BUOYANT SEAS AND SHOALS IN BUSINESS. 
135 
gantly high, and real estate commanding unheard-of prices. 
Many magnificent buildings had been erected for banking-houses, 
hotels, and gambling saloons, all occupied—their tenants reap¬ 
ing daily fortunes ; gamblers seemed to be on the very top wave 
of prosperity, and they were about the only class of citizens 
who confined themselves strictly to their legitimate business. 
Their saloons were swarming with people, who seemed to 
patronize them for want of other amusement. 
The scarcity of facilities for storing goods, had induced par¬ 
ties to purchase ships, which after cutting away the spars, they 
would head in shore, run aground, and scuttle ; then connecting 
them to the shore by piers, and building a story on the upper 
deck, they were ready for occupation, being less exposed in 
case of fire, and more easy of access, than buildings on shore. 
The Niantic and Apollo, ships well known in this latitude, 
were thus converted, but have since, together with the city, been 
converted into ashes. The water-lots belonging to the city were 
sold at auction, and purchased by parties, who immediately 
commenced extensive docks, and were soon in a condition to 
invite vessels along side. Improvements were commenced, and 
matured as if by magip and no cloud was discernible in the 
business horizon, to dampen the ardor or cause the business 
man to look out for a cross sea. Ho one was fearful of shoals, 
as none were laid down in their charts ; all forgetting, that, no 
matter how buoyant a sea, it always finds a shoal upon which 
to break. 
Business was transacted on a gigantic scale, and with an in¬ 
domitable energy, but with a recklessness unparalleled. It must 
have been apparent to every one who looked upon these trans¬ 
actions with an eye of experience, that the least check to ruling 
prices must cause a revulsion that would prostrate the entire 
commercial interest of the country. Being entirely dependent 
upon the Atlantic cities for supplies, the market was liable to 
be overstocked at any moment; but business men did not seem 
to take this into consideration, but operated as if an embargo 
had been laid upon all shipments, and they were about to secure 
all the supplies that were ever to reach the shores of California. 
This was the foundation upon which business transactions were 
predicated, and, to finish the structure, money was hired at from 
