Los Angeles daily herald., 1889-03-02
VALUES OF CITY PROPERTY TWO
DECADES AGO.

what Blocks Were Sold For Ina the
Past-The Temple and Downey
BtOcks-The Courthouse Block.
Something About OLD Property
HOIders-NOtes of City Growth.
While Los Angeles is much older than
such cities as Leadville and Denver, her
gro WITH of late years has been much
more rapid than that Of either. Twenty
odd years ago this, city was scarcely more
than an adobe town. Nine years ago
the census of 1880 gave US population
of II 300 souls, against, probably, $1,000
now. A short retrospect will therefore
not be without interest both to new and
old residents.
The old Spanish portion of the town
extended from First street towards the
north and east, embracing, amongst the
rest, Chinatown, Sonora, Also street,
and the whole district towards the river.
The new or American portion of Los
Angeles was laid off by Gen. Ord, then an
officer of minor rank, who afterwards at.
tanned great reputation in the Union
army. This section was laid out
| in blocks 600 feet by $50 feet.
The lots were 120 feet front by 165 deep.
| The old, or Spanish, portion was laid out
by the Mexican authorities long prior to
| the American occupation.
In those days, twenty to twenty-five
years ago, the largest property-owner in
the city was John Temple. The next
largest was Don Abel Stearns. B. d.
Wilson was also considerable holder of
real estate, as was also William Volts
kill. All these gentlemen are since
dead.
To give some idea of the prices that
prevailed ior city property in those days
we shall refer to some sales of the
Temple estate, which took place il 1866
or '67. John Temple was a most enter
prising citizen, who, at the time of his
death, had had large transactions in
Mexico and with the Mexican Govern
ment. When he died he left an i'm
mense estate, in Los Angeles and else
where in California. Mr.. A. F. Hinch-
man was appointed executor and the
widow went to reside in Paris, where she
still lives, we believe. The settlement
of her extensive business affairs was left
in the hands of Hinchman, who
| was her brother-in-law as we'll as the
executor, having married her sister about
/ the time Horton had started big boom
in San Diego, and Mr.. Hinchman
| thought it would be an excellent idea to
sell out the Los Angeles property and in
vest it in lands located in our Southern
neighbor. He accordingly advertised
extensive blocks for sale, which included
| the present Newmark, then known as the
Temple Block, the Downey Block and
the Courthouse. At the time of the sale,
the older portion of the Temple Block,
facing on Court street, was then stand
ing, and was comparatively new, that
portion which fronts on Main and Spring
streets having been built five or six years
later. The different eras of the buildings
are well marked in the variant styles OF
architecture. The block was knocked
down for $4,000. The probability is
that it could not now be purchased for
$500, 200, and it undoubtedly yields a
handsome income on those figures. The
Downey Block was sold at the same
time for SIS 900 or SIG, ,000-one or the
other figure. AT that time single story
building stood on it, which was after.
wards increased to two stories. The
Courthouse, which was then a market
house, was sold to DIR. Griffin for
$4,000 or $4,000. Governor Downey
would probably refuse less than $500 900
for his block, and capitalized at those
figures it would be a remunerative in.
vestment. The Courthouse block would
probably bring $l50,000. DIR. Griffin af-
terward sold it to the county of Los An
geles for $25, 900, and there was q great
outcry raised about the transaction at
the time, the Board OF Supervisors being
accused of favoritism. OF course this
was absurd, and merely excites a smile
now.
AT this same sale the block between
Second and Third streets, fronting 600
feet on Spring and Fort streets, and $50
feet on Second and Third streets, was
sold for less thah 81 900, or about 500 a
lot. The next block on Spring and Fort
streets brought even less.
These were not cash sales, On the
leading parcels 5000 was paid down,
the rest accruing in annual installments
of 500 each. Mr.. Hinchman sold out
this valuable property in Los Angeles
when values were at the bedrock. and
invested the money in Sau Diego real
estate when the first little Horton boom
let made its appearance. The transfer
'F--S - SAo OhC1 anu bllc hulOuuI Ol
money lost by the change it would be
hard to compute.
Old Don Benito Wilson owned the
block where the Farmers & Merchants'
Bank now stands, the Ducommun Block
and much other property. For wears he
kept store on the present site of the
bank. An interesting circumstance is
that the Vice-President of the farmers
d Merchants bank, Mr.. L. @. Good win,
was doing BUSINESS away back in 1853 on
the same spot where he now meets the
patrons OF that institution. Thirty-six
years is long time in this country OF
rapid changes. He afterwards associ-
ated himself with Mr.. Polaski, and the
firm was one of the best known in the
Southern country.
About the time Of the Hinchman sale
OF the John Temple estate, the city sold
number of sixty acre blocks at auction in
portions OF the town that were scarcely
settled at all. Ex-Mayor Prudent Beau J