50 T II E I K It I G A T I N A G E . 



Irrigation Bonds should have first considera- 

 tion by those investors who are acquainted 

 with the Great Land Values that are being 

 created through Irrigation in our great West 



Banks, Insurance Companies, Trust Companies, Fraternal Orders and the 

 most conservative Eastern investors are the heaviest purchasers of our irrigation 

 securities. They buy Municipal, Carey Act and Corporation Irrigation Bonds. The 

 following letter written by our Mr. Farson summarizes the facts concerning Irriga- 

 tion Bonds: 



CHICAGO, November 13, 1909. 

 , FARSON, SON & Co., 



NEW YORK CITY. 



Gentlemen: For thirty-five (35) years my life work has 

 been the study of investments. During this time I have sold 

 many millions of bonds, issued for almost every conceivable legiti- 

 mate purpose. 



In the early days, when I visited Savings Banks and Insur- 

 ance Companies in New England, I found great objection to 

 WESTERN securities, and had to talk very earnestly in many 

 cases to sell these excellent people bonds issued in IOWA, ILLI- 

 NOIS, WISCONSIN, MICHIGAN and INDIANA, carrying 

 SEVEN and EIGHT per cent interest, issued for SCHOOL, 

 BRIDGE, COURTHOUSE and similar purposes. Such issues 

 sell these days quickly on from a 4 to a 4.50 per cent basis. 



This same objection obtains today against bonds issued in 

 the states farther west, and yet, we know that as a matter of 

 fact, securities issued in Montana, Washington, Idaho, Utah, 

 California, Colorado and Oregon, are just as good in every 

 respect as bonds issued in the Eastern states. 



One of the great developments of the last few years has 

 been on IRRIGATION lines, and as astonishing as the state- 

 ment may seem, MY ASSOCIATES AND MYSELF HAVE, 

 TO DATE, RECLAIMED MORE LAND THAN HAS THE 

 GOVERNMENT OF THE UNITED STATES ITSELF. 



I give it as my deliberate judgment, after the most careful 

 examination, that properly issued Irrigation bonds have MORE 

 security back of them than any bonds I have ever sold, and I 

 UNHESITATINGLY RECOMMEND THEM to my most con- 

 servative clients. Yours truly, 



JOHN FARSON. 



Upon request we should be pleased to furnish you full information concerning 

 irrigation bonds, Circular 10340. If you hold securities netting you from 3% to 4%, 

 we especially invite your correspondence with a view to increasing your income by 

 the exchange of your securities. We are the leading dealers in Irrigation 

 Bonds. We buy these issues outright and have at all times an excellent assort- 

 ment of these securities paying from 5% to 6%. 



FARSON, SON & COMPANY 



BANKERS 



- Members New York Stock Exchange 



icagO. Chicago Stock Exchange 



First Nat'l Bank Bldg. New York: 



Railway Exchange Bldg. Established 30 Years 21 Broad Street 



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