In many sections of the West, in order to successfully carry on agriculture, artificial irrigation must be maintained. Companies are sometimes formed which undertake this work, and which issue bonds for the purpose of raising money towards defraying the cost. Again, sections of a State may be set aside in the form of a district, called an " irrigation district," which may be authorized to issue bonds for irrigation purposes, and which are payable from taxes levied upon all the taxable property in this district. This is a form of municipal bond, and, likewise, is somewhat of the nature of a "special assessment bond."

Matters to be considered before investing money in bonds of this kind, whether issued by company or district, are: First, the general character of the section benefited; whether by the artificial application of water a fertile and productive agricultural section is produced. Next, the water supply; its permanency, sufficiency, and the legal right to use the required amount. Again, the class of settlers or farmers dwelling in the irrigated section. Of course the near location of a market and transportation facilities are also important.

I. S. C. Interstate Commerce.