Arizona republican., 1893-03-28

acre feet. Then again, near the extrem- ity of the survey the company have located still another reservoir which will possess capacity of about 6O,OOO acre feet.
 The total estimated cost, on initial construction, of this canal when com pleted will be about $1 ,750, ,000-that is, for the proposed work of sufficient ca pacity to impound 5OO, ,0OO acre feet oi water, and 10 control, carry and deliver on the land continuously sufficient water to thoroughly irrigate and re- claim 100000 acres of land. These sums represent cost of not to exceed $7. 50 per acre for total area irrigated and reclaimed.
 The Income of the Canal
 company will be derived principally from the following soutces. First, sale of permanent water rights; second, an nual water rentals third, rent of power to mines. stamp mills, smelters, re- duction works and other industrial en- terprises; fourth, sale of water to towns, mines, etc. fifth, interest on treasury balances. It is estimated that from the sale of the permanent water rights dlOllt ONtI glO pNl dNiC Niii OO thus returning all the capital required in the construction of the enterprise with 100 per cent profit, and leaving the entire completed plant with the earning capacity from annual rentals as an additional profit on the invest ment.
 It is proposed to construct this enter prise from the avails of an issue of first mortgage, 2O-year, gold bonds-secured by deed of trust of the property and franchises of the corporation-and a sinking fund from the avails of the ssle of water rights, which fund will be ap' piled to the payment of curient interest and the payment of the bonds at ma turity. It is probable that before this article is published, the final report ot the consulting engineer will have been made, and as soon as this IS iorthcom- ing, and the bonding negotiations now pending are concluded, the work of con- struc.ion will be commenced. As an expression of public confidence in this great enterprise, 1 must not omit to state that within about l2 months. more than 60,000 acres of desert land have been entered under the desert land law, and all under the line of this canal. In October, 1892, the company offered | for sale water rights for 20,00O acres st $l0 per acre, all of which were sold pre- yious to February 23.
 ! In my examination of this enterprise, have been impressed with the thor ough, careful, conservative manner Tn which the Rio Verde Canal Company conduct their operations. The com pony appears to be managed by gentle men ot experience and ability in irriga ton matters, and thus far they have sho VII themselves to be fully compe' tent to handle this great enterprise, the success of which they appear to have very much at heart.
 Throughout the section of Arlzons tributary to this and the Arizona canal wonderful development is now occur ring. Lands are being plowed and irri' gated, orchards and vineyards are be- ing planted a large number of settlers are coming in, and and a grand trans formation is occurring. The Rio Verde canal opens to settlement, equally and | in some respects better land than that under the Arizona canal; and, from present appearances, it will be only g question of short time before every acre under it will be reclaimed and pro ducing large crops. WAIFARER.