Southern California Orange Grove Assoc.
The land was being offered for $10 per acre, but there was indecision between Dr. Griffin and Benjamin Wilson on dividing properties. Berry wrote Elliott requesting the money to purchase what he could of Rancho San Pascual. The mail turn around response was two weeks; it was September 19 before the word got to Indiana. The Company decided to step part way to the asking price of Santa Anita with an offer of $15 per acre. This negotiation was never destined to be met, for one, the owner Newmark was not at home; two, the N. Y. Stock Market had been struck by a panic and ruined the financial plans for the Indiana Colony.
Elliott retained a few of the original investors and forwarded only $200 as a down payment on $25,000 of Muscat property. Berry turned promoter and selectively enlisted more investors into the company under a new California incorporation, "The Southern California Orange Grove Association." He sold 100 shares at $250 per share and salvaged the purchasing power of the company.
As Griffin and Wilson settled their land divisions, the association negotiated for a strip of 2,576 acres (10 km2) near the Arroyo Seco. Griffin offered an additional 1,386 acres (6 km2) which he acquired from Wilson, free of charge and taxes to the Colony as well. It was considered a gesture of good faith, but actually it was the sloughing of what was considered to be worthless highland property that would one day become Altadena. The lower tract of land would become The Indiana Colony.
Read more about this topic: Indiana Colony
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