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Transcription
Los Angeles - June 26th, 19^3 Mr. W. R. Bracken: Referring to your letter June 24-th, proposed sale of 0.64-28 acre of Main Street frontage and 1.7447 acres adjoining on east at prices of #700 and $500 per acre respectively. Your letter of May 13th shows the frontage parcel under lease at $4-20 per annum. Sale price of this parcel at $700 per aore would be 14-39.96. We could not justify recommendation at that figure. I do not know what land taxes are upon the parcel, but if $100 per annum, we are receiving 4# return on a valuation of $8,000, and I do not see how we can recommend sale at less than that amount. Am willing to recommend sale of the back parcel at $500 per acre under conditions stated, or for $872.35* or sale of the two parcels for $8,872.35* Please advise. Frank^&jf*ong
