Show WATER AND LAND A Unique and Pruisivorthy Feature or the Enterprise The l1t Nebo Land and Irrigation company filed articles of incorporation with County Clerk Stanton yesterday I ha a capital of 600000 which is divided into shares of 1 each and held by the following incorporators Ernest G Hognon Gill S Peyton H W Brown M A Lathrop J W Culley and L H Curtis The company takes all the property now owned by the Mt Nebo Irrigation company and now held in trust by Gill S Peyton and Ernest G Rognon including 2000 acres of land under the reservoir of said company the dam works pipe lines flumes and water rights in fac everything belonging to the old company Gill S Peyton has been elected as the companys first president presi-dent Ernest G Rognon secretary and treasurer while the vicepresidency remains to be filled Tie unique feature of this incorporation incorpora-tion and one that does credit to the financiering of its originators is the preferred stock Onehalf of the capital ital stock or 300000 shares is set aside a preferred stock and it is the intention inten-tion of the company to sell this stock and thus make It in a certain sense a cooperative scheme The holders of this preferred stock own their proportion propor-tion of the irrigation system and are entitled to vote at all elections and receive re-ceive dividends the same a the holders hold-ers of common stock and in addition the holders of this stock have the right at any time tc purchase land and perpetual water rights or town lots from the company at the regularly advertised vertised and selluig price and this preferred ferred stock is received in payment at its par value This gives the purchaser of this preferred stock the option of either holding it as an investment or at any time converting i into land and perpetual water rights By having a great many small stockholders stock-holders scattered over the country the company expects to adverts their enterprise en-terprise and facilitate the settlement of the country The majority of irrigation irri-gation enterprises throughout the country would be in better would shape today to-day If they had adopted this plan instead in-stead of mortgaging or bonding their property A force of about thirty men and iE i i teams are now working under the I companys canal planting fruit and shade trees and by the end of next week they expect to have 12000 trees I I planted which will make one of the I largest orchards in Utah A great deal of small fruit such as raspberries strwbere gooseberries etc are being be-ing set out and altogether it is the expectation that over a thousand acres of land will be cultivated this season Several new houses are going up this week and the whole country presents a scene of great activity |