The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-06-01
REAL ESTATE MARKET.
Paying Business Property in
Good Demand.
The Savings Banks Well Supplied With
Money Solid Growth OF the State.
Notable Sales.


The real estate market was enliVened by
real estate auction sale last month on
Scott, DevisaderO and Broderick streets,
Golden Gate avenue and McAllister street.
The prices PAID were satisfactory. The
land was so well situated that even If the
general market had been much duler chan
it is the lots referred to would have sold.
The real estate business in nearly every
quarter is fair, with prices nowhere deelin-
ing much. We have entered upon the sea-
son OF summer dizziness, and no stir need be
expected before the fall at the earliest.
Paying business property is still In good
demand. with next to none Offering. The
total number Of sales made in May was 425,
Of the value Of 81, 534, 203.
MONEY MARKET.
A few loans were last month made at 6b
per cent, the bank granting them of course
paying the mortgage tax. Our savings
banks are we'll supplied with money, rather
too well supplied, indeed, to suit them, the
applications FIR money from both city and
country, especially from the latter, being
decidedly below the average. The reduC-
ton Of the city ana country rates of interest
even One-half of l per cent would result
pretty Leedlly IN the lOanlng VI the surplus
money now on hand. The number OF coun-
try leans coming 10 the city from our most
prosperous counties is constantly deCTeaS-
ing. This Is due TO the TACT that home capl
tai is supplying home borrowers there, not
generally, let it be understood. however, at
as low rates as those charged by our
city savings banks. But the home BANKS
lend larger margins than our city banks and
for doing so, they charge p to l per cent
per year more than city rates The Dor
rover, to get the larger loan, submits to the
increased rate. lie is foolish In doing this,
we think, and so, too, is the country bank
for lending more than 1t should. Time will
show this in both cases Never in the his
tory Of city loans TO the interior was inter
est so fully and promptly paid up by cOun-
try borrowers as during the past year.
Interest on city loans has also been remark
ably we'll met. Since the 1st Of January
not more, probably, than dozen suits for
foreclosure have been commenced against
city real estate by savings banks and pri-
vRte lenders combined. Considering the
value of mortgages thus due on city real
tate and that there has been complaint of
dull times for year past this Is remark
ably gratifying exhibit The total number OF
mortgages recorded in May was 343 Of the
value of 1898 524, and Isl releases OF the
value of 1854, 10.
UPS AND DOWNS OF M'ALLIsTER STREET.
In 1882 the vacant 5O-vara lot northwest
corner McAllister aud JONES' looking out
on Market street, was sold for 500 This
lot was TesOld to Mrs. Hopkins. who had
taken great fancy 10 It, IN Nav, 1887, for
S175, 600. Mrs Hopkins, then Mrs. SeaTles,
Tesold the lot to the Hibernia Bank for
1862 CO., The vacant 50-vaTa lot northwest
corner McAllisteT and Larkin, facing the
City Hall, was sold in the year 1882 for $780,
500. We resold il to the Bible Society in
December, 1855, for 100000; this sale was
broken up by a technically IN the title. One
Of the finest buildings in the city has
since been built upon ii. The lot
north side McAllister, between Hyde
and Larkin, 30X137b in size, with
L IN rear on Brown alley or place, 10x60 in
SIZE, was sold through the Probate Court in
November, 1890, for $4,000. The buyer
Immediately resOld 1t TO the Bible Society
for the exceedingly high price of $40, 500,
A lot, II :6Xl37:6 IN size, was sold on Nc
Aliister street, between Leavenw0rth aud
Hyde, In February, 1885, for $4,000 A lot,
81 :6Xl37 :6. on the north side Of McAllsteT
street, next east Of the Bible SOclety's LOT,
between hyde and Larkln, has just been
sold with the utmost difficulty. for $4,000.
We say with the utmost difficulty be-
cause, very few buyers indeed now care
to buy such land al $500 per front foot
when il is paving nothing. McAlliSter
street, as far at least as LarkiD. cannot help
eventually being fine business street.
TALK AND COMPLAINTS WHERE WORK is
NEEDED.
There is not in the United States a city
as large as San Francisco. having over
800. eco inhabitants, with only one main
railroad line entering It, and that road
operated in all of its departments on a basis
of such high charges that every branch Of
business feels It's crushing weight This is
a perfectly natural state Of affairs where
there is no competition. And We may be
sure that trade and real estate in San Fran
cisco will continue TO be as dull as they now
are, or grow worse, until the city helps It
self. Complaints, protests and comparison
of freight charges here and elsewhere, Will
do US no good. Competition alone will
remedy our grievances, and competition we
must provide for ourselves. If this were
city afflicted with pOVerty-that Is TO say,
il we could not help OuTselyes-the day Of
our deliverance might be far of. But we
can help ourselves, and II We will not we
richly deserve all the grievances from which
We are suffering.
SOLID GROWTH OF THE STATE.
Any one who has not for two years gone
through the Sacramento or San joaquin
valley or along any main railroad line Of
the State, and who now does so, will be very
much surprised to note the growth aud de-
vel0pment since his last visit. The city may
not be growing as rapidly as we could wish,
but the State generally Is shooting ahead.
We have always known, for they always
keep themselves before the public, how the
southern and southeastern counties are
growing, by the increased acreage in citrus
fruits, bat we hear next TO nothing Of how
tie foothll counties are increasing their
wealth in the same direction. Ten years
ago much land near the Central Pacific line
I'm the foothills Of Placer and Nevada eoun-
ties, could have been bought for s. to $40
per acre. The same land Is now worth
$50 20 $50. according to location,
And this increase is not due 10
boom, but to solid merit. These districts
have demonstrated that the very finest Of
berry fruits, in size and favor, as we'll as
peaches, plums, pears, etc, can be grown
there in perfection. 10 the little town Of
Newcastle alone there are some four large
fruit-fOrwaTding houses. Almost innumeT-
able acres of land between Stockton and
OrOVile have within five years been turned
from grain to varied fruit growing. and
much rolling hill land has been turned from
pasturage into orchards. The loss Of pastur-
age has been made up by the growth OF
much more alfalfa. On bottom lands one
acre of alfalfa will feed more sheep or cattle
than 10 or y Of average hill pasture land.
And all this growth, let It be remembered, Is
only an earnest OF what might be done. Ii
we had more railroads and greatly reduced
freight charges. the State would run where
il now but walks ahead.
BoARDING-HoUsEs OVERCOME,
A long peremptory halt should be called
70 the erection Of any more clearinghouse
and family hotels in this city. The bust
ness has been wholly OveTdoDe. Several Of
these houses, although still run by their
lessees, are in charge of the Sheriff, and the
bOndsmen who guaranteed the payment of
the rents, baYe now in many cases to put
tbcT nanuS ID tDeT POCKETS monthly 20 pay
the same. There are enough boarding
houses and private family hotels in this
city to meet all its requirements for at least
the next 10 years.
OUR SAVINGS BANKS AND THE WORK THEY
DO.
Savings banks here as elsewhere were or
gained for the benefit of the stockholders
and depOsitors. But these two classes have
not, by any means, mOnopoliZed all of th cir
benefits Indeed, we feel sure that on the
whole, borrowers from these banks b ave
frequently made more money, especially on
city real estate, than the depOsit0rs did