142 



THE IRRIGATION AGE. 



plan of reorganization had been provided. Two syn- 

 dicates, known as the European and American syn- 

 dicates, respectively, were formed for the purpose of 

 floating securities in order to pay the debts and com- 

 plete the plant. The amount of money required be- 

 fore the securities could be issued was large; the 

 stockholders' representatives gave no assurance that 

 the necessary sums could or would be furnished by 

 them; hence the court and receivers, whose duty to 

 creditors and public required them to adjust the mat- 

 ter as speedily as possible upon a basis which 

 should provide for the completion of the plant, 

 co-operated with the representatives of the syn- 

 dicates. The American syndicate proved unequal J:o 

 the demands upon it, which increased with every 

 month of unexpected delay. Finally the rights of this 

 syndicate were offered to the American stockholders. 

 This proposition, if it should [have been carried out 

 to its consummation, would have given the stock- 

 holders the same interest in the new company as in 

 the old in return for a purchase of $150,000 in first 

 mortgage bonds. But the stockholders did not re- 

 spond, either because they were tired of the Bear 

 Valley enterprise, or because they were advised to 

 hold aloof by parties whose motive can only be sur- 

 mised. The European syndicate has met all de- 

 mands upon it and holds the property, which seems 

 likely to become a purely English enterprise. The 

 men behind it have ample means and can complete 

 the property when they choose to do so. We have 

 no doubt they will go forward, but there is no evi- 

 dence to indicate how soon this will be done. Mean- 

 while, the development of large and valuable local- 



ities waits impatiently upon the issue. Looking back 

 over the negotiations of the past year, it now seems a 

 pity that President Greene's recommendation for an 

 assessment upon all stockholders was not adopted. 

 This would have cleared the field in a way to leave 

 no just cause for complaint. It is also a pity that 

 Engineer Hall was not summoned into the council of 

 reorganizes to assist in the formulation of a plan for 

 the stockholders and, later, for the investing public to 

 whom the securities were to be offered. But at the 

 time, every influential factor in the situation, includ- 

 ing the committee of Eastern stockholders, was op- 

 posed to having anything to do with those who had 

 previously managed [the enterprise. They thought 

 they saw a short cut to reorganization, but they have 

 perhaps learned that " the longest way round is the 

 shortest way home.' 1 



Effective The experiment stations established 

 Agencies. ^ y tne Government and assisted by the 

 States, are becoming a most important factor in the 

 farm economy of the country. Trained observers 

 with special facilities for investigation at hand, are 

 doing effective work in promoting and encouraging 

 agricultural and horticultural industries. As a sup- 

 plement to these, the farmers' institutes, at which the 

 officers and professors of the agricultural colleges 

 and experimental stations attend as instructors, are a 

 most important ally in the dissemination of sound 

 principles and of tried methods, and taken together 

 with the advantages of personal association and dis- 

 cussion, are making themselves apparent in better 

 results and wider diffusion of home comforts and the 

 promotion of better social relations. 



