DIVISION FOUR — BOOM. 307 



for correction. In a few weeks the petition came again, with boundaries 

 properly described by official survey points, also taking in Ivinda Vista, and 

 having 172 signers. But there were three diiferent 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 i, 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 lyucerne, 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. 



AFTKR 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 

 Stajidard, March 2g, i8go. 



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- 



