Los Angeles daily herald., 1886-03-14
FINANCIERS' VIEWS.
The Messrs. Seligman on
Industrial Matters.
AN ERA OF IMPROVEMENT.
The Building of Railroads, and In
crease of Confidence In
the Public Mind.
AN ERA OF IMPROVEMENT

crease OF commence Ill
the Public Mind.
Learning that Mr.. Jefferson Selig-
man and his cousin, Mr.. Alfred l..
seIigman, of the great banking house Of
the seligmans in New York City, were
at the Pico House, a HERALD reporter
sought the gentlemen out, and was ac-
corded an interview, the results Of
which cannot fail to be of interest to
tie people of Los Angeles.
Making known the object Of the visit,
Mr.. A. l.. Seligman, with great mod
esty, said;
"Why, we are almost entire strangers
TO your State and city. have been in
San Francisco about three months, and
my cousin has barely arrived. We can
scarcely say anything of any public i'm
portance."
Reporter-"Mr. Seligman, it is re-
garding Industrial matters he East
wish to learn something from you. be.
cause know that your position on
Wall street puts You in constant con
tact with the industrial pulse OF the
country, and that the pulse is always
strong or weak, as the industries OF the
country are healthy or indisposed"
Mr.. A. l.. Seligman-'Well, il l
know anything that will interest your
people in that regard i shall be glad to
tell you, and my cousin. who will be in
In moment, will, am sure, be pleased
to contribute any points of Importance
you may wish to interrogate him on"
Reporter-"Then Mr.. Seligman, how
are the industrial conditions Of the
country as compared with the past?"
Mr.. A. L. Seligman-"The industries
Of the country are better than they
we're, much better. We find more gem
eral confidence abroad. There is a bet
ter demand for money, and also for all
sorts of securities. The depression has
been severe, but It Is over, and the
country is now in healthy state-Ah,
here is my cousin, who think will bear
me out"
Here the gentleman entered with his
newly married bride on his arm. The
pair are very tall and tnely proper
toned. Readers of the HERALD will
remember it was stated in these columns
yesterday morning, that she is tho only
child of MIR. Isidor Wosmer another mil
lionaire banker of New York. The lady
is as remarked above, tall, graceful, of
quite queenly grace OF form. The lines
OF the English poet Tennyson could not
fail to suggest themselves
"a daughter of the gods divinely tall,
"And most divinely fair"
The purpose of the visit being stated
and what had been said briefly sumar-
zed, Mr. Jefferson Seligman said:
"Yes, am quite Of that opinion. l
have come from Wall Street but few
days since, and perhaps can speak more
in detail than my cousin, who has been
ont here few months. The improve
ment is most marked ia railroad matters.
All good mortgages are being sought
alter. Now, take any Of the several
trunk hnes-let us say the st. Paul, the
Atehison, Topeka 4 Santa Fe, or the
Pennsylvania-the advance in all such
securities is from 20 to 30 per cent. ad-
vance over the prices ruling previously.
| All the roads are building new spurs
out from the trunks in all direc-
| tions, There are no new trunk lines
building anywhere, but all the old
lines are building numerous small
branches out into good territory,
opening up rich bits of country and add
| ing to their business and earnings. |
Then again, the people have acquired
confidence in things, Every sort OF
property has been too low. People
have been absurdly timid. Now they
are beginning to find this out, and they
are looking for property in which to in
vest. Why, in a country like this, with
all its undeveloped resources, it is surely
absurd to have money going at | per
cent as it has been doing. There are
Omitted States fours" selling at 1917, |
that is about p per cent. There is no
good reason for this. But it is over.
Things are much better. The outlook |
for the future is good. Manufactures
are all at work and the people en-
ployed. Merchants are taking hold and |
buying goods. Notes of improvement
are everywhere"
Mr.. Alfred l.. Seligman here re-
marked
"On this coast you do not know much
of this matter There has been very |
little depression here. San Francisco
feels little Just now of what New York |
and other Eastern cities have felt Sc
verely. But in San Francisco there is n
good undertone OF confidence, and all
feel that the trouble is merely tenn
porary."
Both gentlemen said many flatteringly |
kind things OF their impressions OF this
State. Los Angeles they expressed un
stinted admiration of, and confidence in |
its future.
The supply of labor here and at the
East was touched upon and the devel.
opment of the State. Mr.. Jefferson
Seligman said in this connection: "Tho |
train we came on in brought over two
hundred people here to settle in Califor-
mia. The East all wants to come to this
coast. Those coming are the better
classes of our population. You will
send us some back, but you will gain in
both the numbers and the quality of
the exchange. The people who leave
here to return East to remain will be
largely worthless class. You will get
some like them in return, but in the
main the people who are coming out
here are of our best citizens"
The Chinese problem was touched,
both of the gentlemen expressing
an undivided opinion rs to the Restric-
tion Act, and the necessity of its being
rigidly enforced. THY asked the re-
porter to give them an outline of the OBJ
ections found here to retaining those
already in the country, which was done. |
Both the gentlemen suggested what
has been often said here before, by |
others, that parI this surplus Chinese |
population could find a place in arge
cities in the East, where, on account of
their comparatively small ratio to the
rest of the population, their presence
would hardly be felt.
Many other matters of general interest
were touched upon, which crush of
news in these columns crowds out to-
day. The gentlemen will remain here a
few days visiting Sierra Madre Villa and
other points of interest.