The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1909-05-08

section oi the state in order 70 make
Portland the supreme shipping port
ot the Northwest. II is conceded by |
heavy producers Of WOOL wheat /
lumber and other products that the |
natural shipping point is nearer the |
ocean while the expense OF carrying /,
will be greatly reduced, in which |
event the farmers and producers will
receive proportionate share OF the
profits instead OF being divided mp be
tween Portland and the tranSporta
ton companies, as at present.
1t has been claimed, and somewhat
Justly, that Portland was enjoying a
boom, But ii only applied TO real
estate The plating OF thousands OF
acres OF barren land from six to
twenty miles from Portland and Civ
ing them a high filutug name has
caused real estate sharks to spring up
like mushrooms and every available
room and desk room were immediate.
" rented at high rental as a rem
devouz for entrappiug gullable peo-
pie who had no idea OF the value OF
property but invested their savings
on the preposterous statements made
BY the real estate sharks. Large
tracts OF land were purchased by a
syndicate, surveyed and plated into
lots and put on the market. innum'
cradle smooth fakirs we're employed
10 meet all boats and trains and in
veigle them into the dens of the
dens OF sharks, a sort OF will you
walk into my parlor, said the spider
to the fy," excursion trains were run
to every section OF the state to bring
people to purchase wildcat lots. Hun
dreds OF irresponsible agents were
sent all through the state to inter
view the laboring man. clerk and
servant girl and induce them to make
the first payment. with the possible
exception of one or two payments,
the purchaser would give the con
tract and the lot and money would
revert to the sharks,
But a change has come over their
dreams. The bottom has fallen com
pletely out Of the wildcat lots. Prom
ises Of macadam streets and cement
sidewalks were not fulfilled, and in |
many instances there is not even
trail through the property. True the /
companies signed contracts by their !
president and secretary, and il they
failed to make good TO the purchaser,
they could go out of business and |
the only evidence the purchaser had
OF visiting Portland was a worthless
contract and an abiding faith that he
had been buncoed Today, many OF
the shark Offices bear the inscription
For Rent" many of the boosters
have gone to work in sawmills and
others have struck out for pastures |
new. One OF the leading firms who |
made many contracts with people all
over the state, has closed its doors |
and like a busted bank the patrons
have lost every dollar they put in |
and only have contract for deed |
with no authorized company to exc
cute the deed when final payment is
made.
It is stated, and by good authority |
that the real cause for this slump in
the real estate market is the un-
doubted realization OF Astoria or
some coast point being granted COM
mon point rates. The question has
been so Systematically pushed by |
shippers and producers in Eastern |
Oregon and Washington and even in
Portland. that it is generally admit
ted that rates will soon be given
placing the lower Columbia on the
map as the shipping point of the
entire northwest country While | |
am a resident Of Portland | can see
the hand writing on the wall and am
flee to admit that those interested in
the movement are certain to see
their fondest hopes realized and that
within a few months at least
know Of my own knowledge that at
least two Of the leading shipping
houses OF Portland are making ar
rangements to change their base of
supplies for shipment from Portland
to the point to be designated as the
natural shipping point at the mouth
OF the Columbia.
Another cause assigned for the
present business depression there is
the fact, that within the past two
years taxes have nearly doubled and
the end is not in sight. The recent
act Of the legislature creating the
Port Of Portland necessitates the ex-
penditure Of a large sum of money
for equipments and expenses which
will be heavy drain upon the city
Propositions are to be sub.
mitted to the voters at the June cleo
ton providing for Issuance of bonds
aggregating 100000 for building of
bridges and other necessary acquisi.
tons. Surely the taxpayers are sore.
ly burdened with excessive taxation
which will no doubt cause reaction
in real estate transfers, as buyers are
afraid to invest where taxation
amounts almost TO conffscation. Ev-