FREE BOOKS

Author's List




PREV.   NEXT  
|<   12   13   14   15   16   17   18   19   20   21   22   >>  
he coast, from Los Angeles to San Diego and beyond, was staked out in town lots. The wonderful climate was everywhere, and everywhere men had it for sale, not only along the coast, but throughout the orange-bearing region of the interior. Every resident bought lots, all the lots he could hold. The tourist took his hand in speculation. Corner lots in San Diego, Del Mar, Azusa, Redlands, Riverside, Pasadena, anywhere brought fabulous prices. A village was laid out in the uninhabited bed of a mountain torrent, and men stood in the streets in Los Angeles, ranged in line, all night long, to wait their turn in buying lots. Land, worthless and inaccessible, barren cliffs' river-wash, sand hills, cactus deserts' sinks of alkali, everything met with ready sale. The belief that Southern California would be one great city was universal. The desire to buy became a mania. "Millionaires of a day," even the shrewdest lost their heads, and the boom ended, as such booms always end, in utter collapse. Mr. T. S. Van Dyke, of San Diego, has written of this episode: "The money market tightened almost on the instant. From every quarter of the land the drain of money outward had been enormous, and had been balanced only by the immense amount constantly coming in. Almost from the day this inflow ceased money seemed scarce everywhere, for the outgo still continued. Not only were vast sums going out every day for water-pipe, railroad iron, cement, lumber, and other material for the great improvements going on in every direction, most of which material had already been ordered, but thousands more were still going out for diamonds and a host of other things already bought--things that only increase the general indebtedness of community by making those who cannot afford them imitate those who can. And tens of thousands more were going out for butter, eggs, pork, and even potatoes and other vegetables, which the luxurious boomers thought it beneath the dignity of millionaires to raise." But the normal growth of Los Angeles and her sister towns has gone on, in spite of these spasms of fever and their consequent chills. Their real advantages could not be obscured by the bursting of financial bubbles. By reason of situation and climate they have continued to attract men of wealth and enterprise, as well as those in search of homes and health. The search for the unearned increment in bodily health brings many to California who might better have r
PREV.   NEXT  
|<   12   13   14   15   16   17   18   19   20   21   22   >>  



Top keywords:

Angeles

 

things

 

continued

 

material

 
thousands
 

California

 

health

 

climate

 

search

 

bought


community

 

increase

 

making

 
general
 
indebtedness
 
diamonds
 

ordered

 

inflow

 

ceased

 

scarce


Almost

 

coming

 

immense

 
amount
 

constantly

 

cement

 
lumber
 
improvements
 

direction

 
railroad

millionaires
 

bubbles

 
financial
 

reason

 
situation
 

bursting

 

obscured

 
chills
 

consequent

 

advantages


attract

 
brings
 

bodily

 

increment

 
enterprise
 

wealth

 

unearned

 

spasms

 
potatoes
 

vegetables