The Emmett index., 1913-04-10

/ Statesman contained the following:
GAS a result of an important meet
ing held in this city Thursday the
Emmett Municipal Irrigation district
is placed on solid financial basis,
and j. j. Corkhill, representative of
bonding house Of New York and
I Chicago, who has been in the city for
/ the past week, will leave for the
east this evening thoroughly salts
I fed with the settlement reached.
"More important than any other is
sue of the meeting is the fact that
the district sells S222,OO0 worth of
bonds at par and by this means takes
up all outstanding warrants and puts
the district in fine condition finan-
cially.
"This is said to be the first instance
in the history of Idaho when irriga-
ton bonds were sold at par. 1t speaks
volumes for the confidence the
eastern investor reposes in Idaho Sc
curities when they know the men and
the land and water back Of the Sc
curities.
"The situation in this district was
complicated before Thursdays meet
ing. Bonds to the amount of $685.
900 had previously been issued of the
total of S1,000,000 provided for. But
the house that handled the bonds and
the settlers became dissatisfied. The
settlers were in default in their in
terest on the bonds. More money
was needed to complete the irriga-
ting system and to put the canal in
proper condition. The bonding house
refused to advance more money on
bonds until assured of the interest
on the issue outstanding.
proposition and expended SIZE, 1000
in the enlargement and improvement
of the canal By this means they
put the canal in perfect condition but
they issued warrants for this amount,
and these stood as additional cbliga-
tions against the district.
"The district includes 26,000 acres
and is considered one of the fine
fruit sections of the state. In addi-
tion to this it was settled in good
part by fruit growers of experience,
many of them from Palisade, Colo, {
There is no better class of settlers (
in the state-none more intelligent, 4
or enterprising.
after a long correspondence ex-
tending through months in an effort .
to reach an amicable settlement of
the difficulties, Mr.. Corkhill came
to Boise a week ago, He mas been
on the proposition ever since
and finally all parties succeeded IN
getting together in general agree
ment. Mr.. Corkhill was assisted on
behalf of the bonding house By o. 0.
Haga of Boise Judge Fremont Wood
If Boise and Attorney Thompson Of
Caldwell looked after the interests OF
he settlers.
By the terms of the agreement Mr..
Iorkhill agreed to take the balance ,
If S222, 900 of the bonds issue at par,
md on the other side arrangements
we're made for the prompt payment
# the interest. This gives the dis
rict enough money to take up all
warrants and puts the
on a first class basis.
All LndL now TtildifiS " hS NOAS
S for Judge Bryan of the district
ourt to issue an order approving the
of benefits as agreed
Ipon some time ago by the board Of
irectors of the district. This, 1t Is a
Judge Bryan will do IN v
short time q
at was agreed by those present at b
he meeting that the amicable settle f
1ent of this district trouble would P
e a tremendous benefit to the en- v
ire state, as it would place Idaho
-rigation securities on a much better p
asis in the minds of eastern invest o
rs.
''Mr. Cockhill, who in addition to {
epresenting one of the big eastern
onding houses, is a representative Il
lso of the Investment Bankers AS n
,ciation of America. This asocia "
on, he says, represents all the banks IL
{ the country that handle bonds G
hey are acting together for mutual d
otectiop c.