Arizona republican., 1921-05-24
MILLION DOLLAR RANCH HTRANSFER ||S MADE PUBLIC
Valley Ranch Company Is
 Incorporated And Takes
 Over Litchfield Ranch And Other Property Of Southwest Cotton Co., Part Of Reorganization

Reorganization of the Southwest Cotton company became known yes terday with the announcement of the transfer of much of the company's property to the Valley Ranch cec-a- pany, incorporated
 Although the congratulations as been rumored for some time the first definite information thatSc could be secured was with the granting Of permit by the corporation commits sion to the Valley Ranch company to issue and sell a certain amount of it's capital stock
 Take Over Litchfield Ranch
 Millions are involved in the deal. It is declared to be one of the most
 important financial transactions consumated in the valley in months. That it will result in further devel- opment of the county is certain in view of the fact that the Valley Ranch company. according to it's arr ticles of incorporation, will not en- gage in the cotton industry alone but will plant all kinds of crops on it's vast acreage 20 miles west of Phoenix.
 The transfer not only includes the Litchfield ranch of 15.2S0 acres oi land, but also cotton gins at Phoenix, Mesa, Sarival, Tempe, Glendale, Tol- leson, Gilbert and Peoria The prop critics. most of which have been in operation for the past three years are all fully equipped. The oil mills l on the holdings are also equipped. The Valley Ranch company is in- corporated under the state laws Apri l 25 of this year with an authorized | capitalization of $5,00o. .000, divided 1 into 50,000 shares of common stock al ! the par value of s100 a share. The I incorporators were G. P. Nevitt anC | Harry Bringhurst named as president l and secretary of the company re- l spectively who together with NJ. F | Kelly, vice president, and J. M. Tag l gart and Albert E. Van Cort consti- | ute the directorate. The corporation l commission yesterday gave the com | pany authority to sell one share O stock each to the directors at $10i
 and 25,4os shares to the Southwes l Cotton company. It ordered that 10' per cent of the funds received iron | the sale of stock should be placed il | the treasury of the company and nt | part thereof used for expense in con l nection with the sale of stock l While the company plans to engag' | in farming on a large scare it vii I also operate and maintain cotton gin
 and warehouses and oil mills. | Terms of Transaction 1 According to the records the South
 west Cotton company has accepte' | payment in consideration of tn | transfer of 25.406 shares of capita stock at the par value of $1Q0 and | promisory note of $71o.0oo due 6 days from May 21, 1921, with interes at per cent. It is also stipulate that an order to pay the note vii l within a reasonable time, creat
 bonded indebtedness of approximate | ly a million dollars to be evidence l by the bonds of the company. l was stated in the application for
 permit that the Valley Ranch com pany would through it's officers ex
 ecute and deliver a deed of trust upo
 the property conveyed to the South 1 west Cotton company.
 The following is given as a con
 densed statement of the assets an liabilities:
 I Assets. (capitaD