Los Angeles herald., 1905-03-05
PILES OF GOLD
Z REFUSED FORLOTS
SPRING STREET PROPERTY
REACHES HIGH LEVEL
offers Of $4,000 a Front Foot Are
eelined-Nothing Can Be Pur-
chased From First to
Sixth


you of the big things that are going
on in this great, progressive Los An
geles. but the most startling bit of
news came to my notice a few days
ago while a bunch of real estate brok-
ers were discussing local conditions.
Were / to tell you that there is not a
foot of property for sale on the west
side Of Spring street, from First to
Sixth street, you would scarcely en-
tertain the idea. Yet 1t Is fact and
agents know this. They have narrowed
that situation with the finest of tooth
combs and not an owner wants to let
go at present or prospective prices.
The cause for holding Is plain when
the situation is analyzed. Unlike other
cities. Los Angeles is not mortgaged to
death. 1 do not mean that there are
no mortgages, but 1 understand that
neither the Hollenbeck corner, the
Bryson block, the Wilcox building, the
Stimson and Douglas blocks, the
Laughlin building, the Johnson struc-
ture and scores of others on equally as
prominent corners, are not freighted
with all that they can carry with bor-
rowed money. Go down Spring street
on the west side in the district have
named and you will find few CONNER
cial plasters drawing the incomes from
the heart of ground values and i'm
provements. Therefore these owners
are satisfied with what they have and
as they are on Easy street, as we'll as
owning rapidly increasing frontages
on Spring street, L presum they do
not see the use of being separated from
that which is good and safe.
And this reminds me of a story that
is going up and down the pike regard
ing the Jim Maxfield property on
Spring street, next to the curio store
corner on Fourth street. According to
leakages from the inner circle of legal
lights, when the Maxfield estate was
settled the 60x165 feet was appraised at
$150000 to prevent any trouble over the
inheritance tax. This also shows how
shrewd lawyers can be and possibly
how money can be saved to rich prop
erty owners.
This story goes further, because sew
eral brokers heard of the moderate
valuation and they approached the
genial Jim Maxfield with an offer to
sell. Finally a leading property owner
approached MaXfield and said:
Jim, I'll give you $35OO front foot
in gold for your lot and draw my check
now for $4,000 to bind the bargain"
Those of you we'll acquainted with
Jim Maxfeld will not be surprised at
his answer:
II am not business man, my friend,
and if I sold I'd be bothered to death
with agents offering me investments,
and then I'd have to spend sleepless
nights thinking what 1 would do with
the money. No, thanks; I'm salts
fed"
What do you think of that? Amt
Jim got nerve to refuse $21O,OO0 in gold?
AS startling as this all may be as to
corker. 1t is related that Herman
w. Hellman, who owns the handsomest
block in Los Angeles, on Fourth and
Spring, has offered Mrs. Mary A.
Hotchkiss $4,000 a front foot for as many
feet as she will sell of her frontage
that adjoins his building on the north.
But Mrs. Hotchkiss has declined the
nff
115 feet frontage and in de-
clining $4,000 a front foot she refuses
TO become possessed of $460,OOO. Gee!
What do you think of that?
Henry E. Huntington has acquired
plans in the heart of the city. Just
to change the combination Huntington
did not use a straw man this trip, but
decided the land direct to the Pacific
Electric Land company at the nominal
price of $40, as the records show. This
purchase is from Mrs. H. Feldshan
and is 50x145 feet on the north side of
Seventh street between Maple and Los
Angeles This is in the rear of the
Perry Whiting property and the old
city school and adjoins lot B, for
merly owned by Perry Whiting, all
of which Huntington now owns. Just
take down your city map and you win
see that santee street will just cut this
property into two parts. and 1t is there
that Huntington will place his tracks
and create his facilities for handling
the traffic of his lines.
Another sale completed last week and
decided to the Pacific Electric Land
company is the 90x96 feet owned by T.
Burkhart frontingN on Los Angeles
street and connecting with the Whiting
land. These purchases enable one to
say most definitely and confirm all that
has been previously said about the
Huntington purchases, that Hunting
ton now owns the full frontage from
the southwest corner of Sixth and Los
Angeles streets to the northwest corner
of Seventh and Los Angeles streets,