Timeline
Southern Pacific Railroad finished its line to Ventura which required it running the entire length of the Rancho San Francisco.
After continuing to live lavish lifestyles after the death of their father, the families of the 5 sons put an increasing burden on the company. Thinking of the Ranchos a financial, against their father’s wishes, the family to sell two of the Ranchos. Fortunately, none of them sold at that time.
When the Southern Pacific Railroad completed its line, a railroad station was built in “Old Town” (formerly Newhall before it moved) and was re-named “SAUGUS” which was Henry Mayo Newhall’s birthplace.
This is the Saugus Train Station. It was located on Railroad Avenue, just across from the Saugus Cafe’.
The Saugus Café back in it’s day! You can see the train station above the “traffic” on the left side.
Walter succeeded Henry as manager of Rancho San Francisco now known as Newhall Ranch. This is the town of Newhall in the late 1800’s. This is Railroad Avenue, also known as Main Street sometimes.
Newhall Land and Farming created it first subsidiary, The Newhall Oil and Development Company. The western end of the ranch was then leased to oil companies to drill for oil, however none ever did. A nice income was generated from the leases.
During the last years of the nineteenth century, following the panic of 1893, the nation as a whole was in an economic slump. Farmers and cattlemen were desperate. NLF decreased its dividends from 1891 to 1895, then stopped paying them altogether.
On July 5, 1900, with no relief in sight, the board of directors of NLF voted to sell the Rancho San Francisco. Walter was selected to negotiate the sale. It was listed, all 45,000 acres for $750,000. Buyers were acquired but the sale fell through.
NLF borrowed $70,000 from private money lenders to stay afloat for a while.. Directors then voted to sell any or all of the land belonging to the company. They then borrowed an additional $38,000 from banks in both San Francisco and Los Angeles.
Business was going badly for NLF. Directors instructed the secretary to write to Walter to close up Shop on the Rancho San Francisco, now known as Newhall Ranch because it was costing too much money to maintain.
It is a beautiful property for sure!