The Oakley herald. [volume] (Oakley, Idaho) 1908-1961, 1914-12-11
Company Grants
Long Time Exten-.
sion of Payments.

For some time there ha s been an
impression prevalent on the tract
that the Carey Act Settlers would
require a longer time than speci-
fed in the original contract. Ac-
cordingly, petition signed by
many Carey Act owners was for
warded to the Bond Holders who
has charge OF the project In re-
spouse an extensionco contract was
formulated and mailed to each
entryman, which provided for an
extension of principal for three
| years but with an increase of in
terest OF one half OF one percent
for each year the entryman avail
ed himself OF the extension after
the first year, By some this was
thought ample. while the major
ity oientry ymen were not satisfied
with this extension. The Canal
Users Ass. again took the me tier
mp with Mr.. Puelicher Pursuant
to the second communication he
decided to visit Oakley and in
vestIgate conditions for himself.
Mr.. Puelicher arranged a meet
ing with the Board of the Canal
Uusers' Ass. Mr.. MacWatters
and Mr.. Wilburn representing the
company, and the matter thor
oughly gone ii,to. The settlers
representatives presented their
needs for longer time to make
pay yment. They asked for an ex-
tention for 3 years of both prin-
cipal and interest. They object
ed to the increase in interest con-
tanned in the first extension SUBJ
mitted Mr.. Puelicher, for the
Company said he desired to do all
in his power to make the project
a success but on account of the
finances of the company there
were some things he could notdo
He informed the settlers commit
tee that many of the hondholdcrs
were in great need OF their inter-
est. now long overdue, forliving
expenses and pointed otA4. the
necessity of borrowing MONEY. in
addition to that already borrow
ed to operate the project tor the
coming year. An extension was
agreed upon, the main features
of which are as follows:
Interest payment due April 1st
1914 to be funded and distribut-
ed over the last tlve payments.
, All principal payments to be ex-
| tended to April 1st, 1919. All
entrymen to be required to pay
interest beginning April 1, 1915.
) Interest to remain at 6 %. In
consideration ot the extension,
signers of the extension contracts
will be required to pay actual
. maintenance-that is, what ever
it costs to operate the project in-
. stead of35c as at present.
|
. Those who do not see fit to take
advantage of the extension can
proceed under their original con-
tracts but they must pay ~ in
accordance with schedule =
merts contained therein.
At mass meeting held Tuesday
in Oakley a resolution was pass
, ed by vote Of 55'to 3 requesting
, the company to prepare exter-
sion contracts along the lines
. agreed upon, in order that those
who desire may take the adyant-
, age of same.
1T amounts to giving the farm
er 6 % money to operate on tor a
period OF FIVE years. The exten-
; sion is similar TO the one granted
: on the North Side Project which
is going ahead rapidly as a result
|, Of the liberal pa ment policy.
E MIR. Puelicher was very much
+ interested in learning, at FIRST
{ hand, the conditions prevailing
] on the project and the settlers
e were equally interested to learn
a OF the Bond Bolder's side Of the
e various questions. The best of
feelings prevailed throughout.