Los Angeles herald., 1908-03-29
REALTY TO
BE NORMAL
THIS YEAR
FIRST QUARTER SHOWS GOOD
AVERAGE
LOS ANGELES LEADS ALL OTHER
CITIES
Eastern investors Placing Their Money
Here-Thousands of Colonists
Are Setting-New Section
Being Developed

Conservative men are one in the be-
lief that this will be normal year for
real estate. The past three months, the
first quarter of the present cycle,
which is now nearing it's close, has
been marked by a number of large
sales linked to substantial volume of
transfers ranging from $4,000 to $4,000.
A summary for this period will show
that business was equal to the average
done in the most productive years, with
the exception of last year, which was
abnormal.
The largest deal since the advent Of
the financial stringency was made a
few days ago when the Pacific Mutual
Life Insurance building was sold for
$543, 900 cash. Every indication is that
the hard times, so far as Los Angeles
is concerned, are at an end and that
from now on there will be a steady in
crease in the volume of business.
The banks are in better condition, are
increasing their loans and deposits
daily and will continue to strengthen
their forces in the future, confidence
being rapidly restored. Time deposits
will be paid. commencing this week,
and it is believed that a good propor-
| tion of the money withdrawn will be
invested in real estate.
A feature bearing upon the real es-
tate market is the increasing amount
of local stocks which are being pur-
chased by eastern firms and individ-
uals through their agents here. One
firm reports that in the past ten days
it received and placed more buying
| orders than for the preceding six
months combined. Each day brings
fresh inquiry from the east as to local
investments.
Los Angeles in the Vanguard
1t is fact that Los Angeles was one
of the first cities to rally from the
panic 1t has now fully recovered and
is leading in the vanguard of industry
and progress, forging ahead at such
a rate as to compel other cities to
quicken their pace. Being aware OF
this, knowing that all things from a
climatic and business standpoint are
in Los Angeles favor, eastern invest
ors are wasting no time in placing
| their money here, where it offers the
! safest and most ample returns.
With the approach of the fleet comes
| the news that there will be 300, 900 Wis
itors in the city during the celebra-
| tion next month. The railroads are
making elaborate preparations for the
handling of this traffic and excursions
will be run from all points. especially
| points in Arizona, Utah. Montana,
| Idaho Oregon and Washington The
great influx will have a good effect on
real estate and numerous sales are ex-
pected to result from the fleet celebra-
tion.
The colonist movement to Southern
California continues. Each train from
the east brings new citizens to our
borders. To date the number of colo
nists to reach the city over the three
railroads is over $4,000. These are set
tling in all sections of Southern Cali
fornia, buying homes and tilling the
land. The Imperial valley is one of
the principal points for the colonist
and land in that community is fast
being settled. But while Imperial is
experiencing boom other sections are
coming in for their share of coloniza-
ton. Reports from Orange, San Diego,
San Bernardino and other counties are
that numerous sales in ranch property
are being made daily. In brief this has
been one of the very best springs in
the history of Southern California for
the sale of ranch property. There is
no indication that activity will be dis
continued.
Most Productive Season
There is every reason to believe that
this spring and summer will be most
productive to building circles. Already
there are being erected numerous large
buildings, a number of which will
when complete be among the very best
in the city. Other large structures are
now in the contemplative stage, while
others are being designed by the ar
chitects. Building of dwelling houses
is active throughout the city and coun-
try, and the months to follow give
promise of q most prosperous season.
Lumber and other materials are cheap
er than last year and this is proving
a great incentive to erect before the
return of the old prices.
Recommendations for a sum aggre-
eating $750,000 have been made to the
city for the erection of new grammer
school buildings and for improvements
on old buildings. This sum will be pro-
vided by three bond isesues. The over
crowded condition of the schools has
made such a step absolutely necessary.
The new buildings will be constructed
of steel and reinforced concrete and
will be modern in every particular and
absolutely fireproof.
Palo Verde Country
A worthy rival of the famous Impe-
rial valley has developed at the far
eastern end of Riverside county in q
section known as the Palo Verde coun-
try. Advices state that settlers are
just commencing to locate there and
that the new section gives every prom
Use of developing into one of the best
agricultural communities in the state.
The Palo Verde is at present better
known as a mining prospect country,
which in the early days attracted at
tention. Some sections are fertile, while
other sections could be made to thrive
with limited irrigation.
The eucalyptus industry is gaining
ground daily and during the past week
numerous acres were planted to the
tree. The warning of the government
bureau of forestry that in twenty years
at the present rate of destruction the
timber supply of the United States
will be exhausted has been strong
factor in the development of the eu-
calyptus industry. The great CONNER
cial calamity which would result from
a total destruction of the country's
forests will, it is said, be averted by
the planting of vast acreage to the