Daily Los Angeles herald., 1884-09-10
Tides.

There appears to be tendency in the
public mind to gravitate toward ex-
tremes. Tides Of speculation apparently
have their seasons to ebleand flow. The
movement is first in one direction. even
when reason proves that no more profit
can be achieved by following the multi.
tude which has set out toward its Mecca.
When the ebb and return begins, there
IL the same unreasoning haste to leave
even promising Indications, which ih
tn ousands of instances have proven
valuable when wiser aud better arranged
plans have been placed in operation.
This same tendency has been observed
in almost every field Of legitimate bust
ness and more particularly, with more
decided expression, in lines Of specula.
tive character. Thousands have re-
turned from the food tides. which have
inundated every point of interest and
excitement, condemning without meas
Ere their own foolishness, and the utter
worthlessness of the objective point so
eagerly sought, nevertheless, as stated
later years have shown the most prom.
Using and successful enterprise establish.
ed and developed upon the very ground
which has been stigmatzied as utterly
worthless and barren, so far as produc-
ing any satisfactory return is concerned
Thousands returned from the excite
ment created by the discovery of gold in
California, and these returning prodigals
were confident and decidedly expressive
In condemnation Of the land which from
q distance had appeared so attractive.
Yet the history Of the wonderful pro.
duct of that country, whose resources
have as yet been scarcely discovered, is
q clear illustration of the tendency of
tho masses we have indicated The
same thing in some degree has been true
of every new discovery which has been
made in the different Territories.
During the season Of the last financial
panic, this prominent fact was observed
In real estate Investments, which ha d
usually been considered the safest and
most conservative. Transactions were
readily made at good prices, but
when the reaction came, the very prop
critics which had been so eagerly
sought, stood idle, begging for pur-
chaser, at price W ich would not cover
the cost of the improvements. Yet after
this season of depression had passed,
what had been refused and passed by
when 1t waited for purchaser at ruin
ously low rates, was again eagerly
sought. when the price placed upon it
was doubled.
We anticipate something of the same
character in the mining field. For time
mere prospect holes and location stakes
found ready market in the eastern CEN
teas of capital, at prices which should
qave purchased mine. Millions of dol.
lars were paid out by parties for these
illusive phantoms, who supposed they
were purchasing tangible reality, and
something That would return . dividend
for the investment made. After repeated
disappointments, reaction set in which
exists at the present time. so that mine
raised to the point OF production fails to
attract attention, even though it be Of
fered at rates which are clearly within
the bounds of reason.
1t is clearly evident that although
there have been considerable losses in
these unbusiness like investments, which
for so long time prevailed, there is the
present time, greater loss being susta-
ined by a failure on the part of capital
to recognize ths opportunity which is
offered to secure most valuable prop
critics, at most reasonable rates. When
again the tide turns in this direction,
aud men again eagerly seek this field,
which offers the most conclusive reasons
for security and profit, they will com.
prehend the fact that they sustained
large loss by their indifference at the
onuortune mnmant
II, when the ships again set sail for
the golden shores of these islands
promise, reason shall guide the helmf
they may come back, as the argosics OF
old, laden with treasures more sub
stantial than many that followed the
western star of empire, without chart
or compass.-Chicago Rerie,o.