Rogue River courier. (Grants Pass, Or.) 1886-1927, 1911-06-09
JOSEPHINE COMPANY SIGNS CON-
TRACT WITH GEO. SANDERS.
TEXT OF THE CONTRACT
bitches to BE Paid for ON or Before
Five Years from Date-Are
First Mortgage.

AS the result of an agreement on
the irrigation question, water will
soon flow in this region, which means
more to Grants Pass and vicinity than
new railroad or any other big en-
terprise.
On Saturday the directors OF the
Josephine County Irrigation & Pow
er company held meeting to consid-
er the proposition Of Geo. II. Sand
ers, of the Chicago Rogue River COM
pany, published In both the Daily and
Weekly Courier Of Thursday and Fri
day. H. l.. Gilkey, former director
of the company and also president Of
the board, was invited to participate
In the discussion which was to deter
mine what should be done with the
Sanders proposition and did able
service In the cause. II. d. Norton
was elected a member of the board to
fill the vacancy caused by the resig-
nation of Mr.. Gllkey.
After full discussion 1t was decid'
ed to make a counter proposition
along the lines marked out by the
Sanders communication and also Gov
ering, In part, former offers made by
the same gentleman. To accompiist
this purpose special committee, con
sisting of II. d. Norton, u. s. Blanch
ard and j, G. Riggs, was appointed
to make a proposition and meet Will
Mr.. Sanders and, If possible, close thu
deal. After the committee had placed
the matter In writing, they called up
on Mr.. Sanders late In the afternoon
and within a short time both paruci
h ut their signatures to the documents
There was much enthusiasm wheI
the agreement was finally signed, i
being the elimination of many com
munications. many discussions ant
much talk on both sides. Below will
be found the proposition with thu
signatures attached
Gentlemen; Subject to lawful rat
ificatlon by our stockholders at
meeting to be called at the earlies
possible date after your acceptance
OF this offer, we will sell to you al
our corporate holdings for the sum o
S35, 100000, payable on or before flv
years from date, interest six per cen
per annum from date, payable an
nually, and will take your notes pay
able in cash, or at the option OF an,
: holder, In water rentals to the OK
tent OF SO per cent Of the water rent
al of any such holder during any on
irrlagtion season; you to put the pres
ent high line ditches on both sides o
the river in condition TO deliver wat
or at the present terminal by July
1911, and deliver water in sufficien
I quantities to purchasers. "
You may also execute and float ur
der this proposition additional note
8 or obligations to the amount Of $35
] 10000, on condition that the sam
8 be used exclusively In extending tn
present ditches and building such az
: dItlonal bitches as may be necessar,
you 20 deliver water by May 10, 1871
: on the present grade OF the lower lin
dtches TO all persons desiring II
! same to points on each side Of Rogt
river five miles below the Gran
Pass Sixth street bridge; you TO ha'
ten per cent leeway for tne expeni
Of floating your issue OF bonds IN O
| sums over sS5, 100000, but with th
exception. the total amount Of sa
issue to be actually expended In co
structlon OF the dltchos, and M
| otherwise.
The whole OF said issue OF not
10 be secured by first mortgage
deed Of trust on all property tran
I, rred by this company, as well as Il
= additional 1i'chos constructed wi
the proceeds Of said issue; none
the notes or obligations above q
S35. 10000 TO be issued, except 80 I
qlired for construction purposes, al
then only upon certIflcation by Z
trustees. with power TO ioreclosc