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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (March 20, 1910)
THE OREGON SUNDAY, JOURNAL. PORTLAND, SUNDAY. MORNING. MARCH 20, 1910. .3 Jllf ESTABLISHES " j NEW RECORD IN ; BUILDING LINE! u ' in. '! "' ,..'. Owners Effect Completion . of Spalding Building Within Year From " Start; Part of Railway Exchange Juried 5. IS Portland will nee lomi ww rtcerdi established ,thla year In th time' re quired to build business houses and of fice building in the downtown district. The contractor putting P the Spalding building at Third and Washington, put together the it eel frame of thaFSlruc ture In a ahorter length of tiro than any tmllaf Job that was ever done here, and now they have established a new record In running up the brick walls. ' The' walls have reached, their tenth story, arid, the' probability la that by the time this' la tn print the pther two storlea will have been completed-. The Interior work, that la, the laying of the concrete -floors and putting In the terra cotta partitions.' Is proceed ing at a pace quite equal to that main tained In running up the steel frame and brick walls. Ready Within 12 Months, Superintendent Gilbert. In charge of the construction of the Spalding build ing, says that if no delay la encoun tered In procuring : the necessary ma terials for the construction of the re-1 malnder of the big office building, that he will have It completed and ready for occupancy In less than II months from the date the excavators began j work. This will be faster work than has ever before- been done on a Portland building, for while the Meier & Frank 10-story building was completed in con siderably lees than a year, it must be remembered that this Is a business house, while the other Is an office build ing and the work of finishing the In terior of an office building Is the thing that counts In the matter of time. "r-1 6i .. , (":,::i-----'-s --:r. ..vs 'y. '.....,.........,.,.x......-......;.......:,......,.-............. .....J " if;. 08 riV"i1'lT Steel frame of new courthouse under construction. HOYT GETS PROHT OF 130,000 ON A Fast work is also being done on tne Morgan structure at Fourth and Alder, snd on the Railway Exchange at Third and Stark streets. Other rast Work. Mr. Morgan says that he Intends to have his Fourth and Alder street build ing full of tenants within four months from the time the first shovelful of earth was scooped out for the founda tion, and judging from the way the work is proceeding now, he will make good. As fast ae the excavating is being done, the foundation and basement walls are being put in and the walls waterproofed. The concrete basement floors are being laid close up to the excavators, and If the same speed is maintained, the entire work of putting In the foundation and basement will be completed within 1J hours after the big steam shovel Is moved from the site. It Is Mr. Morgan's Intention to hang; a large number of arc lights around the Fourth and Alder street corner, so that a plght crew and a day crew may be put on. I Marvelous speed Is being maintained I in building the Railway Exchange. Here! again no time was lost In putting in h ! retan rounaation ana Dasemeni wauo, me ce ment workmen and bricklayers keeping! close on to the ieols of the excavators. It Is the intention of the builders of the Railway Exchange to have a portion rr their building ready for occupancy by June 15, and to have it entirely com pleted a month later. Will Rush Teon Building. In the construction of the Teon bulld ,ing at Fifth and Alder, the Thompson Ifitarrett company, which has the con tract, will make an effort to duplicate its fine record made In putting up the Meier & Frank structure. The loss of rent caused by delay in completing these huge buildings is a ery considerable item and Is suffi cient to spur contractors, builders and owners to maintain the highest possible ! speed In bringing the big undertakings to a finish. Every month required In the construction of such buildings as the Hpaldlng structure means loss of not Iibs than $10,000. which the completed building would yield in , the way of rentals. In the Teon building the loss would be considerably greater, and In such a structure as the Railway Exchange the monthly rental would not be less than 000, and perhaps much more. s a matter of course, these cannot be said to bo a clear loss, for the reason that the old buildings that were removed to make way for the new did not yield so large an Income as will the new structures, yet the return from these old structures was such as to make the owners of the property hesitate before cutting off the revenue entirely even though It be only for a few months 110,000 OUM Made in Deal in Which He Sold East Side Quarter Block to Weaver and Beall Consid eration $50,000. The sale of the Improved half for $16, 000. together with the Value of the va cant lot leaves a net profit on the tran saction of at least $6000. SOU I H PORTLAND HOME AUCTION ED Corner Front and Curry Streets Brings $5500 at Public Auction Sale. C.V.VIF SELLS LOT FOR $25,000 The local realty market was enlivened somewhat last week by the auction of a valuable South Portland corner lot, the first event of this kind that has occurred in Portland since a number of choice parcels were sold to the highest bidder In the Chamber of Commerce two years ago. The lot auctioned last Friday is the 50 by 100 foot holding, Improved with a modern 10 room dwelling, located at the southwest corner of Front and Carry streets. It was bid In by Taul C'ordano for $6600, and is said by dealers posted In Houth Portland values to be the cheapest property that lias changed hands In Portland In many a day. The price, $6500. is considered remark ably low, and the surprising thing Is that Investors would pormlt a holding of this kind to go at that figure. - It Is understood that arrangements are being made by ono or more property owners t'4Jppse of other Inside resi dence holdings b.v' means ot. the auc tioneer's hammer within the next' week or two. The single lot at the southeast cor ner of Eighth and Flanders streets was sold last Friday by W. Wulf to Williams & Beggs, the Fifth street plumbers for JJ5.000. A one story brick structure will be erected on the lot by the purchasers, which will be rented for a shop of some kind. Wil liams & Beggs are preparing to build a three story brick building on tiielr property at 25 North Fifth street. Another recent sale In the new bunl ness district was that of tho 50x100 foot lot on West Park Street between Salmon and Main, which wits fnrchased by H. A. Hunter from the lAacon In vestment company, for $23, '0. This property was purchased thrt- weeka ago by the Deacon Investment company from Miss Strong for $2n,000. $593,200 VALUE OFIMPROVEMEHTS Twenty-seven Building Permits Issued First 13 Working Days of March. K'ek Slrwtoar Ratidit. (t nlti'd I'n-xi Unwil Wire.) I.os Angeles. CaL. Man h 19 Re newed search for the streetcar hanfllt who Is operating In I.o.s Angelrs was ordered today by the police department The thug appeared shortly after mid night at the end of the West Klxth street line, where he held tip tlw cr. w of an owl car less than a wet k Hgo and at the point of a revolver robbed the conductor of $20. The police believe the robber to be the same man who recently held up the passengers of a Santa Monica bound los A ngeles-Paclflc car. They have no description of him. however, as his face has been covered with a black .mask. iMirlrig the first 1J working days, of . i. . , .. nl t. . . M I -v - .Mnii 11 II N ltvt-isn 'l mii uuiiuiui J?ri - nilts were Issued by the building Inspee-;w tor, the total number being 57. ValUa-,-tlon of the projected Improvements' a $5:t.2O0. which Is about an Increase, of iiO per cent over the corresponding pe- : rlod of one year ago. The dally average for the period wo $45,400. ' ' '.' " If this pace Is kept up throughout-, the remainder of the month, March Wilt make even n better showing than Fcl nniiy, wh.'n Portland led nil western, i IiI.'h In the value of Improvements with the liigle exception of Los Angeles, '. The itoji giAtltylnt feature of 1ha record of the first half of the month was the unusually heavy proportion of residence building as was shown from ' the records 'if nernilts Issued. Of the $.'!. 'I. rOO of new buildings provided for all. save about $1 .',0,000 called for tha r ere tlon if new homes. on a number of days when the per mits run wen anove ;u,u'iu, iiuiiiiiik uui penults for dwelling houses were Issued. Journal Want Ads bring results. $800 .t RANSACTION IN ACR PROPERTY CONCLUDED M. E. Tjee and John P. Hoffman closed a deal yesterday for the pur chase of a 40-acre tract of land located on the Salem Electric line, half a mile beyond Multnomah station. The con sideration involved in the transaction was $20,000, or $600 an acre. The purchaser plans to subdivide the land Into one fourth and one half acre tracts, and will later put on the market. The purchasers are1 considering the advisability of auctioning off the tracts as sites for suburban homes. While tills plan of disposing of suburban lota has never been tried In Portland, It has been proved to work well in other coast cities. PORTLAND REALTY MAN Several Important deals In east side business property were closed last week. The most notable of these was the pur chase by L. F. Weaver, manager of the Studebaker company, and J. S. Beall. president of Beall & Co., of a quarter block at' the southwest corner of East First and Morrison streetB. the consid eration involved being $60,000. This property formerly belonged to Ralph W. Hoyt, who purchased that and the adjoining quarter block to the south less than five years ago for less than $35,000. Two years ago Mr. Hoyt sold the quarter block at East First and Yamhill street to Fred Page for $15,000. Mr. Hoyfs profit In the deal was $30,- 000. which was made on an original cash outlay of only $10,000. Will Build Warehouse. Mr. Btall, one of the purchasers of the Morrison street corner, said yester day that his and Mr. Weaver's inten tion Is to build a four or five story fire proof warehouse on the quarter, the Morrison street front to be usod for stores. The projected improve ment will cost about $76,000. It is not unlikely work will begin on the house within the next 90 days. This sale was negotiated through the agency of Mall and Van Borstel. Mali and Van Borstal have turned nearly $200,000 worth of Grand avenue and East Burnslde street property in the past 30 days. Their more Important deals on these two thoroughfares were the sale tb Weaver and Beall of the East First and East Morrison street quarter; lot at East Oak and Grand avenue, to Woodard & Clarke; the purchase of a parcel fronting Grand avenue and East Washington street by the Strowbrldge Hardware company, and the sale to a- local capitalist of the southeast corner of East Ankeny street and Grand avenue. Purchaser Will Improve. These deals have aU been put through since early in February, and In each case the buyer Intends to im Drove his holding by tho erection of substantial Improvements. Another important transaction In east side property brought to a close last week was the purchase by Russell E. Sewall and associates of- the half block on the north side of East Stark figures i street extending from East First to East water. The total consideration in volved in this transaction was $45,100 The quarter block at East First and East Stark streets formerly belonged to John Matthlesen and brought $23,800 and the other quarter was a part of the holdings of the I8.dd estate and was sold for $21,300. Mr. Matthlesen had owned his property less than a year. He paid $16,000 for It. It Is the in tention of Mr. Sewall and co-owners to Improve the property with a two story warehouse of fireproof construction. The site Is admirably located for ware house purposes having track frontage on the Southern Pacific and O. W. P. lines. Bale Tbrough Storey. The sale to Mr. Sewall and associates was made through W. A. Storey and J. W. Streit. Four quarter blocks on East Davis street were sold to different purchasers during last week and on all of them extensive Improvements will be made at once. One of the parcels was pur chased by F. B. Moore. This Is located at the northeast corner of East Four teenth and Davis. Mr. Moore will put up two flat buildings on this property at a total cost of $10,000. George, Kline of the Enterprise Bakery took title to the quarter block at the northeast corner of East Thir teenth and Davis. He Is preparing to build a double flat on the corner lot to cost $4000. Isaiah Buckman was the former owner of both parcels, i This Advertisement Was Written and Illustrated by Mrs. G. H. IV! ulldorf er, 328 14th St., Portland, Or. The advertisement published today is one of the most interest ing which was submitted by the great number of contestants in the ( i E BUYS LYTLE PROPERTY M. E. Thompson, one of the oldest and best known realty operators In Portland, hrfs taken over the townslte of Lytle, adjoining Bend. The tract comprises about 100 acres, which is the remaining unsold JorMon of the townslte. Mr. Thompson will. It Is un derstood, establish an agency In Bend for the handling of the tract. While the exact figure paid by Mr. Thompson for the property has not been made known, it Is understood to have been about $200 a lot. DICKINSON PURCHASES A machine owned by the city of Pari grinds out nearly a quarter of a mt'llon paving-blocks a day. FLATS FOR $15,000 F. K. Dickinson has purchased, through the brokerage office of M. E. Lee, the Llnebaugh flats, located at the southwest corner of Twelfth and Har rison, st rets, the consideration Involved being $15,000. The property Is a 48x100 foot lot, covered by a modern two-story frame building containing four six-room apartments. The Unebaughs five years ago pur chased a quarter-block on Twelfth street, half of which , they afterward improved with the flat building which was sold to F. A. Dickinson. The cost of the 100 feet was $9000. and the flat cost $S000, making a $17,000 Investment. OTHELLO PRIZE ADVERTISING CONTEST recently closed in this city. cue Dm 9tonttaitt1lJist ' duet of"&U skoasuuS fy. fir ""HfF Mf - fir. S(st t i J act, r IBijAJ Lut& cutst (X Quel mtUa (t Z veCy tfou W, a Maulaiwuuf ofc&Z skiudt The only reason we can see why the judges in their wisdom did not see fit to award your advertisement a higher prize than it re ceived is that it docs not give sufficient details concerning the won derful advantages of Othello from a commercial, manufacturing and agricultural standpoint, and the opportunities the young city on the Chicago, Milwaukee & Puget Sound offers for the invest ment of money in any amount, in city lots. Every one who has lived in this section for any length of time knows most of the great fortunes of the West have been made out of land, and particularly city property, purchased at low prices in the beginning of the city's growth in the different commercial centers. OTHELLO right now has better prospects than North Yakima had ten years ago. OTHELLO'S growth will be more rapid than North Yakima's was, for the reason that North Yakima was ten years improving, what OTHELLO can be. OTHELLO is the division point on the greatest of all transcontinental railroads, the Chicago, Milwaukee & Puget Sound. It is also the junctional point for the main lines f of this road running east and west, and the tributary lines to ; run north and south into the Moses Lake, Big Bend and Columbia -River countries. City lots which may be purchased in OTHELLO now and paid for upon installments so small that one will never . even miss the money means prosperity and independence for those who are shrewd enough to grasp what the most promising city m the State of Washington offers today. , ' For further information and fully illustrated booklet describing OTHELLO, call or write i f THE OTOELL IMPROVEMENT COMPANY P. B. NEWKIRK, Managing Director, 219-20 Commercial Club Building, Portland, Oregon. ir;-