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THE IRRIGATION AGE. 



BASIC VALUE OF IRRIGATION BONDS 



The accompanying article the clearest explanation of the basic value of irrigation bonds is reproduced from the proof sheets of a book 



which will soon be issued by the well known bond house of Trowbridge & Niver Co., First National Bank Building, Chicago. 



Copyright by Trowbridge & Niver Co., and Published by Permission. 



In discussing with our customers one particular class 

 of securities we seek simply to give information. 



We are dealing here with bonds which are not well 

 understood. Irrigation, on a broad scale, is rather a new 

 subject of popular interest. It deals with lands which 

 are arid and yet so fertile that the artificial application 

 of water makes farming immensely profitable. And in- 

 vestors in general are awakening to the fact that the 



maturity. So one may secure either long or short-time 

 bonds. And the issues are frequently in denominations 

 as low as $100. This opens the way to the small in- 

 vestors in a manner not usual with other good issues of 

 bonds. 



As a result, the best selling bonds that we handle 

 today are Irrigation Bonds. A very large percentage of 

 our business is done in them. With the spread of edu- 



Palisade, Colorado, Grand Valley. Full bearing orchards in this district sell at $2,000 per acre and upwards. They produce from $500 to $1,200 

 per acre in a season. Eight hundred cars of fruit valued at $3,200,000 were shipped from here in the season of 1908. 



securities based on these projects are of the most desira- 

 ble class. 



With those who know, Irrigation Bonds are already 

 popular. The security behind them is a first lien on the 

 most productive farm lands in America. The interest 

 return is liberal, and higher than it will be when the 

 bonds become better known. The bonds are generally 

 issued in serial form, with widely different dates of 



cation regarding these bonds, the demand is increasing 

 fairly by leaps and bounds. And we feel that we are 

 doing our customers a service in contributing to that 

 education. 



But it should be remembered that our attitude always 

 is that of unbiased advisers. We have little reason for 

 urging investors into any particular channels. Our 

 province, as a bond house, is to follow the trend of in- 



