THE OREGON SUNDAY JOURNAL, PORTLAND, ' SUNDAY MORNING, SEPTEMBER 8. ' 1808. - -
FALL HEAL
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DOWHTOWn LOTS
JOUIIDMRD
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Prices Advance Steadily and
Show, No Signs of . v
t; ; ; Breaking, r , v
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J Th Portland real 1 estet market
never looked better to me than if doe
today," I .the teree summing us of the
local condition by Dan 0. Stearna, an
old-tlra Portland realty dealer, who waa
Belling property here when a prospective
Investor would gasp tor breath U naked
160.000 for the oholceat corner on Wash
ington atreet, ..-.-'
r'More Inquiries have' coma In my of
fice from lnveatore of meana who mean
bualneaa In the past three weeka . than
In any like period alnce I have been In
the bualneae. The inveatina- nubllo la
.beginning to realise that Portland. Is a
city or the nrt class ana is destined to
beoome the metropolis of the entire
Paolflo northwest. Two years ago capi
tal late looked askance at the prlcea
Hxea xor ail classes or real estate nere,
but such la not the case now. Property
that waa considered high two Year ago
is reaauy snapped up now, notwun
a tending the price has advanced as much
a 00 per cent in some cases. -
Prices Continually JUso,
One great trouble that all dealers are
now having la the inability to hold own
ora
dlsi
each offer to buy. Of course, this has a
tendency to discourage brokers and ais
gust would-be investors. A prominent
dealer, who for many years baa dona one
Of the largest Bales businesses In this
city, says that he has now a smaller
list of offerings for sale than he haa had
svi any urn lor a number or years.
The aame operator had a recent ex
perlence with an owner which correctly
represents the optimistic feeling now
pervading all classes of property" own
ers. The owner of a north end lot waa
keen to sell hla holding two .months
ago at a atated price, the broker found
a purchaser and tendered the owner a
' check covering the deal. The check waa
refused and the price promptly raised
10 per cent, Slnoo then the price has
been again advanced and a few days ago
the propertv waa withdrawn from the
market, with the accompanying, state
ment that It waa Increasing In value i-
together to last to sell.
One effect of the recent heavy pur
chases of inside property by local capi
talists haa been to stiffen prices
throughout the entire business district.
Owners were quick to conclude that if
choice Washington and stark atreet
corners have douuled In value In the
past three or four years, that the same
is true throughout the retail district,
and forthwith marked up their prlcea
several notches.
River frontage Attracts.
A class of property that has not here
tofore attracted very general attention
Is river frontage for residence purposes.
There are scores of buyera in the mar
ket for this class of holdings, and very
little of it to be had at any price within
reason. Many of Portland's wealthy
residents are turning thelreattentlon to
acreage along the river bank between
Portland and Oregon City with the idea
of establishing summer homes. Prioes
of this character of property have in
creased enormously in a short time, with
the prospect of yet greater advances.
As far back as a year ago, whe the
first signs of the reaction which after
ward set in, nere noticed this depart
ment of The Journal insisted that Port
land real estate would never again be
as cheap as it was then, and urged upon
prospective investors that the time to
buy was at hand. This has been said
io often In the past 10 or 13 months
that perhaps some are weary of the re
iteration. Some have taken the advice
given and no doubt have profited by do
ing so. Among the dealers in residence
property the same optimlstle feeling is
In Evidence that has taken such a strong
hold on operators in business property.
w. a. spanton or tne epanton com-
Residence of Andrew1 frls&ne,
Elmhunt. ' ; -
rany. dealers in city and suburban reel
rlence sites, reports a large increase in
aales and inquiries .In his line.. While
dlseusslne- the local- realty situation, Mr.
Kpanton had th following to say
future Is Assured.
"It seems that the people of Portland
are beginning to realize the future of
their city. They are making inquiries
about all kind of property. Substantial
business men who have been interested
in mercantile and various other kinds of
enterprises are dumbfounded on arriving
in some or tne suouros wnion mj
thought In acreage. Instead they find
It having been laid out Into city lots
and beautiful homea built on these
places that were farm lands Jnot many
years ago. .
"There are a great many new people
arriving in the city every day and in-
auiry has never been heavier In Port-
. . . . . i . . i
land ror residence prupHrcioa. u ia al
most an Impossibility to rant a desirable
house. This makes It necessary for the
nannla to buv homes. Bulldlnr con
tlnues unabated and what doea this
mean to the city of Portland it means
that our city is steadily increasing In
population and that it Is bound to be
me areaiest city iu uuiiuwwi un
doubtedly, there will be a great move
In real estate In a very few weeka for
the opening of the north bank road will
surely have the deserved effect of an
Increaae In value on Portland real es
tate." . By war of illustrating the Immense
Increase In realty valuea that take place
in a city after It reaches a position of
freat commercial importance, Mr. Span
on called attention to the Franklin Na
tional bank property at the corner of
Bros a ano mestnui streets, fnuaoei
phia. Thla property formerly belonged
to the Olrard Trust oompany, and waa
reoently purchased by the Franklin Na
tional bank for 12,500,000. In 188 thla
property waa purchased for 1259,000.
The GFIrard Trust oompany Improved
It with a building valued at 1275.000.
By the recent aale the Olrard Trust
oompany clearrAd up a profit of $1,886.
000, or . (SO per cent. ''This aounda al
most unbelievable, said . Mr. Spanton,
"but- In a few yeara Portland's best bus
iness property will be vleldlng just
such nrofits. in fact I believe that it
can be shown that In the paat It yeara
real estate In thla olty has made ad
vance equally as phenomenal."
': Besidenoe Property Sold.
On of the larsrest transactions re
ported last week was the sale of the
John Klernan residence property, at the
northwest corner or sixteenth and nor-
J I son streets, to a local investor xor
33,500. The property Is a quarter block
and was formerly owned by w. W. Tay
lor. It was purchased as an investment,
the name of the buyer beinr withheld
lor tne present.
M. J. Holbrook closed a deal In the
early part of thla week with the city
of St. Johns for the sale of four water
front lots in St Johns for $23,500. The
property has a river frontage or 00
feet and on it will be built the public
docks which "were ordered built by -the
St. jonns voters at toe last city elec
tion. The sale of the quarter block at
Everett and Sixth streets by Dr. A. C.
Smith to John B. Teon for 165.000 was
olosed up last week. This waa one of
the largest transactions in north and
realty that haa been made In several
montns. . .
Dan J. Malarky sold to the Security
Saving A Trust company, hla residence
property on Marshall street, between
Twenty-second and Twenty-third street
for is. woo. xne Dank took uue to uua
property as. trustee, the real purchaaer
being Major Can by, paymaster In the
united states army.
Charles I. Burton nas closed a deal
with J. K. Locks for four corner lots
on Seventh Street Terrace, paying there
for $7,500.
Uu Sarah A. Merrill has nurchased
from Robert Lulke a part of block 263?
city, for $7,000. The property Is In the
icinity or Tweirtn and jerieraon
streets.
Other Besides oe Bade.
8. M. Beard, a former Vancouver,
Wash., banker, haa purchased from L.
C. Wlghtman a bouse and lot on Broad
way, between East Nineteenth and East
Twenty-first streets; consideration, $6,-'
ooo 1
W. J. Clemen haa sold F. N. Gilbert
a quarter block In Villa Heights over
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n'- " -t ' ' -' ' - - i 1 Residence of I M. Heads, EHnahunt.
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DERI OROfflDE
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$200,000 iii -m
KEHWODDHDHES
Dozens of Houses to Be
Erected on Site Adjoin
ing Swiit Plant.
Boraethlnr near $300,000 will be ex
pended in the neat few months in the
erection of stone and frame dwellings
at Kenwood, adjoining the Swiff a pack
ing nous site on the peninsula. iue
buildlnas are to be used aa residences
by the officers and employes of the
packing plant and will all be completed
In advance of the completion of the big
Residence of Henry E. Hort&church, Elmnurst.
QUESTION OF CONCRETE
OR STEEL FOR BRIDGE
lnnklnsr tha Willamette River' for $6,004.
The property is at the corner of East
Sixth and Haworth streets and is oc
cupied by a two-story rrame residence.
Emll R. Pltalkau has purchased from
Robert Gardner a 60-foot lot at the
southwest corner of Overton and Twenty-fifth
streets; consideration, $6,150.
H. A. Stowe has sold to Adolf Grass
an improved quarter block in Highland
Park, for $4,800. The property Is lo
cated at the corner' of East Eleventh
and Howe streets. ;
Tha number of residence lot sales
valued at $2,600 to $3,000 was much larg
er than usual and covered a wiaer ex
tent of territory.
LATE EEALTY SALES
OF JlEEjlDEyCE LOTS
Mali A Von Borstal report the follow
ing Bales for the paat week:
- For the Oregon Savings A Trust Co.,
the northeast comer of Kast Twentv-
slxth and Tillamook streets to F. R.
Sanke. Mr. Hanke lntenda to Improve
e property.
From the Hawthorn aetata to L. N.
Hula, a lot on East Davla atreet be
twaan Thirtieth and Thlrtv-flrst streets.
This property will also b Improved im
mediately.
From the United States National bank
to E. T. Falting. a lot on East Twenty
seoond street near Holladay avenue. Mr.
Falting Intends to build a home there.
From Rosa Bell Zeller to Dr. Fiord
B rower, a lot on East First atreet near
Holladay avenue. Mr. B rower bought
for speculation and baa already been
offered a higher figure for the lot.
Spokane municipal authorities are in
the midst of a warm dlscuaalon over
the relative merits of steel and con
crate aa the material for the construe'
tlon of several new bridges which the
city la about to build. Partisans of
both materials have produced figures
and. authorities which go to prove the
superiority of each. The city" Is about
ready to proceed with the erection of
bridges that will Involve an outlay of
Close to $1,000,000.
One of the city commissioners dis
cussing the relative merits of the two
materials gave out the following- fljr-
ures:
Brldae authorities claim that the
averaae yearly maintenance coat of a
steel bridge is 7 per cent, and at this
rate a steel brldee costlns- S300.000 Rn,l
lasting 60 years would require $1,050,
000 far maintenance and there would be
no bridge at the end of that time. On
a concrete brldre It Is 'admitted that
the maintenance cost Is practically
nothing and it will last forever.
Argue With rignrea.
"If we go the proposition of main
tenance cost one better and say it is I
per cent per ygar. the cost f main
talnlna- the steer brldee for one vear al
6 per rent would be 116.000 or for the
60 years of lire would be $760,000 and
at the end of that time the . bridge
would ne out or commission.
"If we go the maintenance rate still
one better and say if will De Dut 2
fer cent per annum, tne annual mam
nnuiM paat woiilil be 17.600 or 117S..
000 In the 60 years of the life of the
bridge and there would De no bridge at
the end of that time.
"On the bonds on a $300,000 steal
bridge at 6 per cent the annual Inter
est would be $16,000 or $760,000 in the
60 years or the lire or tne structure
were the bonded indebtedness not re
duced, and this with the maintenance
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'' - Ceraett Plork Rre4rtVnc cf A, S. Thopon, TiodionC
would represent, a total of $1,050,000
for interest anu maintenance during the
ou years' nie or tne Dnaee; ana tnis,
would make a total expenditure of
$1,800,000 at the end of the 60 years
and there would bo no bridge at the
end of that time.
Concrete Xrftats forever.
"Were a concrete bridge built the
only expense to the city would be the
interest on the bonds and the bridge
would last fbrever."
The chief trouble seems to be the
great difference In the cost of bridgea
constructed from the two materials.
The city engineer has estimated that
one of the longest of the DroDOsed via
ducts will cost, if built of cement, about
1800,000, while tne same structure
built , of steel will cost not to exceed
$300,000, As a result many or the tax
payers are up In arms against the con
crete proposition, and are bombarding
the council with petitions and eloquence
In favor of a steel bridge.
William R. Rov. ex-Dresldent or tne
Sookane board of nubile works. In a re
port to the council covering the cost of
maintaining one .of the city's steel
bridges, had tna following to say:
"It cost more than $3,000 to paint
that brldgei and we are told that a
steel bridge to be kept in proper con
dition should be painted every two
years.
-"The last ttmfMhe flooring of the
Monroe street bridge was repaired only
the upper layer of planking was re
paired and the expense was more than
64,000. Were the entire flooring re
paired the coat would have been more
than $8,000.
Object to flooring.
"Flooring on a bridge like that at
Monroe street deteriorates rapidly, be
ing damp underneath from the spray
of the river and scorched on top by the
sun. - Such flooring should be replaoed
at least onoe every two years. We
should also recall that In the lifetime
of the Monroe street bridge It wis
often closed to all forms of traffic has
been closed to streetcar trafflo during
a large part of the time.
in expenses or rerioorina- and re-
patntlna- are but part of the senersl
expense. The oridve musk oe rreauen:
lr cone over br experts. Bolts mail
be tightened or-loooened so as to keep
the bridge In proper alignment and this
work ahould be don bv an expert If
a number were tightened too much the
entire snogs asignt oe injured ny oeing.
tnrown out or proportion, uperience
has demonstrated, that there is constant
expense.of on kind or another on steel
orliges.
The oartlsans of steel construction are
la no wise dismayed bv the array of
facta and ftrurea produced by thoee
favoring concrete, and are busy work
ing up sentiment In favor of steel con
struction snd nlannlna to overwhelm
the council with eel it loos favorta their
aide of the cocitroveray.
GRADE CONTRACT LET
FOR EL3IIIURST STREETS
SUBURB SHOWS
STEADY GROWTH
Oregon Electric Line Hearty
Stimulus to Building:
in Tigardyille. .
Building In progress and contemplated
shows a steady growth at Tlgardvtllo,
the enterprising town on the Salem line
of the Oregon Electric railway: Mate
rials for a new station and express of
fice for the Oregon Electric oompany
were recently delivered on the ground
and construction work U1 begin in a
abort time. .
Extensive additions are belnar made to
the new town, among them many new
dwellings by recent purchasers of acre
age. The new hotel recently completed
will have an addition of 40 feet at the
rear, to provide a public hall and addi
tional rooms. rThe building Is a three
story structure, the lower floor being
occupied by stores. The main building
required 86,000 feet of lumber.
L. F. Coon haa established a small
nlanins: mill in response to a demand
for dressed lumber and moulding. The
machinery has been Installed and the
plant la reaay ror operation. .
A parsonage Is being built for the
German Evangelical Lutheran church,
to contain stx rooms.
Dr. MacCreedy will build an eight
room house on the four-acre piece re
cently bouftht by him.
Samuel Behnke, meat dealer, is build
ing a five-room cottage.
Dr. Laldlaw Is building a seven-room
dwelling on his three-acre property re
cently purchased.
D. Root is Duiiaing a rive-room aweu-
Dacklne establishment.
L. D. SteDhenson. auoerintendent of
construction in tne employ or tne tswirts
Dconle. arrived in Portland last Wednes
day and will proceed with the work Of
Dunning up and developing ttenwooa
For the present ths building operations
will be confined to the erection of about
Z0 two-story cement brick nouses, the
cement blocks to be manufactured on the
Kenwood tract. Following this under
taking, tne company win proceea witn
the erection of about 300 frame cottasres.
The cement block houses will contain
seven rooms and will cost about $3,600
each and the frame cottagea will be
five-room structures and wlil cost about
$1,860 each. When completed these
dweillna-s will bo offered to employes of
the packing plant, although other ten
ants will not bo barred from ranting
them.
The manaaement of the Kenwood
Land company the holding company for
all the neninsula realty owned by the
Swift Interests contemplate the estab
lishment at Kenwood of a model pack
ing house town, such aa ta found In the
vlclnliy of the big packing establish
ments at Denver, Kansas City and Oma
ha. An ample aewerage system will bo
constructed, oement sidewalks and ma
cadam streets laid and electrlo wire
strung throughout the townsita.
Mr. SteDhenson haa not aa ret de
cided Whether tne nouses wm no erected
under the contract system or unoer nis
personal supervision or aay lanor. Mow
ever the work will begin as soon as the
material can be assembled on tho ground
and a good portion of in em wui do com'
pleted before winter sets in.
FINE NEW HOME TO
GRACE PIEDMONT
Another of . the recent newcomers to
Portland, W. & Smith, formerly of
South Dakota, la preparing to erect a
beautiful residence at Piedmont. Mr.
Smith has purchased a quarter block
in that district and haa commissioned
Architect Kroner to get up tho design
of a modern two-story home, which he
will build there. The building will cost
about $6,000, and will be an attractive
addition to a section that already boasts
many handsome private homes.
log and barn.
T
ini
be Investment company la construct-
two cottagea on tta Tigararuie
lands, which are to bo completed be
fore October 1.
E. C. Davis, with the Butler-Schutxe
Co., Portland, will build a bouse of six
rooms on hla three-acre holding at Tl-
gardvluek
Two other houses are under construc
tion by recent settlers in thla part of
the Tualatin valley.
Tlgardvllle has a four-room graded
school, churches, stores, repair and
blacksmith shops, and other advantages
that go to make a town. It ia the lo
cality where the two lines, steam and
electrlo meet and where both havo sta
tions, and In this parlcular has an ad
vantage not enjoyed by towns on either
line. Ttgardvilte ta developing some
boosters. A contribution of $100 toward
the fund for a booklet descriptive of
Washington county was recently made.
FOB SEPTEMBER
Building Permits for Class
A Structures Reafh
, $i,50o,ooo. . ; .
From the standpoint of value Septenv
bera building permit will la all prob
ability astabliah a new high record.
Conservative estimates by well Informed
architects and builders place the value
of the half dosen class A buildings, work
on which ja expected to commence thla
month at cloae to $1,600,000, while the
aame number of business houses of the
mill construction type, which are about
ready for the contractors figures will
add another million to thia huge sum,
most of which will appear In tho Sep
tember totals. Thla flattering prospect
in the building line la not alone applica
ble to Portland, but applies to all Pa
cific coast cities. Seattle and Spokane '
on the north and Los Angeles on the
aouth all report a remarkable revival in
the construction of boa! nose bouses of
the best type. Within a stone's throw
of each other, there are five buildings,,
work on which ia Just e-ottinf started,
that will Involve aa outlay of closo to
$1,000,000. , , , . . .
' Oomplote juoavattons. . .''
' ' Exckvations for the foundation of
the Meier A Frank structure, - at
Sixth arid Alder treats, tho Charles
K. Henry building, at Fourth and Oak,
and the Lombard office structure at
Fifth and Stark havo Just been finished,
and a crew of workmen are tearing out
tho frame shacks on tho tVUcox lot at
Sevan th and Stark streets getting ready
for tho steam excavator which will bo
moved ud there early this week from tho
Henry corner. Tho concrete foundation
of the xVM. C. A. building at Sixth and
Taylor streets waa completed last week,
and workmen began , maklns; tho forma
for the first story Of the superstructure.
As was said abov close to $ 1.00. 000
will bo invested In then five buildlnga
by tho time they are completed and
ready for occupancy. Tho loweat esti
mate yet Disced on tho cost of tho Meier
ft Frank building or tho proposed annex
to tho Imperial hotel ta $20,0 00 each.
Charles K. Henry structure will prob
ably cost $160,000, while tho. Lombard
building as now planned la good for
another $100,000 outlay. , Add to those
figures $200,000 Xor tho T. M. C. A.,
building, which Is probably under what
It will cost, and tho total Is within
$50,000 of tho million dollar estimate.
Tne zuu-roo! square, xour-siory cunn
ing to be erected immediately tor tns .
WV P. Fuller company in the north Port
land warehouse dietriPt will call for tho
expenditure of $109,000, while the seven -story
building to Too erected by ths Pa
cific Paper company at Fourth and .
Bornslde s Vests mean tho outlay of
about $100,009. In tho north Portland
warehouse district are a number of
warehouse buildings which have not pro'
gressed neyond tno excavating; atage,
hut on which actual construction will
begin before October 1. '
Eight story at Sixth.
There is a reasonable cert slaty that
Theodore B. Wilcox will make such
arrangements with tho present tenants
of the buildings on the Lab be property,
at Sixth and Washington recently pur
chased by Mr. Wilcox as will permit him
to out uo an elrht-story office bulldlnr.
there. Mr. Wilcox is known to be anxious
to proceed' with this Improvement and
the only thins? that will prevent his
starting tho work this fall will be his
inaotiity to come to an agreement who
the present tenants.
Another first class building project on
which work la more than likely to begin
thla fall ia a now commercial hotel on .
tho quarter block at the northwest cor
ner of Fourtn ana Aider streets.
B. IX Crawford, a Vancemver, Wash., .
banker, who recently nurchased tho
southeast corner of Fifth and Ankeny
streets. Is getting figure on a Whole- '
ale business house for that corner,
which will oost in the neighborhood of
$70,000.
The corner just east of and adjoining
the Crawford property was recently pur
chased by a syndicate of local capital-.,.
Jsts; who have announced that the prop
erty will bo at onoe suitably Improved.
It Jias since been announced that a
70.000 brick building will got up on tho .
site this faa .
This immense volume of new construc
tion means work for many hundreds of
men, members of tho varloua building
trade throughout tho fall and winter
and well into next year, and will of
Itself go a long waya toward reostab-llflhlna-
ths rrosteroua ' conditions that
obtained la Portland up to H months.' .
agO.
PARK STREET REALTF "
SELLS FOR $25,000 ,
Emll Pittalkan. owner of tho Portland
restaurant on Washington atreet, haa
sold to a erentleman from Olvmnla.
Wash., whoso name is withheld for tho
present, tho lot covered by a new one
story brick building.-located on North
Park atreet, between Davla and Everett
streets, and occupied under lease by
Graven aV Col aa a storage warehouse
for music and musical instruments. Tho
consideration for the sale was $16,004
nil ia the first transfer that haa been
consummated in thla neighborhood for
soma tiro. - . - ; .
Considering the class of Improve
ments covering tho lot tho price I eon
sidered to be a vary reasonable on.
Whiting A Rountree made tho sale.
Liverpool makes nearly f $00,00 m
yettr by municipal trading. - .
The contract waa let yesterday for
the grading of the streets ia Elmnurst
addition, t'ndev the enntrart Tillamook
street la to be complete! ty sptmar
I a. to be mav ror tne opening.
tamoer 11. or tne ( mm try nee. nita
snook street Tnae already ha opened
and - graced throws a ell the additions
tt sf Rom City Park, and Wheo tn
wer torotish Klmhsret Is completed It
will h a continuous tborooshfere from
tie Illametto rivey to the Krontry
Club snd a lock sow t let ton e
rroands. Othlach a JorHn kav the
trt rredlns cor tract In tJsilrorot mn4
are to move net Imw thaa . yards
ft aerth a Boost; aiut tto work as
nnlsaod.
A patent fcss bn granta te aa at-
lifhniMt a a rockme cKalr it operate
a fa tt cool the eerapoat while wy-l-t
to ar.l fro.
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