The San Francisco call., 1910-05-14
REAL EsTATE AUCTIoNs

Real estate auctions have been a
feature Nof the last week among the
local dealers. Other auction offerings
viii be made IN the coming week Bid
ding is reported to have been brisk
st the auction sales Of the last few
days. In one. where the properties
were sold by order of referee, every
piece was bid on. subject 10 confrma-
uOn by the court. Another feature
OF the last few days is found in the
announcements regarding the suburban
properties that are made by the brok-
ers. New tracts are coming into the
market one Of which comprises large
acreage that is directly south of the
Stanford university.
LOANS ON REALTY
Loans are made largely on basis
OF less than 6 per cent by the banks
Some Of tire banking institutions that
are placing money on the security of
local real estate have adopted the pol
icy Of net loans. that is, the borrower
Of the money gets the coin at a net
price with the agreement that he shall
pay all the taxes.
In some ways this is said by the
bankers TO work TO the advantage OF
the borrowers. Gross loans of 71a per
cent are said 70 be about the same as
net loans Of . z per cent Possibly
the real incentive to change the prac-
tice may be found in uncertainty as
10 what the taxes viii amount TO-
Last year net loans at 5lk per cent
and gross loans in San Francisco at
Z per cent amounted to about the
same thing This might be varied by
circumstances.
The figures showing the sales of
April do not seem to indicate that busi-
ness has fallen of. There have been
fewer large transactions Of late, but
Fc Of e.
and they make up an aggregate show
ing that is entirely encouraging.
COWELL ESTATE IMPROVEMENTS
Great interest in the lower part of
the city, near the ferries, is centered
upon the developments that the Henry
Cowel estate may give rise to along
the west line OF East street. Upon
which corner the proposed hotel to be
erected by the estate will be placed is
still undecided. Beyond the fact that a
loan OF s165. 900 has been negotiated by
The estate on the basis of security af-
forded by the East street property. in
cluoing corners, and that ii is the in
tentiOn OF the owners TO build. no def
nioe information has been vouchsafed.
An impulse may be given that will
change the entire appearance Of the
water front in the East street neigh
borhood from Sacramento to Clay
street.
CONTRACTORS IN RUSH
In the south side of Market street
the race of the contractors who are
putting UP a two story brick structure
on the southwest corner Of Market and
East streets with bonus for each day
they can cut from the time specified for
completion Of their labors, is attracting
much attention on the part Of commut-
ers and others Hardly was the demo-
litiOn OF the former shacks started be-
fore il was completed. Gangs OF men
cleared up the debris in fast time and
FIRE finished the destruction of piles of
accumulated rubbish of materials too
small TO be handled eXpeditiously. In
three or four days from the beginning
the actual work OF driving piles for a
foundation was under way. A new two
story brick structure with y stores
and 25 Offices must be ready for the
tenants early in July, according TO the
terms Of the construction contract.
The property on the southwest corner
Of Market and East streets has an ex-
ceptionaIly long frontag &c in East street
and the improvements will materially
better the appearance of the region
where Market street fronts the ferries.
The present area of Market street i'm
provement extends all along the city's
main artery from the ferries out to the
junction of Market street with Jones
and McAllister. where the steel frame
Of the new Prayer building has been
erected. New buildings In California
street that have already been described
are Fastening to completion. The New
hall building is about finished so far
As the exterior is concerned. This
structure is an ornament to the street
Building at the lower end of Bush
&C. -.