A. V. miscellaneous correspondence, 1933-1935

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Tl-IE ARKANSAS VALLEY

SUGAR BEET &- IRRIGATED LAND COMPANY

HOLLY, COLORADO

December 14, 1935

sterling Pierson, Vice President The .Arkansas Valley sugar Beet

and Irrigated Land Company New York City

Dear Mr. Pierson: .JF IC.: ..:..1-(;f r-f-'4L i:>UUCI I I• ·1

DtC 71935

The following is a summary of conditions since November 16, 1935:

Water Conditions

There has been .90 inch of rain, which came in a gentle shower lasting about 24 hours. This was all absorbed by the ground and has been of great benefit.

The Amity has had river water all the time in quantities sufficient to care for demands.

Temperatures have been about nomal. Sales and Cancellations None.

Rentals

Receipts from rented lands were $2,578.03 for November. our receipts are unsatisfactory. Prices are below what they have been for several years, and there is no market at all for rough feed - of which we have considerable. We need snow and cold weather to bring in customers.

Finances

The balance in the bank on December 1st was $4,054.59. We paid $553.68 in taxes to save property under contract and mortgage from being sold at tax sale on December 2nd.

December 14, 1935

Sterling Pierson, Vice President #2 Comments

The dressed turkeys shipped to New York brought

34 cents per pound wholesale. This nets the producer 30 cents per pound, or 5 cents in addition to the initial payment of 25 cents.

The Christmas shipment is going out this week. The initial price of 27½ cents is being paid on these. There will be 8 cars shipped.

There arrived in Lamar this week 40 men who are pre-sumed to be scientists, and at the same time 20 new automobiles for their use. They will work under a Dr. Joel to make a report on the cause and cure of the dust storms which occurred in this and surrounding states last spring.

Federal relief has been withdrawn from this county, and the only work to relieve unemployment is the widening of country roads, which takes care of comparatively few. Holly was offered 32,000 by the WPA to rebuild the Horse Creek Dam, providing the Town would furnish $3,000. The word was given out to take this or get nothing. The relief workers and merchants were eager to accept, but as there was opposition by a few taxpayers, the Town Council put the matter of accepta~ce to a vote. The offer was rejected by a vote of 189 to 65. The vote was a surprise to everyone, and also consider-able encouragement to the over-burdened taxpayers.

Mr. Decker has just returned from visiting the Re-settlement Corporation in Denver. The chief officer has been changed again since last report to you. The new man states that they have been given $54,000 for the purpose of investigation, and that he expects shortly to have funds with which to purchase approved projects. Most of the Government money appears to be used for investigations.

Very truly yours,

Manager WSP mr

Tl e A~ ns V ley

r Bet Irr1 ted Land Co

Holly, Colo do

Sterli Pierson, Vice Pr sident

The Ar s s Valley

n

nnd I ri ted Land o pfltly ew York City

r • Pi rsoni

Doc r 1, 1935

The following is

ov .;'b r 16, 1935, sumi:::ar~ of conditio s since

ter Conditions

Th re s be n • 90 i oh of rain, 1ieh in gentle

o r laeti bout 24 hours. Thi a ll ab orbed by the gro _d

.a.a been of &r nt be eflt.

Tw

ufficient to ter 11 the tie in q titiee

empe tures v beon about onnnl. les and C noellntio

one.

entnle

e ipt fro rent d land

Our receipts re un atisf'actory. Prices

een for seve l years, and there is .o

feed - of 'Which e ve considerable.

to bring · customer •

2, 578. 03 for 10v er. r below t they have

r: et t all for rough ed ano cold we ther

he balance int bank on December lat s 4, 054. 59.

e p id 553. 68 in taxes to save property mi.der contraot nd rtgnge

Dece ber 14, 1935

Sterling Pierson, Viee President

4/2

Comm.ants

:i:he dress d turkeys ship ed to flW York brought 34 ce ts per pound wholes le. his nets the producer 30 cent

per pound; or 6 cents in addition to tho initinl ayment of 25 cents.

The Christmas shipment is oing out this week. The initi 1 price of 272 cents is being pnid on th se. There ill

be 8 co.rs hi ed.

There arrived in Lo.mar this weok 40 en who a.re pre•

sum d to be scientist , d at the ea time 20 new o.utor1ob1les

for their us. TheJ 'Will wor. lmder n Dr. Joel to make a report on the cause d cure 0£ the d t storms which occurred in thi

m

Federal relief has been i thdre.wn from this County, and

the only wor,. to relieve unemployment is th wide of country

roads, which takes care of' comp ratively few. Holly was offered

32,000 by the 'A to rebuild the llorse Creek Dam, providing the

' own would furnish $3,000. The woro s &i ven out to tnlce this or

get nothi!li;• he relief wor ors and merchants were eager to accept,

but as there wns oppos tion by a few taxpayers, the Town Council put

the matter of oceptance to a vote. The offer wa rejeot ya ote of 189 to 65. T vote was surprise to everyone, and lso co

ider-ble encouragement to the over-burdened taxp yer •

• Decker ma just returned from visiting the Re-settle ent

Corporo.tion in Denver. The ohief officer s been changed o.eo.in since last report to you. The new man states that the ha.ve been given

64,000 for the purpose of investi~ tion, and that he expeo·a shortl to have fum.s with which to purchase approved projeots. Most of the Goverrinent ey appears to be used for investigations.

Very truly yours,

w.

s.

ger

E'.Rl4 Cl,OTEL ARISTOCRATS"

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JOHN BASSETT MOORE

Sterling Pierson, Esq.

Vice-President

960 Fark Avenue New York, N. Y. Novemter G5, 1935

The Arkansas Valley Sugar Beet and Irrigated Land Company

393 Seventh Avenue New York, N. Y. Dear Wcr. Pierson:

Let me thank you for sending me Mx. Partridge's last monthly report, dated Novemcer 16. He has a

faculty of saying a good deal without wasting words. The paragraph in which he summarizes the single activity - I say "single" advisedly - of the Resettlement Corpora-tion at Denver is a gem of purest ray serene.

TME ARKANSAS VALLEY

SUGAR BEET &- IRRIGATED LAND COMPANY MOLLY, COLORADO

October l~, 1935

Sterling Pierson, Vice President The Arkansas Valley SUgar Beet

and Irrigated Land Company New York City

Dear ,1r. Pierson:

The following is a summary of conditions since September 14th:

ater Conditions

There has been l.08 inches of rainfall, which came in nice gentle showers.

The .Amity has had river water except for eight days. This has been more than enough to care for all demands.

Temperatures have averaged above normal. We have had only one light frost so far.

Sales & Cancellations

None.

Rentals

Receipts from rented lands were $514.48 for September. The price of alfalfa remains the same as last month. Fanners are not selling, as they think the price will improve. Not much of anything is being marketed.

Finances

The balance in the bank on October lat was 2,646.24. Expenses should be normal, and our income will increase for the next few months.

October 11, 1935

Sterling Pierson, Vice President

#2

Comments •

The beet harvest will start next week. There is a comparatively small acreage in our territory, but the yield and sugar content promisep to be better than usual.

Our season started at least six weeks late in the spring account lack of moisture, so that rough feed crops were about all that could be put out with a promise of maturing. How we are going to sell rough feed is more than we can tell. Last year there was a good damamfrom an extensive drouth area, and this year there appears to be little, if any, of this sort of demand.

More wheat is being planted under the ..Alllity than for several years. This crop fits our conditions exactly when irri-gation is available in the fall months, and it is profitable with prices around a dollar a bushel.

It is surprising how little poultry is left in the country. Chickens and eggs are scarce and high in price, the result of last few years drouth. The turkey crop will also be the smallest for several years.

A new lot of officials, who are supposed to have

authority to deal for the Government in the matter of rehab~ ilitation, have recently looked over the lands under the Buffalo Canal with a view of purchasing. I referred to this in my report of July 9th, and it now looks as though there will be a decision as to their desire to purchase within a short time. If we can

agree on a price which seems fair, I will take the matter up with you for authority to make an offer. They will be in a great rush when they are ready to deal. I am not sure they Will deal, but

they say they will buy land, and our land has much more merit than other lands they have in mind.

October 11, 1935

Sterling Pierson, Vice President

#3

There has been spent $3,485 up to October 1st on repairs to Canals account the flood of August 28th, and we estimate a further expenditure of ~70 this month in

finish-ing the work. Public opinion is against any more dams like the last one for flood protection, and other means of keeping flood water out of Holly will be sought.

Many farmers and townspeople have expressed their sorrow at the passing of

tu-.

Very truly yours,

Manager

JOHN BASSETT MOOR!:.

960 PARK AVC:NUE

R. . C'lmyt e, Inc .,

79 la.ll Street,

ew lark Cit •

Gentle.men:

Ycu.:r lett.er of Dece1 ber 7, 1955, 'ras been referred to me for utte tio , • t' e T:re.:.. ure~·' s of'fice .

Replying to your · uquiry, you will rec 1 t. at the :Deferred Certil'lcate~ of Interest provide tlll t bot

.rinci.al an inte~est _re to be pay&b eon 7 r.f~er

provis'on shall ~ve been de for the par-nent in full of'• the rin i .1 nd inte. est of t.u, Co _pn y' 5% ... nd Gold Bo"lds anei tll ot r obl. ·· he Co· p·:my :i.t

y time out. - nd1.n°. In Y € . of t e f ·t ·,,· a.,_ i:o

interest on said Bonda b.a~ beeR aid inco l9l~ it is

our be ief t11 .... t ' ese Deferr d Certii'ic tos of I 1terest

:ve no present v lue. e do no .10 of anyone ho

ttl..ht be interest din buyi g them.

R.~.

S~YTHE.

SPEC(ALISTS IN OBSOLETE, EXTINCT OR INACTIVE

SECURITIES

ESTABLISHED 1880 79 WALL STREET

PUBLISHERS OF

"VALUABLE EXTINCT SECURITIES" 1929 "OBSOLETE AMERICAN SECURITIES AND

CORPORATIONS" VOL. I, 1904-VOL. 2 , 1911 ESTATES APPRAISED TELEPHONE BEEKMAN 3-1778

NEW YORK CITY

Equitable Life csurance ociety 3~3 i:>eventh Avenue

IJevr York Ci·ty, W. Y.

December 7th 1935

.,_ttention of Treasurer Gentlemen:

I ff t.14

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193,

1fe would greatly appreciate an a.nSvver to our letter of November 29th reading o.s follows:

11.Anong the asse,0s of r.n estate vrhich we are

apprais1ng, we f'md a Deferred Certifica·l;e of Interest due Jnly

1 , 1942, of AR1 ",J AS VALLEY SUGAR BE ... T & IRRlGA'.t'~ LAND COL-:AMY.

According to our records this company WE'.s sponsored by your

or{;aniza.tion.

For the purpose of closing this estate vrill you please advise us as to the present value of this certificate. J,...ny new:s that will enable us to settle its ste:L7.ls Trill be greatly

appreciated.

In the event that we are asked to sell this

certificate, as vrill probably be the case, do you knon of anyone uho might be interes·l;ed in buying and if so , at what pr i ce?

Bx:pressing our thanks in advance. we a.re, 11

Yours very truly

President

..-.

R. ~- S~YTHE.,

SPECI.ALISTS IN OBSOLETE , EXTINCT OR INACTIVE

S ECUR ITIES

ESTABLISHED 1880 79 WALL STREET

PUBLISHERS OF

" VALUABLE EXTINCT SECURITIES" 1929 " OBSOLETE AMERICAN SECURITIES AND

CORPORATIONS" VOL. I, 1904-VOL. 2 , 1911 E S TATES APPRAISED TELEPHONE BEEKMAN 3-1778

NEW YORK CITY

November 29th 1935U'-t.

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Equitable Life Assurance Society

393 Seventh Avenue

New York City, N, Y,

Attention of Treasurer Gentlemen:

'fu

De,

Among the assets of an estate which we are appraising, we find a Deferred Certificate of Interest due July 1, 1942, of' ARKANSAS VALLEY SUGAR BEET & IRRIGATED LAl"\JD COlv1PANY.

According to our records this company was sponsored by your organization .

For the purpose of closing this estate will you please advise us as to the present value of this certificate .

Any news that will enable us to settle its status will be greatly appreciated .

In the event that we are asked to sell this certificate, as will probably be the case , do you know of anyone who might be interested in buying and if so , at what price?

Expressing our thanks in advance , we are, Yours very truly

R . M. SMYTHE, I NC.

President

Return stamped envelope encl osed .

New York, New York November 30, 1935 Mr. Sterling Pierson, General Solicitor

Equitable Life Assurance Association 393 Seventh Avenue

New York, New York Dear Mr. Pierson:

Our land office at Denver, Colorado, has again written me concerning the proposed lease of certain proper-ties owned by the Arkansas Valley Beet and Irrigated Land Company, which matter, I understand, is still ~ending your decision.

If you have had under consideration the desire to retain a certain amount of the acreage in the area as a

speculation for enhancement of value in the event production is secured, we would be glad to revise our offer to cover only the E½ NW¼ Section 18, Tovmship 22 S, Range 44 W. On this tract, we will pay the company at the rate of $2 .00 per acre for a straight commercial oil and gas lease, ten year term, 25¢ rental, subject to immediate acceptance.

I am advised that the company has no further offers to make and thc:,t if you feel our two propositions are not a c-ceptable as to terms, we shall consider the matter closed.

Mr. Sterling Pierson, General Solicitor - 2

11-30-35

I do not like to bother you about this mc.tter any more than necessary but would appreciate having your reac-tions to the optional offer. As previously stated over the telephone, I woulc_ be glad to call at your office any time that suits your convenience, in the event you do not have

all of the information necessary to reach a decision. ... v.c.-e-r---tr~u-l,y,

R. L. Bosworth, Assistant Treasurer

W1 LL1AM V Ho DGES

0 . EDGAR W I LSON

OFFICES

HODGES_, WILSON & Ro GERS

JAMES GR AFTON ROGERS COLORADO NATIONAL BANK BUILDING

DENVER, COLORADO HeNRYC . V10AL JAMES L . GOREE THOMAS KEELY THOMAS M . BURGESS Be RTON T. Gosa LE Jose:PH G. HooGES June 24, 1935 AIR MAIL Mr. Leon

o.

c/o The Equitable Life Assurance Society of the U.

s.,

393 Seventh Avenue , New York City, N. Y. Dear Mr . Fisher:

Re: Markham Case.

The final report, of which I sent you a copy this morning, was filed this afternoon - Messrs. Hillyer and Gordon being present. The Master reviewed his report briefly and all of u.s.,.~discussed the case somewhat.

I suggested the advisability of an order ex-tending the time for filing exceptions, but it did not seem to meet with favor and no order was made. The time for exceptions, therefore, is twenty days from today, although it was tacitly understood that if I should have to go to Washington I could have further time.

Mr. Hillyer stated that as at present advised he did not expect to file exceptions upon behalf of the defendants, but Mr. Gordon said he would file exceptions for his six water right owners, at least as to points raised by his motions .

I stated that I expected to file exceptions but would not know definitely until later.

The report, except for the reference to the Gordon motions, is qui~e substantially the same as the tentative report and you have my written and oral comments

upon that.

Mr. Gordon may possibly inject the question of the Company's repairing and restoring the system, which is a dangerous one. He may also elaborate out of his motions the question of confining the first priority to supplying the second foot rights, which is also a dangerous question. On the face of his motion, h owever, the question is whether

his clients are bound by their contracts, that is to say,

whether having bought eightyacre rights, even though there-after relocated upon double quantity of acreage, and in fact

Mr. Leon

o.

permitted to be used to irrigate double acreage, his right should not be confined to the contracts.

Yours very truly, HCV:K

cc - Mr . Sterling Pierson,

c/o Equitable Life Assurance Society of the

u. s.,

393 Seventh Avenue, New Yo1•k City, N. Y. cc - Mr.

w.

s.

WILL 1AM V. HODGES

D . EDGAR W I LSON

0FF'ICES

HODGES_, WILSON & ROGERS

.JAMES GRAFTON ROGERS _{COLORADO NATIONAL BANK BUILD ING}

DENVER, COLORADO HENRYC . V10AL. JAMES L . GoREE THOMAS KEELY THOMAS M . BURGESS BERTON T. GoeeLE UosEPH G. HooGEs June 24, AIR MAIL Mr. Leon O. Fisher,

c/o Equitable Life Assurance Society of the

u. s.,

393 Seventh Avenue, New York City.

Dear Vlr . Fisher:

1935

Re: Markham Case.

I have just received from the Master two copies of his final report in the Markham case. An engagement has been made with Judge Symes for

2:30 this afternoon, at wh ich time the report is

to be filed formally and probably an order entered extending the time for exceptions.

I am, however, forwarding this to you because I want it to catch the air •mail t h is after-noon and I have , of course, not had time to read it.

HCV :K Encl.

Yours very;;;,1.Jt;ll

cc - Mr.

w.

s.

WtLL I A M V. HO DGES

D . E DGAR W 1 LSON

WAMES GR A F T ON R OG E R S

OFFICES

HODGES_. WILSON & Ro GERS

COLORADO NATIONAL BANK BUILDING

DENVER, COLORADO

.June 21, 1935

Mr. Leon

o.

c/o The Arkansas Valley Sugar Beet and Irrigated Land Company,

393 Seventh Avenue, New York City, N. Y. Dear Mr. Fisher:

In re: Markham Case.

HENRvC . V 1 0AL JAMES L . GOREE THOMAS KEE L Y THOMAS M . BURGESS BERTON T. GOBS LE V ose F> H G, HooGe: s

After numerous hearings and conferences, the last of which was this morning, Mr. Farrar said that his final report was being bound and would be filed Monday, or at the latest Tuesday, this depending upon .Judge Symes• return.

I am to be furnished only two copies a&d as this report, because of the Gordon motions and other mat-ters, will be somewha t longer tha~ the tentative report, I shall im:nediately forward one copy to you and, after I have had a chance to study it in detail, will make my

comments.

You unde rstand that the parties to the case have twenty days after the date of the filing of the

re-port within which to file exceptions. Because of the nature of the case, the large number of defendants, the fact that many of the defendants have never formally entered their appearance or taken any interest in the case, and more particularly because of the intimation in

the Gordon motions and continued under cover claims of improper representation made by some of the defendants, it might be well to have the Court extend the time for filing of exceptions.

I shall have to have instructions from the Board as to the filing of exceptions on our behalf,

par-ticularly as to whether they should be with a view of carrying the case beyond the trial court, or whether they should be more or less general, which latter is, as I am now advised, my recommendation.

Mr. Leon

o.

I am safe in saying that the Master has overruled Mr. Gordon's motions and has somewhat elabor-ated his findings as to the basis of the issuance of stock in the new Company strictly upon the theory that the original second foot rights were eighty acre rights, and the owners are entitled to eighty shares for each right, however extensive has been the irrigation beyond eighty-acres of land per right. This ruling of the

Master's will intensify the dissatisfaction of the

earlier water right owners who bought second foot rights, bu~ I seriously doubt whether they will pursue the matter beyond an effort to have Judge Symes overrule the Master. The expense of an appeal to the Court of Appeals would probably serve as a deterrent. Of course, if we appeal it would be comparatively inexpensive to have a cross appeal on behalf of dissatisfied consumers.

You understand that we admit, as shown by Exhibit 76, that there are a number of so-called "double" rights, based upon Company deeds for one-half direct flow rights with supplemental reservoir supply. These were not involved in the Gordon motions.

I have not seen the final report. The above statements of what new matters it will contain are based upon what the Master has told me.

I regret that the necessity for prompt action precludes my waiting to have copies made for each member

of the Board.

HCV:K

cc - Mr. Sterling Pierson,

c/o A. V. S. B. & I. L, Co.,

393 Seventh Avenue, New York City, N. Y. cc - Mr.

w.

s.