It's payment for the ranch and water right, for my developing the scheme and building the project.

What I need is someone to sell the bonds; I'll take care of everything else.

And because you, Mr.McDonnell, know the character of the land hereabouts and know water rights, the fertility of the soil when watered, and the soundness of a proper irrigation project as an investment, I've come first to you.

Millions aren't involved; it's a small project; the cost is uncommonly cheap and the security therefore exceptional; you know the property personally; I, as builder, and having everything at stake, would see that the construction is right.

So small an issue of bonds should be quickly placed in the East.