Evening star., 1905-09-06

poses. and will flow the entire distance
by gravity alone. The cost of the prop
erty rights for an area fifty miles square
will be 81 .200, 900, and to secure them the
city officials have taken the responsible
ity of paying forfeit of 100000.
The entire cost Of bringing this water
to Los Angeles Will be S23,O0O.000. which
1t Is proposed to raise by an issue of
bonds. At the next election the people of
the city and its suburbs will be asked to
vote upon the general proposition; to con-
firm the action of the mayor, taken Sc
cretly, in depositing 100000 as forfeit
for the option; and to provide for $1,100,
900 further purchase money. When the
title to the water Is thus secured, upon
which immediate action Is considered
necessary, there will be plenty of time to
provide for the construction of the con-
duit and other means for the distribution
OF the water.
Real Estate Speculation.
This big water project has stimulated
real estate speculation to fever heat, and,
indeed 1T is far-reaching in it's impor-
tance and consequences. Without water
this entire section of the state would be
a barren waste; with plenty of water it
may be made paradise. Not only the
wealth. but the happiness of the people
depends upon the water supply. With
that assured there is no reason why Los
Angeles should not realize the dreams of
it's most sanguine boomers" and many
of them are confident that the real es-
tate excitements of the past are likely to
be repeated.
I suppose speculation In town lots Is no
more wicked than speculation in railway
bonds or wheat. than playing bridge
or poker: and the gambling propensities
of the people out here are gratifed in
that way Hundreds of speculative trans
actions in town lots occur daily, in which
no titles pass and the property is dis
posed of to some other person before the
6S nar ha ypfit
tion of the population appear to be inter-
ested in such fictitious transactions. and
they get as wild as the brokers in wheat
Dit or on a stock exchange. visitors ana
strangers In the country are easily in
fected with the speculative mania, and
the tempter is always abroad.
On the trolley car to Pasadena the other
day an energetic looking man, who evi-
IDENTIFY sized me up as a stranger, ad-
dressed me politely, and. after pass
ing the time OF day. asked II
l was going out to look at lots. lie hau
some very desirable property for sale ana
offered a guarantee of 80 per cent profit IN
three months and 300 per cent within q
year. He said he had an inside tip that
Mr.. Huntington. the street car mashate OIL
os Angeles. was going to extend his line
into the addition" In which the lots lay
and would put up big hotel there. which
would cause an advance of fVe or SIX fold
in the value of all the property In that
neighborhood
'If you are certain of this. why are you
so anxious to sell?' I asked. why don't
you keep the lots and make the profits
YOURSELF"
II need the money for other investments
and to meet some paper which IS about to
mature" he replied. but l will guarantee
profit of 200 per cent to the purchaser OF
those lots before the 1st of January. 1907.
What form of guarantee Will you give!
Amy form you like"
VERY well. l will take $1,000 worth of
those lots and pay you cash for them-and
you can select them yourself-provided you
deposit $4,000 to my credit In any national
bank In the city of Los Angeles. subject to
call on January l. 1907"
II don't do business that way. he an
swered and showed over to the other end
OF the car.