fi8G 



THE IRRIGATION AGE. 



testimony of men who had been discharged from office 

 for the good of the public service. President Taft's firm- 

 ness and his determination to learn the truth in the face 

 of savage newspaper opposition have raised him immeas- 

 urably in public estimation. The Ballinger case will have 

 an important bearing on other cases in which sensational 

 and unprincipled newspapers are seeking the ruin of 

 public men whom they cannot control. 



It was our intention to publish in the De- 

 National cember number of THE IRRIGATION AGE, a 

 Association full outline of the organization recently 

 of Land formed by leading real estate men through- 

 Men, out the United States, known as the 



National Association of Land Men. Owing, 

 however, to the fact that preliminary work necessary 

 to complete the organization was delayed until early in 

 December, it was concluded better to wait until our 

 January number and give a full list of the organizers, 

 board of directors, officers, etc., also furnish information 

 concerning articles of association, declaration of the pur- 

 poses of the National Association of Land Men, and the 

 By-Laws. This will all appear in our January number 

 with information concerning the individual promoters 

 of the proposition. The National Association of Land 

 Men promises to be one of the finest and strongest 

 organizations of its character ever attempted. In fact, 

 it already has members in every state west of the 

 Mississippi river, and many members throughout the 

 south. As an illustration, one of the board of directors 

 is an Oregon man, while a second is located at Browns- 

 ville, Texas. 



A copy of the Charter of this organization, together 

 with other literature, will be sent to any one interested 

 on application to the secretary, 112 Dearborn street, 

 Chicago, Illinois. 



The publisher of THE IRRIGATION AGE is 

 The pleased to announce to its readers that 



Primer arrangements have been perfected with Mr. 



of Frederick A. Smith, a noted hydraulic engi- 



Hydraulics. neer > whereby THE IRRIGATION AGE has ob- 



tained the sole right to publish a treatise 

 on hydraulics designed and arranged by Mr. Smith after 

 twenty years of practical experience in this line, and this pres- 

 ent issue of IRRIGATION AGE contains the first installment 



It is the plan of the publishers to give an installment of 

 this work monthly for about one year, after which the whole 

 book will then be completed and put on the market. 



As the title indicates, it is to be a Primer in Hydraulics, 

 designed to give the principles of the Science of Hydraulics 

 in a popular form, so that men of an ordinary education will 

 be able to not only grasp these principles, but to also apply 

 them to practical problems. The book will in all respects be 

 a successor to the "Primer of Irrigation," issued several years 

 ago, excepting that it will contain much more technical mat- 

 ter necessary for a proper understanding of the subject. The 

 matter is arranged in a progressive way, introducing the 

 reader gradually from simple to the more intricate principles, 

 and the work will consist of original matter throughout. 



This is the first book on hydraulics ever published which 



will give the layman an opportunity to grasp this subject as 

 the difficult and cumbersome formulas usually found in books 

 of this kind have either been eliminated, transformed, or have 

 been made of such easy application that their use has been 

 greatly simplified. 



The publisher hopes that the readers and patrons of THE 

 IRRIGATION AGE will find this expansion of their publication 

 of service to them and that they will assist in spreading this 

 good news to their friends and acquaintances, as a good 

 knowledge of hydraulics is essential to good irrigation. 



The general outlook for the better class 

 Prospects of irrigation bonds has greatly improved. 



Better for Buyers are turning away from low- 



Irrigation priced issues of all kinds, and while they 



Bond Issues. are no less discriminating than ever their 

 demand is for bonds of high earning 

 power. This is a feature of the momentary situation the_ 

 world over and all governments have had to take notice 

 of it. 



Irrigation bonds as a rule are returning five to six 

 per cent, and it is apparent that capitalists .wijl be insistent 

 on at least a six per cent basis. At such a 1 figure there is 

 likely to be a good market during 1911, for money is 

 easier and is likely to remain so for some ftonths to 

 come. -, 



Secretary MacVeagh seems to have been forced to 

 the conclusion that the money markets of the whole 

 world are turning away from extremely low-priced bonds. 

 He has been studying the question specially with a view 

 to the market value of the Panama issue, which he has 

 authority to sell at a rate not exceeding three per cent. 

 He finds it a difficult task to interest capital. It is prob- 

 able, judging from the facts brought out, that the secre- 

 tary perceives a new and higher level for investment se- 

 curities, particularly in the United States, and it is believed 

 the day has gone by when this or any other government 

 would undertake to dispose of a two per cent bond. 



British consols, which are a permanent debt, yielding 

 2J/2 per cent, now sell at 79, a price which yields an actual 

 return of 3.16 per cent; the German Imperial 3 per cent 

 bonds sell at 83, a price which yields 3.61 per cent; the 

 French 3 per cent rentes sell at 97.97J4, a price which 

 yields 3.06 per cent. Whether or not the credit of the 

 American Government, when divorced from the circula- 

 tion privilege, is substantially higher than that of the three 

 countries mentioned, and to what extent it is higher, are 

 the questions now under investigation in the Treasury. 

 Secretary MacVeagh is strongly of the opinion that the 

 Panama bonds ought to be issued at a rate at which they 

 might be absorbed by investors for their earning power 

 without regard to any especial privilege. He realizes that 

 the year 1911 will not be a period particularly favorable 

 to the flotation of low-priced securities. 



Every bond dealer in Chicago is looking for a better 

 market with the opening of the year. Easier money is 

 practically assured and it is thought there will be a few 

 months of great activity in securities representing high- 

 class real estate enterprises. A surprise is in store for 

 any' financial man who will gather up specimens of the new 

 bond literature which is in circulation. It indicates a big 

 campaign on new lines. There never has been a time 

 when real estate and industrial bonds were made to ap- 

 pear so attractive. Many of the safest propositions are 

 represented by issues returning six per cent or better. 

 There is a valuable suggestion in this situation for com- 

 panies handling irrigation securities. 



