Los Angeles daily herald., 1889-10-02
BUSINESS.
How Matters Look IN Los Angelo
Now.

BUSINESS.
How Matters Look In Los Angeles
Now.
Business matters are getting finely into
shape for the winter campaign in the An
gelic City. The summer is passed, the
hot weather is over; the seaside and
mountain retreats are being abandoned,
and the people are getting back to their
homes and to business. On Monday the
schools opened, and that is an event
which nearly always attracts the wander
ers to their own firesides.
The most immediate result of all this
is to pretty well fill up all the homes in
other day: SIS it true that the new d.
rectory Of the city will contain 800 fewer
names than that of last year," The re-
ply was to the effect that no decent di.
rectory of Los Angeles had ever been
issued. and that If the new one is like
those which have preceded it, it will not
show; and that, moreover, if the names
when thousands of the people were ab-
sent from the city, it would be wonder
if there were not larger falling off in
the exhibit. If a census were taken
this month, it would reveal the fact that
the city is pretty we'll filled up with
people. This fact, of course, makes
more business in all lines, from that OF
the Chinese laundryman to that Of the
high-toned groceryman, and this creates
a more cheerful feeling on all hands,
putting a brighter aspect on all sorts of
affairs.
The influx of winter sunbeam chasers
from the East has not yet set in. The
city is we'll prepared for their reception
There are number of fine hotels with
well-sunned and well.aired rooms !;
and there are q still greater
number of fine boarding houses,
further removed from the center of the
city, and where the charges are very
moderate. Los Angeles is also better
provided with restaurants than ever be-
fere. No city in the country has better
places Of this sort than this.
AS to the real estate market, there are
all sorts of reassuring things being said.
Bona fide sales are being made almost
every day, and there is an increasing in
quiry for business and residence lots,
improved and unimproved. Buyers are
still shy and cautious, but there are more
OF them. In some instances these people
think some other has got an advantage
of him in finding the cheapest lot in the
city. A case occurred last week where
lot out on Grand avenue changed
hands, and at once the buyer was
offered $500 advance by covetous rival.
One reason why the banks hold so large
reserves ID that the managers know the
deposits are held here in many cases for
the purchase OF property, and they do not
know what day very heavy demands may
be made for this purpose. People are a
good deal like sheep, and when they
begin to buy there will be rush in few
days. One large real estate operator told
the writer few days ago that he had
been visited within week by heavy cap
ltslists from the East, who came here to
invest in property. The Angelefio re.
ceived letters of introduction from friends
East, and he is advised that the new.
corners bring 81 900, 900 with them to put
into property here.
There is only one thing that seems to
initiate against the prosperity of the
coming winter. That is the fact that
business is far duller at the East than
here. A resident of this city, yesterday,
exhibited to the writer letter from
town in Southern Indiana which walls
in every line of it. 1t states that there
are good crops, but no price for any
sort of produce The letter closes with
the lugubri0us comment that if it were
not for the pension being paid In that
county the farmers could not find enough
money to pay taxes. This state # affairs
will prevent thoueands Of pc ,ple in all
the Western States seeking California as
home at oncs, all they are waiting for is
an opportunity to sell out there, and one
cannot find buyer for property in de-
pressed times.
In his rounds through the city to pick
up these items the HERALD man encoun-
tered a capitalist who said to him:
"Why run about for encouraging signs
Of the times? They are everywhere.
You published sn excellent pointer in
your paper yesterday. I refer to the
purchase of the school bonds en- bloc,
$l0e, 900 of them, by local bank. Re-
member these bonds bear only per cent.
interest. That is the first time 10 the
history of Los Angeles that a local
bank has taken the city's bonds at par
Tor so low rate of interest. That bank
has confidence in the future of the city.
Il is, too, big feather in the banks hat.
The institution is comparatively a new
one. 1t must have prospered to be able
to buy $l0O, 900 worth of bonds at one
dash. And. by the way, what bad
break the Times made on that bond
business! Why, the Council could not
sell to the Cleveland bidders. They
only bid for 81 900 worth of the bonds,
with an option to take or leave the rest,