The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1910-07-14
CANNAL AFFAIRS STILL
UNSETTLED
Committee Unable to Reach
a Satisfactory Agreement
with Company

R. B. Wilson, v. T. Craig, w. e.
Bell and H. S. Workman, compos-
ing a committee appointed by the
Water Users Association to endea-
vor to adjust the Canyon canal diff
ficulties, returned home Monday
from Boise after weeks fruitless
effort to come to satisfactory agree
ment.
The committee arrive in Boise on
Tuesday and went over the situa-
tion very thoroughly with the Can
yon canal company, the associations
attorney and state officials. They
also sent several kilograms to the
Trowbridge & Niver Co. in Chicago,
in which was made a proposition to
take over the canal. In conferences
with the company no agreement
could be reached The state land
board stated that they were power
les to render any assistance; that
the only thing left for them to do
was to declare a forfeiture of the
franchise. The committee were not
willing that this should be done,
as it would undoubtedly involve plac
ing the canal company in the hands
oil a receiver, a step which they
do not wish to take until every
other means for settlement has been
resorted to. To the telegram sent
TO Trowbridge & Niver, the follow
ing reply dictated by Mr.. Niver, was
received Saturday:
''V. T. Craig, Emmett, Iaho:
Creditors committee here difficult
to deal with Niver anxious to help.
Best can get is to have T. N.
Co. retire from the situation. Water
Users to guarantee payment of all
bonds, notes and accounts outstand-
ing and you receive $4,000 worth
of farmers contracts when first
mortgage bonds or notes are paid |
to release them. Niver will person
ally guarantee another $40, 900. Am
positive you cannot do better than |
this. Will write fully Monday. (sign-
ed.)
TROWBRIDG,E & NIVER CO. |
Up to last night the letter men
toned in the above telegram had |
not been received here 1t is anx-
iously awaited, as dt is expected to
clear up several statements in the
telegram not clearly understood at
this end.
dated Chicago, July 5, let's little
light into the situation and gives
an idea of what may be expected.
The Colonel is on the ground andis
undoubtedly doing everything in his
power to effect a settlement. The
letter follows:
Dear Mr.. Craig: 1 sent you
the following telegram today:
Impossible to put through propori
tion as you outline. Necessary to see
holders of collateral Will wire Sat
urday. Am sending important let
ter
81 have gone into the matter with
Messrs. T. & N. and find that the
$4,000 collateral is the excess held I
by the trustees of the First Mort
gage Bonds, and that in no case !
could this $4,000 be taken down
until the bonds were paid and when I
this $4,000 is taken down it leaves
no basis for the $4,000 end they y
would then be cancelled d as the $50, |
600 is only issued against this so |
odd thousand surplus collateral. In q
other words, the only item there is I
to deal with is the eighty odd thou I
sand of farmers contracts. v
''Messrs r. & N. are very much t
surprised that there is anything like
$50, 900 of claims against the canal g
Co. The Martin agreement was for I
1000, and you will recall that l {
showed the vouchers for 1000 b
paid on this. The last payment you v
will recall was June 2nd. So that t
the Martin contract has been prac- \
tically paid. They understand here t
that there was about $4,000 of q
claims still unpaid, and it was Mr. Il
Wayman's suggestion on his initia- n
i've, that they turn over $4,000 Il
IN contracts Cat such time as First
Mortgage Bonds were paid and col Il
ateral released). AS above stated, o
his was Mr.. Wayman's proposition n
md not from T. & N. Company. CO
And it is a question just how
ar the creditors who are holding
he T. & N. securities would con-
ent, or indeed whether they would