Arizona republican., 1900-07-25
THE INVESTORS VIEW
A Way to Enlist the Interest
 Of Capital
If People in the Salt River Valley Believe in Water Storage Men Who Have Money May Believe in It.

pie in favor of the bonding of the county than the day before. The popu- larity of the project grows with the con- sideration of it. Like all bonding prop ositions, the mere mention of it aroused some opposition, but it is all melting away when the necessity of doing something is realized, and when it is realized that this something may DC easily accomplished without risk. No reasonable man believes for an ln stant that capitalists will go into the reservoir business here without some encouragement.
 A reporter for The Republican yes
 terday called on MT. Samuel Hunting ton for his view of the subject from the standpoint of financier MT. Huntington. as general manager of tha Phoenix mine, is himself a representa- tive capitalist and is familiar with their methods. MT. Huntington said that the volume of projects presented to moneyed men in New York is enor- nous. They are accompanied by pros pectuses which describe the most allur- ing opportunities for investment. Com- paratively few of them secure an in vestisatiOn and fewer promoters are able even to get a hearing. Of all the projects presented in New York. Mir Huntington believes, not one in a thou sand secures favorable consideration The capitalist is suspicious. However alluring the prospectus he imagines there is a concealed danger and must be shown beyond q doubt that there is none.
 It was entirely unlikely MT. Hunt ington thought, that men with suf- ficient capital could be interested in the ordinary way in an irrigation enter prise anywhere in the United States All such ventures had been uniformly disastrous and though the conditions were such in the Salt River valley that capital might be proftabIy invested in an irrigation project. investors would not be convinced by any representation that might be made to them and they could not be induced to make study of the peculiar conditions which exist here.
 But proposition involving the bond ing of the county would be such an evidence of local faith that it would immediately command attention. The amount of the proposed bonds would not in itself be particularly inviting for men who could raise $2. .00O 0O0 or $2. 300. % GOO could easily raise S5O0, ,OOOmo They would be shown, though, that the peo- pie believed the project would be prof itable. It would not be the bonds but the disposition to vote them which would enlist the interest of capital. This interest having been enlisted. it would be very easy to show that there were 10000 acres of land here alread ' under cultivation and that 100000 acres more which had gone back to the des- ert would be restored to cultivation to say nothing of the thousands which would be quickly reclaimed. At, say $l an acre, here would plainly be cedtdin and sufficient revenue.
 As attractive as this project would hn from the investors point of view, Mr. Huntington believed it must be equally so from the standpoint of the valley property owner. The increase in tax able values would many times over cover the increased amount of taxation. The addition of thousands of acres to the productive capacity of the valley would attract more people here. would swell the growth of Phoenix and in- crease the demand for constantly in- creasing products. The valley could be brought to live within itself, the most prosperous community in the country.
 Dr. D. NJ. Purman, speaking of the matter yesterday afternoon said: This plan suggested by The Republican IS the most momentous proposition ever presented to the people of the Salt River valley. l am heartily in favor O! it. It is an offer of life, for we are slowly dying and nothing will revive us but an abundant and permanent water supply. The farming values have shrunk by 20 Der cent. and the shrink age has only begun. It has not become perceptible in the town yet, but if this thing goes on Phoenix will wither. as the fields from which the water has been withdrawn. No practical plan for | securing water storage in the Sait River valley has ever been proposed until now and I am confident that there
 is no other way We can get it in time tc | do us any good. The amount of ths
 bonds to be voted is so trifing in com | parison with the benefits which would
 certainly follow that I am surprised 1 that any objection should be raised
 against it. l suppose, of course, thc county, as the holder of preferred stock would be protected in it's holdings ant ! that the rights of water users would bC guaranteed. Those are details. how i ever. which will come up later'
 D. H. Burtis said: Whats the ust 1 of talking about this business any ! more. ] have been advocating. for
 rather, have believed in the bond method of settling the reservoir ques ! tion for years. As long ago as when roomed in a little one-story building ! that stood on the corner where the
 Adams hotel now is, the engineers thai | were then engaged in making survey! | for the Hudson reservoir site used t, | come to my room and talk about it ] l realized then, as ] do now, that thi l valley would have to come to a bono l issue before the big dam could evel
 be constructed. I have always favored | 1t and do now, but am almost tired O | talking about it. We have got to qui