Los Angeles herald., 1905-11-12
VETERAN DEALER
IS REMINISCENT 7
LOOKING BACKWARD AND
LOOKING FORWARD
Judge r. M. Widney's Comments on
Realty Conditions From 1868 Down
to the Present Time--Lost
Opportunities

Judge r. M. Widney, one of the best
known residents of Los Angeles, be-
came reminiscent Saturday when
speaking of real estate transactions.
rs the price of realty in Los An
geles too high?" he was asked.
THAT depends upon whether you
are looking backward or forward; into
the past or into the future" said the
judge.
The conservative and timid look
backward and say yes. The progress
sive man looks into the future and
buys.
AFTER coming here in 1868, l dealt
in real estate, and had the handling
of nearly all property for sale. Where
the Nadeau hotel now Is, lot 120X165
feet, l offered for $1,000. Parties look
ing backward said too high Mr.. Ma
deau, looking forward a few years
later bought 1t at higher figure, now
worth $4,000 per front foot.
THE lot where the Van Nuys hotel
stands sold for $400, 120x165 feet The
Hellman lot opposite, where the bank
has been erected, 1 offered for $500,
12Ox165 feet. Looking backward, no
one would buy. Later, some one look
ing forward, bought. 1t Is now worth
S2500 per front foot.
Property on Spring street between
First and Second streets, was on the
market at $8 to $40 per front foot.
Too high; speculative said the man
looking backward, and he would not
buy. The other fellow, looking for
ward, bought. The same property
went to $40 per front foot. The owner,
looking backward, sold and pocketed
his profit in great glee The pur-
chaser looked forward. Later the
price went to SIS per foot. The own
ers, looking backward tumbled over
themselves to sell before a crash could
come. Looking into the future, the
purchasers snapped up all they could
pay for.
"Then, on the same principle, It
changed hands at $3.50 per front foot,
and later on at $500. The sellers al
ways looking to the past, the pur-
chasers reading the future.
when at $500 per foot a certain
party asked me if the prices were not
too high, and if there must not be
collapse, I said. If you will shut
your eyes and walk along the street
and grab the first man you can and
ask him If he has any property to sell,
pay him his price for it, you will make
money. 1t is now worth from $4,000 to
$4,000 per front foot.
I'm 1870 1 offered the Wolfskill
ranch, now the Baldwin ranch. $1,000
acres, FOR 81 per acre. No one would
buy. They looked backward at former
land prices of 25 cents per acre. The
ranch subsequently sold at $3.50 per
acre, then at So per acre. Now worth
$1,000 per acre. The man that looked
forward made money.
1.-THE Maclay rancho at San Fer
nando, 10000 acres sold for $1.25 per
acre, then for 500 per acre. 1t was
subdivided and sold with water for
$3.50 per acre, planted In oranges and
in well cared for orchards. 1t is now
yielding from 800 to $500 per acre net.
The men that looked forward own
these orchards. The other fellow is
described by Solomon as having his
eyes In the back of his head, always
looking backward and very conserva-
tive.
prices high! Open your eyes and
look into the future. Do you see three
transpaciflc Oriental lines of steamers
loaded with commerce of the old ORR
ent and America and Europe connect
Ing with three transcontinental rail-
roads at San Pedro harbor?
"Do you see three double-track rail-
roads to the points of eastern connec-
tlons loaded with traffic each way?
do you see the mineral wealth of
the great interior ever pouring into the
channels of the commercial world
| through this city?
do you see Los Angeles city OF