New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-09
CALIFORNIA; LAND BOOM.
FEATURES OF A GREAT SPECULATIVE
MANIA.

MANIA.
REAL ESTATE GAMBLING IN Los ANGELES AND SAN
pIEGo-sPREAD OF THE CRAZE TO NORTH
ERy CALIFORNIA-ONE GOOD RESULT
OF THE BOOM.
fvuou An occ AsJoxAL CONFECTIONERY THE TRIBUNE.
SAN FRAxclsoo, Dec. 1s-several articles have ap-
peared recently In NewYork newspapers predicting inc
speedy collapse California land boom because OF
excessive imitation 81 prces There II measure OF tru'
in some statements Of these correspondents put
most OF the appear 10 be written with the dreot
purpose of booming" colony projects In lower Call
fornia As largo number of Eastern people have had
their eyes turned toward California during the sst year
t may not be interest to give the plain facts In
regard to the both In southern and northern
California These facts have been ascertained In most
cases by personal inspection Of the places described
Where that has been impossible have been able TO ger
the testimony Of unpreudiced and impartial observers
who are not in the land business and who have no
In presenting locality In order 10 ASSIST
In booming another.
Tho southern California land boom fs one OF those
crases which sweep periodically certain sections OF
the country had its counterpart ten years ago IN
Florida where Mrs Stowe and other wellknown people
started their orange groves and proclaimed that they
had found the ideal winter paradise But Los Angeles
and Diego surpassed anything ever seen In the
pamiest days Florida land speculation within three
years land miles from Los Angeles In the famous
san Gabriel Valley has increased from hundred to
one thousand dollars per Old Lucky Baldwin,
the Francisco millionaire who owns 10000 acres In
the heart OF the valley. hunting for purchaser for
his tract five years 1t white elephant and he
wanted to get rid Of 1t at low figure. No ono wonid
buy because oranges drug and vineyards we're
being rooted Disguised farmers who could neither
make salabe wine nor succeed In their experiments
In raisn curing within the last year Baldwin has sold
nd for& n
and large OF his land sold in smaller lots he
has received high 800 acre. The same may
be said of all the land owners about Los Angeles Inc
extraordinary demand for land for villa sites has made
Ex-Governor StOueman millionaire as wen as soores
OF his neighbours In the ooloules when clster
Los Angeles even greater advances have occurred In
Pasadena 500 per front asked for good residence
property on side Streets while on the main avenues
tue price ranges $3.50 per front foot This
it must be understood for property without any i'm
proyements save front fence and good sidewalk or
artificial stone At these exorbtant prices many
genuine purchasers found amons Eastern people OF
means, who captivaed by the mild winter ar tho
genial sunshine and the spectacle OF orange groves
snowy with blossoms heavy with golden fruit Many
also find friends already settled and are induced TO pur
chase winter homes. These people arc the IDEAL GUS
toner, of the real estate agent They are Indifferent 10
the price paid and they ugly questions about the
revenue that can be derived orange grove or
vineyard The man who buys for revenue only Ia apt
10 suffer when he pays $1,000 acre for unimprovea
orange or vine land, In places that nave Deeh
to be free from insect pests.
CITY OF sPECULATOIs.
But I'm Lo. Angeles itself the climax OF this real estate
craze has been reached Here Is city OF 10000 inhao
itants spread like an overgro village over largo
area with wretched sewerage, primitive stroetcar
facilities dusty ipaved streets and immense possibi
ti.x II A., the railroad centre for southern California
AMI IL does rushing business In catering to the wants
NJ the colonies round abOut but OF manufactures mas
few while 1t boasts Of 40 real estate oh'ces lhe
buying and selling Of land IL the chief business ana all
the bare dusty hills within Ave miles OF the town nave
saked lots and are held at prices tha
naks the uniuitiated "tenderfOot" gasp for breath
CT the sales made by the agents are on the install
nent plau-about one-1uarter ons-third down, the
-emandr in SIX twelve and eighteen months AZ OF Il"
per cent interest Los Angeles has only two main
business streets yet either OF these thoroughfares
,hoce property is valued at $1,000 per front foot-a
price equal to that demanded for similar properly on
srketst in San Francisco-a city with seven times the
ston Of Los Angeles For choice residence prop
srty unImproved the Los Angeles real estate men cooy
ask YOU from $3.50 to 5000 per front foot-pricss fully
eona to the highest demanded in San Francisco Many
beautiful buildings have been constructed In Los
Angeles during the last year and many others are now
going up but the city, as whole looks ragged and the
dust Is simply intolerable The favorte plan OF INC
is to take OF land in the suburbs,
grade and macadan.Ze the streets level the los ana
surround each block with three-foot artificial stone
sidewalk with grass plots each side OF the walk ana
eucalyptus Or pepper planted along the line OF the
street. Then the tract Is given fancy and taking name
and an auction Is held. Until recently such tracts
divided 25Kl25 feet, commanded ready sale ~
prces the last three months has seen decline
IN this speculative activity and sales not so nuner
vail otfa al hp
agents are holding with great hopes OF the 10000
Eastern visitors who booked for Los Angeles this
winter II these tourists fail to Invest as literally as
their have done then there will be hegra
Of the persu isive land agents next spring
GAMBLING IN CORNER LOTS.
The worst Of this real estate speculation In Los
Angeles most Of the southern California cities Is
that buy for permanent Investment Nearly every
resident of the City OF the Angels is loaded with out
side lots which bought at auction with the idea OF
selling them again at good advance before the second
payment shall fall duo. Thousands have sold and
realized handsome prodt, but there is an immense
amount property held ny people Of small means
who will absolutely unable 70 pay for 1t should the
present sagnaton In real estate continue or should
irop I'm prices OCCUR with other aim sell In
three four months they have made provision
for the second payment and the Inevitable will be
that they will Ose their land vol tho money they
have paid It, Many already begin to this and tho
OF coming disaster has probably been the
chief reason the depression in tho gambling in corner
lots The enormous transfers OF real estate In Los
Augeles represent anunhealthy activity. II they
genuine they would bs unparalleled At the most mod
crate estimate the whole town Of Los Angeles has been
sold four times succession during the last With
appraised value of St5oooOoo the real estate sales
have averaged from four to five million dollars month
This proves that the same property has been sold over
Ind over. aud any inquiry among real estate agents
this fact Such rapid transfers are pointed
10 with pride proof OF tho healthy activity Of the
OF the desire of the great public to In
vest How long this state OF things Will last de-
entirely upon the number and the temper OF the
Eastern tourists 1t Ia idle to expect tho present resi-
dents OF Los Angeles and It's colonies to carry long the
burden under which they staggering. They rely
on the oneunged tourist to buy their lots and orange
groves at fancy prices.
ABSURDLY HIGH PRICES.
The Immense development OF railroads In Los Angeles,
On Rarnarlino and San DLngo oountaa has gyan