0
THE CHEGON SUNDAY JOURNAL, TORTL AND, SUNDAY MORNING, JULY 7, 1312.
SELLING REfiLTY
: llftS III HECHE :
UKEvPROFESSION
Methods of Last - Few Years
' Differ WideFy From Those in
Vogue in Former Years;
Land Values.
Radical changes, effecting the hand
ling of real property and real estate In
general, which have taken place during
the past dosen or so years, was the sub
ject of a paper by George T. Mortimer,
. vice president of the United States
Realty company, which was read be
fore the convention of National Real
Estate exchanges at Louisville, Ky., last
month.
Mr. Mortimer is widely recognized as
an authority on all matters pertaining
to the management of real property. As
vice president of the United States
Realty company, he has much to do
with the management of vast realty
holdings in Mew York city Including
some of the largest office buildings in
the city having a total value of more
than'$60,000,000. It is his opinion ttrat
the drift toward specialization is such
that it is no longer possible, except in
some very remote cases, to conduct a
real estate business as It was in the old
days.
Becomes a Profession.
"Handling of real estate has ceased
to be a business," said lie. "It has be
come a profession; as ennobling as the
law, as beneficial as medicine or sur
gery, and, I believe, as serviceable as
the cloth. It has developed with marked
rapidity difl-ing the past dorado.
"Suburban developers, who are teach
ing the people how to live by building
sanitary homes; builders of Ideal tene
ments in congested districts of the
cities; builders of modern office build
ings and other hives of Industry, con
structed as to give their occupants the
best possible living and working, con
ditions, are engaged in the most ennob
ling work It is possible to conceive, preventing-
sickness, minimizing crime, in
creasing efficiency, and prolonging life
and happiness.
"It Is only about 15 years ago that the
average real estate office in Nw York
embraced a variety of vocations, more
or less allied to the main idea, which
fluctuated from selling coal to placing
an occasional life insurance policy.
Jack of All Trades.
"Each man in the office was dele
gated to look after each of these many
branches, meeting with more or less
success, measured according to ability
or opportunity. It was the ol.l story of
the 'Jack of all trades.' No office made
any pretense of engaging specialists,
and the only specializing that was done
was with the office itself, which gen
erally specialized in the handling of
property and clients located in the im
mediate district.
"We have long ago passed from the
hap-hazard, catch-as-oateh-can method
of doing business, and have ascertained
that the successful man in any depart
ment of Industry has got to be a spec
ialist. Furthermore, we have learned
something In recent years of scientific
management. The successful office of
the present time, therefore, is made up,
not of an organization of free lances,
hut of a chain of specialists In the var
ious departments, and as a chain is
strong only to the extent of Its weak
est link, the effort Is to have each
man the best In his particular line.
Quick Besnlts Obtained.
"An Incident "showing the need of the
specialist was the case of a man who
acquired, under foreclosure, a row uf 17
two family houses. When he complained
that out of the 34 apllrtments only 10
were rented, I went to look at them, and
found that In each of t ho vacant apart
ments was a larpe and very objection
able 'to let' slsn, creating the impression
that the whole row was practically de
sortcd. If the plague, had hit he neigh
borhood, it couldn't have, looked . worse.
He was advised to take down all the
signs but one, and to put cheap, but
neat lace curtaina at tho windows. It
was only a short tlir.o before the Jrnajor
lty of the vacancies were filljd. An
other row of housMS stood idle for al
most a year. They were neat one-family
houses, well built, but poorly located.
The owner hnd them nil completely fur
nished at a cost of about $300 each, and
.. , v. ? r r-?TTr
r vWW v lIjr.i J-JjJLl.m fill
IP MacBiE-g'-,-:i:t.B?aa y .Ul
Feldman store and loft building under construction on Gllsan street, be
tween Third and Fourth.
' ' ' ' : -"K - . '
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r - M i K ,
w'isiiaukm.timmMmmMMt I, ma,, 1,r-MJ....-.. Mini mn I I MMH-msJf
Attractive new home erected by E. T,
after adding $500 to the former asking
price, put an attractive 'ad' in the news
paper, offering the houses with the fur
niture as a bonus, The entire row was
sold within 24 Iveurs. '
juand Values la New York.
"Years ago I was 4old that Now York
really had reached the top notch In
prices, hut since then values have gone
up by leaps and bounds, until we have
reached the maximum at the rate of
f 700 per square foot, and still wo are
not' up to the top prices of either Lon
don or Paris. The net increase of land
values In the city of New York for a
period of 10 years, from 1S0O to 1910,
was more than the combined gross out
put of all the gold and silves minea of
the United States by $170,000,000, and
greater by $278,000,000 than all the div
idends paid during this time by all the
railroads of the United States. During
this time this land was paying satis
factory dividends on its Investments,
land, which in 1626 was bought from
the Indians for $24. or approximately
9 cents for each 100 acres.
gteel Skeleton Frame.
"The metlied of steel skeleton framo
construction, invented by George A. Ful
ler In Chicago a little over 20 years ago,
has created a new era In the building
business, making It possible to reap a
greater return from city lots, and in
troducing conditions which have brought
about tho replonnlng and rebuilding of
most large cities.
"Real estatal to succeed has got, to show
a fair return on the investment. It is a
commodity regulated by tho rule of sup
ply and demand, and if the supply ex
ceeds the demand, the game has got to
halt until the visible supply is assim
ilated. "The nation Is full of people with real
estate and with money. Most of them
don't know how to handle their prop
erty or how to invest their money.
"For every man with the price to buy,
there are a hundred sharpers ready to
do do business.- The ranks are crowdod
with brokers of tho ordinary class, but
there is an unlimited demand for the
conscientious, specialized broker, who
rnn'glvo sound recognized ndvlco on his
specialty, Just as the banker does on
financial securities, and who merits a
similar respect and standing in the com
munity." T
E
D. B. Hanson has let the contract
for a new brick building to ho built on
tho east sldo of Fourth street. f0 foet
north of Burnslde. The proposed Im
provement is to bo a plain, two story
structure, 60x95 feet rmd will cost ap
proximately J15.000. it win replace an
old tumblo down frame shack and wtll
lo used for store and rooming purposes.
Architects Roberts & Roberts, have
plan? drawn for a two story frame flat
building to be erected at East Thirteenth
and Thompson street by a loenl rap!
talist. It wITI contain two five room
suites and will cost $6000.
w
RU T RE TO
REPLACE
snwiui-v.:v -fl
JnPH j X-v
Taggart at East Twenty
-X
feih h is U Mi si
Auto garage and storage building under construction by Joseph Paquet at East Eighth street and Haw
thorne avenue.
II WATER
SUPPLY 10 COVER
BIG FRUIT TRACT
Sundale Orchards to Be
Watered From Springs Fur
nishing 800,000 Gallons
Daily; Local Men Interested.
A hydrant water supply system to
cover about 2000 acres is being com
pleted at the Hunter Land company's
Sundalo Orchards tract on the north
bank of tha Columbia river. The new
fruit district is located at Sundale,
on the North Bank rallroad, 135 miles
oast of Portland.
The construction work Is under direc
tion of Louis ('. Kelsey, who built the
Salt Lake City water works. The com
pany purchased a number of lara
springs high in tho hills about six miles
back..Xram.. the river, and the work of
putting in a main pipe loading all the
waters down to tho lands was completed
last ve'k. "Work on the distribution
system will proceed mediately.
Local Ken Interested.
A number of well known Oregon men
are financially interested in the tract.
Including 1 W. I'ower, secretary Ore
gon State Horticultural society; J. R.
Sherard, former vice president of the
samn society; K. T. liarnes, a Salem
ni'Tiiiant; John If. Lewis, state engin
eer: T.uto Pease, former editor Pacific
Monthly; L'OURlas McChesney, of Port
land; E. A. Sherman, a Sioux Falls, )a
liotu, hanker, C. M. Hyskell and others.
It is proposed to make the Sundalo or
chards cuo of the ideal horticultural
projects among the Paetfic northwests
niapy famous fruit districts. Hydrant
water under 100 foot head, serving the
farmer with virtual city water service
for his houe, lawn and garden, Is one
of tlie most modern features of present
day rural development. The orcharding
business In the Oregon country la rench
inR a point where it borders closely on
city life so far as modern conveniences
and pleasant environment go. Among the
latest pui chasers at Sundalo are Dr.
J. K. t'ardwell. dean of horticultural
circles In Portland; Charles B. Taylor.
Saving and Investing for the Thrifty
Neighborhood cooperative hanks ara
familiar and in wide use In nearly every
country except America. A recent visi
tor to Ireland told a story which illus
trated their value to a community. He
said :
"Some yoars ago a woman in the west
of Ireland was left a widow with sev
eral children. 8om6 means for self
support had to be found or she must
become a recipient of charity. She be
came a member of a cooperative bank
In her neighborhood, borrowed 12 pounds,
and bought a cow. The' widow made
her payments on the loan monthly, -and
at the end of the year the debt was
discharged. Another 13 pounds was
borrowed and another cow bought. At
the beginning of the following year a
third, cow was similarly bought, and
a son, who had hitherto been a laborer
on the eetate of the proprietor, left his
work to help his mother care for her
small herd. Her family was on Its way
to independence. All this may be found
neatly recorded in the books of the bank,
witter! are-Kept "tn'the'schoolhouse hy
the village schoolmaster."
Any group of people having perma
nent Interests and well known to each
- first and Klickitat streets.
a La Grande school principal; F. J.
Kenyon, a Pcrola. 111., salesman; W. P.
Reynolds, a Chicago packer.
600 Acre in Cultivation.
The Sundale orchards water plant is
supplied by a main having a capacity
of about 800.000 gallons dally. The
water is held by a dam In a rocky gulch
about two miles north of the lands and
at an elevation 160 feet higher than the
tract. The main is of wood stave pipe,
bound with steel wire, the pipe being
of the highest class of. construction
turned out of Portland wood pipe mills.
The water main reaches the land -it
the highest point on the tract, and from
there the distribution system will spread
over the lands.
At Sundale there are now about BOO
acres of growing orchards of apricots,
almond nuts, peaches and apples, and al
so many varieties of European grapes.
The first crop of apricots will be picked
this year.
P
I
E
(Special tc Jon rail.)
Eugenof Or., July 6. The Clark &
Henery Construction company, which has
a contract to lay several miles of pave
ment on Kugene streets this summer
today bought two blocks in the north
western part of the city, on whleh to
loeate a permanent paving plant of large
dimensions. The company officials pre
dict great growth in this city during
the next few years, and the plant to be
built is to meet the demands of a city
three times the present size of Eugene.
PLANS BEING DRAWN
FOR NEW RESIDENCES
R. S. Hubby Is having plans drawn
for an attractive 1 -story eight-room
dwelling of the bungalow type, which
Is to he erected at the northeast corner
of East Forty-third and Couch streets.
Tho house will be finished in select
grain Oregon fir and white enamel and
will have the usual bullt-ln conveni
ences. The Adams Construction compay has
broken ground for two l-V4-story bun
galows at East Thirteenth and Siski
you streets, In Irvlngton. Their cost
will approximate $3500 each.
P. Costanio is having plans drawn
for a duplex resldencn which he In
tends erecting on a view lot on Patton
road.
other can furnish security better than
an individual can offer for a loan. So
far as the cooperative bank Idea has
been developed, membership is restricted
to residents of a very limited area. All
members are liable for the debts of
each, and every borrower must show
that the loan sought can be so used
that It will at least produce the amonut
borrowed and interest at the regular
rate.
Although cooperative credit societies
have been confined to agricultural com
munities In Europe there seems to be
no sound reason why they should not
flourish In the cities of this country.
Certainly, the story of our savings and
loan societies suggests that our city
neighbors can manage "to appraise the
credit capacity of borrowers.
The country is excellently served by
commercial banks, and fairly well sup
plied with savings banks. Our great
est shortcomings are falling to provide
credit Institution! for our small sal
aried and day workers who are am
bltiouB, and making borrowing by far
mers for legitimate purposes difficult.
It Is up to each community to tackle
the problem thers is nothing compli
cated In "
LARGE
PLAN
PROMISED 10
E EN
BIG STORE TO HAVE
T
A central distributing plant for Its
nw -department store is to b erected
by the JJpraan-TVolfs company at the
northwest corner' of East Oak and East
Sixth streets. A full ' quarter block has
been purchased and plana are now under
way for a two story and basement brick
building to- be built on the site. The
property, was purchased from C. O. Hos
ford for a consideration of 119.000.
The plan is to cart all , gooda for
delivery from the big store to the dis
tributing plant. In big auto trucks, there
to be sorted and delivered in small auto
delivery wagons. By this plan the in-
fevltable-congestioB -that would occur-tn
the streets surrounding the main store
in event of direct delivery will be
avoided.
ES
SOLD IN ONE WEEK
Four handsome new homes sold in
one week is not a bad record for one
concern in this political mad midsummer
week. This feat was. accomplished laet
week by one of the largest home building
companies operating in Portland. One
of the places sold is a handsome, 1
story 10 room cottage located at East
Thirtieth and . Klickitat streets in Ir
vlngwood, which was taken over by A
M. Fisher of Hood River, who paid 17000
for It. In the same addition a modern
seven room bungalow was sold to Mr.
Allen, formerly of Lyla, Wash., for
$6000.
A resident of Estacada bought a two
tory eight room dwelling at East
Thirty-third and Olisan streets for
$8500. This is a very attractive resi
dence of old English type. An elegant
two story eight room dwelling located
at Imperial and Floral avenues was
sold by this company to a local realty
operator for $7000. This house is of
the English domestic type, is finished
largely in selected hardwoods and has
two Imported Stroebel tile fireplaces.
A moving picture camera can he op
erated on horseback by using a recently
invented attachment for the purpose.
DISTRIBUTING PLAN
FOUR NEW
1
wfsm J I MO. 1 1HTEREST i i -
;j.-.tv.,-.;-.-..Tlf:,v-; V .JJ airAiW;! -
See White City Park Today
LOTS $225 ONLY ONE DOLLAR DOWN, ONE DOLLAR PER WEEK
NO INTEREST, NO TAXES
Free Improvements
Water and Graded Streets
BEING PUT IN NOW!
Only a Block From Carline
Take Mount Scott Car to Our Tremont Station Office. We Will Meet You. Better
Hurry the LoU Are Selling Fast . ,
PHONE MARSHALL 3149
STUBBORN LESSEE
HAtTS BUILDING
OF SKYSCRAPER
Small Shopkeeper in Chicago
Demands His Price; Lease
Has Three Years to Run;
Guard Is Kept.
6lng!e handed. John T. Walsh, propri
etor of a little shop in the retail center
of Chicago, is holding up tho cdnstruc
tlon of a 14 story skyscraper in the
Windy City. His weapon Is a lease, and
so far he has wielded it with telling
effect, but the indications are the owner
of the property will yet outwit his stub
born tenant.
Mr. Walsh occupies a building of one
story and basement wuh ground dimen
sions of 25 by 40 feet, on which he holds
a lease with three years yet to run.
He has fixed a price on hla lease, but
Butler Bros., one of the largest whole
sale firms In Chicago,"- and owners of
the land where the big building is to
go up, seem to think that the price is
a holdup.
Half a. score of other nearby build
ings, including two five story struc
tures, have been raaed to make room for
the new block to be erected for Butler
Bros. The new building will cover an
entire block, that Is, ir Walsh lets them
build it.
Ordered to Go Aiiead.
According to Clarence Hogue, super
intendent for D. H. Durnham & Co., the 1
architects, and Homer tUHlwell and
Marvin Poole of Butler Bros., Walsh's
lease will not Interfere with the new
building. They assert that the struc
ture occupied by Walsh will be bridged
over on Lake street hy heavy steel
beams and that the new building will
grow up about him.
When his lease expires Walsh's build
ing will bo torn out and the Lake street
front of tho new building completed.
Final orders to go ahead with this plan
were given four days ago.
In the "hack yard" of Walsh's build
ing several hundred men are at work
preparing for the erection of the new
structure. One crew is working on the
caissons.' The next row of caissons to
be sunk will Include one or two on
ground that Walsh's business now cov
ers. Walsh doesn't seem to object to the
plan to build over and around him, but
quietly goes about his business undis
turbed by the nniso and bustle of half
a thousand men putting in the heavy
foundation for the projected new struc
ture. Ills side of the story reads like
this:
I,eHeo Standi Gnard.
"I'm on guard here myself all day,"
he said, "and at night a watchman
makes the rounds and reports to me by
telephone. I don't expect anything to
happen, but it's bettor to bo safe than
sorry. Butler Bros, and their represen
tatives fight fairly, or have so far.
"They's been trying to make a settle
ment with mo for a long time. We had
a conference this morning, but thoy
didn't like tho figures I put on the
value of my lease. Tills location suits
me and I'm going to keep it until my
lease expires. I got the lease from
Luclen G. Y,oo of Highland Park, repre
senting the Wadsworth estate.
"My building was originally two sto
ries high. The wreckers sheared off
one story which was not Included In my
leaso when tho building operations be
gun, but they took care of me by put
ting on a temporary roof."
Made Good.
"Our congressman Is certainly mak
ing good down in Washintogn."
"That so? What's ho done?"
"Had dinner with the president twiee
and been Invited to deliver three grad
uating addresses next June."
? 405-406
...
DEWS!
LOCAL HE
CEI
Rapid Growth roi "Suburban
Portland Due to Activities cf
Investors Along This Par
ticular Line.- '
One of the most interesting and. con
spicuous features of the rapid fTOwth
of suburban Portland during1 the last
three or four years haa been the devel-, j
opment of local business center la the
newly built up sections of tha city. :
The building up of great vacant tracts
by the ever increasing tide of "popula
tion, the conversion of farms and truck '
gardens Into thickly' settled subdivisions
has been and Is yet a remunerative field
of operation for the subdlvider.: ' But
the little buslnessH:enters In these. dis
tricts has attracted a large amount of ;
investment money which hae heretofore
sought an outlet for its activities in ;
the central and near central business ;
4,lrllc Tha Bttraftlv rAiuma anil
rapid enhancement of values In these
suburban business centers has caused -them
to he looked upon with more favor
by Investors than any other cla-t
property in tho city. Not that there
is more of this class of property bought
and sold than any other class, but that
the demand for It is greater. - f? , ?,
During the past two or thrfce years, ,
the activity In this particular field has
been unusually sharp with the result ',
that the greater portion of that class Of
property is now, what the brokers call,
"well held." A large amount of capital
which formerly sought investment near-
er the center of the city has abandoned
the higher class field almost entirely ;
and confined itself to these outside
business sections. Brokers who engage
largely in handling this class of prep-'
erty say that the returns are larger,
as a rule, than are to be had in the
central district and that values advance
more rapidly, while value stability
seems assured almost as much as In;;
the down town sections. ' v
Start With Grocery.
These local business centers are AS
a rule located on prominent thorough
fares at streetcar crossings and their
aeveionmeni nas uopn ui course in pro
portion to the upbuilding and settlement
of the territory in the Immediate vicin
ity. " ,y;'
At first, beginning with a little hole"
in the wall grocery store in a thinly,
settled district. It has with the gradual;
unhiilldinu' nf the terrltorv thereabouts
added other sorts of stores to the origin
nut nnti nnl II' wltkln tttn Ar t, fait via fl
It has come to be a thriving, hustling
business center with stores where any-
.1.1 ...... 1. 1. J . 1 . . . I . V. I . r ..ah
tiuug can uv uau aim vvini iivn vcui
wieuuers puonu imu, leaiaurauiB nun
frequently one or two hotels and; with
iriniiprn iiti ill miin ill i ill 1 11 vm i,l iiimii
or four stories in height.
In the meantime, land values have
doubled and doubled again and again
until the little $500 lot on which the
; . i .-. v., ,n 1 . . n .,
lliai iuuci J ovoia was uuiu . juiXjpB up .
to $4000 and $5000 and the original
purchasers if they were shrewd enough
to hold on have found' themselves pos
sessed of a property that brings them
a handsome income.
Many Have Grown Wealthy.
Tho fact is that this advance in
values has made a lot of people Inde
pendently rich In Portland and the peo
ple of this city would be astonished If
they knew the number of fortunes
which have been made in this way lit
trie last rive years.
It is giving mankind credit with hav-
Inc tun much ftpnaA to hv that mmv
oi uirpn jiciiiio uati aiijr iuca. n Itah
would bo the result of their little-Ten
turo In buying a suburban corner lot.
They probably satisfied themselves
that they were investing In a good
. 1 - V. - J nnH 1 .4 wl. .
neighborhood and figured that some
time they might sell for a profit, but
the chances are that few of them
dreamed that they were taking the first
step that would lead to a fortune,
SPALDING BUILCL'T.
W.FEATI:
l
r.V
J.