Morning journal and courier., 1891-02-05
A LAND OF PROMISE.

Stockholders of a California Irrlga. ton Company Meet Last Evening
 at the New Haven House-Stock
 Increases Three Times in Value-A
 Great Chance for Investors.
 There was meeting last evening in the New Haven house of stockholders and their friends in this vicinity of the Bear Valley Irrigation company of southern California The meeting was addressed by MT. c. W. Greene. who is prominent member of the company and at present on financial tour for raising more capital. There was pres ent also MT. A. P. Kitchins of Boston, who is vice-president of the company and gene ral manager. The gentlemen were most enthusiastic in their prophecies concerning the future of the company. MT. Kitchins said that he left business in Boston which | was paying him from twelve to fifteen thousand a year and never regretted the | move. He would not take 8 million dol l lars for his one hundred thousand invested | in the company
 An extract of the financial statement of l the company is as follows:
 The Bear Valley Irrigation company was | organized under the laws of California l December 13, 1890, to purchase the proper | ty and capital stock of the previous com panies which existed. Its capital of $4 GOO, ,OOO is divided into shares of $100 each, $1 ,O0O, ,000 being preferred stock entitled to 8 per cent. cumulative dividend and nc more, and $3,000,000 of common stock. Of the common stock $2, 4O0,0 ,000 is ex- changed for the entire property and fran chises of the two companies previously re. ferred to.
 There is an immense value secured ir l these franchises from the two companies by an indefeasible title to water right not yet one-tenth developed; nor of the tremendous water power available in drop ping such body more than 1000 feet per l pendicularly between the reservoir 6 6,40( feet above the sea level to the valley only | ,0O0 feet above.
 A twenty-four inch steel pipe takes watel across the Alassandro district to Mareno with fall of more than 300 feet, capabl, of producing immediately on the ground more than 5000 horse power
 In the immediate neighborhood of thu companv's interests is tract of land, no less than 100 square miles of choice pin cedar and oak timber, trees a hundred feet high and from two to four feet il diameter.
 The ice supply is another resource fo
 the company. Ice freezes each winter up
 on the great reservoir from two to thre
 feet in thickness. It can be put on boar'
 cars at & cost of not more thai
 twenty-five to thirty cents @ ton
 It may be of interest perhaps, were
 known, that whoever originally bough
 stock has had it rolled over three tim ss-
 where he had one share now has thre
 and the company is now in shape to pa
 10 per cent. interest on the s3,000,000 0
 common stock and per cent. on tn $1,000,000 of preferred, and in six month has earned enough to pay this rate of div
 idend four years on g surplus of nor
 than $1, ,300,000.
 MT. Greene has in the past few week , disposed of $110,000 worth of stock. The1 is about $300,000 of the money of New H.
 ven invested in the company, some C whom are Dr. Stevens, Wilbur F. Day
 Senator James Graham of West Haver who is president of the company, E.
 Stoddard, J. Gardner Clark, Dr. Pa,
 Skiff and others.