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Collection: Directories and Documents
Interview with William Durbrow, Irrigation Leader (1958) (233 pages)
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Page: of 233
Durbrow:
Baum;
Durbrow:
Baum:
Durbrow?
Baum:
Durbrow:?
132
New York and Montana, and it became a very wealthy
mining organization in New York, Newmont controlled
the Empire Mines of Grass Valley. They all meade considerable money out of Nevada Irrigation District
bonds.
That was a good deal for him.
An awfully good deal.
Beeause he knew those bonds were going to. go up.
I hed told him at our first meeting that I thought
those bonds were going to go up, but I seid, "The
income isn't sufficient at present to properly service them snd that's the reason we have to modify the
present plan." He realized that if the modification
went through it would increase the price of the bonds.
We got the modification through. The result of
that was these bonds which hed gradually raised from
twenty-four up to thirty, thirty-five, rose into the
sixties, that's when he was buying them. Eventually
they got up to over par. In facet, I sold some bonds
I had for 103.
This was after the modification had gone -through.
After the modification. That made the bonds good,
Those people who hed bought bonds at 52% interest
gained money by their being reduced to 3% because