The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1893-05-07
THE GROWTH OF GREAT CITIES.

The city is alive with capitalists from
abroad who are eagerly watching for
bargains in real estate. Los Angeles has
the reputation elsewhere among realty
speculators Of being the best city in the
United States for investment, with the
certainty OF large advances in value in q
very short space OF time. Business
property at present figures lie considered
by the most keen and shrewd operators
in real estate unreasonably cheap, and
the owners also partake of this opinion,
for very few of them in good locations
are willing to sell. In talking with one
of our most observsnt business men
day or two ago on this subject, he said
that the price at which property is held
in streets on the line of bunineas i'm
provement is below it's real vaue, when
everything is considered He said,
snow. look at Mr.. Perry. We all know
that he is one OF the most conservative
men in the city in business matters, and
always looks ahead dozen times before
he leaps once He has lived here
since the early fifties, and has
always been successful Well, when
you see man like him buying property
on Spring street, in great blocks, at the
rate Of $500 per front foot, you may rest
assured that the realty 10 well worth it,"
This is perhaps the best illustration we
could give that good business property
is now ceiling below its real value. But
there are signs that this will not last
long. There are too many capitalists
here on the lookout for cheap snaps to
permit prices to long remain at stand
still.
We look for a decided upward move.
ment in real estate va ues from thie
time on. Spring, Main and Broadway
are marching along in the line of bust
ness improvement at an astonishing
rate. All the cross streets, for some dis
lance out, are feeling the touch of this
improvement, and an upward tendency
in values is very perceptible After
leaving Sixth street man cannot go
astray in buying lots at prevailing
prices. The business Of the city will
reach Ninth street, and expand bot
ways, lsterally, in an inconceivably short
epace OF time. 1t is already pretty we'll
established that far ON some OF the
longitudinal business streets.
When a growing city starts in to ex-
tend its business boundaries it does 40
with rapidity that is sometimes aston
ishing. But there are reasons which
will bear the closest scrutiny why Los
Angeles will make marvellous progress
in the next few years. The Southern
Pacific wharf at Santa Monica is really
deep-sea harbor. We shall soon see
vessels from foreign ports arrive there
and discharge cargo. The government
will be sure to give US another deep-sea
harbor, either at Santa Monica or San
Pedro. II at San Pedro, the Terminal
railroad will Undoubtedly form the
terminus of new overland railroad line
to this coast. These are not guesses but
facts that are as certain to come about
az night follows day. What do they
mean? They mean, beyond the per-
adventure of doubt that Los Angeles
is shortly to become an important point
of importation and distribution; they
mean that our city will become metro
poltsn city of commerce for the great
interior country reaching as far as Salt
Lake, and that she will also become
the centre of extensive manufacturing
industries which must inevitably follow
upon the opening OF our tributary inte
rior country to rail. Iron, coal, gold
and silver mines of exhsustless proper
tions and richness are at our very door,
and they will form the basis of an indus
trial prosperity within our gates such as
cannot but assure us population OF at
least quarter of q million before the
present decade has expired, Then,
again, foreign commerce and our own
magnificent staple productions will add
another hundred thousand to our CEN
eus. With city of $50, 900 people,
whore are you going to place the bound
airy line to our business expansion? Not
certainly at Ninth street in one direction
nor at Pearl street and the river in the
other. The man who laughs at the idea
that Washington street, even, will be
the southern limit when the new CEN
tury comes in, shows that he is utterly
ignorant OF the growth Of great cities
that possess all the factors OF commerce.,
agriculture and manufacture behind
them in such abundant opulence as we
have.