Rogue River courier. (Grants Pass, Or.) 1886-1927, 1913-11-28


siderable more money by the use of
credit, which expenditure run the
company heavily in debt. The direc-
tors of The Chicago-Rogue River
Company failed to pay this indebted
ness and filed a voluntary petition in
bankruptcy In June, 1912, which was
done without the consent or knowl-
edge of the stockholders, and the act
of bankruptcy was afterwards severe
ly condemned by the stockholders,
which included number Of rich men.
This condition of affairs had very
depressing effect on the community
and left over one hundred creditors
unpaid. To relieve the situation Mr..
Sanders went east and took the matter
up with the larger stockholders, with
the result that they and other stock
holders have paid all the helpless and
unsecured creditors and since have
continued TO provide money for the
care of the property, and provided
money for the care OF the bitches, sc
the farmers could have irrigation this
past season.
AS the decree just entered places
the control of the Golden Drift prop
critics in the hands of The Rogue
River Public Service Corporation,
statement about that corporation is of
interest.
The Rogue River Public Service
Corporation was organized last win
ter by Mr.. Sanders and some capital
lists residing in Indianapolis, Indiana,
and Chicago and DeKalb, Illinois.
After organization the corporation
paid up local creditors of the Golden
Drift Mining Company before the re-
ceivership and creditors of The Chic
ago-Rogue River Company and took
over the property and lands of the
Oregon Water and Power Company,
which property includes the power
plant, water works and city lighting
plant at Gold Hill and also the prop
etries of the High Line Ditch Com
pany and Gold Hill Canal Company.
Many of the stockholders of the
new corporation were formerly either
stockholders, bondholders, or certif-
cate holders of the Golden Drift Min
ing Company, and II was desire to
protect the small and helpless stock
holder from loss on their original In
vestment. All of the stockholders OF
the Golden Drift Mining Company,
other than those involved in the suit
just decided, weer invited to join In
the new company and protect them
selves, as were also the stockholders
of The Chicago-Rogue River Com
pany, which was In bankruptcy, with
the result that about 800 original
stockholders of the Golden Drift Min
ing Company who had invested their
money in the Golden Drift Mining
Company are now stockholders Of The
Rogue River Public Service Corpora
tion and with the result that the new
corporation now owns and controls
the Golden Drift Mining Company,
The Chicago-Rogue River Company
and the Oregon Water & Power Com
pany. The Chicago-Rogue River
Company In turn owns the legal title
to the Josephine County Irrigation
and Power Company property, and
the Oregon Water & Power Company
in turn acquired the title to the Gold
Hill Canal Company's property.
The aforementioned companies rep
resent the entire investment in power
and irrigation development in the
lower Rogue River valley. Either
the Golden Drift Mining Company or
the Josephine County Irrigation and
Power Company succeeded to the
rights and business of the following
companies:
Advance Power, Electric & Irriga-
tion Company.
Grants Pass Orchard & Irrigation
Company.
Rogue River Valley Improvement
Company.
Rogue River Irrigation & Power
Company.
The result OF these purchases that
have been made by The Rogue River
Public Service Corporation is that
the new corporation now embodies
all the investment and effort that has
been put forth in the irrigation and
power business in this part OF the
valley to the end that a plan Of COM
plete development can now be car
ried out without the annoyance and
delays incident to conflicting inter-
ests.