North East Side Property la Taken at Advanced Prices. Lot 4, block 17, Alblna, was sold Octo ber 28, by W. H. Nunn for HOOO. Yes terday Mr. Nunn reported that he had sold the adjoining lot. No. 5, to William Hey for the same figure. The lota are Improved with small cottages of little value. The seller in commenting on these sales says: "I think this speaks well for the public confidence in the value of real estate In our city and of Alblna property In par ticular, when you consider that I received a first deposit on this second sale after our banks had adopted the clearing-house system. GOOD RECORD IX VAIs'COUVER Farm Lands in Demand, in Neigh boring Territory Across . Columbia. The real estate firm of Thompson & Swan report that in the past 10 days over $49,000 has been invested In farms and lote In the vicinity of Vancouver, Wash. These purchases were said to be permanent and not speculative. Among the acreage sales are the fol lowing: One hundred and four acres, $4800; 20 acres. $2100; 12 acres, $1000; 5 acres, $1300; 435 acres, $22,000; 21 acres, $7000; 40 acres, $3000: 157 acres, $3500; 5 acres, $1200; 2 lots and houses, $3500. "Watchman, What of the Cow?" t PORTLAND, Nov. 9. (To the Editor.) This Is an open letter to M. J. Mac Mahone. attorney-at-law: We, the Old Sports who frequently congregate at a Front-street hotel, have read with a great deal cf pleasure, Interest and instruction, your letter in last Wednesday's Oregon- ian upon the absorbing topic of finance: JAMES COOK, TWENTIETH STREET, :, .... ;!?. ':t fsi- . makes the distance to; your home. When you' on the high ground of i the .Peninsula, hair the time is spent in getting through Holladay's. Once get away crowded streets, crossings, and bridges- vrn n, Ml if.-rHorii zsosm rk si and our deep appreciation, not only of literary value, but of Its intrinsic WOTthJ have caused us to enter into a deep, pro-i found and protracted discussion especially; of: "What became of the cow?" W have settled the age of Ann. Long ago! we solved the "Fifteen Puralo." But wo; are unable to determine: "What became: of the cow?" j THOMAS HUNTINGTON. President of the Club. ! Maker Home Capital WorTr. ''",; PORTLAND, Nov. 9. (To the Editor. Jf. I wish to call attention to the fact that there is a great amount of latent wealth stagnating on the Paclna Coast. Now why should not this Idle capital be used In financing Oregon a new railroad and in dustrial deals, instead of borrowing money from Eastern bankers? Eastern and Central Oregon farm lands wait on railroads. Then, there is the talked-of railroad from Ontario to Eugene, which ought not to cost over $H. 000,000 including cost of equipment, making an ideal Investment for 400 miles of railroad. I want to see the West Independent of Wall street. C. J. MILLER. Property Too Valuable for Cottages. According to a contractor familiar with conditions on the East Side for ordinary cottages, land has become too valuable between Grand avenue and East Twelfth street for that class of building, and that fiats or expensive dwellings will henceforth be built In that district. A considerable number of flats have been built already and others are being built in this territory. It has been found that the flats rent very readily. On the East Side there are but few vacant houses for rent anywhere. Recovers Armada Anchor. LONDON, Nov. 2. An anchor, sup posed to have belonged to one of the vessels of the Spanish Armada, was recently recovered from Rye Harbor by a trawler. R, P. Burre, a local resi dent, who purchased It, has presented It to the town, and It has been placed in the Old Battery Gardens. Grandson for the Kaiser. BERLIN, Nov. 9. Crown Princess Frederick William gave birth to a son at 9:30 o'clock this morning. The first child of the Crown Prince was born July 4. 1906. The couple were married June 6, 1905. -.2 i " t I 1 PORTLAND HEIGHTS. 1 ' -2 a