THE IEKIGAT10N AGE. 



245 



both is to supply the funds for reclaiming or improving 

 barren or unproductive lands. And both are secured by 

 a first lien on the land which they serve to improve. 



During those fifteen years, we have handled sixty- 

 nine separate reclamation issues in eleven states. Not 

 a dollar has been lost by any investor in them. 



Again and again we have seen these barren lands 

 flourish into fertility. We have seen many lands, al- 

 most wholly unpopulated, become dotted with comfort- 

 able homes and prosperous towns and cities. In scores 

 of reclamation projects, we have watched swamps or 

 deserts change, by drainage or irrigation, into productive 

 lands. We have seen arid lands covered with sage brush 

 and cacti. And we have seen the same land, one or two 



separate class of land. We have learned the form of 

 Mortgage or Trust Deed or Contract best suited to pro- 

 tect that loan. 



Much of this, for a time, was pioneer work. We 

 were blazing new trails. For instance, when Congress 

 passed the "Carey Act," we spent thousands of dollars 

 to have attorneys work out the best form of Trust 

 Deed. And this form has been employed as a model, 

 by us and by others, for nearly all the projects since. 



Thus we have secured our own education and have 

 compiled and tabulated in our office files reliable in- 

 formation including elevations, temperatures, annual 

 rainfall, run-off, flood periods, slopes, soil analysis and 

 stream gaugings covering a period of years. We have 



Dam on the Snake River near Idaho Falls, Bingham County, Idaho, Municipal Irrigation District. 



years later, bearing the finest products which are grown 

 in America. 



Every project of this kind for which we sell bonds 

 is made the subject of minute investigation. The of- 

 ficers of our Company have tramped every piece of 

 bonded land on which we have sold securities. We have 

 watched every project through to fulfillment. In this 

 way we have learned, in the course of years, to distin- 

 guish between the certain and the uncertain. 



We have also learned where new laws were needed 

 for the protection of the investor. And numerous laws 

 of this class have been passed through our influence. 

 We have learned what amount of loan is safe on each 



in our library the laws of the various states and every- 

 thing of importance, both legal and physical, pertaining 

 to the reclamation of agricultural lands. Thus we have 

 built up, in the course of years a perfect organization 

 capable of passing intelligently upon the merits or de- 

 merits of any project, and if accepted by us, to formulate 

 contracts, mortgages and tax liens so as to secure the 

 best protection to ourselves and our customers. 



The large number of issues handled by this house 

 has established our pre-eminence in the purchase and 

 sale of Keclamation Bonds. 



Our experience, our prestige and our wide acquain- 

 tance in the irrigation sections command for us first 



