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Imperial press and farmer. (Imperial, San Diego County, Cal.) 1901-1903, November 09, 1901, Image 1

Image and text provided by University of California, Riverside; Riverside, CA

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn92070142/1901-11-09/ed-1/seq-1/

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Imperial Press
VOL. 1.
A new corporation has been formed
on a solid financial basis that will
take a very active part in developing
the resources of the Imperial Settle
ments. This corporation is composed
of some very solid business men,
mostly citizen of Los Angeles, and the
property held by the corporation when
it starts business is ot a substantial
character that will increase in value
rapidly as the Imperial Settlements
increase in population and wealth.
Any one can readily ascertain this
fact by examining into the financial
status of the California Development
Company and the Imperial Land Com
pany one year ago, and compare the
standing then with their status today.
Also by comparing the values of land
and water rights in the Imperial Set
tlements one year ago with their
values today.
N. W. Stowell, an old-time success
ful business man of this city, is the
president of the company, with George
Chaffey vice-president, Rusk Harris
second vice-president, A. M. Chaffey
secretary and treasurer, A. H. Heber
general manager, and Harris & Swan
wick attorneys.
This corporation is able to refer, by
permission, to the Farmers and Mer
chants Bank, the First National Bank
and the Southern California Savings
Bank — all of Los Angeles, and East
ern references can be furnished on ap
The company has just issued a neat
announcement in pamphlet form and
in that announcement the future work
or the corporation is so tersely told
that we cannot do better than to in
corporate the salient points of that
official statement in this article for
the benefit of the readers of the
Press, as follows:
The Delta Investment Company is
incorporated under and by virtue of
the laws of the State of New Jersey,
with a capital stock of $500,000, divid
ea into 5000 shares of the par value of
$100 each, and under such laws and
the provisions of its charter, its capi
tal stock is non-assessable after issue
and delivery.
Its officers and directors, except the
three last named, are representative
and successful business men of the
city of Los Angeles, long resident of
the city; of financial strength, and are
well and favorably known, therefore
require no especial mention.
Mr. Heber, the general manager of
the company, has recently removed to
this city permanently from the city of
Chicago. Ke has been at the head of
similar institutions, and has been suc
cessful. He has had large experience
in the line of business in which the
company proposes to engage. He is
also at the head of the Cameron Lake
Cattle Company, a corporation of
which the principal stockholders are
Eastern bankers and capitalists, which
said company is now preparing to
plant to alfalfa and stock with cattle,
a tract of 10,000 acres of land situated
in the valley in which this company
proposes to transact a portion of its
The company occupies a unique posi
tion in the State of California, and one
which will serve to unfold the great
opportunities for the safe and conser-
"Water is King— Here is its Kingdom.' 9
vative investment of capital in the
State, more especially in the southern
portion thereof. In order to acquaint
the reader with the business for
winch the corporation has been formed
Article 111 of its charter is quoted in
full, as follows:
"The objects for which this corpora
tion is formed are as follows: To pur
chase or otherwise acquire, hold, own
and sell all or any portion of the cap
ital stock of other corporations; to
borrow money, to issue bonds, trust
deeds and other evidences of and se
curities for moneys borrowed; to ne
gotiate the sale of mortgages, bonds
and other securities; to negoti
ate the sale of municipal bonds
and securi.es; to acquire, hold, sell,
lease and otherwise deal in real and
personal property; to acquire water
and water rights; to establish plants
for the purpose of generating gas and
electric lights; to promote and finance
other corporations; to generate elec
tricity and transmit and sell the same
to others to be used for light or pow
er purposes; to act as agent for the
sale of real and personal property and
generally to do all other acts neces
sary for the accomplishment of the
purposes for which it is formed."
From the business in which the
company proposes to engage, it may
be seen that the prospects for large
returns to its stockholders, through
the distribution of dividends, are cer
tainly very promising. It is, however,
preferred not to indulge in promises
with respect to the payment of divi
dends, but rather trust the reader to
make his or her own deductions and
calculations, taking as a basis the
facts exposed to him or her in these
pages. Deeds performed are far bet
ter than empty promises. Conserva
tive and economical management is
The great development now pro
gressing on the Colorado Desert, so
called, extensively advertised and
better known as the Imperial Settle
ments, affords a magnificent field for
the operations of the company to en
gage in practically all of the business
mentioned in its charter above
New railroads will be built into the
Settlements. New towns will spring
up and grow into cities. New munici
palities will be organized and will re
quire money, and to secure the same
will issue bonds and other evidences
of indebtedness. New industries will
spring up, such as packing plants,
sugar beet factories, flouring mills,
etc., which .will require power, and
which, in turn furnishes the incentive
and necessity for developing the great
water power now running to waste
through the main canals of the Califor
nia Development Company, capable of
conversion into over 20,000 horse pow
er for use to generate electricity for
the purposes mentioned. A good de
mand for such power is now at hand.
Over seven hundred horse power could
be sold in a day at prices approxi
mately double those in other locali
ties. The new comer will require ad
ditional funds wherewith to improve
his ranch and to stock the same,
which will necessitate the establish
ment of banking facilities, in which
the company is a potent factor. A
charter to institute the First National
Bank of Imperial has been applied
for, in which the company will own
a controlling interest. The organiza
tion will probably be completed with
in sixty days, and the bank in opera
tion. Thus it may be said of many
other needs for capital in the wonder
ful country spoken of. The company
intends to take advantage of the de
velopment going on in the Settle
ments and will lend a helping hand,
and will assist in supplying the need
ful capital, and by so doing it will
not only help to enrich its stockhold
ers, but will also assist in the up
building of a worthy and new com
And with that end in view, it has
acquired the managerial control of
the California Development Company,
and owns all of the capital stock of
the Imperial Land Company — both
non-assesable — the two corporations
working hand in hand to make pro
ductive the wonderful delta — the
American Valley of the Nile — hereto
fore more familiarly known as the
Colorado Desert, and now designated
as the Imperial Settlements.
It must not be assumed that the
operations of the company are to be
limited to the locality and territory
mentioned for such is not the case. On
the other hand, it intends to transact
business in its line or lines wherever it
may be profitably obtained, whether it
be in New York or California, or in any
other State of the Union, or in for
eign countries, as the case may be.
Los Angeles may afford it room and
present to it opportunities; if so, un
der its charter, it is equipped to em
brace such.
The affairs of the company will he
managed by a board of seven direct
ors, under an experienced head,
schooled directly in the lino of busi
ness for which it is organized and in
which it proposes to engage. The gov
ernment of the company will be regu
lated through its by-laws, a copy of
which are published following this
For the benefit of the reader and
the prospective investor in the stock
of the corporation, a list of the assets
of the company acquired to date and
owned by it, together with its liabili
ties, is herewith submitted:
Par Present
value. value.
Cash $ 1,000 $ 1,000
Stock in the Califor
nia Developm't Co. 240,000 240,000
•Stock in Imperial
Land Co 500,000 102,000
Land scrip in the
California Develop
ment Co 25,000 25,000
Unsold treas'ry stock 232,000 232,000
$998,000 $600,000
Capital stock issued and out
standing $268,000
Capital stock in treasury, un
issued 232,000
Surplus 100,000
From the above correct statement,
the company begins business with an
actual surplus of $100,000, and an es
tablished business on a money-mak
ing basis. In addition it has a valu
able five-year contract with the Cali
fornia Development Company to buy
and sell the Securities acquired and
issued by said company, consisting of
notes secured by mortgage given by
the Imperial settlers and investors in
land located in the Settlements, to
purchase and negotiate the sale of the
bond issue of said last-named com
pany, comprising a half million dol
lars. It has an option maturing in
January, 1903, to purchase 892 addi
tional shares of the par value of $100
each in the California Development
Company at a satisfactory price. It
has the right to promote and develop
the water power and to convert the
same into electrical energy from the
canals owned by said company.
The Imperial Land Company, the
stock of which is owned by the Delta
Investment Company, has a valuable
ten-year contract with the California
Development Company as the exclu
sive agent for such company for sell
ing and leasing all of its water shares
and lands, running up into the mil
lions of dollars. One-fourth of the
gross proceeds from all sales and
leaseholds is the compensation to
such general agent, and by virtue of
its position as general agent for said
California Development Company, it
owns and controls the right of way
throughout the valley for the building
of railroads, telephones and telegraph
lines, and to take advantage of such,
a railroad company is being promoted
to enter the valley for the accommo
dation of settlers, a charter for which
has been prepared and is ready for
By reason of its ownership of all
the capital stock of the Imperial Land
Company, it owns and receives all of
the profits derived from the location
and establishment of all townsites
throughout the valley and settle
ments, under the control of the Cali
fornia Development Company. Three
of such townsites have been platted,
and lots therein are now being placed
on the market for sale at the price of
$100 to $150 per lot, spot cash, and are
in excellent demand at such prices,
which will be doubled soon. Three
other towns will soon be located,
platted and lots therein placed on
In view of the fact that the prin
cipal and most valuable asset owned
by the Delta Investment Company is
composed and consits of stock in the
California Development Company, the
reader, therefore, is entitled to infor
mation concerning the property repre-
No. 30.

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