Los Angeles herald., 1907-12-22

something to do. This is the tourist city
of the country, but IL is no longer eS-
clusively a tourist city. We have in
dustries of our own to live on and to
grow on.
AS Southern California has prospered
SO has all the country tributary to It,
each along its own particular lines The
mines of Nevada are being exploited and
already they have added millions to, the
wealth of Los Angeles Mining and ag-
riculture in Arizona We're never so pros
porous as they have been during the past
year.
Scarcely a beginning has been made in
developing the commerce of the western
seas. but every day the prospect grows
brighter and brighter, The harbor of
commerce and of refuge at San Pedro is
three-fourths compisted. The work of
dredging the inner harbor and the work a
Long Beach is progressing constantly
and the captains of induss- are already
taking measures there to meet ana de
velop the great commerce that will sure
ly be ours.
Millions for Water
Last but not least, the Owens river
water. To say that the courage and
sound judgment of the people of Los An
geles in undertaking this great enter
prise and thus insurlng beyond possible
question Ine future Oh IllS CITY, mas Deel
the best advertisement Los Angeles could
have, is now trite and commonplace, but
it is truth that will bear repeating.
Eastern people say, "Surely city of less
than 100000 population that will vote the
enormous sum of $23, 900 to better it's
water system has not only faith in itself
but it must have the essentials behind it,
Such city is good enough for me. They
must have something besides climate
there"
1 have explained in newspaper inter
views since my return, how the Los An
geles county exhibit at Atlantic City and
the Los Angeles county and San Diego
county joint exhibit at the jamestown
exposition have been drawing cards of
enormous power, that have brought and
are bringing more visitors and residents
10 Southern California than any other
plan or expenditure that has been tried,
and at smaller expense.
| do not see any cessation in building
The business streets were never so full
| or buster; the stores are doing good busi-
ness, the tall buildings are going up as
fast as ever.
AS secretary of the chamber of com
merce daily come in contact with all
classes of business men, If there were
pessimistic and discordant notes abroad
l would surely hear them But. | am
happy to say that everybody is keeping
stiff upper lip confident in the knowl-
edge and assurance that the prosperity
and future Of Los Angeles are on a solid
basis, that cannot bep ermanently shaken
by sucn fiurries as the eastern Wan
street money panic.
Speculation Cut Out
AS I observe the situation and as ] am
told, there has been within the past few
months an elimination Of the purely spec
ulative element in some branches of the
real estate business, particularly in resi-
dence tracts removed from the residence
| centers. At the same time people are
still buying lots for investment and to
build on The bottom has dropped out oe
nothing. Prices are held as firm as ever
Property is being bought as an invest
ment at ruling figures.
| If there were anything the matter with
Los Angeles these reassuring conditions
would not prevail Press and people
have unanimously and heartily supported
the banks in their efforts 10 prevent
money from being withdrawn from circu
lation, knowing full well that the ex-
J pedients resorted to grew entirely from