Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1876-06-07
rHE orrunwA WATER PowEn
ENTERR RISE.
Financial statement.

Ths TiMe fer Active Operations IA
i Nearly NJ Hand.
Financial Statement.
The time being now near at hand
when the Water Power Company OK
pect to continue and complete the
work, the board of Directors Deem
ing it best that the stockholders and
the public generally should know the
exact condition of the affairs of the
company, publish herewith the fol-
lowing statements
| The total amount of stock SUBJ
| scribed to the enterprise was. esi 800
Amount Of unc0llectable stock
| ABOUT .......... IO,WU
Leaving available stock..-..... ga, 800 90
Power sold to the city........ 5000
Less discount on sale Of bonds. $500 %, 500 %
Total asscts Of the company. $50, 500 90
Contract price Of dams, guard
lock ana houses. u 500
Estimated cost Of earth-work.. 600 $500 90
Bal. OF assets for contingencies $4,000 90
TREASURES ACCOUNT.
Total cash received on stock. .s44, ld9 Is
| % s sale of city
| DOhuS..................... V,WD w
roa, maid o T9t al rre..u,sr s ELF is j
Balance In hands of Treasurer 1924 %
Amount Of contract for complete work.. $sl 800 90
Amount of orders issued to Sears Son CO, 72S 26
| BAL 70 contractors when work Is COM -
Less subscription Of Is. b. Sears 4 Som 5000 %
Balance...... ................ sl3, on "a
Orders issued to Sears Son. ........sG6, 72s 81
Orders redeemed by Treasurer. ~, III ~
Outstanding orders.... =. SIC, $50 as
REHABILITATION.
Resources of the company
Collectabe stock eubscrptfon$3O, 15O SO
Net value OF bonds due from
IL, 800 90 $40 $50 50
Contra
Estimated cost to complete
OUTSTANDING warranis...".. 1850 s. ss5, oas 50
Balance company g assets. 1923 2G
Thus it will be seen that after pay
ing the full estimate of amount dne
and to become due to the contractors,
there will be left in the hands of the
treasurer small balance, but this
can only be achieved by prompt pay
ment on the part of the subscribers
to the capital stock.
We, the directors Of the company,
having in charge this work, SO i'm
portant to this city and the surround
ing country, say to all whom it may
| concern, that we are i'm receipt of
letters from ID. B. Sears u Son, the
contractors, who are in Topeka, Kan
sas, and they say they want soon to
commence the work, but that in order
to enable them to do so, they feel that
they must have paid some of our
outstanding unpaid orders. BY ref
erence to the foregoing statement it
will be perceived that the company
has orders out for work done to the
amount of nearly $4,000. which we
have been unable to pay, because the
stockholders have been derelict in
payment. Sears wants to begin work
within the next thirty days. He feels.
however, that he must have some of
the money that the company owes
him. This is but u reasonable re-
quest, or rather demand, on his part.
OF course the Improvement must not
be permitted to lie over to another
season-if it does it might as well be
abandoned. The work has stood the
floods in an unfinished state much
better than we had hoped, and these
floods have suggested some addition
al requirements necessary to make
the works beyond question invulner-
able. We have the fullest faith in
the feasibility of the enterprise, and
the incalculabla benefits to flow there
from to this community. With all
our experience and perplexities in
this work, its bright promises unfold
themselves more clearly to us, and
we must rc-commence the work Just
so soon as he danger Of June flood
has passed. And now right here is the
place for us to say most emphatically
to subscribers to the stock of this en-
terprise, and to all our people that
there is no possible ,cay to complete the
acork, Except the subscriptions be paid,
and paid promptly, The bonds yet
coming from the city, cannot be had
until the work is completed such is
the contract, and such it ought to be
We owe nearly $1,000, and have no
money to pay 1t, and none to COM
mence work with. Though we have
spent much valuable time and exper-
fenced many troubles and harrassing
circumstances in conducting this en-
terprisc thus far, without any COM
pensation to us other than what we
hope to receive by the benefits of the
completed work, in common with all
other citizens; yet we feel willing TO
continue our labors if we can, to the
end, but are absolutely cannot do any
thing unless people will pay their
subscriptions. The water wheels can
be running by the first day of Au-
gust if our citizens will so will it
and meet their pledged engagements.
On many large and small subscrip-
tons the first dollar has not yet been
paid. Some, we fear, never will be
paid.
There are those in this community
| who have never taken dollar OF
stock who ought to come forward and
take up this worthless stock. We
would be glad to lay it in this way,
Subscriptions can be paid to the treas
urcr at the Iowa National Bank. We
shall, in few days, send out collector
and we hope he will meet with the
best of success. The hour to strike
is at hand, and we propose to volun
tarily sacrifice much of our time and
labor to push Oh the work. VIII oul
fellow citizens do their part also
| W. b. BoNSIFiELD1
| C.. +. BLAKE,
WM. DAGGETT, Directors
| DANIEL EATON,
A II. HAMILTON,
i POSITIVE Results. There arc nu
merous remidies that cure sometimes an,
become Is useful, but none have ever prov