THE IRRIGA 7 ION A GE. 1 17 



his name upon the subscription or stock book of the association, and 

 the secretary enters opposite thereto the number of shares for which 

 he has subscribed, opening at the same time an account with the 

 subscriber, upon which he is charged with the value of the stock 

 contracted for, and given credit, under the proper dates, for any pay- 

 ments made thereon. 



While* it is generally a fact that a majority of the holders of 

 stock in these concerns are actual farmers who propose to live upon 

 and themselves farm the land to which the water thus acquired is to 

 be applied, this is noC a necessary requirement, and frequently a 

 number subscribe for stock who do not own any land, but acquire the 

 water either with the intention of selling it to others or because they 

 intend subsequently to acquire land to which it may be applied. 

 There are others, still, who, while owning land capable of irrigation 

 from the proposed system, do not subscribe, because they do not 

 intend to farm the land, but expect to sell it at an advanced figure, 

 after the works are in operation, to those who already own or may 

 subsequently acquire stock, either from the company direct or from 

 other stockholder who may, for any reason, desire to reduce their 

 holdings. 



Each subscriber now becomes nominally a stockholder, though 

 certificates of stock may never be issued, and he may proceed to 

 work in the construction of the plant at a price for labor which has 

 been fixed and scheduled by the board of directors, which, through 

 the president of the association, has appointed a foreman and time- 

 keeper to supervise the details of the work and keep the time of the 

 operators engaged thereon. At the end of each month the foreman 

 or timekeeper turns in to. the secretary a statement setting forth the 

 amount and value of the work contributed by each subscriber, and 

 these amounts are by the secretary credited upon the accounts of the 

 several stockholders in partial liquidation of their indebtedness to 

 the association, incurred through the purchase of stock. 



When the construction of the plant has been completed, the 

 various accounts are made out and certificates of paid-up stock are 

 issued to those who are found to have worked out the full amount due 

 therefor. Those who are found not to have contributed the amount 

 of work necessary to liquidate their indebtedness are given credits 

 representing the amounts paid, and their accounts remain charged 

 with the balance yet due, the adjustment of whlcti may be required 

 in the form of a cash payment, or may be permitted to stand on the 

 books until an opportunity arises for working it out at a future date. 

 Where stockholders at the completion of the construction have 

 contributed work in excess of their stock subscriptions, the amount 

 thus overpaid may be refunded in cash or allowed to stand as a credit 



