THE IRRIGATION AGE. 



419 



for the reason that the mortgage is not released until the 

 entire debt is paid. 



SUPERIOR TO FARM MORTGAGE SECURITY. 



It will be noted from the above facts that an Irrigation 

 Bond has the strength and security of a conservatively mar- 

 gined farm mortgage combined with all the advantages of 

 corporate responsibility. It would be hard to conceive of a 

 more attractive form of investment than well selected bonds 

 of this class. 



Farm mortgages, issued not to exceed 40 per cent of 

 the value of farm land, are rightly considered a first-class 

 security. When such farm mortgages are placed with a trus- 

 tee, and bonds issued against them to not more than two- 



in a humid locality. And here is the main need for an edu- 

 cation. 



Previous to irrigation it is true that this arid land has 

 grown nothing but sage brush and cacti. Its barrenness is 

 quite uninviting. The value of the land is due solely to its 

 grazing possibilities, or to the probability of future irriga- 

 tion. 



But this same arid land, when the water is applied, be- 

 comes the most productive farm land in America. 



Colorado, which has the largest irrigated area of any 

 state, will serve as an illustration of the productive power of 

 irrigated lands. It should be remembered that all the arable 

 land in Colorado, save that used for "dry farming," is irri- 

 gated land. And the farm products of Colorado last year 



Cabbages, Melons, Squash, Sugar Beets, Onions, Turnips, Egg Plant, Cauliflower, Grain and Alfalfa all these grow in the Denver-Greeley 



district, and find a market right at farmer's door at top prices. 



thirds of their value, the security is considerably increased. 

 And when such bonds are further secured by a mortgage 

 on the vast properties of an Irrigation Company, it will be 

 seen that the protection is fully as ample as the most care- 

 ful investor desires. 



Such is the security lying back of our Irrigation Bonds. 

 It will vary slightly with different projects, but not in a way 

 to greatly affect the security. 



The next point to consider is the value and earning 

 power of the land on which the security is based. 



THE VALUE OP IRRIGATED LAND. 



A mortgage on arid land, to the average investor, ap- 

 pears very different from a mortgage on farm land located 



were valued at $143,688,577. 



Rocky Ford cantaloupes, grown on irrigated land south 

 of Denver, are famous almost the world over. They sell for 

 $2.50 per crate, while other melons on the same market, 

 grown from the same seed, sell for 30 cents per crate. 



Peaches from the Grand Junction District bring from 

 four to six times as much as Middle West peaches. 



Fruit lands in the Denver-Greeley District often yield 

 more than $1,000 per acre. 



Colorado potatoes are the highest standard everywhere. 

 They are dry and mealy, thin-skinned, free from hollow 

 centers, and they are also enormous yielders. 



Colorado stands first in the production of beet sugar. 

 There are nine sugar factories north of Denver and about 



