The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1916-01-28

to $4,000; the bondholders were to
pay the other one-half, but if it did
not exceed the equivalent of $4,000 an
acre, the bondholders were to furnish
the additional amount necessary to &C
nplish the result They limited
their obligation without offering any
opportunity for us to limit the amount
of the obligation we would incur
Mr.. Peterson: at was thought that
in. settling with the settlers that you
would find considerable land on the
outskirts of the tract"
Mr.. Edwards: mo definite area was
indicated, nor any definite contract,
but it was out of the general situation
that there be eliminated $4,000 acres,
leaving 10000 acres in the project, and
that the money necessary to accom-
plish that result should be furnished
by the bondholders. In order to agree
upon the proposal made, it was neces-
sary to estimate the values as far as
possible. So it was suggested by them
that there were 1000 acres of non
proof entries which could be cancelled
without any payment, and there were
10000 acres of nOn-proof entries which
would require a payment of $500 per
acre. / said to them: Nov, why do
you think we should pay $500 per acre
for nOn-prOof entries" They said they
believed we should because the peo-
pie were entitled to it, ! said, at ap-
pears to me that the bondholders and
the settlers are in exactly the same
osition in this respect. The repre-
sensations made by whoever made
them to you settlers, we're exactly the
representations made to the bondhold-
ers. There was no difference between
them, the thing that moved the set
tier also moved the bondholder-and
could see no reason why the bond
holders should contribute to the set
tiers who failed to proceed in good
faith to do anything other than spec
ulate in the situation.
So we passed TO Nae next estimate,
which was 5000 acres which they
thought $1,000 an acre should be paid
for
Mr.. Peterson: "As l understand, Mr.
Edwards, this 10000 acres they wanted
$500 for was also subject to cancel
lation."
Mr. Edwards: YES, non-proof en-
tries"
Mr. Peterson: In addition to the
1000 acres"
Mr. Edwards: yes, that made $4,000
acres of non-prOof entries Then there
were 5000 acres which had been prov
ed up, but had nothing In the way of
improvements. and they figured that
at $1,000 an acre. saying we should
pay such an amount as had been paid
by the contract holder to the trustee,
and also the amount he had paid to
the company; the former they figured
would be about $500, the latter $500
making the estimate of $1,000 per acre
so they figured that would represent
an expenditure of S90,00000
Then there we're 5000 acres which
were proved up with either some Gull
tivation or some improvements, the
estimate on which was uncertain One
suggested that it would be $1,000 an
acre. and another said $500 an acre.
and another said we should split the
difference and make it $1,000, which,
with the $500 assumed to be paid on
the contract would bring it up to $1,000
and then l suggested that we make it
$4,000 as it would be easier figuring.
That amounted to $100O00O0
Then there were 1000 more acres,
which had been proved up on and they
figured that at $4,000 per acre.
This made $4,000 acres which had
been estimated to cost 1920, 100000.
This made $4,000 acres which had
been estimated to cost 100000.
The question of the water supply
was raised by one of the settlers COM
mittee asking: What do you think
of the water supply?" I said that
would prefer not to say, for the rea-
son that my opinion would differ wide
w. I,.,4~ . al
ferent that It would just tend IN get
us furthar apart. l told ;hnm I would
rather get their views Sicst and they
said 10000 acres Then they asked
again what l thought, and said $4,000
to $4,000 acres.
There was still 5000 acres to be fig
ured on to bring the acreage down to
30, 1000, having $4,000 already elimin-
ated, and they figured this 5000 at $40
without any particular reason, which
made the $4,000 acres eliminated cost
$4S0,000.00. We made no effort to COM
bat figures, except on the nOn-proof
entries.
Then we said to them: What do you
think is the value Of water right
based on a supply Of ga acre feet per
acre for these 10000 acres" $4,000
was the price they finally agreed upon
as its value. They figured that we
would get out Of the settlement about
100000 for the bonds and asked what
we thought of the plan they proposed.
I told them we did not have sufficient
information to form an opinion, but
would have to get some information
from Pittsburgh, for which we would
wire Mr.. Robinson, and on the next day
would he in nOSitiOn tO exnrnce orr
views on the proposal.
We met on the next day. I told them
at once that their proposal was alb
solutely impossible to accomplish, and
also that we believed their idea of the
cost Of reducing the tract was incorrect
especially in view OF the fact that they
we're representing the conditions down
there to be OF such a deplorable char
acter. The values seemed to us to be
very much over-estimated. but in any
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