Imperial Valley press., 1914-10-31
Great Prosperity Under
johnson Administration

San Francisco, October 31.-Captain
Fredericks, Republican nominee for
governor, is running through the state
with the cry that California prosper
ity has been blighted, that industry
has been paralyzed and that financial
ruin is knocking at our doors.
The calamity cry of Captain Fred
ericks is directly contrary to the finaa-
cial reports of the bankers. Prosper
ity is determined by the condition of
banks, not by the fantastical plead
ings of politician seeking office.
California has suffered some shrink
age of it's customary large prosperity
1t has felt the effects of the great
European war just as all the rest OF
the world has felt it. But California
today is probably more prosperous
than any other state in the Union. l.
is infinitely better off than New York
whose governor is Democratic, and
Maine, whose governor is Republican
1t is. an axiom among bankers that
savings deposits fall off in September
Money is withdrawn for crop move
ments and harvesting expenses. This
year the war has caused further large
Withdrawals throughout the country.
And yet the report of State Super
intenGent of Banks w. R. Williams
shows that on September "a there was
on deposit in the Ats state banks
$587 100000. In the face Of the usual
fall ard the general depression in
the whole country, the decrease in Cal
ifornia was only $7,500,000 from June
90 to September "a.
In the same period deposits in the
city If New York alone dropped $40,
100000.
During the administration of Gov
ernor Johnson from January Z, 1911,
to September "a, 1914, the capital and
surplus of banks under state super
vision increased more than $10,000.-
600 and deposits in banks increased
more than $108,000,0O0.
Superintendent Williams report
shows that California is actually en-
joying prosperity far in excess of all
other states.
The petty politics of Fredericks ca
lamity talk is shown by the San
Francisco Chronicle, which on its ed
itorial page lambasts the Johnson ad-
ministration for alleged financial
Istringency and on the financial page
print; story with the headlines "Lo-
cal Utilities Show Big Gains"
The story categorically declares
"Great Western Power Company and
Pacific Gas Company report a pros
porous month. Both show big gains
over the corresponding periods year
ago. Gas company making nearly 6
per cent on its common stock"
The financial page of the Chronicle
breathes prosperity, but the editorial
page calamity and financial woe, be-
cause the Chronicle believes a cam
paign of bunk will elect Captain Fred
ericks.
A reading editorial in the San Fran
cisco Call, which is politically neu-
trail, bad this to say few days age
on prosperity:
"This state is probably the stron-
gest financially in the Union. While
ether cities We're forced by the war tc
go on clearing house certificate ba
sis, he cities of California have been
able TO do work with real money. San
Francisco can well be the radio CEN
ter for optimism"
On June 30 the Williams report
showed that in California's CONNER
cial and savings banks deposits had
increased $18,000,000 in the past year
and their total resources had increased
nearly $30,000000. In San Francisco