East Oregonian : E.O. (Pendleton, OR) 1888-current, 1905-04-13

ter NJ. Pierce and A. D. Stillman hav-
ing disposed of their seven-twelfths'
interest in the company to parties In
California However, one-half inter
est is still owned by Henry Pierce.
and he will retain the management of
the island.
When w. NJ. Pierce returned from
California a short time ago he an
nounced that the litigation which
had been pending over the property
was ended. Now comes the announce
ment that the controlling interest in
the company has been sold by Messrs.
Pierce and Stillman.
The Victoria Island Co. is incorpor-
ated for 100000, and until the pres
ent deal was made was owned by w.
NJ. Pierce, A. d. Stillman and Henry
Pierce. The exact amount received
by Messrs. Pierce and Stillman for
their interest in the company cannot
be learned, though 1t is understood
that good price was paid.
Victoria Island, which is in the San
Joaquin river, Cal, was purchased six
years ago by Henry Pierce for $780,
900. Three years later the Victoria
Island company was formed and
many improvements were made, the
land being protected from the river
floods by means of a levee, through
which water was let for the purpose
of irrigation. The land has been
used as an immense gardening plan
tation. and during the past year has
been leased to 500 or 700 Chinese
and Japanese. Ten and twelve dol
lars per acre rent has been received
from them, the whole amount receiv-
ed during the past year being $4,000.
The California enterprise has been
| watched with interest by people Of
this place, because of the Umatilla
county capital and men that have
been interested. The island is saio
to be one of the very few outside
schemes in which local capital has
been invested, and the investors come
back with more money than they
have paid out.
Within the past 90 years 1t is esti-
mated that 100000 of Umatilla
county money has been invested in
outside schemes of various descrip-
tions. Small fortunes have gone into
the mining property in Alaska and
Baker county, into Astoria town lots,
rubber and sugar plantations in Mex
leo, and to other places too numerous
to mention. OF those who have so
invested and have come out whole,
1t is said that they may be counted
on the fingers of one hand.
In speaking to the East Oregonian
this morning of his venture in Cali
fornia, Walter NJ. Pierce said;
II have played the game and have
been successful. But I believe that
had 1 invested the same amount OF
money in this county, or in this por-
ton Of the state, I could have done
fully as we'll. / believe that in the
development of the resources and in
dustries of Eastern oregon and in Its
farming lands and city property is Of
fered as good a field for investment
as there is anywhere. People who
are acquainted with the people anc
the conditions here can almost in
variably do better at home than by
going abroad. / have had all of the
outside experience that 1 care for
and in the future will devote the mos
, of my time to this county and to look
: ing after my interests in Union coun
. ty."
Those who have been made feverisl
, by the tales that have been told of thu
wealth to be made in Mexico and Can
ada may profit by this advice givei
by one who has been successful boil
at home and abroad. 1--WE often fai
q by searching far and wide for wha
h lies close at hand"