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Northern Colorado, a company was incorporated by J. <br />C. Abbott, J. F. Minnis and P. O. Gainer, under the title <br />of the "Arkansas River Land, Town and Canal Company ", <br />with a capital stock of $300,000. For the purpose of <br />constructing ditches and other works for the irrigation <br />of lands in the Arkansas valley. The location of the old <br />Indian ditch appealed to them as a favorable one for <br />the larger canal they designed to build, and they ac- <br />quired from Mr. Armentrout all his rights therein by a <br />contract, the consideration being a perpetual water right <br />granted him for statutory inches (16 second -feet) in pri- <br />ority of all other rights and free of any assessments or <br />charges whatsoever. <br />In February, 1884, active construction was begun and <br />13 miles of canal were built during that season. A few <br />water rights were sold, but as the irrigation season was <br />almost over before the ditch was ready but little water <br />was used that year. <br />During the year 1885 plans and surveys were made to <br />continue the canal to its present terminus at Big Sandy <br />Creek, east of the town of Lamar, it being the expressed <br />intention to continue later to the Kansas State line. The <br />construction work following these surveys was confined <br />during the years 1885, 1886 and 1887 to the extension <br />of the canal about four miles to Horse Creek, a distance <br />of 17 miles from the headgate. <br />As the Company was unable to sell its stock to raise the <br />funds needed for construction it resorted to an issue of <br />bonds and gave mortgage to the Farmers Loan & Trust <br />company to secure the proposed issue of $300,000.00 <br />of bonds. Some of these were sold or hypothecated, <br />10 <br />