The Hood River glacier. (Hood River, Or.) 1889-1933, 1904-02-25
SR3.R52 43

TOTAL .................., FO0, ,OOZ 10
We have secured l0-days' option on
$24, 900 par value Of this stock, and all
debts outstanding to be paid, for $46,-
600; the rest of the outstanding stock
at SOC on the dollar 1913 shares) will
cost 81 ,638-tOtal cost, $47 1888.
We would recommend that the OPP
tion be taken and supplementary arti-
cles of incorporation he filed, placing
value of each share of stock at $50; sell
stock to land owners only; said land
owner signing contract, which describes
lands to be covered by such stock as a
perpetual irrigation right; said contract
to be placed on record. All mainte-
nance and operating expenses and in
terest on company debt to be paid pro
rata, according to the number of inches
of water used by each stakeholder each
year; no water to be sold to irrigate any
land not covered by contract on which
stock Is held, except all cash renters
can buy water at IS per inch until pres
ent lease expires, after which no water
will be sold to irrigate said land until
owner has purchased stock and signed
contract covering said land. All such
renters to pay in advance for all water
used, with cash or note with approved
security; provided that owner of leased
land can take stock and sign contract
at any time, then renter would pay
pro rata for his water. We find that
land owners can secure from the state
of Oregon on first mortgage money
with which to take the stock they may
want at 9 per cent interest.
BY this plan each person takes a
share of stock for each acre of land to
be irrigated as perpetual water right !;
he then buys what water he may want
each season for above-named land, and
pays therefor the pro rata price for
maintenance and operating expenses
and interest, II any there he, for that
season. E. N. BENSON,
G. D. WOODW0RTH,
N. G. EVANS.
This option made by he Valley Inn
provement Co. expires III o'clock Fri
day night of this week. That it will
be accepted is settled, and as explained
by Mr.. Davidson, the farmers are al.
lowed SO days in which to raise the
money. Governor Chamberlain was
seen in Portland last week by members
of the committee, and he assured them
the state would be glad to loan Hood
River farmers money from the school
fund at 6 per cent. This will make il
easy for those who lack the ready cash
1t is the intention of the promoters
of this plan in purchasing the ditch tC
have the plant forever free from debt
All obligations, if any, will be upon the
lands on which the water is used, thu:
making it absolutely impossible fol
any spectators to ever secure lever
on Hood River farmers.
1t will require about $4,000 to pu
the ditch in shape to convey 2,5OC
inches of water. This, in addition tC
original cost, means total outlay o
100000, representing 1000 shares o
stock. As soon as a majority of tht
stock is subscribed, there will be
meeting of the stockholders. organiza
ton and the election of board of di
rectors with power to transact business
Whenever the stock is all taken an(
more inches of water are needed, Their
, will be recapitalization, and event
ually the whole of the West Side car
be included In the non. dividend pay
ing corporation. The cost of the waite
each year will depend solely upon tn
expenses of the ditch. 1t has been fig
ured out that water this year shout,
cost the farmers, Including interest ol
! mortgages, not over $3.50 an inch. r
those able to put up the $50 an acre
their water will cost, says Mr.. David
son, probably not over s1.5O an inch.