The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-09-16
FURNISH SAYS
INVESTORS SAFE
DIR. GOES PARTNER EXPLAINS
THE PEOPLE WHO INVESTED
AT sTANFlELD WILL BE SAFE
EFFORTS TO sTRAIGHTEd OUT
THE TANGLE.

MANY Nortn Dakotans, VINO invest
ed In the StanfieId project will be in
terestea> in the following from The
Oregon Journal:
Affairs of the Inland Irrigation Co
of Stanfield are under course of re-
| adjustment by Mrs. Henry Waldo Coe,
| DIR. futile, Charles H. Carey and 9TH
| ers interested. In the absence of DIR.
/ Coe in Honolulu, Mrs, Coe is carrying
j on the negotiations and it is expected
the company will be put on a differ
ent basis than heretofore, that w. j.
Furnish will cease to be interested in
! the lands of the company and that the
construction work which is now sus-
pended will be taken up again in a
short time.
DR.. Coe some time ago became the
selling agent for the lands, which are
owned chiefly by w. J. Furnish The
lands include an extensive irrigation
project, which was formerly known as
the Furnish project, and are said to
be worth 100000. The bonds held
by Mr.. Furnish amount to $780, 600
DR.. Goes liabilities to the company
are estimated at $4,000.
The affairs of the company are in
an unsettled state. This is said to be
due to the fact that the contract en-
tered into between Dr. Coe and Mr..
Furnish was one very hard to live up
to. According to this contract DR..
Coe was to receive % per cent of the
selling price of land sold as a COM
mission, and for the running expenses
of the company. The remaining rs
per cent was to be turned into the
treasury for the purpose of retiring
the bonds held by Furnish.
1t cost much more to sell the lands
than was expected, however, and DR..
Coe found that the 25 per cent would
not carry on the business. He there.
fore retained a portion of the rs per
cent for paying the running expenses.
1t is this that has caused his liability
to the company under the terms of
the contract.
1t is the desire of Mrs. Coe, and her
associates TO refund the bond issue
and purchase the Furnish holdings in
the company. Negotiations are now on
foot which, it is expected will result
In this new bond issue being foated.
In case this should not be done there
will be readjustment of the contract
under which Dr. Coe is now working
DR.. Coe is now in Honolulu, having
been compelled to go there for the
benefit of his health, which has been
shattered by continued business and
worry.
From w. j. Furnish.
While here today en- route from
Portland b his summer home near
Wenaha springs, w. ]. Furnish was in
terviewed by The East Oregonian as
to the relations between this company
and DIR. Coe.
AS explained by Mr.. Furnish, DR..
Coe has been the selling agent for
the lands of the Inland Irrigation Co.
DR.. Coe is now indebted to the
company and the bonds will be due
shortly. Mr.. Furnish is the chief
bondholder However, according to
Mr.. Furnish the irrigation company |
has not pressed DR.. Coe for any pay |
ment since payment is not yet due to |
the claims held against him by con- !
tractors and others at StanfeId. In
the townsite of Stanfield Mr.. Furnish |
nor the irrigation company have any |
interest. They have to do entirely with |
the project.
Purchasers Are Safe.
81 want to emphasize this point"
said Mr.. Furnish, that regardless of |
how this matter may be settled the |
purchasers under the project will not
suffer. see nothing that can in any
way jeopardize their interests and GER
tainly it Is the intention of myself and
of the Inland Irrigation Co. to pro-
tect them. Nor will. the work on the
building of the reservoir at Horseshoe
curve be stopped. We are going right
aheadawith that work and it will be
completed this fall. In order to ex-
pediate the work an additional steam
shovel has been secured and I noticed
this morning that it is at work. The
project will be completed and settled"
Asked as 10 the reason for DR..
Goes apparent difficulties Mr.. Fur
nish appeared reluctant to discuss that
point but intimated he thought the
doctor had gone beyond proper depth
in the matter of mourning expense in
cidenf to the sale of the project lands. /
Mr.. Furnish stated that under the
terms of the contract between the
Inland Irrigation Co. and DR.. Coe the
latter is not bound to pay for land dis
posed of until he, DIR. Coe, first re-