The Estancia news. [volume] (Estancia, Torrance County, N.M.) 1904-1912, 1910-04-15
READY TO MIKE
TEST OF WELLS
Necessary Land Assured and Promoters Ready to test
4, Water Supply. With Water Supply Proven,
as Work Of Construction will commence

There will be about 70 pump
ing plants in the scheme to start
with, one for each 100 acres. All
the farmer will be required to do
will be to furnish his own well,
and the land, of course, the Con-
struction Co. agreeing to doprac-
tically the rest.
Everyone going into this I'M
dertaking must be land owner.
That is to say he must have a
patent or final receipt. If he puts
100 acres into the company he
will buy 160 shares of stock, each
acre Of land representing a share
of stock. This stock will cost
$45 per share for the first II 900
acres; on the additional acreage
it will be $55. The manner Of
paying for this stock is this:
The first payment will be $3.50
per acre, or per share-$560 for
160 acres. Should a party sub
scribe for 80 shares of stock his
first payment would, of course,
be half that rmount. The re-
naming SAL so will be divided
into eight equal annual payments,
drawing interest at 6 per cent
per annum, payable semi-annual-
ly. For this amount, CSC, $40 for
100 acres, and half that amount
for eighty acres), the stockhold-
er will give eight notes for $3.50,
or $415, as the case may be, with
interest at 6 per cent payable
semi-annually, as have said,
secured by mortgage upon the
land put into the undertaking.
These notes will be payable to
The Estancia Irrigation Com
pany.' The notes will be en-
dorsed by the Irrigation Co. to
the Construction Co., and turned
over by it to a Trustee to be
agreed upon between the Irriga
tion and the Construction COM
panies, as collateral security for
the bonds to be issued by the
Irrigation company. The trustee
when the notes of the stockhold-
ers mature, will take the proceeds
of the same, together with inter-
est thereon, and pay the bonds
maturing at the same time with
interest. The bonds will be can
celled and retired, and the notes
cancelled and returned to their
makers. This method will be
pursued until all the bonds are
retired and all the notes paid. The
first of these deferred payments
will fall due January l, 1913, CIV
ing two crop years between the
first and second payments. Of
course the interest will have to be
paid as it natures.
Before any of the notes or
mortgages are delivered to the
Construction company, and be-
fore any of the cash received from
the first payment of $3.50 per
share, is turned over, the Con-
company will deliver to
the Irrigation company a surety
bond to be satisfactory to the
Irrigation company, for $495, 600,
guaranteeing that the Construc-
tion company will build the plant
in the manner set forth in the
in the time set forth,
and that the plant when complet-
ed will be capable Of furnishing
the amount of power stated in the
and at the cost stated
in the contract, from fifty cents
to one dollar an acre foot against
an average 45 foot head. The
farmer instead of being obliged
to tug away at a gasoline engine
sometimes for hours to get the
things started, and oftentimes
becoming very wicked, to put it
mildly, will simply throw switch