Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1889-06-06
u How Far Wee They mistaksnP

although person Of partial views. lie
draws picture of the rapidity with which
Los Angeles grew. We reproduce it
This is not the Los Angeles of two
wears, or even one year ago. Then the
town was in tumult of prosperity. A
boom from the East had swept over
Southern California, and the storm center
was this City of the Angels. Eastern
capital Joined in here and Eastern men
fiocked to this section by the thousands.
Real estate jumped to points far beyond
its intrinsic value, and buyers were both
reckless and numerous. The spirit OF
speculation was abroad, and land was
the one marketable commodity. 1t
seemed that people couldn't get enough
of it. Like Col. Sellers eye water, the
more they had, the more they wanted
The result was that out near the foothills,
miles away from town, farm lands were
cut up into city lots and freely sold. The
transactions in real estate were some
thing enormous. 'Shrewd men made lots
OF money by quick turn; they spent 1t
freely, and for time no city in the wide
world throve as did Los Angeles. Bush
ness of all kinds participated in the ficti-
tious glory of the land. Not store or
dwelling was vacant in the entire town,
and the supply by no means equaled the
demand. Buildings few up to accom-
modate the incoming crowds in search OF
the golden fleece, and great was the Joy
of the residents.
tt ere is much truth in this spirited
picture of our rapid growth, and yet the
impressions sought to be conveyed are
highly fallacious. When this corre-
spondent says that land was the only
thing we had to sell he would naturally
impress a person that knew nothing OF
Los Angeles with the idea that this is a
region where production counts for moth
ing. This is not true in any sense. The
accomplished factors of production in
Los Angeles and the possibilities OF the
future are practically unlimited. and
three great transcontinental railways
had been completed to this city, vitaliz.
ing all kinds of business to an unbeard
of degree. The settlements in the Los
Angeles foothills are not treated fairly in
Mr.. Whites article. In many cases lands
which were purchased at $500 an acre,
or less, were yielding, when Mr.. White
penned his screed, fully $500 an acre
yearly income. Even eupposing that the
lucky buyer had to wait four or five
years to zee his trees attain
this stage of production, all the
circumstances must be taken into the
count. In the first place, these settlers
belong to peculiar class. In many
cases-in nearly all-they were people Of
means, and sought residence in the sa-
luxurious foothills Of Los Angeles either to
recover or preserve their health. In some
cases it is probable that these settlers
may have had to pay $500 an acre for
their holdings, although it is extremely
doubtful. If they have selected their
fruit with judgment, and at ended to it in
diligently and theoretically, they can
rely upon an income Of So, 900 net from a
ten-acre orange orchard. This is five per
cent on 100000, or ten per cent on
$4,000.
Mr.. E. ]. Baldwin, better known as
"Lucky" Baldwin, has given a great
deal Of consideration to orange culture in
the Los Angeles foothills, and this is his
Judgment, as expressed to the writer
through his superintendent, Mr.. II. A.
Unruh, himself a gentleman of ripe
experience in such matters. Mr.. Bald
win says that he can afford to pay 81, 600
an acre for good orange lands, plant the
trees and destroy them every ten years
wipe them off the face of the earth-and
yet make big money. There is no vapor-
ing about this, or tincture of horticul-
tural optimism. 1t is the matured
opinion of man whose judgment in
all practical matters is supremely good
good enough on turf matters, for
instance, to allow of his bringing home
$50, 900 in stake money from the Eastern
race courses year before last. Outside Of
some paper town crazes, where good
land was taken from production to be cut
up into ridiculous lots twenty-five by one
hundred and fifty feet, the well watered
lands of the San Gabriel valley have not
sold at any time beyond their value.
The prices thus far realized are sure to
be exceeded in the near future.
A clever writer is often betrayed by
his love of antithesis into statements that
mislead. The following is one of them
But the reaction came with startling
suddenness. Quickly as the boom ap-
peared, just 80 quickly did it vanish.
The bottom fell out of the bucket in a
month, and the hectic, unnatural flush
of yesterday turned into q severe and
settled state of the blues. It need not
be said, however, that Los Angeles is
now dead or even sleeping. The boom,
while it lasted, helped not little. 1t
gave such an impetus to building, and
so urged the march of improvement,
that this vicinity is much larger and
finer and richer than it was three years
ago. People from the East have erected
elaborate homes here. Business men
have invested largely in lasting improve.
ments, and there is certain stir and go
to the community that argues we'll for
the future. But the struggle is going to
be mighty bard one. A walk through
the streets of Los Angeles reveals an
alarming array of "To Let's" and the
real estate offices not forever closed are
alluring in their proffer of splendid lots
and fine lands for astonishipgly small
sums of money. Sellers, however, are
many and buyers few.
Our objection to this sweeping but we'll
written paragraph is that much of it is
untrue in fact, and more of it mislead-
ing. Values of real estate in the city of
Los Angeles have not suffered one iota.