104 



THE IRRIGATION AGE. 



probably equivalent to the manure that could be hauled 

 by two men with teams. It requires three to run the 

 outfit. One to irrigate, one to run the engine (we burn 

 straw) and one to operate the dredging arrangement and 

 see that it draws mud. 



It is not a question: "Will it pay?" though I am well 

 pleased with the prospects, but on 6ur light sandy soil 

 we need to irrigate to make a home, and what is 

 necessary to make a home is worthy of our time, money 

 and most serious consideration. 



Banker Views Conditions in Western 

 States 



By George B. Caldwell, 



Manager Bond Department, Continental and Commercial 

 Trust & Savings Bank, Chicago. 



A visit to the distinctively western states at this 

 time could not fail to be of interest and value to a Chi- 

 cago business man. I have just had the pleasure of mak- 

 ing a tour through important sections of Colorado, Utah 

 and Idaho, where I was impressed with facts pertaining 

 to the development of that part of the country. 



General business is improving and is on a healthy 

 and apparently normal basis. The feeling among financial 

 men and others with whom I talked is one of cheerfulness, 

 owing to the practical evidence that times are becoming 

 better. 



All development work is going forward at a good 

 rate, real estate is moving, there are many new settlers 

 and money is plentiful. This is particularly true of Colo- 

 rado and Idaho. Utah is a rich and conservative state, 

 showing solidity, but perhaps less activity than the 

 others. 



Western investments are attractive and eastern capital 

 is going in freely. I took pains to observe the financial 

 aspect of the situation. Land values are seemingly of a 

 permanent character. Farming is on a progressive scale 

 and returns are sufficient to justify the high price of irri- 

 gated land. These are all mining states also and results 

 in the production of metals are quite satisfactory. These 

 conditions, with high rates of interest, make the field an 

 attractive one for capitalists. 



The wide range of development work makes a con- 

 stant demand for money at better rates than prevail in 

 the surrounding states. Capital loaned with ordinary 

 prudence is safe and brings a good return. In the Pueblo 

 district and throughout the Arkansas Valley the common 

 rate of interest on real estate is 7 to 8 per cent, mostly 

 the latter figure, and ordinary commercial loans are 

 usually at 10 to 12 per cent. Money can be obtained 

 more cheaply in Utah, while in Idaho the outside figures 

 are the prevailing ones on loans. Perhaps it would be 

 nearer right to put real estate loans at 10 per cent and 

 commercial accommodations at 12 per cent. Bonds nat- 

 urally go east for their market, for no matter how good 

 an article of security may be it is hard to sell a 6 or 7 

 per cent bond when money is in demand at 10 to 12 per 

 cent. 



These are conditions which strike a banker at the 

 outset. They form an exceedingly interesting situation. 

 In all new countries money rates are high, and that is 

 the case very frequently because the risk is greater than 

 in a section that is farther advanced. It is noticeable 

 in the sections named that the loans are amply secured, 

 because the development work is at a high stage. Every- 

 thing is keyed up to that level. Farming seems more of 

 a business proposition than in many other localities. 

 Irrigated land sells commonly for $150 to $500 an acre, 

 and the artificial water service only adds about $25 an 

 acre to the original price. This would seem an enormous 

 price for farm land in some of the older states, but those 



( Contimiel on page 115.) 



Reclamation Notes 



CALIFORNIA. 



Articles of incorporation have been filed by the Pa- 

 cific Water & Development Company, with principal place 

 of business at Sacramento. The capital stock is $500,000. 

 The purpose of the company is to engage in and conduct 

 the business of acquiring, using and selling water for ir- 

 rigation, and for purposes of a public nature. The di- 

 rectors are F. H. Reynolds, A. C. Moor, D. K. Colchough, 

 S. E. Quinn and N. V. Moor, all of Sacramento. 



Announcement is made that $350,000 of the first mort- 

 ga"ge 6% bonds of the Sacramento Valley Irrigation Com- 

 pany have been paid and retired. 



Ranchers in the vicinity of Oxnard have commenced 

 $25,000 worth of pumping and irrigation work. One of 

 the largest pieces of work will be the placing of a pump- 

 ing system and irrigation plant on the big Edwards ranch, 

 which will be used for the irrigating of 700 acres of that 

 property. The water is to be secured from artesian 

 wells and pumped to various fields of the ranch. 



Twelve thousand acres of land lying between Mill- 

 ville and Anderson are to be irrigated by water taken out 

 of the south fork of Cow Creek. 



Concrete work has been begun on the dam for the 

 Oakdale and South San Joaquin irrigation districts on the 

 Stanislaus river, four miles above Knights Ferry. The 

 structure is to be 84 feet high at the highest point. It 

 will divide the Stanislaus river into two canals which will 

 irrigate the plains around Oakdale, Ripon and Stockton, 

 in all about 139,000 acres. 



A plan to irrigate a vast section of the Hesperia re- 

 gions is under way. A general consolidation of the water 

 rights in that district has been effected under the name 

 of the Appleton Land and Water Company. This land 

 lies adjacent to the town of Hesperia and when water 

 is applied will be highly productive. 



The Hallwood Irrigation Company and the Stahl 

 Brothers have received a permit from the United States 

 government to build an intake at Daguerre point which 

 will enable them to take water from the Yuba river at 

 all seasons of the year. The work must be completed by 

 November 3, 1912. The capacity of the tunnel, which will 

 be concrete lined, will be about 7,000 miners inches of 

 water, or enough to irrigate 10,000 acres of land. 



It is reported that between 500,000 and 1,000,000 acres 

 of land, much of it lying near the city of Oroville, will 

 be irrigated by water from the Big Meadows Reservoir 

 of the Great Western Power Company. M. Fleishhacker, 

 president of the G. W. Power Company, is authority for 

 the statement. This will not only serve to supply irriga- 

 tion and power for a large area, but it will also serve 

 to decrease the flood waters which now run to waste 

 through the valley. 



COLORADO. 



The Northern Construction Company has been or- 

 ganized by Denver and Greeley capitalists to finish the 

 ditches and reservoirs in the Greeley-Poudre Valley irri- 

 gation district by May 1st. It is planned to bring water 

 to every portion of the district except the river reservoir. 

 The project embraces about 125,000 acres of land. Those 

 interested are James Thorpse, W. S. Hill, J. A. Beeler, 

 Wm. G. Evans and S. D. Shields, all of Denver, and D. 

 A. Camfield of Greeley. 



Eastern capitalists, headed by J. H. Holmes as presi- 

 dent, J. S. Stovall, secretary, and B. R. Holmes, general 

 manager, have purchased the ranches of Geo. Hotz. Ben 

 Hotz and John McLain, just north of Carbondale. for a 



