was one of early rains. Never before had the land been lovelier. From the Mexican border north the country was green and moist and warm. The orange groves were heavy with yellow fruit. The clear, sparkling streams from the mountains ran bank full. The air was like crystal, and through its unbelievable clarity one could see the ranch and farmhouses standing like toys amid the greenery of their trees and vines. There was in this air an exhilaration, an infusion of optimism. The most staid and grumpy old banker from the East would listen, with tolerant amusement to be sure, to the enthusiastic prophecies of the new species called the "booster." People drove about in fringe-topped surries, or rode abroad on horseback, and were invited in to "pick as many as you can use," in the lavish, hospitable habit of the day. They saw evidences of fertility and evidences of comfort and a pleasant life. It was only natural to inquire as to values, to talk things over, finally to figure on such matters as how many people the Los Angeles valley could support. It was a dull imagination that could not foresee the time when the demand for land would be very much greater than it was then. People gradually ceased thinking so much of what the soil could produce and began to figure what someone would be willing to pay for it next year. From that to speculative buying was a short step. The wealthy tourist, or rather the tourist with a little means, "took a flyer" for the fun of it; the man who thought himself shrewd, and was always willing to make his pleasure trips pay for themselves, looked about to see what was likely to rise. Everybody agreed that there was surely going to be a big population. The world would not be able to resist.
The average man bought town lots rather than country property because that was something he thought he could understand. Demand created supply. In orange groves and wheat fields outside the towns a crop of little white stakes began to appear. The prices were low as yet. Your winter visitor bought a few lots on spec, much as he might buy a handful of white chips. The small real estate men were happy in a small way; nothing serious, however.
But now another element of the complex situation developed and showed its strength. The transcontinental railroads began
