Morning journal and courier., 1893-02-20
THE BEAR VALLEY COMPANY.

OO-e~- | An Interesting Statement From Presi- dent Greene-what the Company Has Done and is Do1ng-Mr. Greene Thinks the situation a Sound One.
 REDLANDs, Cal, Feb. Il. To the Editor of the JOURNAL AND COURIER:
 My attention has been called to an arti- cle in the COURIER of January 30, and as it is calculated to give a wrong impression in several respects, ask you to publish the following:
 There has been no "big contest" nor "lively battle," nor "stormy meeting." There was difference of opinion, largely l due to lack of information, as to the pay ment of dividend. The company at its organization made certain propositions, and invited purchasers for it's stock under certain conditions. As the selling agent of the company I have placed largs amount of this stock upon authorized statements.
 Before undertaking the sale had care- fully examined the property, had seen its immense resources and had satisfied myself as to the high merit of the enterprise, and have never changed my mind in regard to it. I believed at the outset it was capa ble of doing all that was agreed, and my present examination of it, with inc assist ance of an expert accountant, fully con firms the previously formed opinion.
 The majority of the stock is not held date, about $3, 5OO, GOO, less than one fifth of it is held abroad. The larger part of it is held at home, 8 considerable portion being held in New England.
 The difference of opinion which I have referred to as to the internal management of the company was largely due to lack of proper co operation between the admin istrative and financial departments. This was the result of various causes, but chief ly by the great distance between us and the length of time required for commuui cation.
 On arrival here found that the dividend had been declared at date later than was anticipated, and then upon the strength of telegram which was misunderstood; it was rescinded. There was no occasion for such action; it was i'll considered and ill., advised, but it was taken, and it has caused for the time being distrust of the company which is not justified by the real conditions.
 I accepted the presidency and manage ment of the company at the unanimous
 
 | eastern directors as we'll. 1 would nut have accepted it under any other condition. am under no pledge except to manage to l the best of my ability for the interest of | all shareholders. I have always maintain l ed that the company is obligated to carry out it's contract with the shareholders with the same good faith as other contracts, end 1t goes without saying that 1 would not have accepted the management of the com pany except with that understanding. It l Is 8 growing concern of immense propor tions and with possibilities that are almost l unbounded.
 There is opportunity here for profitable employment of a very large amount of l capital, aud it is our purpose to develop i!
 as fast as capital can be secured, consistent
 with economical expenditure and in keep
 ing with the demands upon our water sup
 ply. But we must regard past engagements
 before undertaking new ones.
 At the present time the demand fol
 water is far in excess of the facilities fo,
 delivery, and we are actively engaged 1T
 will bs finished to 8 point this year tha
 will probably meet all requirements, anc
 with the expectation that next year WI
 shall be quite prepared for any demand
 The statement which Is being prepared
 under the direction of the expert account 1 ant, will be, l am sure, convincing to th
 shareholders as to the real merit of tn enterprise. It wilt be ready in few days , and shall not wait for the annual meet
 ing, which takes place on the 7th of March
 before sending it to all stockholders. No changes have been made in tn directory, except the filling of two vacan
 cies, caused by the resignation of Messrs Heaccck and Hotchkiss, the one by Mr
 George H. Talbot of Norton, Mass wh
 has accepted the position of assistan manager, the other by myself. know 0 no reason why there should be any chang , at the ensuing election. I found tem
 porary secretary in the person of MI
 Harpham, who has been, and is, the al
 torney for the company, and the office now filled as permanent appointment b MT. E. A. Pardee, who has been connecte
 with the company almost from its organ ration. There is perfect harmony withi the directory, and I am receiving all pos t sible assistance from all it's members Senator Graham has for long time dt l l sired to be relieved from the respons D bilities of the presidency, which resic c ence so far away made onerous and diff 8 cult, and was no doubt pleesed with th ] opportunity presented.
 | MT. Hall is the acting chief engineer ( ? the company, MT. E. E Brown still hold D l 1uH Guc DOSltioA bs CuloE 6Gk1I , ger, but taking no active part in the bus
 ness of the office.
 The work that is being done is of th
 highest class in every respect, and with ? l view to permaneney. The settlement c n the Alessandro lands has gone forwar
 much faster than any one anticipated; s A rapidly, indeed, that the company is ha,
 ing difficulty in furnishing a sufficient SUI y ply of water.
 5 Looking the field over, I can zee no rel Il son why all requirements for construction as we'll as all obligations as to dividen
 payments, may not be met, except the on contingency that the distrust before r n ferred to may interfere with the sale of E. curities from the dividend fund, which do not anticipate will be more than m
 mentary.
 The company was organized with di 6 tinction as to its revenues, 8 certain rt @ source for capital account and the net 1T come assured for dividends. The incom :, has exceeded expectation and the cash r ] alixsd is considerably in excess of tt l. dividend payments.
 ! CuAprTs " GprrNr