The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-06-26
An IMPORTANT LAND DEN.

n AS VEGAS. ne surrounding ter
rtory and the state Hs a whole
IL may feel clnpod over the con-
summation Of the sale Ut the large
land holdings and irrigation rights Of
the Ten Lakes Land company, or the
J u. Hand interests ne they are bet
ter knowu. 49, this transaction some
$4,000 acres uf very fertile land
passes into the hands Of Illinois cap }
itaIists Of large resources VINO pro-
pose Ia complete The extensive and
rustly irrigation system begun aud
partially completed by J. D Hand
aud AFTER placing the entire tract un-
der irrigation, put IL On The market
IN small tracts 10 O high class "t
farmers. Mr.. Hand undertook alone
and with his individual resources a
project 81 such magnitude AZ usually
IA only attempted 10y a largely capt
talized corporation. Had general
business conditions been good and
had 1t not been Tor the great slump
in irrigation securities which swept
the west some years ago. and which
brought o corresponding slump In
the demand for Irrigated land, there
ls no doubt hut that he would have
been able 20 carry through the I'M
deftaking. for the land m not only
fertile and the water rights fully
a.. l.4 sN.. I.n.rf.n H. .Wn.U-
tionany favorable Tor colonization
purposes.
This deal has been pending for
some months and IT, contamination
Is cause for congratulation not onlS
because Of the $4,000 acres which
viii be- irrigated. developed and coll
unized. but because. from the stand
point o. the state as q whole. II indi-
Gates "A passing Of the disfavor OF
western irrigated lam investment
which has been strong for q number
back not only this bat a number Of
other equally or more important New
MeStas projects. There 20. in fact
not a county In the state without its
feasible. partially developed irriga-
ton project. halted for lack OF capt
tai which IL haa been impossible 10
get on account Of the unpopularity
81 irrigation securities.
n is fair TO say that The disfavor
into which this class Of securities
was cast was not caused by New
Mexico projects while this state
mad one or tWo cases wnerc high
finance wa attempted In irrigation
Development these we're nipped III
the bud bcfore any serious losses
private projects were and are sound
from the standpoint Of and value
water supply ~ engineering feat
urcs. They we're halted bccaus'
through oyercapitalisation Of MAN.
projects IN other OF tho irrigation
states, oycrestimauon 81 water sup
ply and characterization Of coustruc.
uon cost, private irrigation projects
AZ a whole were refused further cred
H. while the delay was unfortunate
In a way IL has haG its beneficial side
The return OF confidence In irriga'
ton construction a. q form OF invest
ment means that this construction IL
future wln be based on more careful
Investigation; thorouph knowledge %
water supply and costs that capital
i1ation and methods of financing vii
be- CLOSELY -acruunized. that an ems
viii be put 70 wild-catting. ne nearl'
az that spogtiye practice ever can b.
ended and that future development
81 our water viii be on IN
solid basis 81 caution. knowledE
and proven values. New Mexico sal
iored less from the great slump 3
brighton bonds and projects tina.
any Of the other irrigation state
with the exception Of Arizona Their
was less ~ wild-Catting la this stat
and less OF d~iscreduing. The tran,
action "a Las Vegas Is one Of the M.
larse deals 10 be made this yea
The Herald h. reliably advised th'
h purchasers are prepared 60 pr
oeed Immediately with -deNel0pmei
aud marketing The result win ,
very strong announcement FOR oth'
projects whi1h for one reason OF ~
the have boe in h stage of su
pended animation for the past thr'