The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1910-07-14

teral being taken down until all
obligations were paid. The Canyon
Canal is but part of the operations
of the T. & NJ Company and the
holders of collateral would be very
jealous about any OF the collateral
coming down until all their notes
have been paid.
1.-THE T. & N. Company cannot
understand why there is $4,000 in
claims. They will make no propo-
sition even to the backing up of Mr..
Wayman's proposition at this time.
They are going to take up the matte
with the various banks who are
handling their financial affairs, and
it will be about Friday or Saturday
before they will be in position TO
know what they can do in the mat
ter, so that things are now just in
statu quo until that time.
81 alluded to the possible out
come of the affairs in the event a
receiver was appointed for the Cana
Company, and instantly this brought
forth the interesting fact that T. &
n. would in such case be the
| largest creditors, as they would of
course put in a claim for s451 900,
being the amount they advanced owe.
the receipts, and being the net a
mount of money owing T. & N. by
the Canyon Canal. This big claim
would so overshadow the others
that in case of forced sale of the
whole project it would be but a
small percentage of the claims and
those claims which are now filed
would only receive a fraction of the
full amount.
1T is also interesting to note that
Roos writes to the Trust Company
under date of June 28th that their
obligations are $4,000, and this is
practically the same time your COM
mittee stated to me that the obHga-
tions were about $4,000. l am
at loss to account for this differ
ence of $4,000.
THE serious side of this matter
is that putting the Canal Company
should Gomez would be great men
ace to the Canal Company, as they
have such an enormous claim of
s451 900 against the Canal Com
paGy, which would be fully 80 per
cent of all claims against the COM
pany. My judgment is that the
more peaceful the settlement is,
the better it will be, SO as to avoid
all litigation which would cloud til
ties and perhaps put the canal out
of business at a time when it might
have some little break which could
ordinarily be corrected with few
dollars and have it attended to, but
which might cost a large amount
just at that time, and think every
body should stand firm and get to-
gether at the earliest moment. l
believe, and l am sure you agree |
with me, that this matter of S4O,-
000if of small moment in comparison
with the Importance of the whole |
scheme. 1t will never be noticed |
in the bond issue, and will never be
noticed by any indiviual taking wa |
ter. 1t is not over 81 an acre on |
the whole scheme anyway, and my |
personal judgment is that we should
make the best bargain we can with
the T. & N Company. If We can
get the sS6,O00, that would be nice,
but l am sure we cannot get it. If
we can get the $4,000, that would
be nearly as nice. But if we can't
get the $4,000 even, 1 would re-
commend going ahead with the plan
Of taking over the canal and issu-
ing the bonds for its permanent con-
tinuance
81 cannot too strongly urge upon
you how much havoc it would work
f there were any strenuous methods
aiken towards putting the Canal
Company in the hands of the recei-
yer. Every settler there would have
lis title clouded. it woul hurt in
he disposirg Of the land, and it is
/ hard thing to explain to the
prospective purchaser. The whole
is so big that l believe
We should go ahead on the basis of
rading on the best terms possible. {
81 am writing this letter to you
living you my personal views on it. |
There will be nothing definite !
o the proposition as you outline, t
" us until the latter part of the !
seek. l am quite sure there tsp't
be slightest chance for the T. &
I Company to turn over sS6,000 col
racts and s53,000 in bonds. And
he $40, 200 of contracts you will
Understand was a proposition of
Ir Wayman's, and it is not an Of
er of T. & N. Company.
Il am writing you this letter so
hat you will have the general idea
4.