THE IRRIGATION AGE. 



415 



vestment to supply what our customers want. Our 

 success depends, and has always depended, on supplying 

 the best securities of the classes in widest demand. 



The enormous business of Trowbridge & Niver Co. 

 was originally built up by the sale of Municipal Bonds. 

 In those days, bonds issued 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 return. 



For many years we have been among the largest 

 dealers in Public Utility Bonds. These include Railroad, 

 Water, Gas and Electric Light Bonds, Water Power 



bonds are sold mainly to Banks, to Trust Companies, to 

 Trustees, and to individuals who are careful and expe- 

 rienced investors of money. This fact makes it impossible 

 for any trend of our business to take other than con- 

 servative 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 

 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 



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



tons to the acre. 



Bonds, Telephone Bonds and bonds on Electric Railways. 

 These, for a time, were our most popular securities, and 

 they still retain popularity. But the very popularity of 

 these bonds, as always, served to lessen 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 it elf as the bonds become 

 better known. 



It should also be remembered that our business is 

 done with ' a very conservative class of investors. Our 



facts about any particular bond will be given in separate 

 circulars upon application. 



FIFTEEN YEA.KS OF EXPERIENCE SELLING EECLA.MA- 

 TION 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 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 



