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 laud 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.] 



" I^ess 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 lyOS Angeles." — Utiion, 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. 



THK 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 I, 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 associatioti's pamphlet this passage occurs : 



