The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-07
TACOMA BUREAU OF The Posr-IyrEIIr-
sExcER, llf6 Pacific AVENUE.
THOMAS SAMNoxs. MANAGER
A BIG BOOMER FAILS.
Receiver Appointed for Allen
C. Mason's Loan Company.
CAN'T SELL LOTS NOWADAYS.
The "Morning Union" TO Be Sold to Mr.
visscheF-TscohsA Sick OF
Mayor Huson.

TACOMA, March Especial. ALLEN c.
Mason, the great ''head up. tail MP. get
there" hustler, has placed his Mason
Mortgage Loan Company in the hands OF
q receiver, the secretary Of the company
peing chosen for that purpose.
Mr.. Mason is a character. He came
here from Illinois almost pennies, and in
less than four years had . fortune said to
be worth $1,000, co., He sat astride the
real estate boom. and from q little office
hoie-in-the-wail developed into beehive
apartments in his own building on the
corner of and Tenth streets. HIS was
the busiest Office in town. Letters by the
bushel went forward to carry the news Of
the magnificent opportunities for invest
ment, and bushels of mail returned. to-
ge,her with thousands Of Eastern dollars.
Addition after addition was plated by
Mr.. Mason, and his enthusiasm and push
seemed boundiess. He incorporated his
private business into the Mason Mortgage
Loan Company. and the land Office busi-
ness built up by him was continued while
he made trip around the world, together
with Charles s. Reeves, his cleveEest as
sistant.
Mason. Reeves and Maj. Stamm consti-
tuted the champion busters Of the North
west. perhaps Of the world. They moved
the forest to the north of the city and
checkered IL with additions. selling lots
four and FIVE miles from the heart Of the
city and building an elegant electric rail-
road to carry people to and fro.
Mason branched out eli over the Sound,
and then stepped over into the Yakima
country. When X. +. Radebaugh was
building up the South End Mr.. Mason
for q time lived in a palatial house built
near Wapato lake, and it was understood
tina. he would make that part of the city
his home, but he soon went to the North
End and built an ideal home overlooking
the mountains and the water.
He guaranteed most of his loans. and his
embarrassment results primarily from the
following reasons.
Paying interest on money secured
from Eastern capitalists tor Tacoma
realty holders.
Paying high rate OF taxes. caused by
extravaganza in city and county admins
trations.
Failure TO secure a reduction in tho as
sessed valuation of his real estate inter-
ests TO correspond with the reduction of
other values and expenses necessitated by
hard times.
What Mr.. Mason hoped to do was:
ITO carry big load of. deferred interest
and hang on until times mended."
This situation recalls the dream OF
Pharaoh. The seven lean kline ate up the
seven fat kline. Tacoma's lean city and
county managers have devoured the fat
real estate man. Taxes, out Of all proper
ton to the conditions, are eating the life
out of the city.
Still Mr.. Mason does not despair. al
though he cries out tor honest, economic
government. The amounts secured by
him on certain real estate has been criti-
cised. Maybe he loaned too much money
in some instances. He placed 100000 on
Radebaugh's Puyallup motor line. The
property declined. Another big sum went
into Mason county railroads. Prices at
which the North End lots were sold do not
now seem justified. but The goose would
have hung high If the pinching times had
not followed.
Mr.. Mason pledges full payment to
everybody. He is JUS. as enthusiastic as
ever.