Letter from Carl Hayden to W. W. Bass concerning the passing of the national park bill. Hayden states that he will try to make the bill as advantageous to Arizona miners and farmers as possible, but the land will either remain as a national monument or become a national park. A postscript is added concerning the land allocated for the Havasupai Tribe.

Agricultural cooperatives tend to be riskier than investor-oriented firms, both in a business and financial sense. However, cooperative managers are often reluctant to actively manage risk. Although the “risk management irrelevance proposition” suggests that cooperative managers should be unable to add shareholder value through risk management activities, this study argues that there are several reasons why this is not likely to be the case for cooperatives. Several empirical examples are provided through numerical simulation of pro-forma financial statements from representative agricultural cooperatives. Using mean variance, expected utility and valueat-risk metrics, the results of these simulations show that various risk management strategies can improve the risk-return profile of a typical cooperative.

To facilitate development of the Environmental Impact Statement which must accompany the Section 10 multi-species conservation proposal, a series of issue papers were prepared. In Pima County, ranching is uniquely able to preserve the integrity of vast tracts of connected and unfragmented open space and wildlife habitat. This study reviews the effect of five alternative permit strategies on the County's ability to preserve unfragmented landscapes through conserving ranch lands.