The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-16
WILL CUT THE PRICE.
YAKIMA INVESTMENT CO. LANDS TO
BE SOLD AT A LOWER FIGURE.
An IAportaAf Step so0n 60 be Taken
~ the B0ndholders 81 the Con.
paAy-The Northern Pacfnc Land
Department VIII Aid in Attrac e.
Ing Settlers to One Of the Finest
PORTIONS Of Eastern Washingtoa-
development Retarded BY the
Past High Prices.

Ihe nondholders Of the Yakima Invest
Heht company. owners Of the Sunnyssds
Canal and abou, y 90 acres OF the chosc-
est land N Yakima county, are about to
saks an important step in the manage
msns OK TIE property. and one which. IL
ea.ueo out as now planned, should re-
sais "a inducing large immigration to
washington in the near future.
Inc company was placed in the hands
OF Receivers Schulxe. Alien and Donald
Ia issA since that time the property has
remained practically at a standstiii. while
tne country around II has been Develop
ing ana growing in population Ii the
aims of the bondhoiders and OF Receivers
Alien and Donald are carried out, the
price or the land owned by the company
VIII De reduced TO such figure as to
iorm a magnet for immigration. The dis
posaI OF the lands and locating OF set
tiers viii be partially placed in the
charge OF the land department Of the
Northern Pacific Railway Company.
Rams Tor the reorganization of the
company are now being considered by the
creditors, Those in touch with the COM
panys affairs state that II will not be
long before the property will be put in
good financial condition and once more
become the strong factor in the Develop
ment OF the state which 1t was intended
to be.
The failure of the company In 1894 and
the discoveriessthat were made when the
books and papers Of Paul Schulze were
examined by experts In the employ of
the Old RECEIVERS Of the Northern Pacific.
are facts of history. The Sunnyside is
the largest irrigation canal in the state.
diverting water from the Yakima river
short distance east OF North Yakima.
The main ditch is extended forty-three
mil ~,
Its 20 miles of lateral canals commands
about ec,oo acres OF very productive land
The company spent an immense amount
or money in the construction Of the canal
AT the time IL failed Efforts were being
made to sell a large block of bonds. They
were handled by San Francisco and Ia
coma banks. On account of the panic Of
1893 the efforts to dispose of the bonds
proved unsuccessful and subsequently the
company was placed in the hands of the
receivers.
The company originally owned about
$4,000 acres of land in Yakima county.
which 1t purchased of the Northern Pa
cific. The railroad company became
a heavy stakeholder. and while II is not
taking any hand in the reorganization OF
the investment company. IL IS interested
In whatever course is taken in the man
agement of the property.
II Is expected that the receivers will
present petition to the Federal court
asking leave to reduce the price of the
land from SIS to $50 per acre. Owing to
the important nature OF the step little
has been said concerning it. and the full
intention of the bondholders will not be-
come known until the petition is fled
While 1t was not difficult TO dispose of
the land at SIS per acre during the period
OF high prices and active speculation, the
price. which has been maintained. has
acted as a bar to the sale of the land
and the settlement of the country These
impedments it is expected. VIII be re-
moved and active efforts put forward to
induce immigration when the plans OF
the bondholders are carried out.