The Sunday Oregonian., July 26, 1908, SECTION THREE, Page 5, Image 27

THE SUNDAY OEEGOXIAN, PORTLAND, JULY 26, 1908.
COLUMBIA OFFICE
BUILDING IS SOLD
BOUGHT BY REALTY ASSOCIATES FOR $210,000.
"IN ALL THE WORLD NO VIEW LIKE THIS"
NCI.L
Property Purchased by Realty
Associates of Portland
for $210,000.
COD
PARK
BUILT THREE YEARS AGO
Cost $120,000 to Construct and
With Ground, Property Is Valued
by Purchasers at $250,000.
Company's Other Properties.
The most Important sale of improved
realty that has taken place In Portland
for some months was that announcod yes
terday. The Realty Associates of Port
land bought the Columbia building, north
east corner of Washington and West
Park streets, 60x100 feet. The building is
a six-story brick, built three years ago by
Blazler Bros, and cost to construct
$120,000. The Realty Associates paid for
the property $210,000, at forced sale. There
were mortgages amounting to 1177,000, of
which KSO.OOO was long past due.
The associates at once placed a valua
tion on the property of $250,000, as at that
valuation the investment pays 6 and a
fraction per cent. This revenue will be
increased somewhat upon the expiration
of the present leases, which were effected
by the former owners at three and five
year terms at low rates.
The building at present Is occupied by
the Palais Royal and a music store on
the first floor and upon assuming owner
ship of tlie property the assocates were
offered for the larger storeroom an ad
vance to $1000 per month, but were un
able to accept it on account of the exist
ing lease, which is yet to run something
over a year. The second and part of the
third floors are under lease to the Pa
cific Telephone Company, and the re
mainder of the building Is occupied by
United States Government officials and
professional men, with the excepton of
almost the entire sixth floor, which is
leased to Aune, the photographer.
Building Is Modern.
The building is modern and first-class in
all its appointments, has Otis elevator
and quarter-oak finishing throughout,
making the interior strictly up-to-date.
The sale was made practically for cash,
the associates assuming the mortgages,
which are to be paid off at once, with the
exception of $40,000 not yet due, but which
will be paid upon maturity.
The Columbia building is situated direct
ly in the path of growth of the city's
retal business district The Plttock block.
Immediately to the west across West Park
street. Is now bonded to the Portland
Trustee Company, which is to erect a
building thereon under the terms of its
contract. It is believed this building will
be one of the most important in
the city, but its character will
not be known until the Trustee Company
has the Olds, Wortman & King buildng
on the Pennoyer block well under way.
The construction of a large building on
the Plttock block, It is believed, will as
sure to the new owners of the. Columns
building at least 26 per cent increased
revenue and consequent increase in valua
tion of their new purchase. When the
present leases expire and new ones are
executed, the associates now figure that
this investment will pay 9 per cent net.
The Realty Associates of Portland cor
poration was organized November 19. 1906,
and the present purchase Is the fourth
made since the organization of the com
pany. The organization is managed by
these officers: President, R. D. Inman;
first vice-president. George E. Chamber
lain; second vice-president, T. D. Honey
man; third vice-president, M. C. Banfleld;
treasurer. Dr. Andrew C. Smith; auditor,
William R. Mackenzie; secretary, N. W.
Rountree, and superintendent, H. R.
Reynolds.
The first purchase made was the south
east corner of Second and Yamhill, 60x100.
on which Is erected a three-story brick
building containing five stores with lodge
rooms and offices on the other floors.
This piece was bought in 1906 for $65,000
and is now valued by the company at
$75,000, and pays S per cent.
The second purchase was the J. M.
Hcaly block, at the southwest corner of
Kast Morrison and Grand avenue, 100x100
feet. Thts piece was bought in July, 1907.
The building Is a four-story steel and
brick and is occupied by a blllard parlor
and natatorium in the basement, a de
partment store and four other stores on
the first floor, offices on the second floor
and Ringlcr"s Athletic Club on the third
and fourth floors. The associates paid
$140,000 for the property, whch nets SM per
cent. The valuation now Is placed at
$175,000.
Also Owns Bennett Block.
The third investment was the Bennett
block, southeast corner of Morrison and
Park streets, havng 100 feet on Morrison
and 60 on Park. The improvement Is a
three-story frame building, occupied by
five stores on the first floor, with offices
and hotel In the other floors. This prop
erty was bought February 1, 1908, and
$101,400 was paid for it. Ths present rev
enue is 7 per cent, but at the expiration
of existing leases that percentage will be
materially Increase It la the present
Intention of the associates, in case the
property Is not sold in the meantime, to
erect a modern building on the site at the
expiration of the leases. Some of the
leases run for over a year. The present
valuation is scheduled at $150,000. An
offer of $125.0ilO was mad last May for
the property, but was declined.
The Realty Associates of Portland or
ganized along the same lines as the Fif
teen Associates of Boston, the American
Real Estate Company of New York, the
Vnited Cities Realty Associates of New
York and Brooklyn and the Realty Syndi
cate of Oakland, Cal. These four organi
sations own and control upward of $50,000.
000 worth of improved property In their
respective localities, with ownership dis
tributed among 10.000 members. It is the
announced intention of the Portland com
pany to invest several millions in Portland
in the next few years and to become an
important factor in the upbuilding of the
city. The management of the associates
Include names of some of 'the leading
citizens of the city and all are business
and professional men of high standing.
Visitors' Privileges at Club.
OORVAI.I.IS-. Or.. July IS. ITo ths
Editor. While in Portland the other day
I iv&s riven a card to the Portland Com
mercial Club, covering a term of two weeks.
I never had a card to a club berore. I
would be very thankful if you would tell
rne how to use this, and In answering this
question 1 know you will oblige a Rood
many r.eople who. ilka myself, are not famil
iar with club life. VISITOR.
Tour visitor's card to the club gives
you all the privileges of the club for two
weeks. In otber words you are a mem
ber as well as a guest of the club for
that time. If you desire you may take
advantage of any of the club's facilities
and pay for them exactly as a member
does. Tou will not, however, forget to
settle your bill with the steward or sec
retary before you leave.
:! MJr It
i 'If V r- "5'
lis ;ii?ALinvn
Kr-aF a4s sr-w n .
oooioxijcooi:-. - a . 1
r' fTST- fHT r.T
MM
j3
i - w i r: jt II if hi I if
" . io.. sr aws?-: s v-x
COLUMBIA BUILDING, WASHINGTON AND WEST PARK.
WAREHOUSES ARE
BEING ERECTED
New Business District of East
Side Being Occupied With
Large Buildings.
FILLED-IN SECTION GROWS
Progressive Building Movement Fol
- lows Making of Modern Road
ways Through Peninsula and
Other Suburban Portions.
During the week the contract was let for
erection of a four-story brick warehouse
on Belmont and East Water streets 100s:
200. for Parlin & Orendorff for $48,000.
The entire cost of the structure will run
up to $60,000. Work on the foundation
for this building has been started and
will be crowded along as rapidly as pos
sible. Work also will start on the brick ware
house for Devlin & Wallace in this dis
trict, which will cost about $30,000. Good
progress is being made on the three-story
brick for S. Selling on the .southwest
corner of Belmont street and Grand ave
nue. The foundation is completed and
work is progressing on the walls. This
building will cost about $30,000.
During the week reinforcing iron was
received for the Oddfellows' building,
which Is being built on East Alder and
Sixth streets, and work was at once re
sumed. The concrete floor was laid and
preparations made for building up the
walls and front piers. Orient Lodge,
which is building this structure, has or
dered a marble cornerstone and this will
be placed with appropriate ceremony . as
soon as arrangements have been made.
Mrs. Emelia Dobson is having a two
story brick built on Union avenue, near
Russell street, at a cost of $16,000. E.
Colson took out a permit to erect a
three-story fiat on Belmont between
Sixth and Seventh streets, to cost $6000.
Hapid progress was made during the
week on the excavations for a wing for
the Homeopathic Hospital on the Brey
man block on East Second and Haasalo
streets, A steam shovel removed the dirt
rapidly and i it was carried away in dump
wagons and used to fill up East Alder
street.
The management has decided to use
reinforced concrete in the erection of this
building. The final cost has been esti
mated as high as $400,000.
In the matter of residences it is consid
ered remarkable that the number of new
ones starting up on the East Side should
be maintained in spite of the supposed
dull season. This is true of practically
all localities and suburbs on the East
Side.
Important Sales Made.
Several important sales were made the
past week. In Alblna H. F. Rtttman sold
to the Log Cabin Baking Company the
west half of lots 1 and 2, block 63. for
$16,000. This property is on the south
east corner of Mississippi avenue and
Russell street, and is occupied by a two
story frame building. The price Is con
sidered a fair one for the locality, and
the sale the most important made in
Lower Alblna property for some time.
Property on Russell street. Alblna and
Mississippi Is all held at good figures.
In East Portland the most important
sale was that of a lot on East Morrison
street, between East Third street and
Union avenue, by Clarence B. Sewell to
L. A. Lewis, for $16,000. This lot is in
the warehouse district which was partly
filled a year ago.
Sales In residence sections keep up re
markably well for the season. In Albina
Whitney L. Boise sold to Maria P. Boise
lots 17 and 18. block 34. for $2800. Jo
seph Simon sold lots 11 and 13. in block
18. John Irvlng s Addition, for $3000. Con
rad Tost .bought a Quarter block -lots
and 7, block 3, Riverside Addition to Al
bina. for $1600. John C. Fox bought a
quarter block and house in Vernon for
$3200. Stella M. Taylor bought lot 16,
block 50, and house, in Vernon tract, for
$1775.
On the Mount Scott line several good
sales were made the past week. At Ar
leta Park D. L. Filley bought two lots in
block 2 for $2000. Also in Arleta Park
No. 2. R. B. Grlmshaw purchased lot 6,
block 6, for $1000.
Madison Bridge Problem.
The rebuilding of Madison bridge,
under the terms of the $450,000 bond is
sue declared legal, presents a problem. It
means that the new bridge must be built
on the same location as the present one,
perhaps a little higher and a little wider,
but practically will be the same bridge,
except that it will be steel.
The East Side approach will not clear
the trains on the Southern Pacific main
line. Of course, under the bond issue,
there can be no change, and if a higher
bridge is wanted it means that the whole
question will bave to be resubmitted to
the people at a special election. A bridge
built high enough to clear the tracks of
the Southern Pacific will cost double
$460,000.
The matter of building a subway can
not be considered until Engineer Mod
jeska submits his report, which is due in
September. The North East Side Improve
ment. Association asked for his Judgment
as to the feasibility of building subways,
as well as high bridges, across the Wil
lamette, and his report is awaited with
great interest on the East Side. It is the
impression that East Stark street is the
only point where a subway can be built.
Those who have studied conditions con
tend that travel must either go over or
under the tracks of the Southern Pacific
on the East Side, and also find some way
to avoid the increasing delays caused by
the opening of the bridge draws. All ef
forts to regulate the opening and closing
of the bridge draws so far have failed for
the reason that the War Department has
refused to give its consent to close the
draws to navigation at any time. Danger
from passing trains on the Southern Pa
cific and delays from opening of .bridge
draws will constantly Increase.
Peninsula Improvements.
The growth of the East Side is well il
lustrated by conditions along Killings
worth avenue, which Is now being Im
proved between Union avenue and the
Willamette boulevard at a cost of $100,
000. Less than four years ago lots were
selling for $300 and $500 on this avenue.
They were then covered with brush and
second growth trees, but these lots now
are valued at from $3000 to $6000.
J. H. Nolta, who has been one of ths
progressive men of the neighborhood, re
ports that there is no property for sale
on KillingEworth avenue even at these
figures. He says It is hard to get prop
erty on either side of the avenue. It was
a hard pull to get the property owners
to consent to hard pavement, but they
now see that It has already more than
doubled the value of their holdings, even
before the pavement has been completed.
Including the new High School, im
provements under way and projected in
North Alblna represent nearly $1,000,000.
From Killlngsworth avenue on down the
Peninsula hundreds of lots sold recently
are being built on. Small cottages and
large residences axe springing up. The
building area on the Peninsula is ex
tending toward Columbia boulevard. At
Maegly Junction a manufacturing tract
is being cleared and streets are to be im
proved preparatory to the coming of the
manufacturing concerns that have se
cured sites.
"The outlook is most encouraging for
the ensuing year," says H. G. Sibray,
"and there is no dropping away on the
Peninsula. We have Just concluded a
$4000 sale at University Park, and there
is much inquiry. We have no reason to
complain in this part 6f the city. The
new building on Dawson and Fiske streets,
just finished, has filled up. Prices are not
falling anywhere in Peninsula property,
but are advancing. The Methodists are
negotiating for the sale of the quarter
block on which their church stands, cor
ner Dawson and Flake streets, for business
purposes. It is proposed to sell the
present site and move the church to an
other location."
Ten Miles of PaTed Streets.
In Multnomah Addition the plan to im
prove all the streets as a whole Is being
worked out- The plan was projected a
year ago by the Multnomah Improvement
Club, against considerable opposition.
Crushed rock and cement sidewalks were
the material selected. Street improve
ment of nearly all the district is either
under way or projected. One can find
six and eight parallel streets being im
proved at the same' time, for 10 and 16
blocks.
Vancouver avenue is perhaps the most
important, as it extends through Upper
Alblna to a connection with the railroad
bridge. It Is now being completedL The
street Improvements under way In Mult
nomah Addition represent an outlay of
$100,000. It will probably take two or
three years to complete the Dlans to im
prove all the streets, but there is steady
progress in that direction. M. EL Thomp
son, who recently completed a brick
building on Shaver street and Mississippi
avenue, in referlng to that portion . of
Portland - says:
"There is no retrogression here in any
thing. We have between seven and ten
miles of streets under improvement. Oc
casionally there is a vacant house, but
not. many are to be found. I doubt if
there is another section of the city which
Is doing better than this district is at
present."
Pioneer Suburb Grows.
Sunnyside, which is the pioneer suburb
on the Kast Side, is growing rapidly in
the matter of attractive new homes: El
C. Minor, who eight years ago was ap
pointed station superintendent, reports
few vacant houses and constant inquiry
for houses to rent. That district has been
built up solidily to East Thirty-ninth
street, between the Base Line road and
Hawthorne avenue, and the building area
is pushing toward West avenue at Mount
Tabor.
There is now a movement to have Bel
mont street improved through to Mount
Tabor with hard surface pavement, which
will provide a modern street from the
Willamette River to Mount Tabor. At
Mount Tabor several streets are being
improved between the Base Line road and
Hawthorne avenue.
Plans have been prepared for a new
building for the Sunnyside Congregational
Church that will cost $20,000. It will re
place the oldest church in Sunnyside,
which stands on the corner of East
Thirty-fourth and Salmon streets. It is
expected to start work on the new church
this Fall. Also the Methodist Church,
Dr. T. B. Ford, pastor, on East
Thirty-fifth and Yamhill streets, Is to be
replaced with a modern structure in the
near future.
Montavilla Has Lights.
The suburb of Montavilla rejoices in
the introduction of electric lights for
homes. Through the efforts of the Mon
tavilla Board of -Trade, which has not
adjourned for the Summer, the Portland
Railway, Light & Power Company, ex
tended its lighting system to that suburb.
Also a number of streets are to be re
paved, and preliminaries have started in
the City Council. Progress is being made
for the widening of Villa avenue. A num
ber of new homes are being built. Monta
villa is one of the most prosperous of
Portland's suburbs.
COMPANIES BORE FOR OIL
Great Activity Is Shown In Mai
henr Fields.
"There is now considerable excite
ment in the Malheur oil fields, situ
ated near Vale, some 65 miles south
east of Baker City," said W. C. Cow
gill, who has just returned from "East
ern Oregon. "Many Baker City men
are Interested in these oil fields and
one company known as the Malheur
Company, officered by such men as
Judge Robert Eakin. of Salem, the
Miles Brothers, of , Baker County, and
other equally prominent men in busi
ness in Baker City, have now one well
down more than 1100 feet, and I learn
on reliable authority that they have
struck a large body of oiL
"The Baker & Malheur Oil Company,
of which E. S. Platts is president, and
F. M. Batchelor secretary, of Portland,
are the owners of more than 4000 acres
of oil lands near Vale. They have
already spent between $3000 and $4000
in developing these lands, having some
30-odd preliminary wells down, in no
one of which have they yet failed to
find the oil-bearing sands.
"It is the Intention of the Baker &
Malheur Oil Company to procure at
once a deep-well sinking plant, with
which to tap the bodies of oil below
the surface of their grounds. It is
expected confidently by the officers of
this company that by this time next
year they will have a large number
of producing- wells upon their "prop
erty. "The Columbia Oil ft Gas Develop
ing Company, - In which Spokane capt-
The Creme de Luxe of Portland's View Property
Here is where nature unfolds the grandest pano
rama ever beheld by the eye of man. Here is where
you should build YOUR home. NOW! while
prices are low. They will SURELY be advanced
SOON. The history of Portland Heights property
values will be repeated here, and that four-fold.
Streets are to be graded and cement walks. Bull
Run water is
PROPERTY.
now assured. Gall and see our
Allow us to show you PROPERTY
that will increase in value tenfold in five years.
See our agents on the property every day.'
Price
$500
10 per cent down and $10.00 per month.
UP
ohn
P. Snarfcey G
ompany
122V2 SIXTH STREET, CORNER WASHINGTON
A 2537 PHONES Main 550
tal is largely Interested, also has
large holdings In these fields, and has
purchased and is now Installing a
Standard deep-well sinking plant, with
which it Is prepared to go 8000
feet In depth If necessary.
"Two other companies, the names of
which have escaped me for the mo
ment, are likewise arranging to put
in deep wells yet this season, all of
which should make Vale an exceed
ingly lively camp this coming Fall and
Winter.
"The Standard Oil Company has been
giving considerable attention to tills
region in Oregon, and will no doubt
stand ready to take these Oregon prod
ucts as soon as the companies are
producing in commercial quantities."
Plans for Sellwood Car Shops.
Plans are going forward for the new
shops and carbarns of the Portland Rail
way, Light & Power Company at Sell
wood. The company has been waiting
until the vacation of T street, for the
distance of one block, could be secured
from the Council before beginning actual
construction. This now seems assured
and preliminary details are now being
arranged so that work will be begun just
as soon as the Council takes formal ac
tion vacating the street, as asked for by!
the company.
Find Hidden Dynamite Fuse. !
OAKLAND, July 25. Detectives are to-
day scouring the city and surrounding
territory in an effort to locate three men
seen in the act of hiding 3000 feet of dy
namite fuse in the Southern Pacific Com
pany's yard at Clinton Station. East Oak
land. It is believed that these men may
be able to throw some light on the recent'
dynamite explosions in this city.
Prices talk at Rosenthal's shoe isate.
PEOPLE
BUY
ACRE
TRACTS
Because they afford the best and safest possible investment of money. Not
withstanding the hot weather, our acre tracts are selling rapidly, with the
dem'and increasing from week to week. . , . ,
THERE IS A REASON
And briefly it is this: "We sell acres for the same price some people ask for lots
at about the same distance from the heart of the city, and you can raise all kinds
of vegetables, fruit, berries or walnuts on the land we offer you.
METZGER ACRE TRACTS
Are on the Salem Electric line, only 30 minutes' ride from the heart of the city.
Take the car at Front and Jefferson streets, get off at Metzger Station, and see'
for yourself what we have been trying to tell you in these ads.
$200 AND
UPWARDS
They are within the reach of any man earning a small salary, though people of
means purchase readily, owing to the excellent location and beautiful surround
ing country. Our terms are extremely liberal.
For particulars and beautiful descriptive plat call at our Portland office, 226
228 Front street, or at Metzger Station. All cars stop at Metzger 's.
HERMAN METZGER, Owner
Office Phones, Main 474 A 1374. Agents and Phone at Station Pacific 2019.
1 1 r-i i ro r I