The herald., 1896-04-07
FOR TWO MILLION DOLLARS |
THE CHINO RANCH IS SOLD TO ENGLISH
CAPITALISTS
Papers Signed Yesterdsy-HaH niillen Dol.
lars improvements Contemplated and q
Model Colony Will Be Estabiished-Ms
Easten and Capitalists Interviewed

For some weeks there have been rumors
concerning the probable sale of the Chino
ranch to an English syndicate. Yesterday
IT became an accomplished fact. Messrs.
}. +: Gilmore. the financial agent of the
syndicate and capitalist, accompanied
bye. WildiDg, OF the London firm Of Will
ding Ward. chartered accountants, ar.
rived in the city week ago, and in com.
pany with Major Easton, paid a final visit
to Chino last Thursday. Since then these
gentlemen. together with A. W. Morgan
an accountant of this city, have been in the
closest conciave examining into all the ac-
counts OF the Chino property for the past
five years. The sale includes all the trot.
ting stock, agricultural and dairy plants in
their entirety. 1t is a matter of gratifica.
ton to Messrs. Easton, Eldridge & Co. to
find that the reports heretofore made to
them have been fully verified by the visit
ors from the other eide. whose approval
was nnaily proved yesterday by the draw
ing OF the documents and the closing of
the transaction. Tho voluminous docu-
ments incidental and necessary to the sale
were drawn and revised by the attorneys
on both sides yesterday, and signed before
the English capitalists, and Mr.. Wendell
Easton returned to San Francisco last
night.
Major Easton was interviewed by THE
HERALD last Dight and said:
1.-The attorneys of the syndicate will
take the abstracts of title up Immediately,
aad as soon as the titles are passed the
entire possession of the ranch will pass
into the English hands, against the pay
ment OF the balance OF the purchase price.
1T Is the purpose to operate the ranch
through limited liability company, al
ready formed in London, with capital of
$2,5uO,OOO, a very large portion of which,
however, will be reserved for working capi-
tai and TO purchase such additional water
rights or additional land, stock, etc., as
may be necessary to fully equip the bust.
ness and put it upon safe and profitable
basis, but the going business. as the Eng
llsh term it. of the entire property will be
turned over to them. and the only change
they will make will be to materially in
crease the work and income.
I'VE have been appointed agents of the
syndicate, and under their instructions
Will offer certain portions of the land in
correction with the Chino Ranch COM
pany, until the title has fully passed to the
English syndicate, and the work outlined
by us in this direction will be further sup
pleinented by extensive colonization work
on the part of the Enalish people, their
plans being to open up aud establish there
model colony on the lines of an English
farm life, and for that purpose . portion
OF the capital is reserved"
The Englishmen showed the proverbial
reserve of their nation when approached
as to the intentions of the syndicate. They
intimated. however, that some very extern
sive Improvements to the ranch are con-
templated. In the first place they intend
to have the roads put thoroughly in order,
to extend the railway, and by such extern
sion bring further beet lands under cult.
vation. They will also be prepared to ad-
vance capital generally to intending pur.
chasers, either in money or otherwise. A
model homestead is also contemplated. A
report that the ranch was to be colonized
by evicted Irish tenants caused the Eng
lishmen much amusement. They de-
not for philanthrophy. Their desire is to
entirely English lines, the foundation prin.
ciple being based upon the Englshman's
idea that they can we'll afford further out
lay to their original cost in properly laying
out the property and thereby gain that
much greater profit in the enhancement of
it as time rolls on.
Mr.. Wilding said that owing to the dis.
turbed condition of the financial markets
there was plethora of money in the LON
don market today that is seeking just such
investments on American aoil through
English channels.
1t is understood that the actual price to
be paid is $2,OOO,OOO.
The Chino ranch consists of 4O, 900 acres.
The purchase does not include the beet
sugar factory. which has an agreement
under which it is to take all the beets pro-
duced on the ranch for number of years.
The bulk of the purchase money will 20
to Richard Grid of Chino. The San Fran
cisco Savings Union holds q mortgage on
the estate of $4,000.