The San Francisco call., 1913-07-25
COVE RNMENT MD
FOR VALLEY LAND
Senate Bill Establishes San
Joaquin and Sacramento
Drainage Districts
Approval of Debris Commis-
sion's Report a Step
FOrwarl

Holders of securities covering the
fertile reclaimed lands in the Sacra-
mento valley will be interested to
know that the revised report of the
California debris commission has been
approved and signed by General w. II.
The report will now he placed with the
house committee on rivers and harbors.
Senate bill No. 21S also establishes
the Sacramento and San Joaquin drain
which include approximately 1,250,000
acres of land. The bill further appro-
PIRATES 100000 for the purpose of or
ganizing the work of carrying into
effect the revised plans of the debris
commission through the reclamation
board.
The district established has power
to sue, acquire and own land, and to
manage and fully control the reclama-
ton work in the district. No plans
for levees or for reclafmfng land In
the approval of the reclamation board.
The board also has power TO levy and
collect assessments. The act designates
that the reclamation board must first
undertake the work of enlarging the
outlet of the Sacramento river.
The federal government has already
commenced the work of widening the
mouth OF the river above Collinsviue.
This will afford relief for the floor
waters which now back up in the flood
basins during the food seasons
oRo REDUCES BOND REQUEST
In the hearing given the Orc Elec-
trio corporation by the railroad COM
mission yesterday the original applica-
tion for bond issues of s1.000.00o to
complete the Yellow creek power prof.
ects and of s6s6,000 to cover an Issue
already disposed Of was reduced by
The corporation to a single issue of
$4,000 This amount will take care
OF the immediate needs Of the com
pany and the larger amounts will be
applied for later. The auditors report
showed the value of the present hold
lngs of the corporation TO be s4.S17,-
645 and that the corporation is earn
ing sufficient to pay all fixed charges
and take care of the interest on the
bond issues. Samuel Knight and w. H.
Orrick appeared for the corporation.
WESTERN POWER NOTES
Announcement is made by the West
ern Power company of New Jersey,
holding company for the Great West
ern Power system OF California, that
$1.25O.000 Western Power company two
wear per cent collateral trust notes.
These notes are dated July is, 1913.
mature July is 1915 and are optional
At 101 and interest on any interest pay
ment date upon so days notice. Prin-
cipal and semiannual interest, January
IS and July is. are payable in New
York The notes are in coupon form
Of the denomination Of $500. $1,000 and
$1,000. The Bankers Trust company
of New York is trustee.
The Western Power company has no
funded debt other than the above notes
authorized and outstanding to the eX-
tent of $3.50 900. There have been de-
posted with the trustee as security for
these notes the following bonds and
stock: SS49, 900 Great Western Power
company first mortgage 5 per cent
bonds. due July 1. 1916; $685. 900 City
Electric company first mortgage per-
cent bonds, due July l, 1897; soc, 900
California Electric Generating COM
pary per cent cumulative preferred
stock, guaranteed as to dividends by
the Great Western Power company:
making a total par value of S20S2 900
of collateral security.
For the year ended June 80, 1913 the
surplus earnings of the Western Power
company and subsidiaries, as officially
reported, were s396,002.43. This is the
surplus remaining after paying bond
interest and the per cent dividend on
California Electric Generating preferred
stock. This surplus is more than FIVE
times the annual interest on the note
issue
F. II. Rollins Sons report that the
greater portion Of the issue has al
ready been placed in the east. where
similar short tims securities, yielding
an attractive rate, have OF late been
readily absorbed. The Offering price is
9s and accrued interest, yielding per
cent on the investment This new
financing by the Western Power com
pany pays off the floating debt and