Los Angeles herald., 1905-03-05

Z As.s' 81
block and bids fair to follow creditably
in his fathers footsteps.
One of the richest men who ever
figured in Southern California was old
Don Abel Stearns. The Laguna rancho,
which comes up to the verge of the
city on the south, is one of the many
valuable properties which he early ac-
qured He was possessed, to employ
an Irish euphemism, of "lashins and
lawns" of fine real estate, reaching
down to the San Diego line. He was
hit hard by the drouth of the early
sixties, and was obliged to sell much
of his holdings, amongst the rest the
Stearns ranches. He was a sturdy
New Englander, and died leaving an
enormous estate, barring drouth draw
backs. He married one of the beauti-
full Bandini girls, to whom he devised
it all, and which made her, later known
as Mrs. Arcadia B. de Baker, for years
one of the heaviest taxpayers of
Southern California.
The Flints picked up in those days
the magnificent San Joaquin rancho,
embracing 100000 acres of the finest
lands in Los Angeles county, which
now form a portion of Orange county.
They still own the major portion of
that princely estate, which is still in
creasing immensely in value, and on
portions of which cities are being built.
In the days in which Los Angeles
was a pueblo of five thousand people,
F. T. F. Temple was one of the wealth.
lest people of Southern California. If
any Angeleno had been told that this
gentleman would have lived to inn
poverish himself he would have been
laughed at. for his pains. In addition
to the Temple block, he owned much
property in the city, the Puente, La
Merced the San Felipe Lugo and
many other valuable properties, in all
at least three million dollars worth,
in those days a large sum-
In the Early Seventies
In the opening days of the seventies
Prudent Beaudry was one of the rich
and most enterprising men of Los An
geles. 1t may be said without exag-
geration that this enterprising Can
adian created the hill portion of the
city, beginning with the Bellevue Ter
race and running by Bunkerhill ave-
nue. and the Sisters hospital to the
Beaudry reservoirs, including the cut
ting through and grading of Temple
street In the latter work he was much
assisted by an eccentric character
named ]. w. Potts, who died poor, to
the great regret of those who love en-
terprse.
Governor John I. Downey was a rich
vious article explained how he came
into possession of the Santa Gertrudes
ranch. He owned much property in
the city, including the Downey block,
which is now being dismantled. He
also owned Warmers ranch in San
lately been dispossessed by his nephew,
j. Downey Harvey, who inherited it.
Downey at that time in conjunction
with Hayward, ran a bank here. He
afterward, with L w. Hellman, started
the Farmers and Merchants. bank and
was it's first president. The Temple
& Workman bank was the. only other
financial institution in Los Angeles
It disappeared at the close of 1875, and
It's old quarters were occupied by the
County bank, presided over for many
years by Los Angeles grand old
man." j. S. Slauson, later by Mr.. Platter
and lastly by t. l.. Dugue, the latter
gentleman administering it's affairs
until it's fusion with another Los An
geles bank.
At that time 1t seemed good to
Banker Patrick Of Chicago, Banker
Maybury of San Jose and Bankers
e. #. Spence and William Lacy of San
Diego to start new bank in Los An
geles, under charge of the latter gem
tlemen. Spence being elected president
and Lacy cashier They were finan-
ciers of the first grade; their bank was
am instantaneous success and has re-
NAMED so ever since. Mr.. Lacy was
the brother-in-law of the celebrated
composer of 1.-THE Mikado," Sir Arthur
Sullivan, who. during his stay in Los
angeles. frequently honored the sane
tum Of The Herald with visits, He