244 



THE IRRIGATION AGE. 



was originally built up by the sale of Municipal Bonds. 

 In those days, bonds issund by cities, counties, districts 

 and states were in widest demand. These, of course, re- 

 main a standard of security. But the popularity of Mu- 

 nicipal Bonds gradually lessened the interest rate. Then 

 a very large class of investors sought for a larger re- 

 turn. 



For many years, we have been among the largest 

 dealers in Public Utility Bonds. These include Rail- 

 road, Water, Gas and Electric Light Bonds, Water 

 Power Bonds, Telephone Bonds and bonds on Electric 

 Railways. These, for a time, were our most popular 



It should also be remembered that our business is 

 done with a very conservative class of investors. Our 

 bonds are sold mainly to Banks, to Trust Companies, 

 to Trustees, and to individuals who are careful and ex- 

 perienced investors of money. This fact makes it im- 

 possible for any trend of our business to take other 

 than conservative lines. 



We suggest these facts to make clear the point that 

 we are not making a plea for any one class of bonds. 

 Our purpose is simply to extend information. If Irri- 

 gation Bonds appeal to you, when you know the facts, 

 we shall be very glad to supply them. But, if your 



A field of Sugar Beets in the Denver-Greeley District. The farmer gets $5.00 per ton, delivered at the railroad track, and raises from 15 to 23 



tons to the acre. 



securities, and they still retain popularity. But the 

 very popularity of these bonds, as always, served to les- 

 sen the interest rate. 



We still handle all these classes of bonds, and in a 

 very large way. We are just as glad to supply them, 

 when wanted, as we are Irrigation Bonds. The fact 

 that Irrigation Bonds form the major part of our busi- 

 ness today is due to our customers' preference. There 

 seems to be no large class of bonds giving equal security 

 and bearing so liberal an interest rate. And this, as 

 with other bonds, will adjust itself as the bonds become 

 better known. 



preference lies in another direction, we shall be equally 

 glad to meet it. 



Nor does this book deal with any particular project. 

 It will merely explain Irrigation projects in general. 

 The facts about any particular bond will be given in 

 separate circulars upon application. 



FIFTEEN YEARS OF EXPERIENCE SELLING RECLAMATION 

 BONDS. 



We have had fifteen years of experience in selling 

 Drainage and Irrigation Bonds. These two classes of 

 bonds are essentially similar. One is issued to drain 

 wet land, the other to water dry land. The purpose of 



