The Imperial press., 1904-09-17

menu CO. ana Salu SOcledad de RlgO. This issue of stock to be in exchange for the contracts and water stock re- turned and cancelled, and not to cost the recipients anything above the actual expenses of the transaction.
 Sixth.-No one shall be eligible to purchase or own stock in said Sociedad de Rigo unless he is d landowner in the Imperial Valley Ca stockholder in the Imperial Valley Water Users Associa tion and no one can receive water through Mexico for his use and benefit, delivered to his lands in the Imperial Valley unless he owns one share of stock of the Sociedad de Rigo for each acre of land to be thus supplied with water.
 Seventh.-In estimating the price to be paid for stock ill the Imperial Val ley Water Users Association account must be taken of all moneys paid out or expended for the purchase of rights and property and construction of works ill the United States and the total of all of said sums shall be equally appor- toned to the lands in the Imperial Valley irrigable by and to which water shall be distributed by the Imperial Valley Water Users Association, pro- vided that the present value of the distributing canal system of any Im perial Water Go. shall be credited to the landowners and stockholders in such Water Go. as their several inter- ests may appear.
 Eighth.-The price of stock in the Sociedad de Rigo shall be at least ten dollars per share, payable at the same time and on the same terms as the payments to be made to the United States on account of the Re c amation fund
 The argument for this plan can be briefly stated as follows: The present owners of land, and settlers in the Inn perial Valley have purchased water stock in the various Imperial Water Companies to the extent of $3,0OO, ,OGO, ill round numbers for which they have received the right to receive their water through Mexico instead of having to tunnel the sand hills. This is worth at least $2,O0O,0OO, and their distributing canal system can be turned in as value received for the other million, though thls is confessedly too high.
 If the California Development Go. and Sociedad de Rigo are purchased for $3,COO, 900 and there are Gas has been estimatedD 100000 acres of arable land III IilC LII poTldt Vdlloy dHU WdCef enough for it all, it will be only just to charge the remaining 100000 acres that have no right to be supplied with water through Mexico, the sum of $1O per acre for that right. This will make $2,OOO,00O The remaining million can be carried to the account of the con- struction of the works, dam, head works, canal and distributing system which shall be equally distributed over all the lands in the Valley covered with water by the Imperial Valley Water Users' Association. These sums shall be the basis of the price of stock in the Imperial Valley Water Users Associa- tion, with the exception that those owning stock in any Imperial Water Go. shall receive credit for the value of the distributing system of hls Water Go. in proportion to his stock ill said Imperial Water Go.
 Any one familiar with this matter can see that the basis proposed gives the new conner the best of it all around. In the first place, the proposed values do not divide the matter fairly. The right to receive the water through Mex icO is the key to the situation. No rec- lamation is possible without it, and ten dollars per acre is nothing like it's value. On the other hal.d the distr- outing systems of the present Imperial Water Companies are very poor and