anaheim-gazette 1908-03-05

WILL REFUND FLOATING DEBT Water Company Will Issue $300,000 Bonds To Retire Short-Time Loans—Will Aggressively Oppose Illegal Diversions of Water Up The River That the board of directors of the Anaheim Union Water company has the unqualified endorsement of stockholders in the company was abundantly attested at Saturday's annual meeting, when its proposal to bond the company in $300,000 met with their unanimous approval, and its policy of vigorously defending the company's rights to water in the river met with a hearty second on the part of every stockholder present. Early in the day a coterie of belligerants started in to remind one of old times, but when the meeting finally settled down to a sane and conservative discussion of the important matters confronting it, it turned out to be one of the most interesting as well as most important ever held in the history of the company. The meeting was an adjourned one from January 25, when no quorum appeared and no business was done. Subsequently to that date E. F. Beazley The meeting was an adjourned one from January 25, when no quorum appeared and no business was done. Subsequently to that date E. E Beazley, Clarence McFadden and F. B Dunham of Placentia began a systematic canvass for proxies, with Beazley and McFadden as candidates for places upon the board. Stock was solicited in various portions of the district, but at no time was there any indication that a quorum would be present at the meeting. The directors of the company made no concerted effort to obtain proxies, and while some of their number had stock to a limited extent, others had none except that standing in their own names. The majority of stockholders, in the present financial status of the country, as well as the many important matters now engaging the attention of the directors, expressed a willingness to have the present board hold over, with not even one of their number displaced even by a candidate whose search for proxies had given him sufficient to elect himself to a place upon the board. Here is where the rumpus injected itself into the meeting, but it was speedily dispelled on appearance of the directors who effectually answered every point of criticism, when the belligerants subsided and were meek as lambs during the remainder of the day. President Crowther rapped for order at 10 o'clock, and Secretary Krick began calling the roll. Beazley, McFadden and Dunham offered proxies as the call progressed, but it could be seen that not half the number necessary to a quorum was answering roll-call. Directors Sherwood and Drake were present and answered to their names. Clarence McFadden, who seemed to be the head and front of the opposition, answered to his name with a solitary share of stock. This was recently transferred to him by his brother. As the call progressed a number of protests were offered to proxies not in legal form, and such were laid aside until completing Otto des Granges could no opportunity pass without putting ours. He read laboriously from the board of audit, and clipped found a discrepancy of several dollars and dollars. The company wishing too much money for litigation getting no results. It had thousands of dollars in the surplus Fuller, and Fuller was taking much water out of the river ever. Why don't we have the Court pass upon these questions have them settled finally, nor what some lawyers in this have to say about it? J. J. Schneider arose and said holders would like to know why the money was going to, as Kroeger busied himself in the by assailing the board and acting of not desiring a meeting. McFadden moved to adjourn last Saturday in March. The several seconds. J. B. Neff moved to amend journing to the next annual day. There were also several to the amendment, but it was the original motion prevailed. Many left the hall, while one mained accusing the director venting a quorum and with asking the stockholders' money coming to the ears of Director Bradford, McLauchlin and I who were on the sidewalk hall, they went upstairs and the meeting room. Otto des Granges was engaged act of exercising his vocal choice had recently seen Mr. Fuller said), and had been informed gentleman that this company made a great mistake in put the Durkee ranch. The should have purchased the ranch with its valuable water he went on, instead of throwing away on the Durkee ranch. The pany had sued to enjoin Fuller taking water from the river pended thousands of dollars. Fuller is taking out 600 inches at this minute. Why is it that is taking this water? Director Hale, his eyes flash his fist clenched and seeming for a fight, advanced toward Granges, and in stentorian voiced: "Why is it? Because Fu bought another piece of land." number necessary to a quorum was answering roll-call. Directors Sherwood and Drake were present and answered to their names. Clarence McFadden, who seemed to be the head and front of the opposition, answered to his name with a solitary share of stock. This was recently transferred to him by his brother. As the call progressed a number of protests were offered to proxies not in legal form, and such were laid aside until completing the call. Otto des Granges started a diversion by insisting that he be permitted to vote his mother's stock. He had her power of attorney, he said, and that gave him the right to vote the stock. That a power of attorney superseded a proxy had been upheld by the Superior Court of Orange county and by the State Supreme Court, and if the laws of this water company were above these he would like to see the man who said so. He had filed with Secretary Blennerhassett this power of attorney a number of years ago, it had never been questioned, and he had always voted it. The chair said that if Des Granges had voted this stock without a proxy in the past he had done so illegally. Secretary Krick observed that a power of attorney only lasted seven years. Des Granges announced with dramatic ostentation that he would vote his mother's stock, which amounted to 6 shares. Roll call developed that 1646 shares were present, and 241 contested, a total of 1887. As 4000 were necessary to a quorum, not sufficient stock was present to transact business. The Chair—"There is no quorum present, and adjournment is in order. Stockholders may meet informally for ANAHEIM, CALIFORNIA, THURSDAY, MARCH 5, 1904 session of such matters as may be cited to the meeting." The McFadden was on his feet pounding the table with his excitedly inquiring where the were which had been secured directors to be voted at this He said he had been promised a number of stockholders that and vote their stock, which secured by others, if it reported present at this meet excitedly asked where several large holdings were which had ended to roll-call, and said it easy to get a proxy and refrain it, to prevent a quorum. Adjourn this meeting from time," he excitedly continued, the table with his fist, "until quorum present, and we will people how to do business." Out of approval followed this in the part of his adherents. Granges could not let this duty pass without putting in his laboriously from the report board of audit, and claimed he discrepancy of several thousands. The company was spend much money for litigation and so results. It had expended of dollars in the suit against Fuller was taking just as out of the river now as they don't we have the Supreme subsequently affirmed by the supreme court. That Fuller had no right to water for his ranch was likewise proven in the suit of the company against him, in which he was perpetually enjoined from taking water from the river to use upon that ranch. What Fuller says regarding this company's policies, had best be taken with a grain of salt. Hale said emphatically that the company's lawyers had informed the board that if it had not been for the Durkee ranch it would have lost the suit. The board fought Fuller to a finish and beat him. He was restrained from taking water from the river to apply it upon this land. Now he has bought another piece of land and is running water upon it. We are going after him again. He spoke with his usual force, and his action seemed to indicate he meant it. The chairman said there were a number of subjects of great importance which stockholders should discuss, thus giving the board of directors an opportunity of acquiring their views upon them. The first was, Shall this company continue its aggressive policy in defending its rights to water up the river? A. T. Pendleton said that while people might look at different things from different viewpoints, and men will arrive at the same conclusions by different means, there was no difference of Granges could not let this city pass without putting in his laboriously from the report board of audit, and claimed he discrepancy of several thousands. The company was spend much money for litigation and no results. It had expended millions of dollars in the suit against Fuller was taking just as out of the river now as they don't we have the Supreme Court upon these questions and settled finally, no matter the lawyers in this town may say about it? Neelder arose and said stockholders like to know where all was going to, and Willie assisted himself in the hallway by the board and accusing it during a meeting. Then moved to adjourn to the day in March. There were floods. Off moved to amend by adding the next annual meeting were also several secondsendment, but it was lost, and all motion prevailed. At the hall, while others recusing the directors of prequorum and with squander-stockholders' money. This the ears of Directors Hale, McLauchlin and Kraemer, on the sidewalk below the went upstairs and entered room. Granges was engaged in the closing his vocal chords. He fully seen Mr. Fuller (so he had been informed by that this company had great mistake in purchasing the ranch). The company have purchased the Fuller its valuable water rights, instead of throwing money at Durkee ranch. The continued to enjoin Fuller from river from the river, had exposands of dollars and yet taking out 600 inches of water note. Why is it that Fuller is water? Hale, his eyes flashing fire, reached and seemingly ready at, advanced toward Desmond in stentorian voice shouted it? Because Fuller has other piece of land and isance which stockholders should discuss, thus giving the board of directors an opportunity of acquiring their views upon them. The first was, Shall this company continue its aggressive policy in defending its rights to water up the river? A. T. Pendleton said that while people might look at different things from different viewpoints, and men will arrive at the same conclusions by different means, there was no difference of opinion so far as he could learn regarding the necessity of upholding the company's rights in the river. Perhaps if the dissatisfied stockholders had more information regarding the subjects at issue, the motives of the board would not be impugned and a better feeling all around predominate. Certainly as to the question of aggressively protecting our rights from illegal diversions of water there was but one opinion, and that one of unqualified support of the directors. He therefore moved that it be the sense of the meeting that the directors be recommended to aggressively pursue such policy, to the end that the rights of these stockholders be protected. The motion was seconded by Mr. Chapman and many others and unanimously carried. H. C. Kellogg spoke at some length of the Durkee ranch and other subjects up the river. The Durkee ranch has a right to 1000 inches of water which is now coming down the river to this valley. An adjournment was here taken until 1 o'clock. At that hour the meeting room again filled with stockholders, and a most interesting meeting continued until 5 o'clock, the directors being upheld in each of their policies, and the proposition to bond the company in the sum of $300,000 to retire short-term loans being carried unanimously with enthusiastic applause. The first question submitted for discussion was: Shall the company incur further indebtedness by issuing its note? Mr. Chapman said the company has now outstanding $195,000 in short-time notes. This was too large an amount to have on call, and the amount should not be increased. The consensus of opinion was that no further note indebtedness should be incurred. to enjoin Fuller from river from the river, had expousands of dollars and yet baking out 600 inches of water note. Why is it that Fuller his water? Hale, his eyes flashing fire, lached and seemingly ready at, advanced toward Des and in stentorian voice shoutis it? Because Fuller has other piece of land and is going water upon it. That's nced to settle Des Granges not peep again during order of the day. Hale with last had paralyzed the oppowther said the illegal of water up the river was resistance of this company's men who take this water for our rights, nor the supreme court upholdIt used to be necessary to river armed with shotguns, days. It is not necessary course to this expedient at time. We rely upon the hold our rights, but these surside county who take our to pay little attention to decisions. man said in reference to of the Durkee ranch that member of the board at the new something about it. entered largely into the and if the company had not ranch he doubted if it would case. The ranch possesswater right, which was infringed upon by Durkee. ion was upheld by the suwhich heard the case, and The first question submitted for discussion was: Shall the company incur further indebtedness by issuing its note? Mr. Chapman said the company has now outstanding $195,000 in short-time notes. This was too large an amount to have on call, and the amount should not be increased. The consensus of opinion was that no further note indebtedness should be incurred. "Shall the company pay as it goes, or in other words, make the price of water pay running expenses?" The chair said the sales of water the past year amounted to something over $23,000, which was within a few thousand dollars of meeting the running expenses of the company. He called for an expression of opinion upon the subject. H. C. Kellogg said the price of water should be sufficient to pay operating expenses, but that interest and permanent improvements should be met by assessment. He favored the sale of additional stock, and said by slight expense the period of scarcity during the summer time could be successfully met. He thought 12,000 acres of land were being irrigated on 8,000 shares, and said this increased area if properly stocked would solve the solution of the company's financial condition. Alex Wright said no mercantile firm would think of fixing prices without including interest upon money invested, and he therefore contended charges for water should include interest on the company's indebtedness. B. F. Porter, G. H. Sherwood, H. H. Hale, R. H. Gilman, A. T. Pendleton, C. C. Chapman and others discussed Continued on Page 8 Here is Your Chance to Buy Belts, Hand-Bags, Gloves For Less For One Week Only, Ending Thursday Belts 10c nice assortment of 25c and 35c Belts, in leather, silk, etc. We have mostly small sizes, is the ason. Belts 38c its lot includes 50c and 75c glues, our regular goods, and will find a large assortment choose from. 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