The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1919-10-02
IRRIGATION BONDS ..
in GOOD FAVOR
Tiffany is Delighted with Recep.
tion Given Him by Seattle
~ Financial Men

sentiment unanimously in favor OF
lending the Commercial clubs sun.
port to the proposed plan of financing
irrigation development in the Yakima
valley with private capital is case
government aid is not Forthcoming
was demonstrated at that body,s
luncheon held Tuesday in the CONNER
clal hotel with about 80 present, SAYS
the Yakima Republic. Definite action
for the clubs participation was taken
when motion to appoint a commit
tee to investigate the plan more fully
was passed.
Of foremost interest were the re-
marks of R. K. Tiffany, reporting up
on the results of mis- conference with
Seattle financial men last week when
he sought to obtain expressions from
them regarding the proposed plan. ssI
was delighted" said Tiffany, "with
the reception / received. There seems
to be no longer any doubt as to the
worth of irrigation bonds from this
section"
Mr.. Tiffany stated that the cooper
alton which both the state and federal
governments are giving to well or
ganized privately-fnanced irrigation
projects is taken by financial men as
the best criterion of their value.
Al tho -
Tiffany pointed out that altho there
are now more than lis bills pending
in congress seeking aid to various re-
projects in the West, there
appears to be little hope of govern
nent funds being appropriated for ir-
rigation purposes during the present
congress. The Jones bill providing
s250, 100000 to finance the completion
# existing projects appears to be one
# the most favorably received; but
Hr. Tiffany stated that Senator Jones
n recent letter to him had ex-
PRESSED considerable doubt of favor
BILE action upon his measure. Concert
d action by western irrigation inter-
SITS insuring a unity of purpose is
aiken to be the only effective method
f arousing congress to action. il
H. c. Lucas, president of the Yaki-
IA Trust Co., said the bonds could
e sold readily, and predicted that they
vould be assimilated largely by local
apital. He urged the immediate or
of the irrigation districts.
D. v. Morthland explained the three
ondsng methods now provided by
tate law, the first providing for the
suance and sale of 20-year serial
onds at not less than 80 per cent of
leir par value and with six per cent
lterest; the second plan with the
lme sale and interest requirements,
ut running for 40 years and retired s
Y a sinking fund created by tax lev :
S, and the third law passed by the
,19 legislature, providing for repay o
ents starting with the 18th year con- h
nuing to the doth, with the interest f;
II the first four years taken care of y
: he principal. The last plan was
nsidered the most favorable for.lo- d
i conditions. nj
o. c. Scots, secretary of the Com W
ercial club, pointed out the condi- W
ons now existing with reference to pl
nd settlement in the state, declaring
at there was not an acre of desirable fiji
no to be. had for development, with m
e exception of arid government land. OF
NJ. Mckee, of Selah Grange, voiced gl
9 sentiment of local farmers when pt
declared them in favor of ,increas- al
development. = bt