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Excerpt from The Irrigation Age, Vol. 13 In View of the wide-spread suspicion of American investments, it was not surprising that the Rio Grand Dam Irrigation Company signally failed to place its bonds. But the directors continued to per severe iu their efforts to carry out the objects of the company, being assured of the unanimous support of the land owners in the valley, and realizing that unless early steps are taken to impound the flood waters of the Grande, the farming interests would for the most part speedily fall into desuetude, Finding that in the state of the money market it would be impossible to place the shares and bonds of the American company, and being advised that investors abroad would be more likely to entrust their money to an English company, managed by a Board of Directors of high rank and standing, responsible to the shareholders under English law. It was decided to raise the capital necessary for the proposed irrigation works by leasing to an English company, to be incorporated under the laws of England, the American company's franchise rights, privileges and undertakings. The best legal advice obtainable was taken as to 'the legality of the American company's rights, and upon' being satisfied that a lease giving control only of the American com pany's property could not be construed by the most violent jingo of the anti-english party as constituting the holding of real estate, or as being in any way a violation of the Alien Act, the English company was incorporated. A Board of Directors consisting of gentlemen of exceptionally high standing was, with great difficulty, formed, capital was under written, and shares and debentures of the English company were issued to the public. Capital was underwritten and subscribed largely upon the strength, high rank and representative character of the Board of Directors, and in the course of a few weeks after the issue of the prospectus, the chairman visited the Rio Grande Valley on be half of the company. Upon being satisfied by the company's legal advisers that the American company's titles were unassailable, and English company's lease legal, arrangements were made for the con struction of the proposed irrigation works. It was never for a mo ment considered possible that American state officials could be capable of secretly plotting to invalidate the valuable rights legally conceded by a previous administration. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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