East Oregonian : E.O. (Pendleton, OR) 1888-current, 1906-09-21
NEW YORK LETTER

tate boom, whlcn nau aSsuHleu suSh
immense proportions, has suffered
check. The current stringency In the
money market has struck the real es-
tate market harder than any other
section of the bizness community.
Mortgages were paying such compar-
atively small rates that many invest
ors have fallen into the habit of loan
ing on other securities, and conse-
quent,y real estate mortgages have
been left to the savings banks and
building and loan societies.
On both of these the spectators in
real estate had leaned with great
weight, fairly rushing the market with |
their applications, In order to buy the
bargains, which were offered by all
the suburban dealers. The purchases
had been largely in excess of legiti-
mate investment, stirred UP by large
porfits made in quick exchange of
property. Besides this the savings
banks have been drawn upon very
heavily by depositors, for investment
in real estate, so that they have less
than the usual proportion Of assets to
invest in mortgages based also upon
real estate.
In consequence there is no longer
a boom in real estate circles, but
rather a decided dulness, not to say
gloom. Since January 1 the total
number of mortgages that had been
recorded up TO last week was 1888
against 24,046 last year for the same
period, and they were for over $50
millions OF dollars less money. And
this, altho there has been but slight
falling off in the number OF buildings
erected. This shows that the bilders
have not secured all the money they
needed for the construction of the
buildings they have put under way.
The rate of interest has kept up
notwithstanding the operation of the
mortgage tax law, which exacts half
of one per cent at the time of record
ing the mortgage, and exempts the
mortgage from further taxation, and
It has had no effect upon the rate Of
interest. The bilding and loan COM
panies report that they are loaded up
10 their full limit. The result will be
that the high prices high prices of real
estate will soon show a decline. Fail
ures of some speculative bilders are
spoken of as not at all unlikely.
s-Year-Old Heroine.
Heroes and heroines continue to
crop out in the reports of the days
doings off the great city and its sub
urbs. over in Jersey City, modest s.
year-old Jessie De Young, said to an
officer who commended her for saw.
ing her playmate, aged IL, from
drowning: well. + couldn't stand
there and see Nellie drowned, coult
II"
Jessie and Nellie Drew had beer
playing near the river at Bayonne
when Nellie fell in. without a mo
ment's hesitation the s-year-old CIR
jumped in with all her clothes on, an
swan to her drowning playmate. Jus
before she reached her side Nelli
sank for the second time and Jessi
dove and caught her by the arm
Nellie struggled and several time
pulled her smaller rescuer under wa
ter, but witErar presence Of mint
Jessie held the other girl under waite
until she had lost consciousness ant
ceased to fight. Then, tho almost ex
hausted, she swan with her to shore
Dived 1876 Feet.
The boy that dived from the Brook
lyn bridge last week is an expert a
the bizness. He experimental to Sc
IL he could dive hundred and thirty
six feet, as he had dived many smalle
distances. He gives out the state
ment that the only thing he coul
think of in his descent was the fat
that he had not paid his laundry bill
He said he only bunged his eye lit
bit, and felt a little sore. He weigh
152 pounds, but he says he made
shallow dive, going under only 10 fe
and could have swum to land easi
IL tug had not been handy.
He certainly did not dive for pu
poses Of suicide. He managed to ha'
his head strike the water first, ar
said 1t did not seem as long for h
descent as it had done in previor
jumps of IS feet, which he frequent
makes. The magistrate told him
might have killed himself, but he sa
he didn't, that diving was his bizne'
and he knew all about it. The magi
trate was quite fascinated with
story, and gazed at him in wonder.
Hair Tonic Fire.
The dangers of the barber sho
seem to increase In number and val
ETY.. A bald man has hard time
II when he enters a barber shop.
dangers seem to he lying in wait
his hapless scalp. Hair tonic was I
cause OF bald man getting his sea
badly scorched the other day in
city shop. The barber had just a
piled It when the victim struck
match with which TO light his Gig;
The vapor of the hair tonic caught II
mediately. and I'm n second the mai
head was mass OF flames. He We
ed and jumpt % hIs feet while t
other customers ran around the shC
half lathered and half shaved.
The barber to extinguish the flan
involuntarily poured more hair tol
on the blazing head, which added
the flames and the terror Of the CT
toner, and he yelled still loud
Then a barber assistant, who had 81
rendered their prey, and quiet OF
more reigned in the barber shop.
was lively little fire while 1t last
Cured Hay Fever and Summer Co
A. J. Nusbaum, Batesville, Ir
- HN.- q.