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land with water rights had gradually extended. If all of <br />the owners of the 20,000 acres so provided were to sell <br />one -half of their water at the present current market <br />value of $40.00 per share they might realize a total of <br />$720,000.00, and were this money put into the Trea- <br />sury it would accomplish a vast amount in the way of <br />water development to fortify the system. These indi- <br />viduals, however, cannot be expected to forfeit or give <br />up their property rights for the general good of the com- <br />munity, and are entitled to realize the advance in values <br />which their water rights have gained. The subdivision <br />of these full water rights would practically add 20,000 <br />acres to the irrigated land, making the total nearly <br />100,000 acres. On the other hand, should the Com- <br />pany sell the Treasury stock at current prices they would <br />realize $452,000.00 by so doing, but if this stock were <br />issued and applied to new land it would first be neces- <br />sary to demonstrate that the water supply developed <br />by the new works on which this money would be ex- <br />pended was sufficient to justify the increase of stock, or <br />the directors would inevitably be enjoined by the hold- <br />ers of the full water rights from again overselling the <br />capacity of the canal. In other words, the lands first in <br />right to the earlier priorities in water will resist any at- <br />tempt to expand the system at their expense. <br />26 <br />