The herald., 1893-08-27
REAL ESTATE AND finance
The Financial Situation BecOm-
ing a Tritie Easier.
The Much Talked of Big Hotel q
Possibility.
The Local Situation The Real Estate
Market Quiet : Boyle Heights
Wants the Caravansary.
Fire Insurance.

Wants the Caravansary.
Fire Insurance.
The strain of the financial situation is
gradually becoming trifle easier, like
a tight boot that by persevering uae.
gets in some degree accommodated to
the wearer's foot. 1t is not that there
are any tangible reasons for change Of
feeling, but people are getting accus-
toned to the idea that an actual change
is taking place which will involve cor
responding change in income and outgo
and readjustmento of values. The emo
tion OF panic has been absorbed in the
feeling that it is useless to cry over split
milk and that the best thing to do is to
calmly and nationally work out of diff
Guilty at the smallest possible expense
and loss. The public has lost none OF
its anxiety concerning the deliberations
OF congress but, in the words OF finan-
cisl authority. "business is trying to 60
ahead without waiting for Washington.
THE LOCAL SITUATION.
Locally, there is no change to report.
The banks are all holding their own
and doing their best to accommodate
those customers whose wants are
modest. The general market for loans
is still extremely sluggish owing to I'M
Willingness of moneyed people to let 60.
Commercial enterprise is therefore
necessarily restricted, and q number of
promising undertakings will have to
wait until there is q change for the
better.
TRANSFERS.
The recorded transfers OF real estate
in the city and county during the week
have aggregated 19l in number, but
they foot up only $127, ,249, indicating q
very low average in amount for each
transaction. This confirms the reports
from numerous dealers to the effect that
sales continue to be limited to cheap
lots and moderate priced houses.
ANOTHER NEW HOTEL.
The project of the Chicago gentleman
who is here and wants TO build that
magnificent hotel for which Architect
R. B. Young has prepared elaborate
plans and an imposing elevation, will,
it is to be hoped, come to speedy frui-
tion. Mr.. Young's client, like most
new comers, is attracted by the slightly
hill locations afforded on First street
and thence inu o. southerly direction.
Property owners on First street are un-
derstood to be Offering strong induce
ments for the hotel to be built on their
hill, and the Second street people are
going to run them q cloee race-when
they get started.
As for Boyle Heights, it is 40 eager to
capture the prize that lavish induce
ments are offered to sput it there, but
the location is uneuited to commercial
hotel, though the finest in the city for
q tourist resort. The we'll known ad-
vantage that the high lands on the east
side Of the river possess in the reduced
fuctuations of night temperature has
marked Boyle Heights as especially suit
ed for the location of home for people
with delicate lungs.
FIRE INSURANCE.
The dispatches state that the Pacific
Insurance union has ordered rates to be
raised in Fresno 80 per cent upon the
existing tariff; also that the three
fourths clause is to be added to all poll
cies, by means of which in q case of
total loss the assured will have to be
content with receiving rs per cent of the
amount OF his insurance, he being made
eo-insurer for the other 25 per cent.
The new rule is to go in effect
September 1st, and in the meantime the
same medicine may be dealt out to some
of the adjoining counties. This strin-
gent measure may be, and no doubt is,
justified by the existence of an unusual
condition of things and the frequency of
af hols -
be of incendiary origin. The idea of
making the assured q co-insurer has
also been found to work we'll in prevent.
ing fires, as the policy holder takes
more active part in measures of preven-
ton. #
But while the companies are protect
ing themselves against extra hazard in
onr place they should also with even
handed justice relieve the burden in
places where it presses too heavily. For
many years Los Angeles has contributed
largely to the income of the FIRE COM
panies and has made very light calls
upon their Golfers; the ratio of fire
loss being unusually small. The
city has an excellent FIRE department. its
building ordinances are of approved
pattern and vigorously enforced, and yet
rates are maintained 80 per cent higher
than they should be, for no other reason
apparently than to make good the Losses
incurred in other localities.
n THE STATE RAISE.
The state board Of equalization has
furnished its yearly argument in favor
Of state division by calling upon the
board of supervisors OF Los Angeles
county to show cause why the assess
ment of this county should not be raised
as usual. Supervisor Cook has gone to
Sacramento single handed, but it would
seem that II any hope existed OF influ-
encing the state officials it would have
been better for at least three members
of the board to make the attempt. If
the increase ia foregone conclusion,
Mr.. Cook might as we'll stay at home.
The Citizens' Reform association has
sent delegation to interview the state
board and expects to produce favorable
impression on that august body.
g. A. DoBINspN.