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 : 



January $ 66,985 May $139,837 September 1131,632 



February 45,000 June 93, m October 82,100 



March .' 199,635 July 87,000 November 102,086 



April 67,951 August 127,770 December (estimated) 72,119 



Total for the year $1,214,726 



THE BOARD OF TRADE. 



The real estate exchange was organized in August, 1887, and com- 

 prised a large proportion of the most enterprising and public-spirited busi- 

 ness men of the city, for nearly everybody went dabbling in real estate 

 ventures in some way. One of the declared objects of that real estate 

 organization was, " To devise, encourage and foster schemes of public im- 

 provement and benefit to the city at large," etc. Under this the business 

 men learned to confer and work together as an organized body on matters 

 of public concern, — whereas, before it had always depended on some one 

 man to voluntarily stir about and get up an interest in any such ma^^ter, 

 when the occasion arose. However, it became very evident in a few months 

 that something larger and more comprehensive was needed on this line ; 

 and after being talked over in a general way for some weeks, a public meet- 

 ing was held in Williams hall to take practical action thereon. The meeting 

 was called to order by Col. J. Banbury, vice-president of the real estate 

 exchange. Col. W. A. Ray, then president of the San Gabriel Valley 

 bank^ was made chairman and E. E. Fordham, secretary. Steps were then 



