The Hood River glacier. (Hood River, Or.) 1889-1933, 1901-05-03
aood River alacicr
The Cnmlnr Of a R.n,m.
FRIDAY. MAY 8. 1901.

coming and going Of the periodical
booms In the United States, to one who
studies them in periods Of decades and
half centuries, is much like watching
the ebb and flow OF the tide. They
seem 10 be superhuman, no combination
Of capital being powerful enough to
bring them out OF season, no warm
ings OF the press vivid enough to pre-
vent them The depressiOns or bottom
OF the wave have generally been precip-
ita.ed by some one prominent cause or
failure--the crest OF the wave comes
irresistibly, and due apparently to no
one cause.
Down in 1887, up in 1850; down in
1860, up in 1868; down in 1873, up in
1878 and rising until 1882 down in 1888,
up in 1888 and rising until 1892; down
in 1898, up in 1893 and still rising.
The beginnings Of the rise in recent
years have been found in the stock mar
ket OF New York City. There, in 1877,
Erie stock stood at 456, rising to
52T in 1881 Kansas and Texas stood at
Az in 1877, at 81 in 1881; Kansas and
Pacific at Ia in 1877, at l0S in 1881
New Jersey Central at in 1877, 100 in
1881 Chicago and Northwestern at Is
in 1877, 1876 in 1881; Ohio and Mississ-
ippi at 216 in 1877, 60 in 1881; St. Paul
at II in 1877, 1924 in 1881. And SO on
through the list
In each upward movement other se-
curities followed railway stocks, though
at greater or less distance in time. Real
estate has been the last to move in each
boom. Its upward whrl in every case
has been more rapid, less considerate OF
rental values, and more completely
based on Cultures" Those who
got in on the ground floor and those who
came in on the upward rise and then
retired, amassed fortunes quickly, more
rapidly than in the stock market in many
cases. The western real estate booms
have generally come like the birds, by
q southerly route. Westward the wave
of real estate speculation has reached
southern California by way of Los
Angeles, central California by way
of Kansas City and Denver. In
1882 and early 1888 Portland felt
it. Additions were laid off south
ward on the west bank to-
wards the Chinese gardens, and on the
east bank to Sellwood, and northward
throughout Albina. A similar specula-
tive rise had been experienced prior to
1873. The Willard failure overthrow the
rise Of 1888 In 1867 the rise seemed
to come largely from the Southern
California orange interests. Los
Angeles was the center of the specula-
tive stir. Thelot mania spread rapidly to
central California, thence coming to
Oregon in 1878, and continuing until
1928. In spite of the predictions OF
previous unfortunates, each real estate
wave has exceeded its predecessor in
speculative height. Staid Portland was
surrounded by as large a fringe
OF speculative lots as was mush,
room Tacoma or progressive Sc
attic. All the smaller towns of Ore
gon and Washington shared in the
speculative rise, Hood River perhaps
among the least. Yet Hood River has
made solid advance, though not as yet
largely speculative. Many OF us remem-
ber how the Coe brothers in 1888 were
selling lots on Oak and Bridge streets,
near Third and Fourth, for $50, $50 and
$40 per lot. These lots have since
changed hands for $780, $500 and $1,000.
These changes in no way approximate
the boom changes of value, but have
been good investments, no one person
holding very largely.
Close students of the waves of .depres-
sion and prosperity are now closely stud
ying the movement westward of values.
The "industrials" have as yet drawn
most of the speculative interest, but not
entirely so. Throughout the farm lands
of the middle west, farm values have
steadily risen until land now is rapidly
changing hands at SIS to 500 per acre
which few years ago went begging at
500. Banks are lending readily up to one
half of these values. As one banker ex-
pressed it to the writer, "We lend any
man $50 per acre without looking at his
farm" Eastern men Of moderate capi-
alare focking again towards LosAngeles.
Eastern capital has lost its timidity.
Many having needlessly lost by having,
In 1898, lost faith in the West,
are making haste toward tile other
extreme. Millions and large frac-
tions of millions are moving vest
ward to mines and water powers
and irrigation about Helena as the money
center OF Montana, Boise for Idaho, Spo'
kane for mines, and Portland and the
the coast for timber. Helena capital
lists, such as A. NJ. Hotter and his asso-
ciates, are quietly securing Oregon fo.-
ests before launching out in mills
and shipping. These things may or may
not form the basis Of boom. But every
rapid gain made in Wall street tends to
infect the whole speculative community
of the entire country with the craze for
betting upon rise. The rapidity of
such rises of value in western property
is almost inevitable. We recall one case
of tract purchased for 800 an acre in
May rising to 5000 in October Of the same
year. Another tract brought in No
vember ten times its purchase price of
the previous April In still another
case, land purchased at $3.50 per acre
in June sold for $500 per acre in Decem.