BEAR VALLEY MATTERS. 



43 



The trouble was that the acts and methods of the directors of 

 the Company before I took the executive management de- 

 stroyed public confidence. 



And here I wish to note it was not the directors who staid by it 

 to the end who should carry all the blame. I have really less 

 respect for those who permitted their influential names to be 

 used to secure these investments, all of them profiting either 

 directly or indirectly from the proceeds, who, when they dis- 

 covered the mismanagement of the Company affairs, hastened to 

 dispose of their holdings to escape responsibility, moral and 

 financial, and to throw upon others the burden of disgrace for 

 which in equity they were equally responsible. 



But what can be done about it? It is clear that the property is 

 too valuable to be sacrificed or abandoned, and it is too large for 

 a single individual or for a few to save. My judgment was and 

 is that the better course would have been for the receivers, under 

 authority of the court, to have made assessment for enough to pay 

 the indebtedness upon all shareholdings. Thirty per cent, would 

 have been enough at that time; now it will require forty per cent, 

 on the outstanding stock. It would be a hardship, but would 

 afford better opportunity for all parties to save their holdings. 

 They can easier raise forty than one hundred per cent., and they 

 would have a far better value in their holdings. With the in- 

 debtedness paid in full the property would belong to the share- 

 holders who were able to pay, and to others who might purchase 

 the forfeited shares. It would then be a far better security for 

 such bonds as it might be desirable to issue for the completion of 

 the canals, etc. Under such circumstances, 51,000,000 of bonds, 

 with what could be realized from the sale of real and personal 

 property held by the company, would be an ample amount. The 

 stock would be far more valuable, then, with the smaller amount 

 of bonded indebtedness. 



It would be necessary, if such a course should be adopted, to 

 make a distribution of the 20,000 shares held en bloc by the 

 Development Company to its shareholders, so they would be put 

 on equal footing with other common shareholders as individuals. 



I do not believe that the plan as announced can be carried out. 

 It ought to fail; it is unjust. 



In their extended negotiations with the representatives of the 

 syndicate the receivers appear to have overlooked the general 

 shareholders, failing to inform them of the results of their ex- 

 amination as made officially. I think they have made a report 

 to the court, but if it has been sent to the shareholders I have not 

 been advised. 



Evidently a leader is needed to represent the shareholders at 

 large, and without good leadership there is not much hope that 

 any effective work can be done. Is it impossible that such a 

 leader can be found? My personal effort in that direction was 

 unsuccessful, the combinations against me being too powerful. 

 Perhaps another who would excite less personal animosity and 

 antagonism from the parties who have been really responsible for 

 this disaster by their criminal or weak management can be found. 

 He ought to be discovered quickly or it will be of no avail. 

 Respectfully, 



CHAS. W. GREENE. 



New settlers on public lands, in the arid regions, 

 especially, should heed a later decision of the Secre- 

 tary of the Interior. He approves the draft of a cir- 

 cular to be issued soon governing applications for 

 the right of way over public land for canals, ditches 

 and reservoirs. The right is held to extend only to 

 the construction and no public timber or material is 

 allowed to be taken up or used for repairs or irn- 

 provements. The department ruling of March 21, 

 1892, holding that natural lakes, already sources of 

 water supply, shall not be used for reservoir pur- 

 poses, nor shall rivers be dammed so as to cause an 

 overflow into the adjacent country is overruled. All 

 persons settling on public lands to which a right of 

 way has been attached for a canal, ditch or reservoir 

 are required to take them subject to this right. 



Interest in electricity in its application to horticul- 

 ture is increasing in Boston and throughout Massa- 

 chusetts. The people are anxious to know more 

 upon this interesting subject, and to enlighten them 

 upon these matters, Mr. Bailey, Professor of Horti- 

 culture, Cornell University, gave a lecture on electri- 

 city and its latest application to horticulture, Satur- 

 day afternoon, in the Horticultural Hall, which was 

 attended by a large and deeply interested audience. 

 The lecture proved to be a rich intellectual and sci- 

 entific treat. Exchange. 



INFORMATION WORTH KEEPING. 



" Water Supply for Irrigation," by Frederick H. Newell, has 

 been received from the Department of the Interior Geologi- 

 cal Survey. It is replete with maps and diagrams. It discusses 

 in detail the Missouri, Yellowstone and Platte river basins. It is 

 a valuable publication for all irrigation organizations. 



A miner's inch of water is equal to 9 gallons per 

 minute. 



Doubling the diameter of pipe increases its capac- 

 ity 4 times. 



A cubic foot per second is equal to 50 miner's 

 inches, or 450 gallons per minute. 



Theoretically, water can be raised by suction 33 

 feet, but practically only 25 to 28 feet. 



A cubic foot of fresh water weighs 62.5 pounds, and 

 contains 1,728 cubic inches, or 7.5 gallons. 



Twenty-seven thousand one hundred and fifty-four 

 gallons of water will cover 1 acre 1 inch deep. 



Two hundred and twenty-five gallons per minute 

 or 25 miner's inches will be sufficient to cover 1 acre 

 1 inch deep in 2 hours, 1 minute. 



