The herald., 1898-06-02
OFFICE OF THE HERALD,
LOS ANGELES, June /, 1898.
Hitch thy wagon to a star"
Real Estate

The volume of real estate business trans
acted during the month just closed shows
slight Improvement over the month of
April, as well over the corresponding
month of May. 1897, but the falling off from
the years 1866 is quite considerable.
During the past week there has been a
little extra activity shown in the demand
although no trades of Importance have been
made at figures held by owners of nearby
properties. Such sales as have been closed
have not been effected without the owner
was willing to accept part of the consider
alton in trade, and on this account it is DIFF
ficut if not impossible to arrive at close
figures.
The sale has been made of 46 feet front
on west side of Spring street north of
Franklin and extending through to New
High, known as the Bumiler block. The
property is now occupied by the Peoples
Store and rents in all for S475 per month.
The sale was made by Clark & Bryan to
George Heberle of Norwalk for stated
consideration of $4,000, of which about one
half was in cash and the balance in coun-
try property.
The sale of another Spring street lot is
also reported made by Lee A. McConnell
to William Garland, the Arizona capitalist
and owner of large property interests In
this city. The lot he has bought is GO feet
front on the easetrly side of Spring street,
about 12O feet south of Fifth street, and the
price is stated at $4,000, large part of
which is in trade and therefore not easy
to estimate closely.
Aside from these sales no transactions
of Importance have been made.
There is yet a large surplus OF vacant
stores in the chief thoroughfares, although
agents report a better inquiry during the
past few days. Houses are in fair demand
and 1t is noticeable that the war scare
hoc n linn inn in a
for seaside residences for tho summer,
which agents say amounts to 30 or 40 per
cent.
Transfers for the week ended May 31st
were 211 in number and amounted to $780,
6SS as against 224, amounting to III the
previous week and 229, amounting to $751;
729 the corresponding week of last month.
Mortgages filed for the week ended May
S1st were rs in number and amounted to
S95,66S as against 125, amounting to $142.-
$50 the previous week and 116, amounting
to $194,949 the corresponding week of last
month.
Releases of mortgages for the week
ended May 31st were SO in number ana
amounted to S1l4011, as against II, amount
ing to $77304 the previous week and 107
amounting to 3,915 the corresponding
week of last month.
The lonely-the very lonely-wise man,
finding real estate in the very depths of the
winter of its discomfort, in low prices and
scarcity of sales. buys now. The men who
go in crowds like unthinkng sheep, and
who follow foolish leaders in rushing over
each other to pay double prices in boom
times, will touch nothing now. Indeed, one
could hardly give real estate to them at
present. But their voices will be loudly
heard in the credit auction salesroom, in
one or two years hence, crying out as 1t
We're to be made victims of. in their rapid
and foolish bidding. Seasons of extrava-
gance, booming and credit auction sales
alone wake up the majority of buyers and
cause them to bid on real estate. Diosenes
went out with a lantern In broad daylight
to find an honest man. Some latter-day Di-
ogenes might in this matter much more
appropriately so go out to hunt for wise
one. This is one of the cases where wis
dom crieth aloud in the streets to the fool
ish sons of men, but only here and there
wise and lonely man regardeth HERNIA
gees Real Estate Circular.
The condition of the New York real estate
market is reflected in the following from
n recent issue of the Evening Post: With
trading as dull as it now is, 1t is somewhat
difficult to Judge of the conditions prevail
Ing. That the lending market is little
more favorable, however, seems to be an
accepted fact so the Discrimination of IN
vestors to consider realty as form of in
vestment is the main drawback. Usually,
at this time, the investor has deserted the
city for Europe, but, Judging from the fig
ures published by the steamship compan-
les, there has been a great falling off this
season In transatlantic travel. The only
conclusion possible, therefore, Is that cap
ttal Is waiting a conclusion of hostilities.
At auction there has been much more of in
terest than in the private sales branch.