Daily Los Angeles herald., 1884-06-08
W hich is wildcat.


II often happens in this city. that
when an attempt is'made to get up o
mining stock company or petroleum
company q large class Of people pronounce
the attempt as "wildcat" adventure. a
bogus bubble" OF a "swindling scheme"
In consequence Of the infamy Of tn ese
croakers, our resources are not develop
ed to tenth part Of what they should
be. When Mr.. Chandler sho wed the
petroleum wealth Of our oil belt, he
could find little encouragement from
home capital to open the treasures of the
rocks and finally had to interest outside
capital from Mr.. Geo. Chsffey to put the
oil development on good basis. When
Col. Markham desired to open the rich
mines in Calico, he had to secure capital
from Milwaukee to do it, although the
business that he was to engage in was
vastly for the ben. fit OF Los Angeles. as
was also the enterprise Of Mr.. Chandler
A milar experience was had at San Fer
nando. The writer of this article, for
seven years urged local capital to 20 to
work and bring out the petroleum wealth
Of that region, but it required Senator
FELTON,, Of Msnlo Park, to come down
here and make the ''rocks pour out riv-
ers Of oil.
Something similar has been the exps-
rienoe Of others in opening our great
copper mines, which are Of fabulous
richness, and our plumbago and iron
mines. When our capitalists, who have
$1,000, 900 lying idle in our banks, de.
cline to invest in local enterprises such
as copper mines, quartz mills, petroleum
wells, paper mills and other enterprises
which bring wealth TO our city, aud in
vest in distant railroad and other stocks.
which have first, second, third and
and fourth mortgage bonds, for three
times the value Of the property, it ap.
pears to bs queer state Of things that
needs Improvement The electric lights
Of our city were paid for and $780,
OOO expended by capital from abroad to
set up the nasts and wires aud plants
for the illumination Of Los Angeles,
while local capital shrugged its shoul-
ders and kept its money idle.
1t would be q good and valuable les
sou to our conservative capitalists to
look back few days only, and observe
the difference between the securities Of
railways, steAnships aud telegraph CON-
panies during the recent great stock
panic in New York, when the greatest
brokers Of the nation went by the board
and mems hearts failed them, and rail.
way stocks and government bonds and
telegraph stocks declined; Western
Union, the favorite Of millionaires, DROP
ping from 10 to 40 cents, the mining
stocks aud petroleum stocks never fa'-
tered nor hattened. No mining stock
broker failed, and there was no change
in values Of the leading stocks Of tie
gold, oliver aud copper mining comps-
nies.
Such a spectacle 10 most noticeable
aud instructive. The solid values Of
the Great West wers firm as the rocks
from which they draw their wealth,
while the popular millionaires who dab
bled in railway stocks found their prop
erty not available In storm and value.
less. Capitalists will please take notice
that the copper stocks of Arizona and
California never hattened during this
panic, the silver stocks OF Calico
were unchanged. the B1nsnza King,
Of Providence Mountain, the Ontario,
the Standard, Father De Smet, Homes
Take and the old Grass Valley stocks,
all went on "withont variableness or
shadow Of turning" This monster
panic which shrunk values Of railway
aud telegraph stock tl00. .OOO. 900 in an
hour, had no effect on the legitimate
mining stocks Of this country. This ex-
hibition should show to our local capi-
talists the solidity Of our mining
intsrssts, which never vary when
the stocks Of great corporations have
shrs Dk forty per cent. and ruined the
bolders thereof IL Is quite time that
the attempted odium Of calling our min
ing stock "wildcat" was done away With.
The late panic has been an educator, and
shows what stocks are dangerous and
properly called "wildcat."