Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1903-05-22
stockholders MEETING.
Albuquerque Land and Irrigation Com.
pany Have Important Proposition.
BOND EXCHANGED FOR STOCK,

The stockholders of the Albuquerque
Land & Irrigation company will meet
tomorrow afternoon to consider a prop
osition offered by the Shut Improve
ment company of st. Louis. About
ten miles Of the ditch has been COM
pleted, but no work has been done for
nearly three years, as the litigation In
the courts stopped the work. The SUI
preme court, however, has rendered a
decision in favor of the company, and
no more trouble Is anticipated.
Forty thousand dollars has been ex-
pended SO far, but a great deal of this
AMOUNT went to lawyers, etc, in fight
ing the q 1t is thought that the
stockholders Will vote to accept the
proposition. The letter from the
company'sz attorney will explain the
matter.in full and is given below.
Albuquerque. N. NJ, May 81. 1903
Messrs Wallace H~esselden, M. w.
Flournoy, M. p. Stamm, l.. l.. llfeld,
ID. A. Macpherson, Nj. Mandell and
M. s. Otero, president and board OF
directors of the Albuquerque Land
& Irrigation company: Gentlemen
I am authorized by the Shut Improve
ment company of st. Louis to submit
to your company a proposition for it's
reorganization and the prosecution of
the enterprise ii undertook to accom-
plish.
The proposition is in substance az
follows:
All the stock held by the present
stockholders in your company to be
delivered to a trustee to be turned
over and delivered to the Shut I'm
provement company. or its assigns
upon the filing by it of a bond in the
sum of $40 900 dollars, to be approved
by the directors of our company, pro
yiding for the completion of the cana
en- the lines as originally outlined by
the The Shut Improve
ment company suggests that the Bank
Of Commerce of Albuquerque be des-
ignated as such trustee. as ii is not in
terester to any considerable extent in
the stock of the company. h bond
shall contain the further condition
Ludl lHt onull me-
or its assigns. shall have twelve
months from the date of the filing OF
said stock and the acceptance of said
bond within which to exercise an OPP
ton to proceed with the enterprise OF
constructing the ditch or not; and the
further provision that upon the accept
apce OF the stock and the agreement
~ CafI anfarnriSp that
the same shall be completed within
eighteen months from the time OF the
filing of the said bond.
am authorized to assure your com
pany that the Shut Improvement com
many is ready to have thorough inVestl
CATION. estimates and prospectus made
for the purpose of carrying out III
proposition; and that it has also beei
In negotiations with capitalists for
very considerable length OF time, DOT
prior to the recent decision of the su
preme court of the United States, II
washington, In the case between IN
ditch company and Gutierrez, an
since then; and that If they ca
sustain the reports as to h condition
made by them upon their personal OF
s~ervations and Investigations, ther
will be no difficulty in securing Tn
money required and that the capita
lists above referred TO will be ready
max personal investigations OF IN
enterprise within thirty days after
can be put into shape.
While the time asked for may see
long on account of these represent
tions. still there are a good mar
things TO be lone in the way OF putin
the company on its feet, n a goo
many details to be attended to IN Ne
Mexico and elsewhere before the shu