Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-05-11
RANK LOANS ON
IRRIGATION BONDS
IT., Oneida District Now Enabled
To Go Ahead With its
Contracts
4 BOON TO The FARMERS.
r.,,tv Thousand Acres Of Land Bonded
To Secure Funds for Irrigation
And Development
r...,s, correspondence.

sreciai Correspondence.
,,roston. ida, May 5.--The oficers OF
one,da Irrigation District have Just
.o,ped With lions Savings Bank q
~,nst company Of Salt Lake, whereby
,,o contractors who are taking bonds
.or ,heir pay, may secure what money
,bay need until they have good chance
"a dispose Of all their bonds without
40 discount. They bear interest at the
rs,e of 7 per cent payable semi-an'
ruolIy. and as the contractors cannot
al the whole block OF bonds without
ooy,ne 5 per cent discount, they would
ppoibnr borrow money on them for Il
,op wears until the canal is more neai-
IL, completed lat which time the pros
lots wlll be bright for sale Of tho
bords at a premium) than 10 sell at
the present time.
Since lions Savings Bank & Trust
company have loaned $4,000 TO the con-
tractors on their bonds, other banks
and bond buyers are desiring to look
INTO the project. But the farmers Will
slways have the warmest feelings Tor
tbe officers OF lions Savings bank In
helpIng them at the present 1uncture.
The principal contractors of the canal
ara, ]. II. Koford & Co., Joshua Adams
& Co.H. d. Vaughan, johnson q Camp.
hell Perkins s. Callan, MURDOCH
psrkins. Orson Henderson, Hans Erlck-
son and p. w. Austin & Co, Besides
these contractors, there are a few VINO
pave small contracts. The canal Is
handed for 1921 ,6iS.13, and the lands of
the district, amounting 70 10000 acres
arc held for the payment OF the bonds
tho same as the lands OF a county are
held for the state and county tax each
year. a., ~,
Adebert Henderson, president arthur
w. Hart secretary, ana george -
Parkinson, treasurer.
The pospects are very bright through
out the oneida stake this year for
bounteous harvest. The farmers are
feeling better than they have for some
wears past, not solely because or the
irrespective harvest, but on account OF
,he construction work on the great ca
nal system. This canal Is being con-
struoted by the residents OF Oneida
county, nearly all of whom have land in
the Oneida Irrigation District.
All the contractors are now at work,
several Of them commencing work yes
,erday and the last one today. Inc
government surveyors are also en-
camped on the canal, and are surveying
route through Bear River canyon, Ida
no, 10 ascertain whether or not the
great government canal for Utah can
be constructed along the same line al
the canal Of the Irrigation District
1t Is generally conceded that the 3d.
900 acres Of land located within the
oneida Irrigation District, surpass In
quality any tract OF land OF equal size
In southern Idaho. The citizens OF
Clifton Dayton and Weston Will be Inn
mediatey benefited by this canal, and
the citizens Of Preston, Franklin ana
Lewiston and surrounding towns win
be Indirectly benefited Homeseekers
are now beginning to come into our
midst, and within two years we expect
HE population to be doubled, The Off
RS Of III, company have played their
part we'll An the legal questions have
been settled, and Mr.. Hart, the attor-
ney has been repeatedly complimented
on organizing the district without 10
flaw, The Preston merchants are help
Ing the contractors all they can, and IN
fact all our citizens are now Joining
hands and working for the welfare and
building up of the whole district. IL Is
the farmers who are building the canal,
and their scheme Is to buy in and mold
as many Of the bonds as their circum-
stances viii permit. Many farmers are
intending to work cut a few $500 bonos
and hold as many Of them as they can.