Imperial Valley press., 1913-07-11

The ori2inaI Stockholders in The Cal
ifornia Development Company haNe re-
entered the field as Interested factors
in the adjustment of the affai:s of HE
company. Several weeks since one of
these stockholders mtimatei to the
Press that there would be sOmething
doing along this line. and 1t seems ap-
parent that they are determmcl that
they shall have a hand when it come :
to distribution Of the assets of thr
company.
Those who are named as parties IT,
the new move are C. r. lockwood.
father Of Imperial valleys irrigation
system: Or. w. 7. Heffernn VIII WIS
associated with him from the cailie> {
Gays: R. I. Perry. who entered the
company with the late A. H. Hnber and
who was secretary of the company
during the Heber administration. and
A. Flores. who was also a pioneer in
the company and one Of its officers.
In the Courts.
\ report from Los Angeles says:
Demand by four stockholders of the
S7.000.000 California DJ'eIopment
Company for widespread alteration Of
the ruling Of Judge Walter BnrdWeI.
IN permitting foreclosure against it..
has added another serious tan@le in ;hc
costly litigation Of its affairs.
This demand was made Yesterday in
the superior court. \ motion was fled
by Attorneys Works and jordan for The
stockholders. made defendants in ihe
original action. to set aside ihc first
judgment for entirely different admd-
cation
The appeal involves twelve counts
in the conclusions Of law and the find
ings Of fact in the decision. ana ~
wOrded rebounds to the benefit OF every
person who spent a dollar for invest
ment in stock of the California De
velopment Company prior to the it'll
cation which has since engulfed the
concern.
Briefly. the contention raised is mat
if, as Judge BOrdwell ruled. the South
ern Pacific Railroad Company was
morally guilty of attempting to wreck
the defendant corporation to its advan-
tage. the conclusions Of law and The
findings Of fact should have GlYnr3d
the defendant concern.
The defendants appealing from The
judgment in question are Messrs. Hef-
fernan, Flores, lockwood and Perry.
In reviewing the twelve counts referred
to they quote the language o. the
court. and cite law to sustain their con
tentiOns. The motion filed reads:
"All of the twelve conclusions of law
in the judgment are incorrect. erroH.
euos and inconsistent with the find
ings in the action.
None Of the conclusions of law i
supported by the findings of fact.
zone Of the findings of fact n the
judgment is:
Afforded in the plaintiffs supple
mental complaint in Intervention that
the defendant, Southern Pacific, pur
chased bonds Of the California Devel-
opment Company to the sum of s231.-
$40. par value, below par value, and
caused its agents to circulate reports
that said bonds were invalid.
That the Southern Pacific ac
quired a majority Of the bonds and Will
fully and fraudulently caused the Cal
ifornia Development Company to de-
fault on payment of interest, so that {
could cause this action to be com
menced and during the pendency Of
the action to expend large sums Of
money on the Imperial valley irrigation
system (Which comprises the COM
pany's principal source Of revenue 7.
through and by receiver selected by
itself, and finally to purchase the
property at a price as low as possible.
and thereby become owner outright Of