Los Angeles daily herald., 1889-03-24
THE FINANCIAL SITUATION.
Very Encouraging Outlook for
the Future.

thC
Yesterday in conversing with HER
AID reporter the head of one of the most
stable firms searching titles in the
county said:
Oh, yes, we are doing some work. The
transfers amount to about eighty deeds
day and for all there is searching to do.
No, they are not all old deals just be-
ing closed up. Some of them are, and
some of them are trades, but trades are
the best thing for us, for there are two
titles to search in trade. In all cases,
even the closing up of an old deal
on contracts made three years ago the
titles have to be searched just the same.
But, | tell you, you are not up with the
times if you think there are no new deals
being made. There is more realty sell
ing in Los Angeles to-day, perhaps, than
in any other county in the United
States. There are q great many new
sales being made every day in all parts
of the county.
From the searcher the reporter went to
real estate man-Mr. Edwin Smith of the
firm of Ruddy, Burns & Smith. He
said:
1 will tell just what the situation in
real estate is. There are lots OF buyers
here looking for property. do not say
they have been thinking the property
was held too high but they have fore
seen that it would be obtainable at con-
csssions over past prices. They ssy a
great many people were loaded up with
more than they could carry, and
they saw a squeeze was inevitable.
The new purchasers have been waiting
for this. All the winter they have been
gathering in some of it, at figures very
satisfactory to them. These people are
beginning to see now that the very bot
tom bed rock has been reached, and that
whatever they do in the way OF corralling
bargains must be done during the COM
ing summer. They are not getting at all
excited, nor do they intend to excite the
market or themselves. But they will
go OF quietly taking in ali the good prop
erty offered at favorable prices. There
will be good deal of property sold this
summer.
The bedrock is touched for the reason
that there is not SO much selling press
ure as there was. Those who were over
loaded have sold some at concessions
and paid off their debts. Others have
traded off their equities, taking clear
property, and the other parties have met
the payments due. People overloaded
with outside property have let go of
their large holdings for compact pieces
in the city clear of incumbrance. Those
who bad more city stuff than
they could handle transferred it
for small homes in the country. Then
money is much easier than it was. There
is more of it, and less demand. Rates
keep up we'll to be sure. Money is ordi-
narily worth II per cent. Those who
want large chunks of it for long periods,
and give ample security. getit for less.
Some is loaned at 10 per cent, a good
deal can be bad for or per cent, and
some as low as Z. Loans are being made
for longer periods. three to five years,
and this gives man chance to turn
around.
Now that is about the way things go.
| look for much firmer market from
this on in real estate, and an easier one
in money. By next fall all the weak
holders will be in O good position, and
the selling pressure will be thing of
the past. This will give us a stable
position, more confidence will ensue, and
sales will be made with more
ease, although prices will be sitter,
if not higher. People are good deal
disposed to follow the example, one of
the other. 1t is only the few who are
independent enough to branch out fer
themselves, who go it alone. By the
way, these are the fellows who win the
game Now is emphatically the time to
buy. The long-headed fellows see this,
and are quietly doing it. Before the
year is passed, they will sell some Of
their present purchases to the weak
kneed ones at an advance of 25 per cent.
over current rates to-day.
The ladies of the Simpson Church,
L IIc,