Los Angeles herald., 1908-03-20
40 LOANS
/. ON REALTY
MORTGAGES
EQUITABLE WILL INVEST IN
Los ANGELES
SECURITY TO BE IN BUSINESS
PROPERTIES
Paul Morton's Visit Favorable to City.
Aoueduct Bonds Are Subscribed.
Banks Show Steady Busi-
ness Increase

Coming as an agreeable surprise tt
the business interests of Los Angeles
and especially to the realm of realty
is the announcement of Paul Morton
president of the Equitable Life Assur-
anoe society that his company wouia
make big loans on real estate mort
cages on properties centrally located
The slow but gradual return to pros
perity Of the real estate interests of the
citv viii !. % said. receive a quicken
inc impulse by the investment OF the
Enuitable money at this time, when
the banks are refusing to make loans
The extent o. the loans to be mace
by the Equitable, and upon What IN
diyidual securities, Morton, When inter,
viewed by The Herald yesterday salQ
he was not prepared to say fto"eNei,,
he gave every assurance that such
loans would b. made and that they
would foot up large and ample total.
at do not wish to leave any impress
sion that might cause an eXaggeratioii
of facts" said Morton, but you may
quote me as saying that the Equltaole
will make big investments III feai estate
mortgages in Los Angeles. These loans
will he made on large properties in the
central business section OF the clty'
But I cannot say now what the prop,
critics are or how much the loans
will be-"
Bio Investments
AS the Eauitables records show
that it does not make little invest
ments, linked with the fact that It mas
recently loaned $3,000OO0 on san iran
cisco realty mortgages, it is conclusive
that Los Angeles is to receive an ele-
CANT portion of the vast resources Oh
this great life assurance society.
Speaking of life assurance, Morton
said that panics had a good effect on
such institutions, causing persons TO
take out policies not alone Tor the ueatn
benefits, but for the loans which can
he gotten from policies after they have
run IL certain period.
last YEAR" he said, I'VE increased
the amount of loans on policies to $!5'-
900. 900. When the people see the Vaiue
of life assurance during hard times
they are eager to invest with us. Inc
life assurance business is improving
rapidly and confidence is being re-
stored"
Morton said that he was in Los An
seles strictly on business of the Equit-
able society. He left last night Tor
San Diego, and from there will go TO
San Francisco.
Aqueduct Bonds
to be made by the Equitable is the in
vestment in aqueduct bonds by two
more Los Angeles banks. The Amerl-
can National bank has taken $6S,0Oo,
and the Central National $4,000 OF these
bonds. These subscriptions bring the
amount still to be disposed of down to
less than $780, and it is said that
negotiations are now pending which
viii result in placing these bonds with
in the next few DAYS.
The subscribers to the bonds to date
are the German-American Savings bank
for 100000: the American National for
S6S. 600. the Central National for $25'0OO'
the Broadway Bank and Trust COM
many for 5000, the Title Guarantee
and Trust company for 500 900 and the
Title Insurance and Trust company for
$4,000. Private subscriptions have also
been received, making total of about
S225,O00
The money market of Los Angeles is
greatly improved. and along numerous
lines conditions may be said to nave
reached normal The prospect from
both a banking and business stand
point is encouraging. While deposits
a. the banks are still fiuctuating, 1t is
said that they are gradually increasing
in number.
Loans and Deposits
Complying with a call made by the
bank commissioners for the banks to
file reports as to their condition at the
close of business on March IA, these
institutions show that loans and de-
posits have increased since the last call
made on January /. 1t was Impossible
to gain statements from all of the
banks, but statements from ten OF tnt
largest show the general upward tend
ency of banking and business generally
The California Savings bank reported
that in the last six weeks a gain OF
$4,000 had been made, and the Equita'
BILE Savings bank reported that theil
gain amounted to 500 900.
Following is a table showing loans
and deposits of ten banks, with com
parison with figures OF the last call
January /:
LOANS
March a. Jan ]
broadway Bank &