The herald., 1897-11-11
OFFICE OF THE HERALD.

OFFICE OF THE HERALD.
Los Angeles, Nov. 10.
The real estate market continues in a
remarkably steady condition. The re-
corded transfers for the first nine. days
Of the month numbered 400, and amounted
to 32so, ,S72. while for the corresponding
period Of last month they numbered 1884
and amounted to $239. 800. Mortgages re-
corded for the first week of the month
amounted to Sill, ,0ls and In the same period
releases were made to the amount Of $115,-
S2S: so 1t will be seen that the record of
October Is likely to be equaled when the
releases actually exceeded In amount the
fresh membranes recorded. The largest
mortgage of the current week was $50, 900,
loaned by the Security Savings bank of San
Francisco on the Zahn block on Spring
street for five years at IN per cent.
Dealers express the utmost confidence In
the outcome Of the present season. There
Is an active inquiry being made by cap
italists for good real estate investments.
One dealer remarked that II there was as
much property available for subdivision as
there was in the days of the boom he could
with the amount of capital now seeking
investment make himself rich In a few
months. But the trouble is that the ma
jority OF investors will not consider any
real estate proposition in the way Of resi-
dence lots outside Of one favored local.
ity. It would seem that there should soon
be demand for building lots in other
parts of the city, caused by the reflex ac-
ton when buyers find that they have to go
q long way on the road to Santa Monica
to pick UP the bargains they are on the
lookout for The slightly locations on the
East Side may then come into considera-
tIon.
Some large deals are now being negoti-
ated, but parties concerned are reluctant to
give out any particulars for publication. AS
q contemporary truthfully observes:
Owners and dealers have learned by bitter
experience that 1t is wise to keep such
negotiations quiet until they are closed.
The blackmailing Of property owners is
by no means confined to settlers leagues"
There are. unfortunately, few so-called
real estate men In this city who are not un-
willing to earn dishonest penny by OBJ
structing trades, when they cannot get
their fingers into the pie.'
Sales of Broadway property have been
reported between Fifth and Sixth as be-
ing made at from $3.50 to $500 front foot.
These prices are probably purposely exag-
gerated, but the fact remains that prop
erty on that thoroughfare is changing
hands and 1t may be taken for granted
at prices satisfactory to owners 1t is also
evident that Broadway Is making big
strides In the march of Improvement The
buildings now being erected on that thor
oughfare will soon bring 1t to the front and
make 1t a formidable rival of the older
business streets. With the removal of the
Columbia Savings bank to the new Gard
ner & Zelner building. Broadway will now
have four banking institutions; the three
additional ones being the East Side bank
the Broadway bank and the California
bank.
The fact that the resurfaclng OF Spring
street. which has been hanging fire, has
now been finally determined upon is mat
ter Of congratulation to owners and ten
ants alike. 1t now remains to push the
work with all possible speed to get II
completed before the heavy rains set in.
A good deal of nonsense has been talked
about the asphalt specifications which
will govern the bidders. The asphalt that
the property owners will require is the
material that will prove itself the best.
There is no doubt that Southern California
manufacturers can turn out an asphalt
that will comply with the demands of the
most rigid specifications and 1t is highly
important that the specifications should
: be SO framed as to exclude all possibility
Of palming OF so-called asphalt in which
coal tar and other denominations are tho
principal ingredients. City Engineer Dock
weller has made a careful study of the
asphalt question and would appear to be
competent to make the necessary tests.
+ y +
The proposed erection Of q new block
on the site Of the present Temple block at
the junction of Main and Spring streets
brings into prominence the question of the
congested condition of the thoroughfare
at the junction of Temple and Spring, and
It would appear that the owners of the
Temple block might be able to make some
arrangement with the city, in considera-
tion OF their proposed large outlay by vir-
tue of which the present narrow and dam
gerous piece of street might be widened.
The simplest way, Of course, would be by
taking a slice off the Downey block prop
erty and making the prolongation of Spring
street into Main more direct by means of
opening wider channel. If the Temple
block is rebuilt 1t will have a very bene-
ficial effect upon the whole of the north
end Of the business quarter, the Importance
Of which is largely held up by the fact
that the two largest banks of the city are
located there There was a talk that the
Farmers and Merchants bank had in con-
sideration the establishment of a down
town branch for the convenience Of many
Of its numerous customers, but this has
been denied.
4 = 4
Some interesting conclusions were quoted
In this column yesterday in regard to the
safety of so-called fire-proof buildings.
The moral being drawn from the destruc-
tion of the Home building in Pittsburg,
which was considered fire proof in every
respect. The theory is that so far as ten