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Show ' verse prevails in America, and I have never heard of any better security se-curity than these two things, in the order that we use them. ''All we need to do is to fight the 'fake' companies that try to break into the business; that will gradually give the people a feeling of security in irrigation bonds." IRRIGATION BONDS SPLENDID SECURITY. George Eames Barstow of "Texas, former president of the National Na-tional Irrigation congress, says many promoters of irrigation projects proj-ects are complaining that they cannot dispose of irrigation bonds in the eastern markets, and he undertakes to explain the reason for this. "I do not think," he 6ays, "that it is because irrigation securities securi-ties have a 'black eye,' as so many people seem to imagine, I have made a pretty thorough study of the matter, and the trouble seems to be just this: Irrigation bonds, while drawing at least 6 per cent interest, are security for projects a long way off from the eastern investors. There are plenty of municipal and state bonds to be had in the east, and these always have been extremely popular, although they draw only 3 and 3 1-2 per cent interest. The broker who sells these securities is able to place a great quantity of them without the slightest trouble, and at a good profit to himself. Therefore he discriminates against the western irrigation security; he sells tho bond that he can make most from. "If people could only be made to realise it, irrigation Vonds aro the finest sort of security that can be found anywhere in the world. This is true because they are founded, first of all, upon the land. Secondly, they are founded upon the water that is put on that land. There have been instances in foreign countries where the bonds were founded first upon the water, and secondly upon tho land. The re- |