Los Angeles herald., 1906-08-05
ANGEL CITY LEADS
IN RAPID GROWTH
MILLIONS INVESTED IN MANY
ENTERPRISES
Writer In Moody's Magazine Reviews
Financial and industrial Situation
In Los Angeles and South
ern California

In the current number of Moodys
Magazine of New York appears the fol-
lowing special article on Los Angeles
prepared by Day Allen Wiley the we'll
known financial writer;
The story of the creation or Los An
seles Is one which Is especially inter-
esting not only to the average AIueIl-
ican hut to the investor and the imam
cier. II Is doubtful IL elsewhere in the
Trnited states. outside of the largest
cities. individuals have placed thelr
money In such sums in real estate ran
road and other securities, in wholesale
and retail trade and i'm manufacturing
Industries. For example, the city ana
surburban railway system represents
an investment of over $4,000, 600 con-
tributed by one man. Another nllllono nlo
aire is personally expendinC $5,OOOOOO
to tbe buil ing of a residence suburb.
Instances where $1,00O,OO0 to S3,OOOOOO
have gone i'm a lump sum into TINS OF
that enterprise are numerous.
The reason why capitalists nave ad-
vanced funds on such generous scare
are well worth outlining, for they also
reveal the principal reason why Los
Angeles has secured the reputation OIL
expanding more rapidly in populatloI
than any other American city-a fact
census reports but by an analysis OF
its neopIe, and other barometers OF
civic nrogress. One of the reasons mas
been t..c spirit of cooperation. one
for all and all for one" seems TO De tne
motto of all classes Of its residents
That the value of new store or rae
tory. an additional railroad line or
colony of new settlers in the auJacent
territory is appreciated is SHOWN py the
mob
Inducements of free sites and low
taxes are offered the prospective manu-
facturer. Stock is taken in the COM
nanv he organizes. The subscriptions
of Los Angeles capital to railroad
schemes are remarkable for the sums
thew r present. This partly accounts
for the literal network of electric and
steam lines which places the city III
communication with Central and
70 thern California and has given IL
two trunk lines direct to the states east
of the mississippi. while it is also con-
nected with the Pacific northwest and
the rich mineral territory of Utah and
Nevada. The encouragement of rail-
road promotio has made Los Angeles
the terminus of no less than fifteen rail-
s. TENS. not counting the $50 miles OF
street railways within it's limits. one
result of this development IS that 0OUO
railroad employees have homes IN Los
Angeles and bring into the city 5000
600 yearly in wages. Considering that
its total population is but 225,OOO' Los
Angeles has a larger mileage of urban
electric lines than any other commun-
ity approaching it in size. But their
securities, although they aggregate
S25. .0OO. 600 are considered so desirable
for investment that they are held al
most entirely by local investors
Result of Cooperation
The sentiment Of cooperation is re-
Nected by the chamber of commerce,
which represents the feeling of all
classes of the people. This body is not
a mere figure head as is too frequently
the case, but an active, energetic Or
ganization which has raised the science
of civic promotion to high standard
Its work is divided and subdivided like
the routine of modern department store
or railroad office. Nothing pertaining
to the public welfare is omitted by the
chamber. This is why its work is con-
sidered so valuable that it has over
1000 memb bers, far more than any other
similar body in a city approaching the
population of Los Angeles To provide
facilities for carrying on its work it
has constructed a building that is
unique i'm it's way. Including the site,
the structure COSC nearly NOOU,uUU' us
six stories include permanent expo
sition of the agricultural, mineral and
other resources of the country of which
Los Angeles considers itself the me-
tropolis. 1t has a department. devoted
to informing the investor and home
seeker about this part of California.
Committees of the chamber are select
ed to look after each phase of the city's
progress, including local improvements
additional industries and the enter
tainment of conventions and societies,
since such gatherings tend to advertise
the community abroad. Many of the
members of these committees are men
whose time is worth from $50 to S100
per day in connection with their private
interests; yet they willingly give their
services gratis. The secretary of the
chamber, who might be called its gen.
eral manager, is an expert in the art of
publicity. He has charge of the per-
manent exposition as well as the trav-
cling displays which are arranged to
advertise the city, and a part Of his
duties are to keep the association in
formed of anything which may tend to
aid the city's progress. 1t may be add
ed that the present secretary, Frank
Virgins, has shown such ability that
he is given the credit of having done
more to advance the city than any 9TH
er of it's citizens, for it's development
has been practically his life work,
Population and Business