Lincoln County times. (Jerome, Idaho) 1911-1919, 1914-07-09

the way OF railroad building. We
are willing to modify the provision |
in our extension agreement to any |
person desiring to join in litigation
to determine the legality of the "B
Contracts" and who is willing to
abide by the result of such litigation, |
to the extent that we will strike out
that provision In our contract with
any such entryman, so that until
such litigation is determined the "B
Contract holders would not be re-
quired to pay any interest or princi-
pal on these contracts and If the liti-
cation should go in favor Of the con-
tract holder, he would be under no
further liability on that account. II,
however, the litigation goes against
the contract holder, then he would
have to pay the amount of the "B
Contract" even should the railroad
hereafter be abandoned.
Persons accepting our proposition
as contained in the amended contract,
will save the expense of the litigation
and if the railroad is abandoned they
will get their money back, whatever
amount they may have paid in.
Therefore, without further urging in
this matter, either way, we will leave
it up to the Contractholder to state
which he prefers to do.
Seventh: The new contract contem-
plates the funding of Indebtedness due
from each individual settler to the
Company as of March 1st, 1914. In
ascertaining the amount of this in
debtedness we are giving the settler
quite an advantage in the computation
of interest. Under the old contracts,
payments in default the entire con-
tract bears interest at the rate of
per cent. We are computing this on
basis of 6 per cent. This makes a
very substantial difference. In the
case of settler who has only made
his initial payment, amounts to saw
ing of over $500 per acre. This we
are doing as an evidence on our part
of desire to be perfectly fair. Each
contract will show the exact amount
thus saved. Any party who is prepar'
ed to pay cash on any part of hi!
principal Indebtedness will be given {
discount of 5 per cent, if paid an,
time between now and the first da.
of March, 1915,-this option for dis
y count to apply to those who enter int
the new contract.
Eighth: 1t is essential for the wei
fare of the Project that other financia
enterprises be encouraged to ente
Z this field, so the settlers may hav
: ready access to the money. This ca
$ never be done until you acquire it'll
to your lands. 1t is important and t
e your advantage in every way to obtai
u patent to title as soon as possible
u and we shall expect your co-opers
/ tion along this line.
e. Ninth: One of the chief things cal
Is ed for in the extension agreement
N the improve ement of the lands. Or
l. thing is certain-if ever this Proje'
s. is to succeed, it will only be
&c cleaning out the sagebrush and jat
lie rabbits and raising good crops, stocl
sc ing up with good livestock and maj
40 ing the country productive. We ca
e. not afford to take any chance on gran
at ing such long extensions of time,
"a five years, before any part of t
III principal is to be paid, unless t
n country is to be improved. We ar
oil therefore, making it condition tn
er in granting this extension the entr
u' man must have at least half of
no land under cultivation by the spri
io' of 1919; that a certain part must
az put under cultivation each year up
1919. We hope and expect that m'
en- of the entrymen will do better tn
lat this, but that will be the minim'
Nj requirement and parties failing to
ith this will be subject to having tn
m contracts foreclosed. so any one v
ter does not intend to help in the devel
ted ment of this country to the extent
ad, improving his own land, should
vas sign this agreement. There are
"B good many people on the Tract
has whom this provision does not apply
the they have already improved tt
ts.p lands. In many instances the
ion provements are very gratifying ant
nall is the work these people have d
hin that gives US reason to believe
'aid the North Side Project can be mac
nci- splendid success.
to The foregoing are, in general,
sire provisions of the contract as amend
iese and you are invited to take advan'
be- of the same. 1t is quite little
e of dertaking to prepare all these
in tracts and our office force is worl
ues- at it as fast as they can. We alr'
IS in have quite a number out. These
ince tracts will be left at conven
the places, for signature, or we may