The Providence news. (Providence [R.I.]) 1891-1906, 1896-09-24
CHINO RANCH SOLD.
Vast California Farm Bought by
London Bankers.
An English Purchase Involving Two
and q Half Million Dollars.

The important sale of the Chino ranch
estate In San Bernardino, Orange and Los
Angeles counties In California, comprising
40, 600 acres of land, with all of the per-
sonal property, including valuable racing
stables, was brought to a conclusion . few
days ago, being the successful completion
Of negotiation that has been pending
since last year
John Farquhar Gilmore of London, rep
resenting the English fnanciers, and K.
Wilding Of the firm of Ward q Wilding,
chartered accountants Of London, came to
California TO make their examination and
final contracts, and on March 20 last
contract OF sale and purchase was entered
into between the Chino Ranch company
and Richard Gird as parties Of the first
part and John Farquhar Gilmore Of Lon
don, which was to be consummated and
the final purchase made on Aug. &C.
On the return Of Gilmore to California
and considering the business from Its diff
ferent phases IL was determined to orga-
nize corporation under the title Of the
California Beet Sugar Estate and Land
company, limited, and incorporate under
the laws Of the state Of California, under
the English direction and California man
agement. The property has finally passed
to the new purchasers, and the transaction
has been finished
The Anglo Californian bank received
the papers from the vendors recently, and
they were at once forwarded to San Ber-
nardino, Los Angeles and Orange counties
for record, and the transfer of the property
has now taken place and the new purchas-
tn. 81 81 ka1 los
In the organization of the company John
Farquhar Gilmore of London was elected
president and Vincent Neale, the nephew
of Sir Richard Webster, the attorney gen.
eral of the British government, vice presi-
dent and solicitor. Among the directors
are Harry Francis, the representative on
the Pacific coast for the United Trust Of
Liverpool and the Canadian and American
Mortgage and Trust company, limited, of
Liverpool, and Wendell Easton and George
Easton. IL is the purpose of the new COM
pany TO develop very extended work in
colonization, with a permanent Office In
London, at 2 Clements Inn, Royal Law
courts, the principal Office for operation in
California being in San Francisco, and
with the branches in southern California.
A very extended area OF the estate hav-
ing been formerly used for pasturage and
open lands will now be brought under sub
lection, and Immediately surveys will be
made Of the land into proper parcels for
actual settlement. The acreage for beet
growing will be materially increased dur
ing the fall and winter months About
20, 900 acres of new land will be developed
for beet culture this coming season, in ad-
dition TO the remainder, which for the pres
ent season will remain occupied for gen.
eral farming purposes.
The importance of n transaction of this
nature cannot be overestimated from the
fact that IL Is n transaction that involves
$500, 900, or SO, 500, 600, and Is the result
of the presentation of one of the grandest
propositions In this state, demonstrating
over a period of five years its earning CA
pacity and as result of "a proper introduc-
tion by strong parties from this side Of the
water to the right financial people on the
other side Of the water brought about by
proper investigation OF substantial prop
erty In th ~ ht manner. With leading
financial usoiit, accompanied by n charter
ed accountant and a member of one of the
best known firms In London, reports were
prepared by +. Wilding personally from
the books Of the Chino Ranch company
and Richard Gird, during period of five
years 1t is shown that the earning capao-
ity Of the property averaged 4l5,000 per
annum, and for the last two years SEQ, 900
per annum, and from the verihcations that
were obtained from the Noks, by the cour-
tesy Of the Oxnards of the Chino Valley
Beet Sugar company, a most remarkable
showing was made of the earning capacity
of one OF the grandest properties on the
Pacific coast.
j. Il. Gilmore, the president, said the
QSher day Of the new company that he be-
lieved that the entire estate would be col
onized within the next two years by a SUI
perior class of farmers, and he felt exceed
ingly pleased at the consummation of the
sale, which is one Of the most desirable
propositions be had ever considered and
would probably lead to the negotiation Of
other propositions on this coast by English
investors. san Francisco Chronicle