Los Angeles daily herald., 1890-01-18
THE ALMIGHTY DOLLAR.
now to Make the City Prosper I'm
the Future.

THE AuMlUnII 4 DO0AaNs
now to Make the City Prosper I'm
the Future.
Yesterday a reporter of the HERALD
was introduced to Mr.. ]. L. Patterson, a
citizen of Rockford, Ill. for many years,
who has recently come to Los Angeles to
make this his home. The condition OF
the city was touched on in the course OF
conversation, and after paying Los An
geles many handsome compliments this
gentleman went ON to say that there were
things here he could find to criticise if
he made comparisons with his own home.
He stated that Rockford was place Of
only 25, 900 people, but that there was a
great deal more manufacturing done there
than in Los Angeles. This he claims is
owing to the methods that obtain there
for encouraging new enterprises
to make their home in the
place. Within q radius of three
blocks in the center of Rockford there
are 16S manufacturing enterprises. The
Rockford Manufacturing Company has
q plant that cost 100000. When it
came to the town to look for location
the people bought ten-acre lot and pre-
sented it to the company. Anywhere
that the Rockford people hear OF capital
seeking investment they send delega-
ton to endeavor to draw it to that point.
Any sort of an industry that will come
there is always presented with land on
which to place their plant. Mr.. Patter.
son handed the reporter copies of a
Rockford paper, showing great progress
made in the city during the past year.
The amount of building, the capital put
into incorporated companies, the new
enterprises set on foot, and the number
of men given employment, are all mat
ters of wonder.
Another thing which Mr.. Patterson
thinks initiates against the progress Of
this city is the high rates of rents pre-
vailing for business premises. He states
that he came here two years ago with the
intention of resting for one year, and at
the end of that time going into business.
A year ago, having taken his rest and
feeling refreshed, he made an attempt to
go into business, but found rents so high
he could not see his way to do any thing
He spoke of the short-sighted policy OF
so doing and prophesied that it would
eventually result in driving business
into new streets. One of these DAYS
property holders on Fort street will
wake: up and put up blocks of stores,
which they will offer at low rents to
business men, and the high. cost stores
will go untenanted. This occurred in
Chicago to the great injury of much
property.
The price of money Mr.. Patterson
thinks is too high here. He thinks the
local banks ought TO encourage new in
dustrles by allowing the proprietors to
borrow money at fair rate.
Major Toler was with Mr.. Patter-
son, and the discussion drifted to allow
ing new concerns to do business here for
q term of years without making them
pay taxes. The Major said he would
take this up and see about the matter
see what could be done.
After this talk the reporter met Major
Bonebrake of the Los Angeles National |
Bank. The Major took hopeful view of |
things. He said Los Angeles was more
than holding her own. New capital is |
coming in here seeking Investment:
old debts are adjusted so that
matters on that score are easy.
As to rents, he said some of the tenants
in the Bryson- Bonebrake block COM
planned that their rents were too high.
Leases running for five years at $500 a
month, with responsible parties, they |
had offered to cancel if the tenants so |
desired, as there were others ready to /
take new leases for $3.50 month. While |
tenants make such tenders as this land |
lords are likely to hold up their rents. |
Business is not sentiment, and property |
owners are hardly to blame for taking
the rents people freely offer to pay. It
would seem that in such circumstances |
the proper remedy would be for
the owners of good lots to improve
them. The Bryson-Bonebrake building
is reputed to be paying $4,000 month. |
That is very handsome income.
The banker says there are good many
heavily moneyed men coming In here.
A Judge Umri, Of Nebraska, is here to
invest large sum of money. He wants
to buy out the electric railroad, but an
other capitalist has an option on the
property, and until that runs out nothing
can be done. If that miscarries, then
the new man will buy it out.
The reporter learned later that new
bank is about to be opened at the corner
OF Fort and Sixth streets, in the Frank
enfleld block. DR.. a. Sinsabaugh is at
the head of it. From another source the
information comes that Senator Stanford
ls busily at work on this ap-
preparation for San Pedro harbor.
The Senator proposes to ask for
1000, 900. That is none too much,
and in view OF the fact that Los Angeles
has never obtained much from the Fed
eral Government, it ought to be voted at
once.
All these things, with the certainty of
two new railroads sure to get here within
two years, make all classes of people
very hopeful of the future.