The herald., 1893-08-13
REAL Estate AND FINANCE,
Architects Plans for the New
Normal School Adopted.
Review of the Financial Situation
for the Week.
Building Operations Present and Pros
pective-strset Repairs Discussed.
Tho Tendency OF Investments.
Loans and Rents.

huo lubbIumout6 buhb mohnuto hhiOiV
scopic changes could be applied to the
public sentiment it would record some
slight change for the better. 1t ought
to be matter OF profound congratula-
tion that while other communities are
being startled by unexpected failures
and disturbed to their centers by serious
market fluctuations. Los Angeles 10 so
situated that she feels only the outer
most ripple Of the food of excitement.
The day of feverish furry has passed
over this region, and its principal mis-
chief is, fortunately, about spent.
1t was prophesied that as soon as the
bank scare was over, people who had
been allowing their money to lie idle
on deposit would at once seek invest
ments in realty, with the conviction
that money so invested would be in the
safest possible situation. This prophecy
will. doubtless, soon come to pass, the
chief thing that hinders it for the pres
ent being the doubt exiating in the pub
lie mind as to what the special session
OF congress will do to relieve the stfin-
Ko0Cy VI tnP l1Oh0y AAhiR ROts bVA
once theunited wisdom OF the statesmen
at the national capital has fructifed In
definite action there will be great feel
ing of relief experienced, for it is hard
to conceive OF any probable action of
congress that would not materially and
at once benefit the country's business by
restoring the much-needed feeling OF
confidence, the lack OF VIII 'ch has
wrought all the trouble.
One OF the fret effects OF an improved
feeling will be to induce ihvestmentatsn
realty, and q considerable volume OF
business may be expected in 80 favored
q region az Southern California. Already
the feelers are being thrown out in many
directions but prices, low as they are
in the majority of instances, are not yet
low enough to satisfy the inquirers. 1t
is the opinion of conservative dealers
that the men who are boarding money
instead OF putting it into real property
at the present time, are making mis-
take, the hugeness of which will aston
ish them in year from now. Barring
such exceptions az really 20 to prove the
rule, the prices at which real estate may
be bought in the city and county today
are lower than they are likely to be ever
again. But the volume OF actual trans
actions for the past few weeks has been
in the line OF moderate priced dwellings,
cheap residence lots and small tracts OF
outside lands for improvement. The
inquiry tor such properties appears to be
kept up, and dealers report number Of
such sales during the past week.
LOANS.
Az natural consequence Of the recent
experiences money is hard to get even
r1z1n1ss securities. The agent Of
srahcisle bank haFshk Iaree'
int loanedsedf In rhis county states
rlat his principals while they re S5fry-
ing out contracts already made no not
accepting any of the numerous efph hcAk
tions that are being put befpfo fiiehi,
The policy of the loaning insttdtI I0nI III
evidently for the present tosaehifnx y u,
position OF masterly inactivity nd n DO
nothing until 1t can be seen which way
mercial loans on gilt edged coll1teERls
are being made at 10 per cent.
STREET PAVING. AsT
II there is one thing more than
another that gives added value to q
piece OF property it is the condition OF
the street upon which 1t aligns. The
pride OF Los Angeles is In its smooth
bituminized streets, which, In the busi-
ness quarter especially. deaden the
noise of traffic and take away one of ths
fruitful causes of nervous disorders
among business people.
Under the existing order of things the
repairing of these bituminized streets is
let to contractor, who is paid by the
square foot, and whose interest it natur-
ally is to get as many square feet to re-
pair as possible. Consequently, the
small holes are always left until they.
enlarge themselves. which they quickly
do when once started, and the repairing
bill is naturally enlarged also. It may
be proper to suggest for the considera-
tion Of the council that the euperintend-
ent OF streets should repair every dam
age when it makes its first appearance,
which could he done at light expense,
and the necessity for larger repairs
would at once be done away with. In
large cities where this kind OF pavement
is used it ia the custom to patrol it daily
and by the aid of small apparatus to
then and there repair whatever slight
dilapidations may appear. This ia the
only sensible way to preserve these beau
tiful streets and to prevent the unsightly
appearance which they too often pre-
sent. The carelesBnees of the present
supervision is shown when, as is the
case at the corner OF Main and First,
contractor ia allowed to dig into this
costly pavement to put in fence posts.
BUILDING OPERATIONS.
Some of the larger enterprises that
were under way few weeks ago have
been temporarily Suspended waiting for
Q more suitable condition OF the money
market. Chief among these Is the pro-
posed enlargement of Mr.. T. d. Slim
sons building on the northwest corner
of Spring and Third, upon which some
$250,000 will be spent as soon as the
financial outlook will warrant it, and
the erection of the Irvine block, to cost
$4,000, corner OF Broadway and Third,
will be delayed on the same account.
All buildings that are under way are
being pushed to completion, and quito
an amount of new contracts, chiefly for
residence property, have been made
during the past week, the chief one
being by DR.. John H. Lille for board
lng-house to cost $4,000 and two
dwellings to cost $4,000.
The proposed casino to be built upon
the site OF the old court house, running
through from Spring to Main street,
will be thing of beauty and q Joy for
sver when it once gets built, and that
will now be very soon, az it is under
stood that Mr.. j. A. Ballard, the
uao1thv 0upor ho. .s..I A--L