The herald., 1893-06-24
WHY LOS ANGELES IS SOLID,
A Reassuring Statement of
Fact Made.
The Chamber of Commerce Comes 70
the Front Strongly.
Tho Directors Prepare a Memorial to
the Public which Shows Good
Reasons for Having
Confidence.

There were present Directors freeman,
Forman, McGarvin, Parsons. Hazard,
Klokke and German. President Free
man occupied the chair.
Frank J. Captain was elected to mem
bership in the chamber
The committee on ways and means
reported that the accounts of the secre-
tary and treasurer for the month OF May
had been inspected and found to be all
right.
1t was moved and carried that COM
mittee of three be appointed, together
with the secretary, to draw up suit
able memorial to be addressed to the pub
lie with regard to the recent suspension
of several OF the local banks. The fol-
lowiRg we're appointed as such commit
tee: Directors Forman, Parsons and
Germain.
The committee met and drew up the
following, which was adopted by the
board:
Deeming the present situation one
that is fraught with the possibility OF
injury to the reputation of our city, the
extent of which will be in a large meas
ure determined by the future conduct
and bearing of the business community
and the people at large, the board of di-
rectore of the Los Angeles chamber OF
commerce, who are regularly delegated
to speak for the organization, AJAX to be
heard in few words of advice and
caution. We beg leave to remind the
public that the chamber OF commerce
has a membership of over 600 of the
men most prominently identified with
the cause OF progress in this section,
whose combined interests cover every
branch of manufacturing, commerce,
trade, realty, agriculture, exchange,
mining and the professions. In this or
ganizstion every element of the welfare
of Southern California is represented in
one form or another, and the chamber,
as is we'll known has, since it came into
existence, labored in careful and con-
servative lines for the best interests OF
the city and the surrounding country,
and is thoroughly acquainted with the
resources of the aection which it repre-
aents. If, in such time, there is need
that some authoritative voice should be
heard besides that which has proceeded
with such Judgment and force from the
local presa, certainly the chamber of
commerce should not remain silent.
Looking the eituation squarely in the
facs, we find that in Los Angeles several
banks have been compelled to tempo.
rarily suspend payment. 1t appears
that each one of the banks thus affected
has assets greatly in excess of liabilities,
and that they were holding coin when the
run began, varying in the different
banks from rs to so per cent of their
total deposits margin seldom main
tanned in any city in the country. Ow-
ing to the persistence of the run, and
the fact that this city is about 500 miles
distant from any point OF relief, the coin
on hand proved to be insufficient to
meet the demand, and institutions
whose real solvency no intelligent man
is disposed to question, were compelled
temporarily to close their doors.
To demonstrate that this condition of
affairs ia not due to any lack of prosper
ity in the country or city, we call upon
our people to remember the following
facts:
Thgt our bank clearances, which show
a steady increase during the past four
years, have increased in the first five
months OF 1S93s66 Per cent over the to-
tai for the same molths OF 1892.
That buildings are now in course OF
erection in the city equal in value to
about one-tenth OF the total valuation of
all it's Improvements, eituation which
never but once before came to pass in
the history of the city.
That the condition of general business.
Wholesale and retail, and the demand for
articles of local manufacture was never
better than at present.
That the agricultural territory tribu-
tary to the city has experienced no
misfortuneR OF serious character, but
on the contrary the deciduous fruit crop
of last year was unusually large and met
with an excellent market, the citrus
fruit crop was very good and the grain
crop OF the present season promises un-
precedented returns.
That the real estate market of the
city and the surrounding section, which
has been lsngushing for number OF
years, during the last twelve months
has steadily improved until the number
of exchanges recorded per month and
their aggregate consideration averages
beyond the showing of many cities OF
much greater population in the east.
That during the past winter the trains
from the eabt have been filed with
tourists and intending settlers and the
travel in this direction is now larger
than at any time during the past five
years in the same month.
That the recent seh1ol census snd the
directory canvass shows the city to have
increased rs per cent in population in
the leet three years, and in tho judg-
ment OF those best posted the influx Of
new comers is only in ite beginning.
That during the year variety OF new
and important enterprises have been in
augureted, afordiug employment to
workmeD and opening o market for our
products, of which the pork packing es.
Establishment of the Cndahy company,
now in operation, and the smelter, now
almost completed, may be mentioned as
illustrations.
That during the year the Southern
Pacific company, one OF the most power
iul and far sighted corporate interests in
the union. has constructed at Santa
Monica, at cost OF 81 900 900, the long
est wharf in the world, to which tonnage
from the orient and from the north and
south will come in enormous quantities
for transportation across the continent
and for distribution in the southwest.
That new railway undertakings are in
progress, opening up fresh territory to
conquest, and new irrigation enterprises
are under way to render vast tracts OF
land more valuable for horticulture.
That theke has been and there
still is in all these elements
of progress and prosperity, nothing Of
an ephemeral or boom character, but
that each one has come as natural
development out OF the achievements