The Sunday Oregonian., May 21, 1916, SECTION FOUR, Page 12, Image 56

V
IS
THE SUNDAY OR13GOXIA'; PORTLAND, MAT 21, 1916.
TWO APARTMENTS
ARE DECIDED ON
Building for Dr. A. A. Ausplund
and H. 0. Triplett Will
- Cost About $60.000..
WORK WILL START SOON
JCob Hill Block to Have Many Spe
cial Features of Attraction.
Plans Ordered for Struc
ture for Fred Magnuson.
Announcement was made last week
that Dr. A. A. Ausplund and. H. O.
Triplett had arranged to build a four
Story $60,000 apartment building on the
outh side of Glisan street, between
Twenty - third and Twenty - fourth
streets, to be known as the Nob Hill
Apartments, and that Architect Emil
frk'hacht had been commissioned to
draw plans for a. modern three-story
apartment to be built In King's Addi
tion for Fred Magnuson.
The plans for the latter building' call
Ifor a brick structure above a founda
tion. 50 feet square, but the exact loca
tion is not made public . The apart
ments are to be of four rooms each.
The ground on which the Nob Hill
Apartment building is to be located is
100x110 with 110 feet frontage on the
south side of Glisan street. The build
ing Is to be 50x96 feet on the ground,
leaving a 60-foot lawn on the east side
of the building, which will be used for
a tennis court and a garage in con
nection with the building, until such
time as another wing may be added.
The building will be divided into 36
Apartment suites, of which 31- will
have three, rooms and five two rooms.
The building will be strictly modern
and up to date in all respects. Each
apartment will have hardwood floors,
and the main corridor of each floor,
which will be six feet In width, will
have cork floors. Many pretty effects
will be carried out " with cove
oilings and paneling, and the main en
trance lobby will be of marble walls
and tile floors. The exterior will be
of red tapestry brick - with Imitation
f white sandstone trimmings.
The old buildings have already been
torn down on the site and excavation
will start Immediately. Bids will now
be received for different branches of
the work.
The building and furnishings when
completed will have cost about $60,000,
end is expected to be completed early
in October. Tiie plans and specifica
tions were prepared by Mr. Triplett.
Wilcox Residence of "White fine.
A dispatch from Spokane says that
Architects Cutter & Malmgren are com
pleting plans for the proposed $100,
000 residence to be erected on the
country place of Theodore B. Wilcox,
near Portland. The residence is to be
built exclusively of Idaho white pine.
It Is reported.
Vader School to Coat $ 16,000.
C. E. Troutman, an Aberdeen archi
tect, has been selected to draw plans
for the proposed frame scnool puilains
et Vader, Wash. A fund of $16,000 has
been appropriated to finance the erec
tion of the structure, which is to con
tain 10 classrooms.
Astoria Offered Library Site.
The library board of Astoria has re
ceived an offer from R. H. Strong for
a site to be donated by Mrs. Strong
and Mrs. George Taylor for the loca
tion jDf a proposed library building.
Jr the land is accepted Clatsop County
will be able to secure a substantial
donation from the Carnegie fund.
Residence Klgures Invited.
G-sneral contract proposals are being
received by Architects Claussen &
Clause en for the alterations ordered
for the home of Dr. Woods at Garden
Home. The work involves various ad
ditions" and alterations and the instal
jation or new equipment, which may
cost between $6000 and $7000 in total.
Bids Asked for Seaside School.
Ernst Kroner, a Portland architect.
Jias been authorized by the School
Hoard of Seaside to invite general
contract figures for the schol build
lng and gymnasium to be erected In
that community. The buildings are
to be of brick and tile construction
and probably will cost $35,000.
St. Helens Garage to Coot 20,00O.
A two-story concrete and brick ga
rage building is about to be erected
dbove an 82xl40-foot foundation in St
Helens for the Columbia County Auto
Company. The plans were drawn by
.riougntaling c Dougan of Portland,
end the work is to be done under the
eupervision of A. R. Anderson. The
probable cost Is given as $20,000.
Dofnr Contract Awarded.
On their contract proposal of $11,
621.25, Springer & Company have re
ceiv-.d the award for the addition to
tie made to the school building at Du
lur. plans for which were prepared
ty Charles Burjreraf. of Alhinv s.n
bids were submitted for the work.
"Wrecking Contract Awarded.
The officers of the United States
National Bank have commissioned the
O. K. Rose City Wrecking Company
to rase the old frame building that
stands on the inside lot of the new
bank site on the northwest corner of
Sixth and Stark streets. It is expected
that excavation will be under way on
the entire corner by July 1. The con
tract for the terca cotta has been let
to the Gladding-McBean Company, of
California.
Portland Get La Grande Job.
Architects Sutton & Whitney, of
Portland, have been commissioned to
draw plans and specifications for the
proposed building to be erected at La
Grande for the La Grande Grocery
Company, which is a subsidiary of the
wholesale Portland Arm of Allen &
Lewis. The plans call for one story and
basement building of brick and concrete
above a ground area of 110 by 108 feet.
Rush Gets North Powder Contract.
The contract for the construction of
the new school building at North Pow
der has been awarded to G. H. Rush
on his proposal of $22,417. The plans
were drawn by Tourtellotte & Hummel,
of Portland.
15,000 Permit Granted. -
A. s. Ellis obtained a building per
mit last week for the erection of a
three-story apartment building that is
to rise at 662 Glisan street, in King's
Addition. The plans were drawn by
G. R. Wright and the contract is in
charge of the Friberg-McLennan Com
pany. The estimated cost of the build
ing, as quoted in the permit, is $15,000.
Two Small Bnnealom Started.
For S. Evenson, M. F. Smith has
commenced the erection of a one-story
bungalow at 73 East Winchell street,
in Fairport Addition, at a cost of $1000.
Ti. W. Larsen is building a one-story
frame residence at 9004 Sixty-sixth
xtreet Southeast, that will also cost
$1000. The plans for the former dwell
ing were prepared by A. E. Edwards,
and for the latter by Claussen & Claus
sen. 94000 Home Started In Lanrelhnrst.
E. Tlisanantii. a builder, has opm
menced the erection of a etory-amt-a-
half residence on East Forty-first
street, in Laurelhurst. The building
permit cites $4000 as the probable cost.
Pursuant to plans drawn by O. Daniels,
A. Tourtellotte has started the erection
of a $2000 residence at 41 East Sixty
sixth street North, in Kidgemont. -. . .
One-Story Garage to Coat S3SOO. '
Morris Taylor last week obtained a
$3500 building permit for the erection
of a one-story brick garage building at
188 Tenth street. The plans were
drawn by A. Belson.
Three S1500 Dwellings Began. -
W. J. Hallock, the builder,' has bro
ken, ground at 160, 168'and 174 East
Sixty-ninth street. North Mount Tabor,
for the erection of three $1500 resi
dence, each of which will extend a
story and a half above the ground.
Rose City Gets 4SOO Residence.
J. B. Moore has started the construc
tion of two-story frame residence at
1350 Alameda, Rose City Park, that will
cost about $4500, according to the per
mit Issued last week. Pursuant to
plans drawn by L. Thomas, A. P. Ted
row is building a story-and-a-half
frame residence at 6310 Twenty-sixth
street, southeast. The probable cost is
quoted as $2000.
Residence Repairs May Cost 15,000.
Plans are being completed by A. E.
Doyle for alterations to be made in
the former H. C. Campbell residence on
Portland Heights, which was recently
purchased by A. Meier, of Meier &
Frank Company. The building is to
be modernized throughout at a reported
cost of $5000.
13. M. Mack Commences 4000 Home.
E. M. Mack has commissioned
Mackey Bros, to build a two-story
BEAUTIFUL RESIDENCE IS COMPLETED ON OLMSTED
NEW IIOMK OF OLIVER K. JEFFERV.
The new home of Oliver K. Jeffery in Olmsted Park has Just been completed by the Oregon Home
Builders. It is the Dutch-Colonial design and occupies the triangle formed by . Regents drive, Shaver
street and Bryce avenue.
It -contains a living-room, dining-room, den, breakfast-room and kitchen on the first floor. Four bed
rooms, two baths and sleeping porches occupy the second. The third contains the servants' quarters
and bath.
Among the prominent features of this beautiful home is a Japanese breakfast room of hexigon shape
finished . Jn lacquer wood and handpainted wistaria walls, the celling being umbrella shape. A great many
built-in conveniences have been supplied, including a refrigerator in the kitchen, which is iced from the
outside. The grounds have beeen laid out by a landscape architect. In the foreground is a pergola, back of
which is a shadow pool and fountain. The garage is large enough for two large cars, with an upper
floor of several rooms.
frame residence at 680 East Forty-seventh
street North, in Rose City Park.
The permit. Issued last week, cites the
probable cost as $4000.
CHANGE FOR ALL CITED
BUY .OWN HOME WITH RENT
MONEY, DECLARES REALTY MAN.
Obstacles Are Only Those Thrown I p
by Blindness to Opportunity of
Credit, Is Assertion.
In reply to the question. "How Can a
Man Wfthout Means Build a Home?"
Oliver K. Jeffery, president of the Ore
gon Home Builders, says:
"The reason that many families do
not own their own homes is not be
cause they' haven't the means, but
largely because of the obstacles they
themselves put in ths way of acquiring
the. property they live in.
"If the man who' does not own bis
own home would get flat-footed on the
proposition and look the situation
squarely in the eye he would soon be
on common ground and that 'ground'
would' be his own. The trouble is
largely with the head of the family and
his attitude toward anyone that offers
to 'sell' him' something.
"If the man without a home would
devote the same thought and study to
this question as does the salesman,
more- homes would - be owned than
rented.
As a matter of fact, no man ever
'sold' anything all he can and does
do is to .state the facts of his proposi
tion so that the prospect will see it
from his own viewpoint then the
prospect desires it for his own. As
soon as the prospect realizes that he
is absolutely wasting his rent money
he is willing to buy a home if he has
the means.
"The foresightcd man without means
acquires his. home by. the credit he
created when he agrees to pay rent to
himself. His credit Is good with the
builder who specializes in financing
the worthy man without means. It Im
proves with the grocer and butcher,
who both realize that the man is per
manent and it strengthens his stand
ard with his employer who also appre
ciates that his employe is going to
"stick on J.he Job.' "
DUTCH COLONY IS GROWING
$7000 Dairy Farm at West Stay
toil Is Sold.
Further progress was made this week
in establishing and extending the Hol
land colony at West Stay ton, when,
after careful inspection, the leader of
several Hollanders, located in Canada,
decided to purchase a tract of land and
took along options on other tracts ad
joining his purchase for friends of his.
Most all of the business In farm lands
lately has been in the way of trading,
and cash sales have been quite scarce,
but this sale of 37 H acres, including the
model dairy barn erected by the Wil
lamette Valley Irrigated Land Com
pany, was on a cash basis, and the
price was $7275.
Step by step the community at- West
Stayton Is being changed into a Dutch
settlement, and the company is partic
ular in selecting the men. The prin
cipal business of the settlers will be
dairying and chicken raising. The
dairy business is what the Holland
farmer is experienced in particularly.
Klamath Falls Mill Resumes.
KLAMATH FALLS. Or., May 20.
(Special.) The Pelican . Bay Lumber
Company, of this city. Monday began
the operation or Its plant 20 hours a
day. This will necessitate the addition
of a considerable number of men to
their force and will Increase the dally
output of the mill to 300,000 feet of
lumber. The Ewauna Box Company in
this city is also operating its plant day
and night, also making a material ad
dition to the local payroll. This is made.
necessary by a great rush of orders.
DEMAND
GROW G
FOR WHEAT LAUD
Barnett Ranch of 2560 Acres,
Near Connell, Sold by New
berg Man for $100,000.
J. BOWERMAIM ALSO SELLS
Gilliam County Property, Consisting
of 1920 Acres, Brings $63,500.
La (11 Estate Sales Reported
and Other Deals Closed.
The high price of wheat has stimu
lated activity in wheat lands, as evi
denced by two large deals Just closed
by local firms for ranches east of the
mountains.
The old Barnett place near Connell,
Wash., containing 2560 acres, was sold
by J. r. Gordon, of Newberg, to Charles
McFarland and Ernest Hyland, of Eu
gene, for $100,000, the price including
60 head of mules and full farming
equipment, and 2000 acres in wheat this
year. Most of this wheat is Fall-sown
grain, and from present Indications a
big yield is expected. Mr. Gordon ac
cepted as part payment two ranches,
one located in Lane County, near Oak
ridge, consisting of 520 acres, and the
other the well-known Dixie ranch on
Rogue River near Grants Pass. The
Dixie ranch Js one of the best-improved
ranches in Southern Oregon, and con
sists of 351' acres on Rogue River.
L. K. Moore and the Lueddemann Com
pany represented Mr. Gordon in this
deal, while the Eugene principals were
represented by O. J. Irving.
The Jay Bowerman ranch in Gilliam
County was also disposed of. C. E.
Kindt, of Beaverton, being the pur
chaser. This ranch consists of 1920
acres, all in cultivation, and with ap
proximately 1000 acres in wheat this
year. There was a large, amount of
stock and equipment included, and the
price for the -property was $63,000.
Judge Kindt gave as part payment on
this ranch a farm in the Tualatin al
ley;. He has already -taken possession
of ' the Gilliam County ranch. The
Tualatin Valley farm is a highly im
proved place of 150 aOes lying south
of Beaverton. This deal was handled
also by L. K. Moore and the Luedde
mann Company. .
Ladd Estate Sales Increase.
The following sales were reported
last week by F. N. Clark & Co., sales
agents for the Ladd Estate Company:
To F. L. Warren, two and one-half
acres at Dunthorpe for $7850, the pur
chase being made for the location of a
$10,000 old English type residence; to
John Cronan a $5250 lot at 329 Alber
marle Terrace, Westover Terraces, Mr.
Cronan planning the erection of a $10.
000 home; to James Dl Abbott a $3600
building site on Fairfax Terrace. West
over Terraces, where a $6500 home is
to rise, and a $4550 residence location
adjoining Mr. Cronan's newly acquired
property in Albermarle Terraee. to F. K
Taylor, president of - the Portland
Realty-Board, who is planning the erec
tion of a $6500 residence next Fall.
Leslie M. Scott Sells Ills Home.
The nine-room residence located at
894 East Taylor street, between East
Twenty-ninth and East Thirtieth
streets, was sold last week by Leslie
M. Scott, who is now in California on
an extended visit, to J. H. Dundore, of
Sherman, Clay & Co., president of the
Rose Festival Association. The hold
ing embraces land 100 feet square and
the resiaence. which has for some time
been Mr. Scott's home. The selling
price is not made known, but the prop
erty is understood to be valued at be
tween $10,000 and $12,000.
Two Deals Reported.
J. S. Boyles has just closed a deal
for his attractive 20-acre suburban
home near Beaverton, the property
KESIDE.XCE LOCATED OX NORTHEAST COKVKK OK EAST FORTY-FIRST AND BIRXSIDE
PURCHASED LAST WEEK BY C II. FOX FROM K. LIISASfANTTI
having been purchased by Fred Gearin.
of Newberg. This place is situated
about a mile northeast of Beaverton,
and is highly improved. The. price was
$9000. Mr. Gearin gave as part pay
ment two residences in .Portland. The
deal was handled by Hillman Luedde
man, of the Lueddemann Company.
W. F. Hessian disposed of a house in
University Park for the price of $2500.
He accepted as part payment a lot on
Mount Tabor at a value of $1300, Miss
C. M. Agnew being the purchaser. This
deal was made by S. W. Ormsby, of the
Lueddemann Company. -
50O EXPECTED AT CONVENTION
1.'X. Clark Declares Tom IngersoJI
Also Will Attend.
F. N. Clark, chairman of the finance
committee of the Portland Realty Board
committee in charge of the plans for
the coming Realty Convention, an
nounced et last Friday's meeting of the
board that Tom Ingersoll. executive
secretary of the National Association
of Real Estate Exchanges, would be
present at the coming convention meet
ing, according to the tenor of a letter
Just received by Mr. Clark. Mr. Inger
soll is regarded as, perhaps, the "livest
wire" in the National association, and
his presence will certainly udd materi
ally to the . success of the gathering.
He made- many friends In Port
land last year while passing through
en route home from the National Con
vention at Los Angeles.
Frank McCrillis, chairman of the in
vitation committee for the coming con
vention, read several letters at Fri
day's board meeting reflecting the
PARK PROPERTY.
1.:.
sentiment of the real estate dealers in
the territory which Is to unite in the
coming gathering. "The Indications are
that our original attendance estimate
of 400 or BOO will be borne out by the
actual registration," said Mr. McCril
lis.
FLAX LAND AREA WIDE
FROM 3,000,000 TO 5,000,000 OREGON
ACRES AVAILABLE.
bovernment Burean of Domestic and
Foreign Commerce Report De
votes Space to Experiment.
EUGENE, Or., May 20. (Special.)i
In the Willamette Valley and adjacent
foothill- country of the oast slope,
where moisture and soil conditions are
right for the production of flax, it i
estimated that there are - from 3,000,
300 to 5,000.000 acres of land available
for its culture, according to a report
issued Dy the bureau of foreign and
domestic commerce. Department of
Commerce. Washington. D. C- Copies
of the report have been recei-ed by
members of the committee of the
Eugene Chamber . of Commerce in
charge of the Lane County flax experi
ment, in connection with which con
tracts for a mill were signed during
the last week.
The . report devotes a page to a dis
cussion of flax growing in Oregon.
the history of the state experimen
at the Penitentiary is given. "This
demonstration did not have the value
of providing the element of cost tha
would be faced under normal condi
tlons." it says.
The bulletin tells of the co-opera
tion of the Portland Chamber of -Com
merce and the Eugene Chamber of
Commerce and the plan to raise $G0U0
with which to carry on the experi
ment. It adds:
"In view of the co-operation between
the state,- commercial interests and
the farmers, confidence is entertained
that a step forward will be taken in
the production of flax in this region
that will probably result in the estab
lishment of definite commercial pro
duction next year."
Clackamas Taxpayers to Meet.
ESTACADA. Or., May 20. (Special.)
The regeular monthly meeting of the
Eastern Clackamas Taxpayers' League
will be held Monday at the Springwater
Grange Hail. Among the speakers
will be R. C. Deming. of Estacada. It
Is expected that a number of the suc
cessful candidates at the primary elec
tion will also appear on the . programme.
NEW LAURELHURST BUNGALOW IS SOLD FOR
......... , ...Z :- : :'" S :"': , ". -' . . ' : - :
MAP RECORDS HELP
TO EQUALIZE TAXES
nformation on Land Value,
Gleaned From Experience,
Is Used as Guide.
SCALE OF LIFE ADOPTED
Table Shows Usefulness of Build
ings of Various Kinds, but in
Most Cases Owners Are
Consulted as to Cost.
BY HENRY E. REED.
Assessor of Multnomah County.
(Third and concluding chapter of a
general article on the "Problems Con
nected With the Assessor's Office.")
All the land value computations prior
to entry in the block books and assess
ment roll are recorded in land value
maps. There are 363 maps covering
the entire county.
Of these. 220 relatcr to the city of
Portland and are drawn to the scale of
160 acres to the map. In office usage
they are known as "quarter section"
maps. The remaining- maps relate to
that portion of the county outside of
the city and are drawn to the scale of
640 acres to the map.
The city of Portland, or "quarter
section" maps are drawn with the
Btreets clear of unnecessary printed
matter to allow for recording the value
per front foot of normal lots 100 feet
deep, which are not subject to corner
Influences. In the case of land in large
tracts in suburban sections, the number
of acres and the total value are marked
at a point near the center of the tract,
together with an identifying ownership
number.
Each parcel of land, regardless of its
size or shape, whether within or with
out the city, is carefully figured and
the value determined for It Is entered
within its boundary lines on the maps.
Maps Serve to Equalise.
The maps serve the desirable pur
pose of bringing about a uniform as
sessment of land values. They are use
ful, also, when petitions are made for
reduction of assessment, and when
complaints are made that assessments
are inequitable. These maps are acces
sible to the public at any time.
The frontage value recorded on the
Portland maps is the value per unit
foot of a vacant Inside lot 100 feet deep,
lying normally with reference to the
grade of the street. here only one
figure is shown, it applies to both sides
of the street. Where the value of
opposite sides of a street Is not the
same, a double set of figures is used.
Beginning with the assessment of
1915, Portland used factors of value of
new buildings as a guido to the 'assess
ment of all buildings. These factors
are based on the knowledge and ex
perience of the field staff, and on in
formation obtained from architects,
builders and others of the exact cost
of construction. They must necessarily
be subject in the future to re-examlna
tion and modification to meet changes
In conditions as they arise. The factors
are not intended to control the ludg
ment of deputy Assessors, but to asslBt
them in reaching well-informed con
elusions.
Owner Often Consulted.
Architects usually compute the cost
of buildings by multiplying the exact
number of cubic feet of contents by an
appropriate faetori It has been found
easier to ascertain the square feet of
floor space of a building than the cubic
feet of contents. Hence. Portland has
adopted the method, used successfully
in New ork. of computing the value
of a building by multiplying the square
feet of floor space by an appropriate
factor. Instead of multiplying the num
ber of feet of cubic contents.
In dealing with buildings of unusual
construction, such as those of abnormal
height of stories and expensive Interior
finish, the safest method is to obtain
from the owner" or his architect the
essential details, together with cost.
Scale of Life Adopted.
It is conceded by students of real
estate that the rate of appreciation of
land value Is speculative, whereas the
rate of the structural and of earning
depreciation of buildings Is reasonably
determined.
To meet this situation there has been
adopted in Portland a table of depreci
ation of buildings based on the charac
ter of construction- and average exist
ence of the structure as a whole, taking
into consideration the relative cost of
the various materials, the limit of life
of its most durable part and obsoles
cence. This scale retires 90 per cent of
the value of buildings in the time set
forth below:
Standard steel and good reinforced
concrete, 60 years.
Ealr reinforced concrete and good
brick, 50 years.
Fair brick and good frame. 45 years.
Poor brick and fair frame. 37 years.
Poor frame, 30 years.
Table Not Yet Klnal.
The scale above referred to was
adopted after having been carefully
considered for more than a year.- In
the course of this Investigation the
Assessor and his deputies personally
inspected large numbers of buildings
of various types, inquired Into the
time of their construction, original cost,
depreciation and present condition, and
had the advice of authorities who had
given the subject much study.
, The table, which ts being used for
the first time this year. Is not final.
Like the curve for inside lots and the
scale for corners, it is subject to re
vision If further experience and In
vestigation shall disclose the need
therefor.
The limit of the csrrylnit power of thun
der ta about 15 mtleft. while U miles la
not regard! as far for ths sound of a bis
battle to travel.
$5700 CASH.
STREETS
INSURANCE BY MONTHLY
INSTALLMENTS ADVISED
Seventy-five Per Cent of Widows Dissipate Estates Within Seven Tears
After Obtaining Possession.
BY LIFE INSURANCE EDITOR. .
LAWRENCE T. FASSETT. until re
cently president of the National
Products Company, was recently de
clared mentally incompetent by a Sher
iffs Jury made up largely of million
aires, including P. W. Woolworth. pres
ident of a chain of S and 10-cent stores
and owner of the highest office build
ing in the world, and a vice-president
of one of the large New York life in
surance companies.
Mr. Passett Imagined he was making
money so fast that he "was getting
frightened."
An alienist who testified declared
that Fassett was suffering from maniac
depressive Insanity; that there were
three stages to this form of insanity
when a man .is depressed, when he is
elated and when ha is normal.
. Man Apparently Normal.
Fassett. it seems, was normal when
he was -spending money, of which he
fancied he bad an inexhaustible sup
ply. His principal form of amusement
was riding about in taxlcabs and from
August to October last year he spent
$905 in taxicab fares. At one time he
was unable to restrain his generous
proclivities and gave his barber at the
Sea Cliff Inn, Nantucket, a diamond
ring that cost $165. To to waitresses
he gave $50 each.
Fassett s enthusiasm over the Nan
tucket baseball team also was another
excuse for handing out gifts, which In
eluded $100 to the pitcher for winning
game. He spent $1300 at Churchill's
and $700 at Jack's both resorts being
well-known In the White Light district
of New York. Nothing could convince
Mr. Passett that he could spend money
rapidly enough to catch up with his
fancied income. He is now residing in
Bloomtngdale Asylum and a committee
REAL ESTATE IS SAFE
Nothing Is Better as Long as
Population Gains.
LAND IS VALUE BASIS
Good of Investing Realized by Fin
anciers During Past Year, as
Well as Previously by Men
of Business Shrewdness.
BY CHARLES E. HEYER.
As long as the population of the
L'nited states continues to increase
there will be no better nor safer In
vestment than real estate.
This fact, which was realized years
ago by such shrewd financiers as the
late William Weightman. the late
Peter A. B. Widener and by John
Wanamaker, to mention some of the
best-known Philadelphia's who put
money Into real estate on an invest
ment basis years ago, has been realized
with peculiar force by a number of
others within the past year and a half,
some of whom, to their sorrow, found
it impossible to raise money on the
best securities during the half-year or
more following the outbreak of war in
Europe.
While people who had their money
tied up in stocks and bonds found it
virtually impossible to use them as
collateral for loans, or even to sell
them except at a sacrifice, through the
period when the Stock Exchanges all
over the world were closed, their fel
lows, who owned real estate, found
little or no difficulty in raising money
on mortgages, albeit at an advanced
interest rate, in some lntsanccs.
Values Based on Real Estate.
The reason for this is obvious. Real
estate Is the foundation stone of all
value a,nd has been since the time' when
men first began to trade with each
other. Without their real estate, upon
which the bonds of the railroads are
secured and their rolling stock, which
is the product of real estate, Ihe se
curities of those corporations would
have little, .if any, value.
It Is a fact. also, that real estate Is
the only commodity, if it can be so
termed, that increases in value with
use or occupancy. Bricks and mortar,
concrete and steel, timber, in fact,
everything which enters into the con
struction of a building, begin deteriorat
ing, both from the action of wind and
weather as well as use. as soon as a
building has been finished and oc
cupied. The land the building stands
on. however. If well located In a grow-
ng section, constantly
Increases, as
has been demonstrated time after time,
by the sale -t property at an advance
of thousands of dollars over prices
paid a few years, in some cases a rew
months, before.
Valne Gains With Growth.
It Is a weli-known fact that real
estate In the business center of any
large city or town must increase in
value as long as it continues to be a
business center. It is also a fact, known
to every one, that real property, that
is. land. In any growing neighborhood,
cannot help but increase. The law of
supply and demand governs in the real
estate market as It does In every other.
As sites for improvement become
scarce, prices rise naturally and this is
equally true of business locations,
where an increase in the volume of
business does make a particular section
more desirable than another.
In this connection it may be perti
nent to emphasize the fact that in
order to make a profit in real estate
good Judgment is Just as necessary as
it is In making a purchase of anything
else the buyer intends to make a profit
on. The Investor must be careful, in
the first place, to buy in a neighbor
hood where values are increasing, and
secondly, he must be careful to pay no
more than a property Is worth at the
time he buys It. In other words, he
must take care that the price he pays
does not anticipate prospective values
by several years.
BUILDING REPOHTS OPTIMISTIC
Big Gain Is Registered in 103 of
Principal Cities.
Newspaper-reports concerning build
ing operations throughout the country
hare been optimistic in cecent weeks.
That thU popular Impression is well
founded is shown by the statistics foi
the month of April. The official re
ports of building permits ssu-u in
105 principal cities, of the United
States for last month, as received by
The American Contractor. Chicago, to
tal' $89,812,962. as compared with $77.
056.478 for April. 1915. an increase of
$12,756,484. or 16 per cent.
This generous expansion of construc
tion work is well distributed, for of
the 104 cities reporting. 71 show gains
over April last year, and only 33
show losses. And an analysis of the
figu-es indicates that the losses them
selves are not so bad as they seem.
The fehowlne for. Bridgeport, Conn.,
will be appointed to look after bis
property.
In an informal discussion after the
trial was over, between members of
the Jury and several alienists, many in
terestins; facts were brought out, all of
which tend to show that Fassett's be
lief of an inexhaustible income is not
an uncommon mental aberration.
It in hanoened that the foreman or
the Jury panel was a vice-president of
one of the large life insurance com
panies located in New York, and he re
lated a number of instances which in
his official capacity with his company
seemed to prove that many people, both
men and women, but particularly wo
men, are afflicted as was Mr. Fassett.
Monthly Installments Advised.
His opinion was to the effect that it
Is always well for a man to insure his
life, sometimes it is advisable for a
man to have his policies payable In one
lump-sum. but generally the best plan
is to arrange to have the policies pay
able In monthly instalments. Seventy
five per cent of the estates aie dissi
pated within approximately seven years
and when a widow is left a large sum
of money by means of a life insurance
policy. sh almost invariably believes
that she will never be able to spend It,
and, consequently, immediately at
tempts to prove the truth of her belief.
This, of course, results disastrously,
and defeats the very purpose for which
a man Insures his life.
Life income insurance, or continuous
Instalment Insurance, as it is frequent
ly called, provides that a stipulated
monthly income shall be payable upon
the death of the insured for 20 years
certain, and as long thereafter as the
eneficiary shall live. In this way It
orevents - the strange mania which
sometimes seizes widows and leads
hem to believe that a checkbook Is an
Alladin's Lamp, which unfailingly re
sponds to the magic touch of a pen.
may be taken as an example. Its
permits for the month total only
$616,437. as compared with $1,493,413
for April. 1915. a loss of 67 per cent.
This looks unfavorable on the surface.
But the permits for April. 1911. totaled
only $2tl,905, which may be regarded
as normal. Present operations art
therefore over 200 per cent better than
normal for that city.
It was in April, last year, that the
first favorable report of building oper
ations in nine months wns mnde. Dur
ing t'.ie earlier months of the European
war there had be?n a serious slump in
building operations. But in April last
year the comparative statement showed
a loss of only one per cent. The state
ment for April this year, therefore,
shows a gain of practically 15 per
cent over normal.
While in cost there is a decided gain
the actual number of new buildings de
creased from 29.385 to 21.081. showing
that the type of buildings under con
struction is better and larger than a
year ago. Advance In cost of material
and labor may account for a part but
not all of the gain.
Lewis Itank Deposits Gain.
CENTRALIA. Wash. May 2". (Spe
cial.) The deposits of the 13 Lewis
County banks on May l. according to
statements just published, totaled $3.
124.S6S.S4. This Is a gain of $.'.37,896.61
otr the March deposits. Every bank,
in the county showed an Increase.
State Members
Portland Realty Board
The following real estate men are
the accredited members In their re
spective cities of the Portland Real
ty Board. None of these sought
membership, but were selected after
a canvass of the available men tn
their line. If you have a real estate
transaction In any of these cities
or wish information, write them:
Albany J. V. Pipe.
Amity. Yamhill to. J. P. Allison.
Astoria Astoria Harbor Imp. Co.
Van Dufen i. Co.
Ilend J. A. Pastes.
Grants Pass P. B. Herman.
Joseph Moss,
lleppner Smead & Crawford.
Klamath Palls Edmund M. Chllcote.
Marshfieid I. S. Kaufman & Co.
Title Guarantee & Ab
stract Co.
Philomath Henry Ambler.
KoaebEra" W. A. Bogard.
Tillamook. Rollle W. Watson.
Director) of Prominent
Life Insurance Agencies
Members of Life Uncle writers'
Association of Oregon
Vi'm. Goldman. Manscar.
NATIONAL. L.IKS.
Oregonlaa bids.
11. ti. Colton. Maoasar,
MASSACHUSETTS MUTUAL. I.IFK.
Chamber of Commerce Bids'.
E. L. Harmon, Manager,
PKNN MUTUAL L1F.
Nortbweatera Bank Bids.
Horace ucckliii, Manager.
NEW ENGLAND MUTUAL. L.IFB.
Northwestern Hank Bldf.
O. M. locum. Mir.,
RELIANCE LIFE INS. CO., Pltubur. Pa.
206 Morgan Bigg.. Portland. Or.
k. P Lockvoud, Vlce-Prea. and Gen. Mgr.,
COLUMBIA LIFE TRUST CO,
202 Stevena Bldg.
Psttla-Groaamayer Co.. General Agent.
THE TRAVELERS' INS. CO-803-310
Wllcos Bidg.
E. W. Amcebury, Manager.
NORTHWESTERN MUTUAL, LIFE INS. CO.
Northwestern Bank Bldg.
Judd I.owrey. t-upt.,
AMERICAN CENTRAL LIFE 1X3. CO,
719 Dekun Bids.
BUILDERS' SUPPLIES and
HOME SUGGESTIONS
J.C.ENGLISH CO.
LIGHTING
FIXTURES
E. Irving and I7nloa Avesas.
factory Ceniiaer.
Pfcoaea E. 1243. O Utd
Garden Vases, Benches, Etc.
Ernest
Thomas
I'hone E. 198.
East Twenty-seventh asd Pacific St.
There Is a Good Paint House
in Portland
TIMMS, CRESS & CO.
114 SECOND STREET.
Si