Imperial Valley press., 1911-11-07
WATER DIRECTORS MAKE
STATEMENT TO USERS
They Discuss Proposed Increase Of Is
sue of Water Stock and Money to
ce Used for improvements.

The directors of Water Company No
have issued the following circular
letter TO all stockholders OF record in
that company:
1t having come to the attention of
the Board Of Directors that many of
our stockholders do not fully under
stand the prevailing conditions and the
possible effect an increase of the cap
ital stock might have on their hold
ings, the following statement has been
prepared to cover the points in ques-
ton:
Our contract with the California
Development Company and the MeXi-
can Company calls for the delivery of
100000 acre-feet of water per annum
For the first nine months of the pres
ent year We have received from them
220,l12 feet; making a liberal al.
ing the last three months, We will use
not to exceed 275,00O acre feet during
the entire year, or2.15 acre-feet per
share of stock. While the directors
have asked for authority to issue 35,-
900 additional shares, it is not appre-
hended that the whole amount will
ever be issued. Twenty or twenty
five thousand shares will meet the re-
1uirements for many years. Taking
he total acreage at 125,OOO we can de-
liver 3l2o acre-feet per share per an
num. more than Is per cent more wa
er per acre than we will use this year,
lndstill be within our contract
THE greatest objection heretofore
faised against an increase in stock
vas the proposed supplemental con-
ract with tae California Development
Company for an additional supply of
water equal to four acre-feet per an
lum per share on the stock to be is
sued and an agreement to pay that
company fifteen dollars per share for
I'll stock SO issued, out of the first
money received from the sale thereof
As stated i'll our recent circular letter.
I'll the money which may be derived
rom the sale of stock issued under
his proposed increase, is to be used
or enlarging, extending and improv-
ng our canals; to put. them in the
oest physical condition to meet the
increased demands that are now, and
hat will hereafter be made upon them.
t is absolutely necessary that a con-
siderable amount of money be eXpend-
I'd in the immediate future to increase
he capacity Of our canals. The di-
'ectors have refrained from levying an
extra assessment for this purpose. pre-
'erring rather to combat serious diff
'ulties in making necessary delivery
If water than to burden the stock
holders with unusual assessments. 1t
must be apparent to all water users
hat this work must be done in Or
Ter to maintain the desired efficiency
If service and the sale of this addi-
'ional stock will provide funds for that
purpose and at the same time relieve
very serious condition. The direct
ors have fixed price for this stock
which is considered entirely equitable
md which protects the presen, stock
holders against the make, fIuctua-
ions that now take from it a security
value.
If there are any other details not
FULLY understood by you, the office will
give the desired information, if ad-
yised. either in person o by mail. It
is hoped that the stockholders who
Favor the increase, who have not
signed and returned the card or cards,
recently sent out, will do so at once.
We urge upon you the Importance of
giving it your prompt attention.
by order of the directors.
BYRON H. COOK, Secretary"