Imperial Valley press., 1919-05-06
VALLEY FATHER EXPLAINS.
Continued from Page ~

the hotel un to the time it was taken
over by Mr. Richmond. Another fact
which NAV be OF interest, and is like
ly not generally known in Imperial
valley: After the building company
tailed, the creditors brought stock
holders liability suits against all of
the stockholders. | paid my stock
holders liability, which amounted to-
several thousand dollars, before any
suits were filed by the creditors.
there were four or five other stock
rcldcrs who also paid their stock
holders liabilities, either before or
;incc the suits We're filed. Outside of
myself ard 4 few other stockholders,
aEcve mentioned, none of the other
&to 1,lholders ever paid their gtockhold-
cIs' liabilities, and suits would have
been pressed against all Of them, and
thcy would undoubtedly have been
compelled 10 pay these liabilities. In
order to protect all Of these 200 stock
holders, and although there was no
liability whatever OF any sort or kind,
on my part, to pay this, or to pro-
test these stockholders, still | felt
that, as these stockholders had lost
their money that they put into the
property, and knowing that a large
pal I of them were not able to lose this
money and still be called upon to pay
additional money, which they would
lose, | settled THIS whole matter with
the creditors, and paid the matter up,
III order to protect these stockholders,
this costing me over $14 600, which
| simply donated, IN order to protect
these stockholders, although, as stat
cd, there was no obligation, legal or
otherwise, in any way that | should
do so.
CAS- you know, it has not been my
policy 10 undertake to answer critl-
cisms or attacks which anyone may
make, and | am only writing this let
ter at the earnest solicitation Of
friends Of mine, who have insisted for
a long time that | make some state
ment of this whole matter. So far
as / am personally concerned, | would
have PAID no attention to 1t, believ-
ing that right will ultimately prevail
in these matters, and that the public
will finally judge matters of this kind
right, therefore | have always been
perfectly willing to leave criticisms
which may come against me at any
time to the judgment of the public,
believing, as stated, that the public
will finally render the right judg-
ment.
81 think my business career is well
enough known in the Imperial Val
ley 20 need no comments. 1 try to
play square game IN business, and il
win, ali the better; II lose, do
not play the baby act, as some do,
and try to ind someone to place the
blame on. II / make a mistake and
lCse, simply blame myself, and no
one else, for making the mistake.
i am going out OF this Barbara
Worth Hotel matter with net loss
to myself personally OF almost $780,
600, but this is d part of the business
game, and / consider the hotel one OF
the great assets to FL Centre and the
imperial Valley, and believe it is
worth to the people of the Valley all
1t has cost all OF US, and | consider
this a much more important matter
than The question Of now much money
any one of US may have lost
Il have always tried to conduct my
business in the Imperial Valley with
the idea of developing and building
up the Valley, and the amount of mon
ey which | might MAKE out of the
enterprises was a secondary consid-
Grafton, and | will state here that
have not made anything like the
amount of money out of the Valley
that it is generally supposed by a!
great many people that | have made
However, this is not material. The
main thing is: What is the material
and best thing for the Valley?
II have no criticisms to make and
no feeling against anyone in. regard
to this or any other matters connect
ed with any of my business enter
prises, and am willing to leave all of
these matters to the best judgment
Of the public. Respectfully.
"W r HOLT"