Los Angeles herald., 1907-04-28
FORGING AHEAD
IN REALTY FIELD
POINTED COMMENTS ON Los
ANGELES SITUATION
Increased Demand for Building Mate
riaI-ReaIty Board Members
Review Conditions at
General Meeting


advertisement and the coming Of tens
of thousands Of strangers to Los An
geles and Southern California does not
appear to interrupt the march Of gen.
eral improvement in and about the
Angel City. On the contrary, there Is
evidence of Increased demand for build
ing material and for labor to carry for
ward building operations, not alone in
the business section but more particu-
larly in the close-in residence districts.
AS a leading banker said Friday: 1.-THE
outlook In Los Angeles in every line
of enterprise was never more satisfac-
tory than at present" Such is the gem
eral comment of business men who are
required because of large financial in
terests to keep in close touch with the
progress of events in this growing
metropolis.
Notable transactions in real estate
have declined slightly during the past
few weeks, but all values in realty.
both in the business and residential
sections, are firm with rising ten
dency. Nearly all of the vacant 'front.'
age down Broadway, Hill, Spring and
Main streets has been measured off for
sites of business blocks of modern
type and great size, and it is figured
that many old buildings and residences
will be relegated to cheaper localities in
the near future. Now investors look
with interest to the west along Sixth,
Seventh, Eighth and Ninth streets and
active realty agents have been busy in
securing options on frontage for sub
mission to individual and syndicate in
vestors. The sale of the state normal
school property will serve to hasten
the erection of modern business blocks
and stylish apartment houses west of
Central park and out toward Figueroa
street on the downtown streets. Valu-
able options have been secured by
many Of the leading realty firms who
are already figuring on the size of
profits that they will place in banks to
their credit as the result of sales in
the near future.
Realty Board Members Talk
Optimism was the keynote of a spe-
cial program arranged for the last reg
ular meeting of the Los Angeles realty
board held at Hotel Hollenbeck. In
view of some rather pessimistic predic-
tions that have been indulged in during
the last few weeks, not only in Los An
geles but throughout the, country, it
was thought we'll to impress the men,
bers of the board with the actual facts
of the business situation so far as Los
Angeles is concerned and to boldly dis
cuss the so-called financial strin-
gency." w. L. Brent, an associate
IlcIIlU6T Ol IE9 DOdTQ anu HIGolQGIlL VI
the Merchants Trust company; Oscar
E. Parish of the firm of Mines & Far
ish and a former councilman, and G.
M. Giffen, another member of the board
who has served the city as school and
library director were the principal
speakers.
Mr.. Giffen's Comments
Mr.. Giffen referred to the days of 49,
when a decided financial stringency"
prevailed throughout the United States
He then came to Los Angeles a
stranger and was impressed with the
atmosphere of CHEEKY optimism which
existed. AS compared with the east
Los Angeles seemed to be positively
prosperous and he attributed this to the
fact that the people believed in them
selves and in their city and territory.
When they talked to stranger, or, for
that matter, to their neighbors, he said,
they did not dwell on the frost that
may have occurred the night before,
but preferred to tell how much money
they had made from their orange
groves last year. There has been some
tendency lately because few lots
somewhere this side of San Pedro are
not selling as freely as similar lots
sold while ago, to complain that con-
ditions are bad. This, Mr.. Giffen said,
is in his opinion a mistaken thought.
Financial stringency is only phase of
thought, anyhow. Depression exists
only when people imagine it and talk
about 1t, but it certainly does not exist
in Los Angeles at the present time. and
the prospects for the future were never
brighter. Enterprises are now project
ed that involve the expenditure of $780,
100000 in the next few years in and
around Los Angeles. In Nevada, terri
tory tributary to this city has an ap-
70 nf ohcnI11tA1Ny
wealth of $4,000,000 month, which, the
speaker remarked, is quite a sum to be
looking for investment. Within forty
five days the winter output from
Alaska will be brought down, amount
ing to about $12, 100000. In conclusion
Mr.. Giffen dwelt on the benefit sure to
accrue from the National Educational
association, the Dunkard and other
conventions about to be held here. He
pointed out that Los Angeles averages
a new department store annually, with
all which that involves in the way of
payroll and other local expenditures.
other Pointed Addresses
Mr.. Parish declared that every real
estate man we'll knew that the condi-
tions which have prevailed in recent
years could not continue. Subdivision
business. he said, had about come to an
end, and in his opinion that is just as
well. The real esatte business is now on
a firm basis and he believed that
hardly any other city in the country
will keep pace with Los Angeles in the
next five years any more than has been
the case in the past five years.
c. A. Elder of the Los Angeles In
vestment company, who is also a
banker, thought that the previous
speakers had underestimated the
amount of business actually occurring
at the present time. April, he said, is
always a duh month, but his firm had
experienced one of the most prosperous
periods in it's career within the last
few weeks. He believed that the next
year would be better than ever.
The Owens river water and the bond
election will be the topics for discus
sion at the next meeting of the board,
to which Mayor Harper, president OF
the council ana other city officials have
been invited
dent"
"Ah; his is a very rare ailment"