USA > California > Los Angeles County > Pasadena > History of Pasadena, comprising an account of the native Indian, the early Spanish, the Mexican, the American, the colony, and the incorporated city, occupancies of the Rancho San Pasqual, and its adjacent mountains, canyons, waterfalls and other objects of interest: being a complete and comprehensive histo-cyclopedia of all matters pertaining to this region > Part 38
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Metcalfe. All the stock is subscribed, some of the principal stockholders being the directors above named, and Rev. Dr. Eli Fay, Dr. G. R. Thomas, Dr. R. J. Mohr, J. S. Torrance, John Allin, Thos. Earley, T. J. Martin, Dr. N. A. Dalrymple, H. M. Lutz, H. M. Singer, Gardner & Webster, F. D. Stevens, J. R. Greer, E. C. Griffith, J. C. Maguire, Conrad & Hotal- ing, Dr. E. E. Gaylord, Rev. Dr. E. L. Conger."
This bank opened its doors for business in the Masonic Temple, Ray- mond Avenue front, March 6, 1895, with H. M. Gabriel, president ; Robert Eason, vice-president ; Chas. A. Smith, cashier.
BUILDING AND LOANS.
PASADENA BUILDING AND LOAN ASSOCIATION .- Organized on Tues- day evening, June 8, 1886, at a meeting in the Valley Union printing office. The capital stock was fixed at $250,000, in shares of $200 each, payable in monthly installments of $1 each. Articles of incorporation were adopted and signed, with the following board of directors: E. C. Webster, J. W. Wood, Edson Turner, B. S. Eaton, P. M. Green, B. F. Ball, Thos. Ban- bury. Mr. Green was appointed treasurer; R. W. Abbott, secretary ; N. P. Conrey, attorney ; and $20,000 was subscribed on the spot. July 5 was set for the next regular business meeting. The Union of June 18 printed a list of fifty-six persons who had subscribed for a total of 525 shares of stock in this Association. The same paper of July 16 contained an official notice by the secretary that the said business meeting would be held July 17, the first appointment having failed. Then the paper of July 23 contained notice that the meeting had been deferred till July 24. And this was the last living whisper that I could catch of this particular "Building Association." It was swamped in the surf-tide of the rising " boom."
MUTUAL BUILDING AND LOAN ASSOCIATION .- This body was incor- porated July 20, 1892, with the following board of directors ;
DIRECTORS. NO. SHARES. AM'T. DIRECTORS.
NO. SHARES. AM'T.
T. P. Lukens
35 $ 3,500 00 W. R. Staats
70 7,000 00
J. D. Lincoln. IO 1,000 00
B. W. Hahn
IO 1,000 00
F. H. Vallette 100 10,000 00 A. L. Hamilton 30 3,000 00
C. W. Mann. 5 500 00
260 $26,000 00
The capital stock is fixed at $2,000,000, in 20,000 shares of $100 each. A report made June 30, 1893, showed loans on real estate, $4, 100; loans on mortgages, $4,900. Receipts from monthly dues, $3,970.75. T. P. Lukens, president, and Benj. W. Hahn, secretary.
The annual report of June 30, 1894, gave the following figures : Total of loans on real estate, $10,400 ; dues paid by members, $4,967.50. Num- ber of members, 62. Number borrowing, 12. Number shares in force, 878. A semi-annual report, January 2, 1895, gave. Dues paid in, to date, $10,080. Undivided profits, July 1, 1884, $811.75. Money on hand sub- ject to call of borrowers, $1.890. C. E. Getchell is now the secretary - July, 1895.
301
DIVISION FOUR - BOOM.
PASADENA SECURITY INVESTMENT COMPANY .- Organized September I, 1894. State certificate of incorporation dated February 23, 1895. Capi- tal stock, $50,000, in 500 shares of 100 each. Board of directors : Geo. H. Coffin, Edwin Stearns, E. T. Howe, C. E. Getchell, J. K. Urmston. Officers : Coffin, president; Howe, vice-president ; Getchell, secretary ; Stearns, treasurer.
PASADENA'S CAPITALISTS. .
Here, in connection with the story of our banks, is the proper place to give the list of Pasadena people whose property was assessed in 1894 at $10,000 or over. The list was compiled and published by the Los Angeles Daily Journal of February 19, 1895, for the whole county. The assessment of course was only for property in Los Angeles county ; and I have com- piled from the entire list those who reside in or adjoining Pasadena, or have their property here :
Allen, Wm. (heirs of ).
$ 53,420
McQuilling, A. K.
$ 11, 190
Baker, P. C. (heirs of )
23,000
McNally, A
10,130
Ball, B. F
36,575
Mabury, H.
10,400
Banbury, Thomas
12,150
Macomber, H. K
14,000
Banta, Mary G
15,550
Magee, H. W
11,600
Bartlett, J. S.
15,270
Markham, H. H. )
24,365
Bennett, H. G.
13,000
Markham, H. H. S
16,425
Brigden, A
12,910
Newton, J. C
15,815
Brockway, Justus
15,100
Painter, M. D
29,095
Brown, Annie M.
13,000
Pasadena & Mt. W. R. R. Co 14,100
21,855
Callender, A. M.
10,860
Pasadena L. & W. Co.
15,880
Carlton Block Co
36,000
Patton, Geo. S
12,035
Carter, J. M.
24,000
Patton, Ruth, et al
31,106
Cristy, Charles S
18.250
Raymond, Walter
30,840
Crank, J. F
43,000
Reed, S. G ..
21,500
Dobbins, Mrs. C. W
15.100
Fish, Milford.
25,840
Foster, Charles
10,360
Scoville, Mary A
10,645
Frost, E. S
26,585
Skillen, C. M.
12,455
Gilchrist, Mrs. J. D
13,750
15,795
Goodwin, A. A.
11,400
Green, P. M
13,500
Green, George G
146,550
Stevens, F. D.
II.970
Hansen, L. P.
17,553
Stimson, G. W
26,475
Hastings, C. H.
76,988
Stoneman, Mary O
13,905
Hugus, J. W
13,000
Stuart, W. C.
20,270
Hull, Mrs. A. V. B
10, 100
Talcott, Ellen H.
11,335
Hurlbut, E. F.
19,125
Tebbetts, C. E.
11,915
Kernaghan, G. F.
10,300
Thomas, G. Roscoe
17,680
Kinney, Abbot
98,785
Torrance, J. S.
12,550
Legge, Charles.
19,515
Turner, Esther.
27,046
Lordsburg Land Co
11,985
Vandevort, J. W
23,880
Lowe, T. S. C.
58,970
Wilson, Margaret S
12,140
McArthur, John
12,435
Woodbury, F. J
27,600
McGee, Mary E
18,535
Wooster, P. G.
23,100
E. J. Baldwin, of the great Baldwin ranch, $393,950.
Bandini de Baker, $264,255.
THE STORY OF THE BOOM.
Just when the "boom " commenced it is difficult to determine. The
Rowan, G. D.
52,510
San Gabriel Wine Co.
43,895
Singer, H. M
Smith, James.
25.823
Stanton, William
20,950
Brown, Calvin W.
11,800
Pasadena L. V. L. & W. Co.
Mrs. Arcadia
302
HISTORY OF PASADENA.
truth rather is that it grew spontaneously out of occasional spurts of specu- lative adventure. Nevertheless, of course there were beginnings of these things ; and I have gathered some instances to illustrate how it grew little by little from small beginnings, until it became an epidemic mania of gamb- ling in land values, by which a few made fortunes, and many lost their all.
In 1875 P. G. Wooster bought ten acres at $55 per acre, less 12 per cent for spot cash. On April 14, 1887, he sold 11/4 acres of this same land for $36,300 [exclusive of the buildings then on it], and got the money. This was the land now known as Hotel Green park. The next day he sold the land where Hotel Green stands for $35,000 ; but before he got his pay the boom bursted, and he had trouble and loss in the matter.
In November, 1877, A. F. Mills bought 15 acres at the southwest corner of Fair Oaks Avenue and Colorado street, out of the original Berry & Elliott tract, and paid $100 per acre for it ; and he says this was the first time that so high a price had been paid for any land in the colony.
P. G. Wooster reports that in 1878 the taxes on his ten-acre home lot were $7.68, and adds : "In 1893, on 3,060 square feet less than one acre of the same ground I paid $154 county and state tax, and about the same amount as city tax."
February 1, 1882, Wesley Bunnell bought five acres from E. P. Little for $2,000. In 1884 he sold a 34-acre strip on the west side of Little Avenue from Colorado to Union street to Frank Lowe for $1,500. In 1885 Lowe sold this lot to H. J. Woollacott of Los Angeles for $3,200; and Woollacott built on it the row of one-story frame store rooms which stand there yet -- 1895. In 1886 Woollacott sold the same land in separate lots for $12,800.
During the winter of 1883-4 Charles Legge bought from a man named Chapman ten acres of the land now known as "Grace Hill." His friends marveled at his foolish purchase- wondered what in the world Charley wanted of it, or could ever do with it, for he couldn't get water up onto it, and they didn't believe fruit would grow well there! But when in five weeks he sold it for $1,000 more than he had paid for it, he was not "foolish" any more, but became the hero of the hour. The "boom" had fairly struck Pasadena, and this was its biggest gun, up to that date. Then other men all over the colony began to itch for a spell of the same sort of "fool- ishness" which less than two months before they had twitted Charley Legge of. [See article " Grace Hill."]
In 1885 the boom began to swell in volume and force ; and a case in point I here quote from the Valley Union of October 30, 1895 :
" Real estate has boomed in Pasadena the past week. Among some of the leading transactions are the following : E. C. Webster has bought of Col. J. Banbury the two lots on Colorado street where Ridgway & Ripley's office and the planing mill stands, 48 feet front by 150 feet deep, for $2,000. On the same day Mr. Webster sold one of these lots to Gen. Edwin Ward for $1,250, a clean profit of $250 in one day.
303
DIVISION FOUR - BOOM.
" On Saturday Mr. Webster made the purchase from Gen. Ward for Mr. A. Cruickshank, our dry goods merchant, of the lot adjoining the Harper & Reynolds store, known as the " Boss Forge " lot, 3712 feet front, for $3,500 ; and on the same day Mr. Webster bought of Gen. Ward, also for Mr. Cruickshank, a lot fronting on Fair Oaks Avenue, between Williams' block and Hentig's plumbing shop, 25 feet front and extending back to the "Boss Forge " lot. The price of this was $1,000, and it is purchased as an outlet to the lots fronting on Colorado. On the following Monday evening Mr. Webster also purchased of Dr. Radebaugh the latter's fine lot 50 feet front by 208 deep, on Colorado street, adjoining the " Boss Forge " lot, for $4,500 .* On the two Colorado street lots-the "Boss Forge" and the Radebaugh lot-having an aggregate frontage of 91 feet, there is now to be erected by a company consisting of A. Cruickshank, G. A. Swartwout, Gen. Edwin Ward and E. C. Webster, a magnificent brick block, three stories high and divided into four stores."
These latter transactions all pertain to land where the Carlton Hotel now stands.
The Pasadena Union of March 12, 1886, footed up real estate sales amounting to $101,000 which had been made within the three days-March Ioth, 11th, 12th. As a time-bubble, this beat the record.
The first boom sale of lots in Pasadena, with "grand excursion, brass- band and free-lunch attachments," was worked up by the real estate firm of Ward Bros., early in 1886 ; and as a prelude to the sensational novelty the Valley Union of February 5th reported thus :
" Ward Brothers have made a big sale this week, being 20 acres of Dr. O. H. Conger's land on Colorado street and Pasadena Avenue, for $15,000 cash .; The purchasers are a syndicate, seven in number, as follows : B. W. Bates (late of New York city, now occupying Ward Brothers' dwelling here), Frank M. Ward, Walter R. E. Ward, P. M. Green, A. O. Porter, C. S. Martin and H. G. Bennett. The purchase does not include Dr. Con- ger's dwelling property but lies east of the orange orchard. The tract is L shaped, the longer stem of which has 363 feet frontage on Colorado street, adjoining A. K. McQuilling's. At this width, 363 feet, it runs back 1,200 feet to the rear of McQuilling's land, and thence for 600 feet further, widens sufficiently to reach Pasadena Avenue. The purchase is for purpose of sub- division."
The syndicate opened up through this tract Vernon Avenue, Grove street, and an extension of Kansas [now Green] street. The auction took place on Tuesday, February 23, 1886. A trainload of people came up from Los Angeles to see the fun, hear the brass band, and eat the free lunch, which latter consisted of beef sandwiches, bread and butter, oranges and lemonade. Out of eighty-four lots offered, seventy seven were sold, the prices ranging all along from $520, paid by J. W. Wood, down to $180 paid by J. S. Mills for one out of six lots bought by him-the others being at higher
* Dr. Radebaugh had bought this lot four years before for $250.
+ Dr. Conger had paid only $2,000 for his whole 30 acres.
304
HISTORY OF PASADENA.
figures. The first lot sold was struck off to Rev. Dr. J. G. Miller, at $510 ; and he bought nine lots in all. Twenty-five different persons made pur- chases. The sales footed up a total of $22,140. This set the fashion for the boom era ; and brass-band free-lunch excursion land sales followed in quick succession all over South California. During this historic sale a spirit level was set on a tripod on the ground for everybody to take a sight on, and see that these lots were just on a level with the Raymond Hotel kitchen, and with Marengo Avenue at Colorado street. This rectified some of our Californian optical illusions of altitude, and was a puzzle and mystery of great interest to many of the visitors, especially the new- comers.
September 10, 1886, a lot 25x75 feet, where the San Gabriel Valley bank now stands, was sold to the bank company for $4,500. And in Decem- ber of the same year Wallace Bros. and C. S. Martin bought from M. Rosenbaum about three acres at corner of Orange Grove Avenue and Col- orado Court for $17,000. They laid it out in residence lots, and opened Grand Avenue through it.
It was in March, 1886, that occurred the great boom sale of the sub- divided five acres known as the "Central School lot." This was one of the most notable historic events in our city's career. [See full particulars of it on pages 164-65.]
"Less than four years ago A. F. Mills sold to Jacob Hisey fifty feet frontage on Fair Oaks Avenue for $150 ; and Mr. Hisey sold the same lot last week for $3, 100 to Dr. Henderson of Los Angeles."- Union, June 11, 1886.
In January, 1887, Thos. R. Hayes owned thirteen acres at the corner of Lake Avenue and Villa street, for which he had paid $11,000, and he sold it to Dr. R. K. Janes and B. W. Bates for $18,000.
THE REAL ESTATE EXCHANGE.
The most conspicuous boom event of 1887 was the organization and brief career of the Real Estate Exchange, which commenced business Sep- tember 1, 1887. Some of its objects as set forth to the public were :
"To maintain principles of honesty and fair dealing in the operations of licensed real estate brokers."
"To stimulate greater activity in real estate," etc.
"To give the business 'a position of dignity and responsibility,' " etc.
" To devise, encourage and foster schemes of public improvement and benefit to the city at large." [This feature developed later into the "Board of Trade " organization.]
"To throw safeguards around inexperienced owners or purchasers," etc.
"To make contracts, deeds, conveyances, etc., in proper form to secure the rights of both seller and buyer, under the laws of California," etc.
And on page 8 of the association's pamphlet this passage occurs :
305
DIVISION FOUR - BOOM.
" The following schedule of legal points as to the rights of women in buying or selling real estate was originally prepared by Dr. H. A. Reid for the use of his own firm, the Lyman Allen Land Co., and is now permitted to be published for general information." Then follows an explanation of how contracts or deeds must be worded when there is a woman in the case, either married, single, or widow, to guard her separate property rights.
Commissions were 5 per cent. on sales up to $1,000, and 212 per cent. on amounts over $1,000. For renting property the charge was 10 per cent. of first month's rent, and 5 per cent. for collections thereafter.
The officers of the exchange were: W. L. Carter, president ; Col. J. Banbury, vice-president : Hon. P. M. Green, treasurer ; J. R. Riggins, secretary ; E. D. Hough, office manager, and editor of the Daily Bulletin. Directors : Carter, Banbury, Riggins, H. W. Ogden and J. C. Studebaker. Then there were standing committees on finance, on exchange and member- ship, on arbitration, on public enterprises and information. A list of mem- bers published in September, showed 149 real estate firms then in Pasadena. A revised list published February 20, 1888, showed 142-so 7 had dropped out of the ranks. A daily and weekly paper called The Bulletin, was pub- lished. [See page 220.]
Many of the firms had two, three, or four members, so that a total of at least two hundred men were engaged in the real estate business for a few months. A large proportion of them were men without literary culture or skill, and with no experience as conveyancers-yet all making out papers for their own customers. And this accounts for the many defective papers in real estate transactions which so often resulted in lawsuits or other troubles in later months.
BOARD OF TRADE PAMPHLETS.
Early in 1888 the Board of Trade issued a pamphlet of 40 pages, beautifully illustrated, and on page 22 this statement was made :
" The extraordinary migration to Pasadena of homeseekers has resulted in a sudden rise in real estate values, and in two years property has in- creased in the business center from $40 per front foot to $800, and the actual values of land for the purposes for which it is required are far from being reached yet. Probably more fortunes have been made in real estate here in the past two years than in any city in the country, and the transactions for the year past amount to $12,786,263. The sales have been the result of what in the East is known as a " boom."
This was a boom pamphlet, well written, neatly printed, and artistic- ally illustrated and embellished. And it is both sad and amusing now to look it over and see how many boom projects and enterprises mentioned, pictured or described in its pages fell dead when " the boom bursted." On page 18 it gives $1,987,800 as the cost of buildings erected within the fifteen months preceding January 1, 1888. And on page 34 there is a schedule of wages paid during that period, as follows :
20
306
HISTORY OF PASADENA.
"Skilled masons, $6 per day ; carpenters (foremen), $5 ; ordinary car- penters, $3.50 to $4; laborers, $2 to $2.50 ; men for ranch work, $30 per month with board and lodging ; plasterers, $4 to $5 per day or 36 cents per yard ; lathers, $4 to $4.50 ; painters, $3.50 to $4 ; plumbers, $4.50 ; tin- ners, $3.50 to $4 ; car drivers, $2; blacksmiths, $2.50 to $3.50; book- keepers, $75 to $150 per month ; clerks, $50 to $75 ; house-servants, $25 to $35 per month ; nurse girls, $20 to $25; housekeepers, $25 to $40 ; harness- makers, $3 to $4 per day ; bakers, $30 to $40 per month; butchers, $30 to $50."
I thought this list of wages rates worth preserving for historic interest and future reference. And I find that a slip, dated October 1, 1888, was pasted into the pamphlets at this point after that date, which stated : " When the matter for this pamphlet was written the representations on the subject of mechanics' wages were strictly true. Since that time, however, the wages of skilled mechanics have declined 25 per cent." Of course that meant that the boom had passed its climax and was now on the decline.
One of the curiosities of this boom time was a petition signed by seventy qualified electors which was presented to the city council on May 2, 1888. It asked to have the city boundaries extended northward one mile be- yond the foot of the Sierra Madre mountains, eastward to Hill Avenue, west- ward to west bank of the Arroyo, but south line to remain as it was. [This would have taken in Echo Mountain and the summit crests of the front range -would have incorporated the mountains.] Some persons wanted this extension as a means to boom certain lands, water-rights, etc .; while others wanted it to get their homes under protection of Pasadena's prohib- itory law, for the Board of Trade pamphlet had said of the board of city trustees (page 25) "to its intelligent action and good judgment Pasadena owes the suppression of saloons, making Pasadena a temperance city." La- manda Park was a saloon town, and under an erroneous impression that the proposed new boundaries took in their village (although it did not come within a mile of it), they sent in the same day a vigorous protest against the extension. The saloon men had smelled danger a great way off, and rushed to the rescue. Both documents were referred to a special committee.
Pending further action by the council, the city attorney was called to attend a mass meeting at North Pasadena and stand up as a well-spring of legal wisdom, to be worked like a town pump, ad libitum, on questions of corporate extension, legal procedure, boundary description, representation in city council, increased taxation, benefits accruing, etc., etc., etc. It was a trying ordeal for a young man [F. J. Polley]; but every pull of the pump handle brought up pure juice of the law, and every man's little cup of in- quiry was filled.
May 22 the matter came before the city council again in regular course. The attorney showed that the boundary descriptions were too indefinite for any legal procedure to rest upon ; and they were referred back to petitioners
307
DIVISION FOUR - BOOM.
for correction. In a few weeks the petition came again, with boundaries properly described by official survey points, also taking in Linda Vista, and having 172 signers. But there were three different remonstrances filed against it ; and the whole matter was dropped.
By 1889 the boom was pretty well on the down grade. As early as about April 1, 1888, Prof. J. D. Yocum had occasion to make public reply to accusations against himself and son in regard to a great land-booming scheme at Lucerne, in San Diego county, in which a number of Pasadena men were concerned. And he said :
" I am sorry for Mr. H .. and for ourselves, and for all who suffer be- cause of the collapse of everything at Lucerne. We go down with $100,000, Mr. H. with $20,000, as he reckons ; a number of others with as much or more in proportion to their means ; and who could have avoided the collapse ? Who can indemnify ?"
E. C. Webster commenced without capital in 1885, and became one of the most extensive real estate operators and successful "boomers " in Pasa- dena. Yet when the collapse came he went into insolvency, with the fol- lowing statement of assets and liabilities, which I quote as an item of our boom history, from the Star of April 24, 1889 :
"The following showing is made in the petition : Value of real estate, $169,500 ; value of personal property, $35,054 ; amount of debts due, $50,561 ; amount of incumbrances on real estate, $151,448; amount of in- cumbrances on personal property, $64,892. His creditors number 156, of whom 130 are unsecured. Fifty-two hold Mr. Webster's notes for various amounts."
Of course there were many other cases analagous to these which did not come into newspaper publicity ; these did, and therefore I could cite them as illustrative instances in the great collapse, without being subject to the charge of trenching upon private affairs.
AFTER THE BOOM.
When the fever-height of the land-gambling mania had passed, there was still some real estate business going on - largely of cases where people were trying to crawl out from under the wreck and unload their holdings at any price. Hence the market went down very low. But here is a case that came through the breakers with colors all flying :
"Last week Geo. W. Stimson sold the fine building site known as Grace Hill, near the Raymond, for $25,000. It was in the market at same price three years ago, at height of the boom. The purchaser; Wm. Stanton of Pittsburg, Pa., will build a residence there worthy of the site."- Pasadena Standard, March 29, 1890.
However, the real estate business of 1890 was mostly a clearing up of wreckage. But 1891 began to show up business again. The Star of August 26, 1891, printed a list of 550 transfers during the year, from Jan-
308
HISTORY OF PASADENA.
uary Ist to August I, as found in the county records, which made a total sale record of $1,244,585. And the same paper of December 24th said :
" Today we supplement the record for those seven months by that for the remaining five months of 1891, making the record for the year com- plete-a total of $1,714, 195.
The Board of trade pamphlet of 1892 summarized the boom period and its outcome in this fashion :
" Pasadena was enveloped in the very center of the greatest boom in improvements and land speculation known in America ; the location, water, soil and climate were the causes. Pasadena has emerged from the fearful shock more beautiful than ever-a clean, well-kept, orderly municipality. A sound, healthful growth is again in progress. * The temporary * check that was put upon the progress of the city by the reaction from the speculative fever, was not accompanied by disastrous and panicky interrup- tions to the course of legitimate business. There were no bank failures or serious embarrassments. Today the condition of our banks is better than it ever was ; merchants, manufacturers, railway companies, professional men and other classes of the community have done a better business during the past year than for any similar period since 1888. During 1891 the two National banks and the State bank established here, which are capitalized to the amount of $250,000, did a volume of business amounting to about $40,000,000."
A table of real estate transactions in Pasadena during 1894, compiled from the county records, gave the following exhibit of values :
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