The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-08-10
BETTER TIMES IN SIGHT.
Banker Hellman Talks on the
Financial Outlook.
An Abundance of Money in THIS State
for Business.
The Strike . Hard Blow at All Indus
tries Both In California
and tho West
Generally.

Farmers and Merchants' bank of this
city and of the Nevada bank OF San
Francisco, chattsd with HERALD man
in his private Office at the bank yeater.
day about the financial matters OF the
state.
'At this time there ia an abundance
OF money!" said Mr.. Hsllman, land the
leading banks OF San Francisco have q
larger surplus above legal requirements
than at any time before for years. Rates
of interest are very easy and money can
be secured in abundance for al legiti-
mate PURPOSES"
"Is capital seeking new enterprises,
such as irrigation propositions and the
like" was asked.
mo, not to any extent. In fact, the
past experience in most OF The larger
enterprises OF that character, where
twice aH much money has been spent as
the value OF the undertaking would
justify, has shaken the confidence of
those holding securities, but If those
who wish to embark in an enterprise can
the money needed"
ness activity" continued MIR. Hellman.
''The price Of all products has reached
such low figure that the accumulated
surplus has been exhausted. and By the
very nature OF things revival must take
place to meet the demands In my
opinion the passage of the tariff bill by
congress, which now looks close st hand,
will improve the general industrial con.
dition of the country.
Zone reason why there is such sur
plus OF money on hand is because of the
general shrinkage III values. For in
stance this year the fruit can be handled
for 80 per cent of last year and the same
shrinksge extends to all commodities.
Consequently money has a very much
greater purchasing power than year
ago."
Eyes, I think the Chinese war will
help California. If it continues long
enough it will be decidedly beneficial.
Already there have been $4,000 barrels
of flour shipped from San Francisco and
the hardware and other merchants an
ticipate increased orders. Both China
and Japan will want much that we have
to dispose Of"
In speaking of China, reference was
made to the silver consumption by those
people, fact which has rather special
interest in view of the general interest
in the white metal. The banker said
that were it not for the large exports of
silver to China, the price would still be
lower in the market. They buy up Mex
lean dollars and American bar oliver,
and each steamer to the orient takes a
very large shipment. In fact, at the
present time, there is no surplus of
silver on the coast. The seiSniorage
now being coined by the San Francisco
mint is adding to the currency circula-
ton very considerable amount each
month.
"This strike has been very severe
blow to the state, NOT only to the differ
emit industries but to the men
who have been employed, said
Mr.. Holman, referring rather warm
ly to the late contest between the
railroads and their employees. my
sympathy is always aroused on the side
Of labor, when it is just and reasonable;
but OF the class who are known as agira.
tors, the men who get themselves up as
patriots, but in reality reap all the ben
efits. have no use for them whatever.
They have done great amount of dam
age, as exemplified by the recent ie.up,
and it will be years before eastern or
European capitalists will dare to seek
western inveetmenta again. They have
become frightened, actually frightened.
The vast amount of gold shipped to
Europe lately, and now going out, is
caused by the lack OF confidence in
American securities. AS rule, in Au-
gust gold is flowing to this country, not
away from it."
Mr.. Hellman said that he had como
down to Los Angeles for couple of
weeks visit, in order to look after his
interests in this city. He had found his
bank in a very fourishing condition.
The Farmers and Merchants, he added,
was his first love, and he would always
look to it and Los Angeles with much
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