The herald., 1897-12-09
OFFICE OF THE HERALD.
Los Angeles. Dec. 8. 1897.


been unusually quiet in real estate
circles, no transactions CT particular I'M
portance having been consummated so
far az known. At the same time a good
trade has been, and Is sttll doing. in res
idence lots of small to medium prices.
The leading house agents say that the
inquiry for good houses keeps up re-
markably we'll and 1t Is chiefly made by
new comers who are arriving all the
time and who apparently desire to To-
cate, at any rate temporarily, while they
look about them prior to determining
upon making any investments.
=
The steady growth Of the city In build
ing is matter of surprise not only to
new arrivals, but even to the expert
enced real estate men and old residents.
While this growth has been largely in
q southwesterly direction at present, It
is the opinion Of experts that the lands
on the easterly side Of the river will soon
experience revival Of attention on the
part OF operators.
The interest in the quest for oil In the
district comprising Boyle Heights and
Brooklyn Heights Is still kept up and
another well has just been begun on
lands lying east from Evergreen ceme-
terry. There are those who think that
the discoveries thus far made are quite
important, but that, for reasons of their
own. little Is being said by the parties
most interested. It would be we'll for
property owners In this district to have
this matter cleared UP as soon as possi-
ble II oil exists in paying quantities
It will be to the advantage of certain
Of the property owners. but In the mean
time the doubt upon the question will
hinder the building of homes to a large
neighborhood Of Oil derricks are well
understood.
A comparison Of the volume of real
estate business done in San Francisco
with that Of Los Angeles for the month
Of November Is interesting. In San
Francisco there We're 265 sales recorded
during the month. In Los Angeles the
number was 1856. The considerations
aggregated In San Francisco 1921, ,11O. In
Los Angeles they footed up s1.337, ,3O9
Aagee & Sons say Of the San Francisco
trade: "The inquiry for all kinds of
real estate was only fair last month.
There was an increase in inquiry and
sales Of small properties. Both buyers
and sellers are holding out for small
differences. But for this, many more
sales could be made"
In the items Of mortgages and releases
the figures for November are as follows:
Mortgages recorded in San Francisco,
S72, aggregating $96o,325; releases 22i,
aggregating $596,339. In Los Angeles,
S7S mortgages, amounting to $e09, ,659, and
A13 releases, amounting to $496, 6,699.
+ = =
The Real Estate Circular says of the
condition OF the money market In San
Francisco: The principal demand for
money has been on renewal of old loans
or additional amounts on loans already
made. All the savings banks have an
abundance Of money on hand, which has
beenaccumulatingf for some months past.
Loans can be had from nearly all of the
banks at 6A per cent, the bank paying
the mortgage tax. A reduction of in
terest rates to per cent would. we
think. do great deal toward encourage
ing the starting Of new legitimate enter
prises and the extending Of old ones now
in the field.
The schedule price of lumber for the
1000 on December 1st. The causes are
varied and can be attributed to the fol-
lowing reasons, viz. the enormous for
eign export trade that has developed
from the lumber districts of Washing
ton; the increased shipments to the
eastern states; the shortage of lumber
vessels, owing to their being taken Off
to engage in the Alaskan trade; and the
scarcity Of labor. During the past three
months eastern shipments have in
creased rs per cent. Taking these COM
bined causes into consideration, the
lumber manufacturers have reached an
agreement which practically places the
price Of lumber where 1t was two years
ago.
The plans filed in the New York de-
partment of building during the first
nine months Of 1897 show that the pres
ent year has been busy one Of archi-
tects and builders. There were filed
2771 plans for new buildings, to cost
$66.s26.605. and plans for alterations to
This record Is surpassed by only one year
in the last five, that being 1896. During
the first nine months of that year 3131
plans were fled for buildings estimated
to cost $69,663,417.
4 \ +
At Orizaba, Mexico, q hotel to cost
$4,000, Is to be erected, upon which
work is to begin in about two months.
Directors Of many Of the building asso-
Citations have the mistaken idea that the
welfare and best interests Of their or
ganizations will be subserved by having
q large amount Of assets, and in their
anxiety to make, as they think, a good
showing, assets are loaded down with
every conceivable item and inflated far
hnvoud fhofr vn1vvo ove Cto 70 TruUoo< ~,