Los Angeles herald., 1905-01-01

The fact that In few days work
will begin on the dismantling OF the
Downey block to make way for the new
million dollar postofice has revived
much interest in that building, its as
sociations and its owners, which has
been exploited to some extent In the
daily press and Go which venture to
add a chapter.
When that building was put up,
about thirty1five years ago. Los An
geles was experiencing the first gentle
splritings of It's first boom, About the
same time pretentious front was
given TO the Temple block, now the
property of Harris Newmark. and
which, so rumor says, that gentleman
Is shortly to tear down and replace
with ten-story building. These two
edlfces in those days were looked upon
as the two handsomest structures in
Southern California devoted to busi-
ness purposes. Outshone as they have
been by the enterprise of II. w. He'll
man, Brady, Lankershim and others,
they were quite imposing In their time
and were indeed the show spots of the
southland.
John G. Do iney
There was q time in the history of
Southern California when John c. Dow
ney was the most important parsonage
in this section. After coming to Amer
lea from the Gould Dart" he settled
for a time in Baltimore, finally pulling
/ IL oItt 81,
handsome, energetic little Celt, with a
genius for usury that Shylock could not
have improved upon. He was drug
gist by calling and practiced his craft
for some years, gradually drifting into
the business of lending money and af-
terward into banking. He was an ac-
tive Democratic politician and was
nominated on the ticket for lieutenant
governor when Milton S. Latham head
ed it for governor. AS Latham was
shortly elected United States senator,
| the alert Angeleno filled out that gen.
tleman's term as governor. He was
generally known by sobriquet given
him by the Silver Tongued Tom Fitch
as his little ex-accidency."
Downey knew to perfection business
which was far more profitable than
politics. He was an adept at lending
money at 1914 per cent a month and up
ward The building of the Dewney
block was a sequel to one of his noted
usurious transactions.
In those days there was a man
named Carpenter who owned the Santa
Gertrudes ranch, magnificent property
on a portion of which Downey City now
stands. 1t was princely estate and in
the hands of man who knew how to
take care of it was potential of millions.
Carpenter was not of this breed. He
was fond of playing monte, and when
his money ran out he was in the habit
Of borrowing carelessly and blowing
it until he got too drunk to stay any
longer at the game. One day he came
into Los Angeles, lost his ready money
and wound up the day by borrowing
$500 from Downey and sending that
good money after the bad. He secured
Downey by giving him a note at 121s
per cent month, compromising
monthly.
AS the story went, Carpenter was oc-
casionally in funds and would suggest
that he had better pay something on
the note, or limited something about
paying it entire, but Downey would put
him off, saying there was no hurry,
there was plenty of time" and so on. A
note at that rate of interest is not long
in mounting up. When it had grown
to $4,000 Downey took a mortgage on the
Santa Gertrudes ranch, still at the rate