The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-12-25

There is every reason to believe, think,
that San Francisco and the State OF Cali
fornia generally are at present upon what
may be called sound financial basis. L
do not say this offhand or as a general
proposition calculated TO boom the State
to the outside world, but only after due
consideration and somewhat careful ex-
animation into all the facts necessary to
base such a statement upon and with the
knowledge before me, too, that, having
made the statement, l may reasonably be
expected to support it.
While it is true that there may have
been but little money made by the people
this year, it is also true that there is bet
ter and stronger feeling in financial and
business circles generally throughout tue
State than there was at the close of 1894.
There is also feeling of more certainty
as to the future year, and business men
confidently anticipate and are max
ing preparations Cor a moderate but
substantial increase. This is true OF
almost every line. 1t is also
fact that during the past year there
has been but little or no speculation in
dulged in,. and this, I take it. is good
omen for the imm ediate future. Land and
products alike seem to have lost their
speculative values to an extent, and there
is no perceptible imitation of values. On
the contrary, values at present are based
upon, if not entirely up to, intrinsic worth.
And when there is noticeable increase in
such values and based upon such condi-
tions it is quite plain, l take it, that an
era of sound prosperity is being ushered
in.
In the past year business has certainly
been better than it was the year before.
and what has helped it is the fact that
money has been abundant and the rates of
interest have declined, and the banks have
been ready and willing to supply sufficient
funds, upon good security, to good busi-
ness houses and enterprises.
Another significant indication is that
the savings banks have all had as many
deposits this year as they could safely
take care of, and notwithstanding the
high rate of taxation in this City the rate
of interest to borrowers has not been in
creased.
There is still one considerable drawback
to San Francisco. 1t is that our manufac-
turing interests have not increased as
rapidly as we could wish, or even as much
as has the general business prosperity.
But even in this direction there is, | think,
much better feeling than there was at
the close of 1894, and the prospects for the
future are, though not extravagantly, yet
decidedly encouraging. Labor has also
been in much better demand this year than
| it was last year and promises to be in still
greater demand in 1896. The San Fran
/ etr ilu-ax ipc M O
| a great many improvements and exten-
sions, having given employment to thou
sands Of men and millions OF dollars OF
| capital, and yet there is still much to be
done In the near future in this direction.
The San Joaquin Valley Railroad. has
given a great impetus to the interior. 1t
has given employment to large numbers
| of men, and in many ways has benefited
the entire State. And yet this is only the
beginning. The new Valley road is one oi
the important factors that can be relied
upon to add to the prosperity of the Stats
in many ways for many years to come.
1t comes into the field as a competitor
for the business of hauling California
freight and passengers to and fro through
the great San Joaquin Valley. 1t is pre-
eminently an enterprise by, CT and for tht
California people. Its success is already
assured. More than twenty-five miles o
roadbed has actually been laid, though
the project is not quite year old. Worl
is being pushed rapidly, and the day o
doubling is passed.
Large sums of money have been invested
in real estate by our wealthy men
especially by Claus Spreckels and others
This has helped a great deal to restor
confidence in that direction. Th
handsome and substantial structure
erected within the past yea
like the Union Trust Company
building and the Parrott block, tn
great new buildings projected, like TH
CALL building on Market street, givin