Los Angeles herald., 1907-10-25
POOLE AND JONES
TRACT PURCHASED
BUILDING WILL BE PusHEDwITH
vIGoR
Walter G. Hopkins Buys Remaining
Fifty Lots and Changes Name
of Property to Reed
Terrace

In the early sos DR.. Isaac N. Reeo'
an Eastern publisher, purchased forty
acre tract of land in what has since
proved to be the fashionable southwestern
section of the city at a very low figure,
and although many overtures were made
to the doctor during the succeeding years
to sell his property, as the city gradually
grew out to and surrounded it. it was
not until about 1900 that Harry Weiss
captured about seven acres of 1T and
erected two or three magnificent cobble-
stone residences on portion OF his pur-
chase and disposed of the balance in lots
which have since been improved with
most beautiful homes.
All the larger real estate dealers. and
many of the smaller ones, had covetous
eyes on the balance of the property, but
up to the day of his death the old doc
tor staunch1y held on to HIS lard and
refused to part with single acre. The
doctors death occurred in Chicago early
in 1906 and his vast estate, which IN
cluded the property in question, de-
scended to his widow and only son, and
In May of last year the western repre-
sentative of the estate came on to Los
Angeles with view of placing the prop
erty upon the market. Among the con-
tions for the purchase of the property
was the corporation known as Poole &
Jones, which was then doing large
amount of building in this city, and
within a few weeks a document was ex-
ecuted by which that corporation pur-
chased the entire remaining thirty-three
acres under contract for $250,000, and they
proceeded to file map In the recorders s
office by which Normandie, Kenwood,
Of oT-
son, Iwenty-ninth and Thirtieth streets
were extended through the tract and 162
lots laid out. ranging from fifty to sew
enty-five feet in frontage and 130 feet
in depth.
Load Too Heavy
They then, after selling few lots to
ready purchasers proceeded to open up
streets, lay sidewalks and curbs ana
otherwise improve the property, but un-
fortunately they were heavily involved
in other enterprises and soon defaulted
in their payments to the Reed estate and
for a time a foreclosure was imminent.
However, in March of this year, a num-
ber of individual and bank creditors OF
this corporation advanced certain moneys
for pressing needs. took over all the as
sets of the concern and placed Walter g.
Hopkins in charge of the tract, with in
structions to go ahead and complete the
improvements started by Poole & Jones
and to dispose of the lots to the best
possible advantage. This work has now
been completed under city specifications
and includes upward of q mile of street
work, several miles of sidewalk and curt
and the handling of many thousand yards
| of earth.
During the time that Poole & Jones
were in default improvements naturally
dragged and some Of the more timid lot
purchasers became very much worried
but confidence was restored as soon as
Mr.. Hopkins took the helm. deeds be-
gan to be delivered, and up to this time
| flfty-four have been recorded, in each
case accompanied by an unlimited GER
tifcate from either the Title Guarantees
and Trust company or the Title Insur-
ance and Trust company that the title