Imperial Valley press., 1922-07-17
BOND SYNDICATE DEMANDS g. PER CENT
81 ID 0 0 nj
TWELVE STRIKERS AND
SHERIFF DIE in BATTLE
new money brought into the val
".
Says Banks Can't Garry Load

He also argued that for the mutuals
to absorb the $5,000,o00 it would be
necessary for the banks of the valley
to accept bonds i'll payment of amounts
owed to them by the mutuals and
others and he implied Il doubt whether
the banks would be in position to ac-
cept additional losses after having
weathered the reverses of the hquida-
tion period following the war.
John f. Barber was present repre-
senting the First Securities Co. of Los
Angeles and answered questions bear.
ing upon the experience of the First
National group with Imperial valley Sc
curities.
Proposition Submitted
The formal proposition laid before
the board by the bond syndicate reads:
The undersigned, First Securities Co.
of Los Angeles, and the Anglo London
Paris Co. of San Francisco, California,
hereby offers to purchase the follow
ing described bonds at the price of SO Y
and accrued interest to date of deliv-
cry:
(Here follows listings)
The foregoing bid is unconditional,
save and except that the undersigned,
before making payment for said bonds,
shall be furnished Il written opinion Of
Goodfellow, Eels, Moore 4 Orrick APP
proving the legality of said bonds and
the sale thereof arising out of this bid
and your acceptance thereof, and shai.
be furnished a copy Of the written ap-
proval of the California bond certifi
cation commission of this sale and con.
tract.
Option Runs to February
1t is understood that in considcra
tion of the foregoing purchase by the
undersigned you will, and by the ac-
ceptance of this offer, do give to the
undersigned the right, to be exercised
in its discretion to purchase at 93IhR
of the face value thereof, the bonds
next hereinafter described; (lere fol
lows listing)
Such right of the undersigned to pur-
chase said bonds at said price shall be
exercised by it prior to February l.,
1928. AT any time prior to said date,
the undersigned may purchase one or
more of said bonds, and thereafter may
make any number of purchases of one
or more of the same until all thereof
shall have been purchased, and in max
ing such purchase or purchases, the un-
derslgned shall have the right to select
any such bond or bonds that it may
designate; provided that nothing here
in contained shall be construed as 4
limitation of the right of the under.
signed to purchase at any one time all
thereof or any part thereof remaining
unsold prior to said February l, 1928,
and provided further that nothing here
in contained shall be construed as an
obligation on the part of the under
signed to purchase any part of said
$6,500,000 bonds.
In evidence of good faith, the under
signed encloses cashiers check for
$4,000 which will be applied to the
purchase pnice of the 100000 Imper-
ial Irrigation District bonds first here.
inbefore described, upon the acceptance
of this offer and upon the sale of said
bonds in accordance with the terms
hereof
To this agreement, there is to be
added a clause agreeing to refund to
the irrigation district any overpus re
ceived for the bonds above par.
This afternoon s session was de-
voted to open discussion of the syn
dicate offer by mutual water com
pany representatives and members of
the district board. No action had been
taken at press time.