White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1931-01-09
Irrigation
District Bonds
Most Valuable
Investment Expert Says
This Type of Security
Fundamentally Safe

"The more intimately any invest
ment is tied up with the most funda-
mental needs of humanity, the sounder
will that investment be; and if judici-
ously selected, the more certain will
be the returns on the capital invested"
is quoted as an "indisputable axiom"
by ]. Rupert Mason of San Fran
cisco, an authority on bonds and in
vestments, in an article published in
the Coast Investor in which Mr.. Ma
son emphasizes the fundamental
soundness of irrigation district bonds
over almost any other type of Sc
curity in these times of shifting
values. While Mr.. Mason is speak
ing principally of irrigation district
bonds in California his arguments can
be applied to all irrigation projects
in the Northwest. The complete
article follows:
In all the history of modern civili-
cation there has probably never been
time like the present readjustment
era. The economic upheaval we have
witnessed in recent months has been
so tremendous and far reaching that
the wisest of minds are quite baffled.
Experience seems an inadequate
guide. 1t is indeed difficult to Judge
values or costs in the light of past
experience. 1t is far from easy to
forecast tendencies and future happen
ings on any basis of past history. The
steadily rising cost of living was ex-
planned in so many different ways by
various economists that the public
became bewildered. No less baffled,
it would appear, are the statesmen
and authorities now studying unem-
ployment and such. Some are claiming
that cost of living will soon increase.
Others feel that we are gradually
working to world price level.
In one respect, perhaps, these con-
ditions are not entirely an unmixed
blessing. Most of us have been alto
gether too much inclined to take con-
ditions as they were for granted, to
be unduly guided by thought habits
and precedents, by investment fash
ions,' instead Of thinking things
through for ourselves by studying
fundamentals.
Now of all times, it is good bust
ness to try and get at the root of
things, in order that we may arrive
at sound conclusions, possibly re-
vising some of our previous notions.
Let us for moment apply thought
fundamentals to the field which
have given a lifetime of study, in
vestment bonds. Here is an indispu-
table axiom: "The more intimately
any investment is tied up with the
most fundamental needs of humanity,
the sounder will that investment be;
and if judiciously selected, the more
certain will be the returns on the
capital invested"
And what is the most fundamental
need of today? What has it been
since the beginning of history? What
will it be tomorrow and through all
the years to come? Food-an ade-
quate and continuing supply of whole
some food. Food will win the war;"
All of us remember that slogan.
The last six Federal census reports
show how largely our rural popula-
ton has dwindled each decade. The
number of farms in California, how
ever, increased 16 per cent from 1920
to 1o30l
Agriculture is suspectible to the
same principles of efficiency as other
kinds of business. Of these the two
most fundamental are: LIST. Every
square foot of floor space (ground)
must yield the maximum output.
End. The least possible should be left
to chance.
tbs means irrigation, as far as agri-
culture in the Western United States
is concerned Last summers drouth
in the Middle West and East would
have caused little if any loss to crops
in those states had they been pro-
tected with irrigation systems, as are
those supplied with moisture in our
irrigation districts. Farmers every
where, who depend on clouds for their
moisture, find their crops large one
year and no crop at all in other
years. Irrigation, the worlds Oldest
public utility, is the only method
the agriculturist can insure
his water supply and therefor his crop
production and diversification.
When moisture is available as need
ed throughout our rainless summer
and fall months, the soil of Cali
fornia produces 300 per cent of the
average in value per acre.
Well secured California irrigation
district bonds partake Of the most
desirable feature Of group real estate
mortgage bonds, plus those Of NUM-
cipal bonds and in addition, they af-
ford investment safeguards, privileges
and tax free yields not obtainable
today in any other class of bonds in
California, public or private.
There are about one hundred active
with around one hundred
million dollar bonds outstanding,
mostly bearing coupons at s per cent.
The maturities are serial, from 1881
to 1866. without option Of prior pay