Daily Los Angeles herald., 1879-11-20

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DEAR HERALD: Your readers
may draw o breath of relief. My
screeds from San Francisco are rap
Idly drawing to an end. An occa-
sional vacation spent in the me-
tropolis furnishes a needed rest to
. hard worked newspaper man and
some notes Of observation which
may possess sort of desultory in
terest. At the same time the city
has been written up so often that
one cannot repress the fear that he
IL indulging In q "twice told tale."
It isR
SINGULAR FACT
That the dull times of the past
three years have converted the
bankers and capitalists of San
Francisco into novel sort of real
estate agents. Down in Los An
geles we are in the habit of regard
ing our mortgage Indebtedness as
colossal. While 1t is indeed much
larger than well-wisher of the
county would like to see there is
still nothing exceptional about
this circumstance. We doubt If
our people are as heavily mort
gagged as those of Santa Clara
county. For instance, the number
OF mortgages entered of record for
the San jose valley foot up
$S,000,000. The same story is sub
stantialIy reported from all Sec
tions of the State. The flush times
led both lenders and borrowers into
imprudences under which both
have smarted during the long
reign of dullness. Real estate
shrank in value, and the men who
had advanced large sums on the ex-
panded figures of other days found
themselves unable to foreclose. To
their credit, be it said, they adopt
ed highly conservative and en-
lightened policy. They came to
the relief of their debtors. Many
Of these mortgages carried one and
: quarter and one and a half per
cent. interest. With scarcely an
exception, those who had advanced
money to the farmer and interior
merchant simply said, "Here! You
can't pay this high rate of interest.
It won't pay us to foreclose our
mortgages any more than it will
pay you to have them foreclosed.
II you rustic you can raise eight
per cent. per annum. Pay us that
and wait for better times. We
will help you to obtain purchas
ers." And they have kept their
word. The wealthiest bankers and
capitalists of San Francisco have
not been above acting as such real
estate agents. They have directed
purchasers to their debtors and
many of them have effected inn
portant transactions, beneficial to
all parties. This is the right spirit.
It may be safely assumed that the
hard times are passing away, and
we may be permitted to hope this
new and progressive feature will
characterize the financial future of
California. Should it do so we
need have no fear as to the out
come. 1t would establish univer-
sal confidence and energize busi-
ness. There is a
QUITE GENERAL DESIRE
To reorganizs the Democratic
party in this city. With that view
= club is being formed here which
is designed to embrace the best
spirits Of the party in the city and
the State at large. An opinion pre-
walls extensively that California's
vote would have been cast for Mr..
Tilden IL the local leaders of the
party here had done their duty.
The Presidential question was, to
all intents and purposes, decided in
this city and the best informed
Democrats here believe that it was
decided fraudulently. 1t is safe to
say that no such chicanery, though
q dozen Mortons were sent out
from Washington in the nick of
time. will ever be permitted to tri-
umph again. The best material OF
the party shows an unmistakable
desire to come to the front and up
hold the side which really repre-
nonts free government. I have had
PLEASURE AND PROFIT
From my intercourse with old Col.
Mahoney, Democratic war-horse
Of the olden day, who still takes ar
undiminished interest in the sue
cess Of the party. The politics O
California ever since she became
State is an open book to the Col
onel and his "reminiscences Of mel
aud measures are highly enjoyable
Ia the old days he used to ride OF
horseback from San Francisco Il
Los Angeles and back many time.
year and he still retains the vigol
which such robust exercise general
ly guarantees to man. The Colonel
thinks the Democracy are certain
to carry California for President
next year and to elect the mex
United States Senator. The Argo'
.sossS hos aftemp MT ed to