Morning journal and courier., 1893-01-30
THE BEAR VALLEY COMPANY.

mong them that q serious difference of
pinion had been prevailing in the board
f directors as to the proper course of |
management to be pursued in the COM
,any's Offices. As stated exclusively in
he COURIER some weeks ago
THE DIFFERENCE OF OPINION
Is to the policy to be pursued hinged on
IN important question. Mr.. Charles W.
Green, who had been the leading represen-
tative of the company abroad, and through
whom large amount of the company's
common stock had been sold abroad, had
taken the stand that the company must
continue paying interest on the common
stock to the amount of Is per cent. per
annum. He took this position because he
said be had pledged the company to thus
pay Is per cent, when he negotiated the
sales of the stock abroad. Others of the
board of directors held differently.
A DIFFERENT OPINION.
They held that it was not politio nor
wise to pledge the company to pay Is per
cent. for an indefinite period, and were the
more strenuous in their position as the
company had begun important and neces-
cary Improvements, which they were re-
quired to make by their binding agreement
with the State Of California. when they
possession by purchase of the vast
amount of land which the company holds
subject to providing with proper irrtga-
ton as fast as it is required for develop
ment by settlers. The opposition set forth
that it was not wise to pay the whole Is
per cent. at present, as a large amount of
Id 10 fr>r
improvements. Besides this some of these
improvements were already in progress.
They were not only improvements obliga-
tory upon the company but would enhance
the value of the comp.ny's plant, as by the
improvements an additional market was
constantly being created for the company's
water supply.
Mr.. Green fortified his position by the
claim that he had been backed up and au-
thorized by portion of the board of direc-
tore to mako the pledge he did to the Euro
pean stockholders.
A LIVELY BATTLE.
The battle waxed warm and somewhat
exciting. Finally the board of directors
got togsther and after a wsrm session
voted to pay 5 per cent. dividend on the
common stock payable January 20, and
not January l AS customary. Mr.. Green,
ever an alert and active man, and perhaps
seeing breakers ahead, did not wait for the
day appointed, January 20, but proceeded
to pay to the European stockholders
THE DIVIDEND IN ADVANCE,
and at the usual dividend paying time,
January 1. Meanwhile the board of di-
reetors, alarmed by the evident need of
funds in hand to carry out the improve
ments already begun, and fearful OF the
results Of their own action in ordering the
dividend of 5 per cent. on the common
stock, held
ANOTHER STORMY MEETING.
but it decided to rescind it's former
action in ordering the dividend paid. Then
came the denouement. The board were
confronted by Mr. Green, who announced
that he had already paid large amount OF
the interest which the board had ordered
paid. Tbs majority of this stock is held
abroad, and out of the Bear Valley COM
pany funds which were in his hands and
by borrowing handsome sum from
friends he bad accomplished this result.
DILEMMA.
Here was dilemma which the board
was not slow to size up. The directors,
though nonplussed at first, saw that a
change of program was necessary. A meet
new situation. Then after thorough dis,
| cussion 1t was decided to make new deal
| Mr.. Green was we'll known to the board as
| a meu of great and indomitable energy.
| They looked over the whole situation and
| the result was that a proposition was made
| to Mr.. Green. In view of all the facts they
proposed to him that he take the general
| management of the affairs of the corpora
ton.
Mr. GREENS THINKING CAP
Mr.. Green put on his thinking cap, bu
| was not long in deciding. His answer
| came promptly in the affirmative condi
| toned on his being chosen president of the
company. He desired the presidency ir
| order that he might select, as it were, hi
own staff and have about him and under hin
men with whom he could operate in full
| harmony and for the best interests of thu
company to the best of his judgment anc
ability. Mr.. Green pledged careful
| conservative policy as to the management
| of the company's affairs, both as to pay
| ment of dividends and the carrying for
ward of necessary improvements deemed
| so essential to opening new fields of in
| dustry and as q consequence new markets
| for the company's water supply, with tbs
conse quent increase Of the company
revenues. Mr.. Green's attitude and tn,
situation Of affairs was promptly tele
/ graphed to Senator James Graham of New
Haven, president of the company.
Elk SENATOR GRAHAM RESIGNS.
Mr.. Graham at once azsented, indorsin1
the program and resigning the presidency
of the company. Mr.. Green was the1
| made its president.
| The board of directors have the assur
ance and expectation that no Is per cent
dividend on the common stock will b.
made this year. This idea is to declare {
small dividend this year 10 addition to the
5 per cent. already declared. There are
three eastern men on the board Of direct
| ors, out of the thirteen that compose the
stock is $4,000, 600, of preferred stool
81, 900, 900.
SOME OF THE IMPROVEMENTS
now being made are as follows: A grea
| rock dam is now being constructed rs
| bulwark to the eighty foot high dam which
dams up the oompany's water supply
earthquakes by Ham Hall, late ohie1
engineer for the State of California, who
| succeeds to the position of engineer of the
Bear Valley Irrigation company, vice Mr.
Frank Brown OF West Haven, resigned
He, in company with the engineer who de
signed the layout of the grounds for the
worlds fair, are doing the engineering
work for the layout of new town neal
Redlands, which is to be severed
and p'ped and all prepared for occu
pancy before single lot is to be sold
Then vast new tunnel is being completed
in furtherance Of the carrying of the waite,
supply.
The Bear Valley company claim that the
prospects of the oompany's future are
| roseate in the extreme and that there is 8
boundless field for boundless supply OF
water and that no competition is to be
| feared. They say the artesisn wells are
| proving failures and that Riverside toe
will look to the Bear Valley dam for water
| The Charles W. Green who is so promi
nent figure in the oompsny's affairs, 1,
e Worcester, Mass, man, and as an expert
on the best methods of irrigation has fire.
| quently testified at the call of the United
States government before congressiona
committees of inquiry regarding the irri
! cation of government lands.
| About 100000 worth of the pre-
ferred stock of the Bear Valley Irrigation
it is estimated, is held in New Haven. O.
the common no large amount is held here
| Shaumplshuh Council.
Shaumpishuh council Sewing society viii
l Of H011op D1ia hoI All. 80