Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-09-24

10 THE LAS CONSUMERS OF THE u
TT or DAvxsroEr. 1.-The Dlreetorsof the Da-
venport Gas Light d Coke Go. submit for
your consideration the following state. q
facts. .issf Is ~ ~
The rights and privileges granted by the
city. and now owned by this Company were
originally conferred upon b q McGowan and
his ASSOCIATES, and by them transferred to W
5 Herrck 4 Co, who undertook to build the
works and supply the city with Gas. at the
rate Of three Dollars and fifty cents per thou
sand feet, until July. 1857, and thereafter at
prices corresponding with prices charged in
other cities Of Iowa, under like circumstan-
ces. ihe.parties went on and erected the
worSs. having in doing SO disposed of all the
capital stock to the present stock holders.
and bearing debt of between four and five
thousand Dollars. The Directors loaned the
amount OF money necessary to pay Oft this
incumberance uponthe property and under
took the manufacture of Gas, and to supply
the consumer, with about two miles and
half Of street pipe laid. The works Were
found to be in some respects defective, but
they persevered in their endeavors to keep
up supply, although it was apparent to
them after the first sixty days, that at the
price stipulated the company was losing
money. They continued it however and the
books show that up to the first of July. 1857
the cost Of manufacturing Gas, keeping the
works in repair, without allowing anything
for general depreciation, exceed the whole
amount received for Gas Tar and Coke the
sum of over Seven Thousand Dollars. In
other words up to that time, the company
was Seven Thousand Dollars worse off han
when they began to furnish light from their
works, without ever having paid the stock
holders one cent of dividend upon the mon
ey they had invested in the works
In the tall of 1866, the Directoas anxious
that the benefits and convcniences ofthe Gas
light should not be lost to the city. and hav
ing confidence that the consumers would not
lesire the company to furnish them with
gas at a loss, made efforts, and finally sue
,eeded in making contract for some three
niles OF additional street pipes, the general
repair of the works, the erection Of one hun
lred public Lamp Posts, all Of which is now
nearly completed, and they feel confident
now that they shall he able to supply sui.
senh ahv HaRtty ars a6 "f worIs I lave ageS wh
the company over one hundred and twenty
five thousand Dollars, over and abov all
receipts from the items Of Gas. Tar and Coke,
fifty six thousand five hundred Dollars of
which is represented by capital stocI, about
three thousand dollare floating debts and
the balance by the Bonds Of the company
secured by mortgage upon the works
The works (the Board believe) to he in
first rate order, and it is but fair that the
capital invested therein should pay to the
stockholders reasonable interest. To do
this it becomes absolutely necessary as will
be readily erceived by this statement that
the price Of Gas shonld be increased, and to
this course the Directors feel that the con-
sumers will not object, as they certainly
would not desire the company to fur
nish them SO important an article as light
at loss
From and after the first day Of October
next, the price charged will be Four Dollars
and Fifty cents per Thousand feet. The bill,
will be left on the first day Of each month,
and if paid at the Office Of the company with
in five days thereafter, a deduction Of five
per cent upon the amount of the bill will be
made
The Directors believe that this price win
enable them to go on, and to pay the inter
est upon the Bonds, but they have great
doubts whether for the next three years it
will leave any surplus for dividends to the
stockholders. As the city becomes more
compactly occupied and consumption increa-
sed it is believed that the price may he re-
duced
Davenport, Sept, slst 1851.
By order of the Board.
To THE PUBLIc.-Now is the time
to buy Boots and Shoes, while Lee d Co.
are selling the best class of goods in this
line cheaper than the cheapest Their goods
are of first class quality, and they only ask
seah from eSstomsFs - sesisfy thsra thst
they ere pseaarea r. pess ths public de
mand in the most approved manner La
dies and Misses shoes end slippers of every
kind atsreduced rstls. vhi1A they &ill ~
rant to give entire satisfaction. Store on
Second street, second door east uf Brady.
fsep24d2w
DIDD.- yus.is. s. ~ .-.r
sept. 1ad, Ilren Teresa. oniy cAid Of liehae, and
Esther Anne Donahue, aged year II meuths and
days,
The pun@d vsllsase ,sae lhsdp = aeeoA
r NJ.