Pacific Dock & Terminal Co. v. Los Angeles Dock & Terminal Co.

On March 30, 1923, D. M. Reynolds, representing the interests that later became incorporated as Pacific Dock & Terminal Company, the plaintiff in this action and which will be called the Pacific Company, addressed a letter to one of the defendants Los Angeles Dock & Terminal Company, which will be called the Los Angeles Company, asking for an option to purchase 220 acres of Long Beach water-front property owned by the Los Angeles Company at a price of $2,000,000.

D. M. Reynolds at all times acted as agent and under authority of the Pacific Company and as its trustee in the execution of the instruments referred to, and no distinction will therefore be made between him and the plaintiff corporation.

He was unable to make a formal offer because the merger of the interests he represented, being certain steel properties, had not yet been perfected. Therefore an option was asked for in order that time might be had for the completion of the merger.

After referring to rivalry between Northern and Southern California for the location of the enterprise, the communication states: “The southern California interests have, of course, endeavored to bring these industries to the south since…