Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1889-05-04
CATALINA ISLAND.
The FOrmalittes Regarding
Closed Yesterday.

-
Closed Yesterday.
The Tribune fooled its readers again
yesterday morning by announcing that
the final details regarding the purchase
of Catalina Island had been perfected,
and that the sale was consummated.
Mr.. Sumner, agent for the property.
when asked what truth there was in the
statement, said that it was simply rep
etition OF the bad break that the paper
had made once before, and that the situ-
alton had not changed.
On being interviewed, Mr.. Shatto
made similar remarks.
The Tribune can, however, rest easy
on the subject, for yesterday afternoon
the final transactions were made. Just
before O'Clock, Colonel Smith stepped
into Mr.. Shatto's Office and received
from him the formal contract, which
had been tabled while certain calcula-
tions were being considered. The
particulars Of the whole transaction
have been in the possession of the
HERALD for some time past, and having
come from headquarters may be regarded
as authentic. They are as follows: Some
! four months ago Colonel Smith, repre-
senting an English company, entitled,
The International Mining syndicate Linn
tied, entered into negotiations with Mr..
Shatto for the purchase of the island.
An optional contract was drawn up and,
with this in his possession, Colonel
Smith went to England. He returned
here in the middle of last month, and
announced that he and his associates
were satisfied and would make the con-
tract formal. The necessary document
was then drawn up and on the 26th day
of April it was made legal by oaths ad-
ministered before Notary Public Linden
feldt. By the terms of the agreement the
English syndicate gave $400 600 for the
island and all its appurteDance5, part to
be paid down and the rest within linn
tied time. Although the transfer may
be said to have been actually made on
that day, yet all of the formalities were
not concluded until yesterday. A little
dispute arose regarding the value in
American money of the draft in the cur
rency of Great Britain, deposited by the
Englishmen, but this was all settled be-
fore o'clock last night, and the securi-
ties approved.
WHAT WILL BE DONE WITH IT?
The syndicate which has purchased
the property is composed of wealthy
English gentlemen, who have plenty Of
capital with which to push along their
venture. They announce that the prime
object in purchasing the island is to
make it a pleasure resort and then
will come the development of its
mineral and agricultural resources.
A large hotel will be erected and addi-
tional steamboat facilities obtained 30 as
to make daily service, in fact two boats
a day are spoken of. Advertisements
calling for bids for the construction of
the hotel will soon be issued, though no
attempt will be made to rush the struc-
ture through, as it is not desired to open
it this season. Colonel Smith will leave
for England in few days and will re-
main across the water until September
perfecting the plans for the improvement
of the island. While he is gone the
property will be run by Mr.. Shatto, act
ing under instructions from the new
owners. Everything will run this season
in this present groove owing to unex-
pired contracts and the impossibility to
complete any big projects for the sum-
mer's business.