The herald., 1898-04-07
THE INVESTOR
CONDUCTED sy Gro. A. DoBINsos

pe two stories in height. The architecture
Is colonial; inside finish of natural pino,
and sand finish for the walls. Estimated
| COST $40, ,O00
Mrs. Caroline Specht has purchased the
three-acro tract facing on Dayton, Wal
nut and Columbus avenues, in East Los
Angeles, and will commence the erection
or fine residence as soon as the plans are
completed
II. X. Chamberlain has purchased % feet
on south side of West Fifth street, near
the corner of Hill street, on which he is
arranging to erect a business building.
There is no sign of reduction, says the
| San Francisco Real Estate Circular of the
prevailing rates of interest which are 6N
to per cent, the savings banks paying the
mortgage tax, This tax in San Francisco
averages III per cent, SO that borrowers
pay to 51a per cent net. There is strong
need of reduction of the rate of interest
to per cent; indeed, we doubt that there
ever was as much need of low rates for
farmers in this dry year and for owners of
city property. Both find it harder than
ever before to keep up paying the rates of
interest exacted from them. If foreclos-
ures are not to become more general, re-
duction to per cent should now be made.
Big corporations borrow money east at 2k
to per cent; merchants here pay per
cent, and country borrowers 8 to 9. Such
rates are now exactions beyond the power
of ordinary business to pay.
To the foregoing 1t may be added that
the situation is still worse in Los Angeles
when the tax rate for state, city and coun-
ty purposes averages per cent. making
the burden still harder for the borrower to
bear.
The board of public works has under con-
sideration the matter of tunneling Third
street. 1t has been suggested that bond
issue would be the proper means of raising
sufficient funds for the purpose. The
suggestion is not new one. Mr.. Stimson,
In his lifetime, was warm supporter of
the proposition, because of his property
interests to be benefited by the tunnel
scheme. 1t is not likely, however, that
bonds would be voted for this purpose by
the taxpayer.
A flaw has been discovered in the title to
the property of the First M. E. church on
South Broadway, between Third and
Fourth streets. by which a long and
tedious delay will result says the Builder
and Contractor. S. X. Lindley had agreed
to purchase the property, and deposited
$1,000. 1t has since been discovered that at
deed passed to the city from the pueblo.
Suit will be begun to quiet title. In the
meantime the trade will be declared off.
Competitive plans for the new church
building were called for and received on
March 10; since that time the building COM
mittee has been endeavoring to select the
most suitable site for the new location.
Seventeen national banks of Boston is
the maximum number said to have agreed
to cease lending balances at clearing from
April It. These banks are to loan to in
stitutions over the counter at per cent,
each lender to decide what security to ask.
The professed object of this experiment is
said to be not to advance loan rates, but
upon strong ones for funds for the conduct
of business.
The Kentucky court of appeals held In
the recent case of .Cleve VS.. Mazzoni, that
the conducting Of a barber shop is not
using premises for mercantile purpose"
vides that such premises shall only be used
for that purpose, and that it is not a
waiver of forfeiture for a landlord to re-
ceive rent due after he has actually COM
menced an action Of ejectment
Insurance Superintendent Van Cleave
has revoked the license of the Standard
Marine Company, Limited, of Liverpool,
England, to transact business in Illinois,
for failure to make report to the depart
ment of the condition of the company on
December 81, 1897.