Los Angeles herald., 1890-04-17
LOS ANGELES BOoMS.

straighten out our limbs in the rigor
mortis style and have our epitaph writ
ten for good AS matter of fact, Los
Angeles is always either booming, get
ting over a boom or preparing for an
other boom. 1t can't be helped. IT.
comes under the category of et cOstumbre
del pals. Angelef1os must submit to it.
1t is one of those things which, as they
can't be cured, must be endured.
A long acquaintance with Los Angeles,
and information derived from reliable
sources anterior to our arrival here, en-
ables us to diagnose its present condi-
ton. This region is doing a grand teter-
ing act. In other words, it is right on
the divide which separates getting over
boom from preparing for another
boom.
This city since 1869 has had three
booms, the largest being that of lSS5-S7.
From every boom it has emerged on an
immensely higher plane. Things ran at
high tide here in 1S74-75, and the .re-
vulsion of 1S76-77 left us stranded high
and dry. -Four years later began the
boom, whose first crystallization was re-
corded in the modest prosperity OF 1880
to 1885, and which ran to food tide
in 1S86-87. From 1877 till the collapse
of the last boom skies were bright, crops
abundant, and not a thing occurred to
mar an exceptional prosperity until
1887, when scale-bugs and vine pests
joined in to confirm the old adages that
it never rains but it pours and that mis-
fortunes never come singly.
In the momentary ill-luck that
crowned the collapse OF the boom OF
1S73-74-75 a smallpox epidemic and
drouth were the handmaidens of the
financial monster whose leading exploits
were the failure OF the Bank of Cali
fornia of San Francisco, and of Temple
& Workman, OF this city. Those were
real, grisly disasters. The bank OF
Temple & Workman held million and
quarter dollars OF the coin of the
people of Los Angeles. Not dollar OF
it ever reached the pockets OF depositors.
The rainfall for that year was only 4.S4
inches. The people were dying like
sheep OF the smallpox, anda line of fire
was drawn around the city.
Compared with our experiences then
our late trial was mere bagatelle.
Then half the property in the city and
county passed through the hands OF the
Sheriff. There was. outside of few
orange groves and vineyards, absolutely
no production, the country being sur
rendered to pasturage. We had no rail
ways except the line to San Pedro, while
Senator John p. Jones was engaged in
building the Los Angeles branch OF the
Los Angeles & Independence road.
The collapse of the boom which
attained its height in 1SS6-S7 was at
tended by no such disaster. Not only
was there no failure of bank, but we
have sixteen banks, what between
Savings, National and State Banks, and
all on splendid footing. Instead of the
few miles of railway that were available
in 1875 we have now the finest trans
continental railway system OF any city
in the United States, with almost innu-
local railways. The trial
through which we have gone has not
resulted in single conspicuous failure.
Not only has there been no commercial
or other disaster, as an incident of the
hating spell which we have now taken
for upwards Of two years, but produc-
ton has set in ON an unprecedented
scale which would guarantee us pros
perity if not another tourist or settler
should ever set his foot in our midst.
This production is the most manifold
and remunerative in the world, and in
cludes, in addition to the corn, wheat,
barley, oats, potatoes and other
vegetables and fruits OF the temperate
zones, every product OF the soil men
toned in the classical and scriptural
narratives the oil, expressed from the
olive and drawn from the rock. and
wines of the commerce OF all ages.
Under the circumstances, OF course
Los Angeles is getting ready for new
boom. 1t is all very well to condemn
booms, but country like this is bound
to boom. 1t can't help it. 1t is, so to
speak, its modus oicendi. 1t is built that
way. The only question is when, under
such highly favorable circumstances, it
is likely to set in.
The HERALD is conservative journal,
and it therefore speaks with extreme
caution. AS everything is at bed rock
hereabouts, just now the conditions for
a revival are already at hand. There
will probably be two or three months OF
hesitation ON the part of investors; and
then, realizing the fact that the cheapest
lands, all things considered, in the State
of California are in Los Angeles, wise
and cautious people will begin to buy
From that moment the real boom OF Los
Angeles, founded on production and de-
velopment, will begin, and it will be
whopper.
THE Republicans of the Senate have