The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-11-28
THE WATER WORKS SALE
TO THE CITIZENS WATER
WORKS COMPANY OF MEMPHIS.
New and Expensive Works TO BE
Constructed Two Miles Above
the Present Site.

COuuucleup ~ ltdhO1 bub JOotSi s"y
that the Memphis wstsr works lad
been sold to s. r Bullock q 90, OF
New York City. The news spread rap
idly, and was the leading topic OF dis
cuson in business circles through
out the day. Anxious to get
at the bottom facte, an AP-
PEAL reporter called at the
ofilcs Of the Memphis Water Company
and found Pre- ident Latham in
jubilsnt mood and his face wreathed
In smilea. This was ia itself coDfr-
nation OF the Tumor that the Men,
phis water works had been sold, but
10 order to make assurance doubly
sure, the reporter put the point blank
ques ion:
r porter-Is II true that your COM
psuy has sold out to Bullock & Co.
Piesident Lstham-It is true. l
have here the contract OF Samuel r.
Bullock & Co. TO pay on or before the
10Th OF December par for ali the stock
Of the compony, a so to become liable
for the 100000 of bonds and pay the
current debts OF the company, all ag-
gregsting about 100000.
Rsporter-DO you mean they are to
take all the stock, or only msj ority2
President Latham-They are re-
CURED to take i. all, that no stock
holder may be left ont, unless he pre-
fers It, az d every stockholder who was
Teen readily egreed.
Reporter-H W long have the nego-
tiations been under discussion2
Prest. Latham-Fully two months,
but have gone forward with future
pane, all the same, not knowing
what would be the result.
Reporter-Pr tty large transaction
not TO leak out ii | fully, consummated
The company having been quite &C
tive recently 10 adding to Its machin-
cry. the sale is quie surprise. Do
you object to stating the reason for
selling3
President Latham-The water COM
pany appreciated fully the necessity
for better water. Under Its contract,
based on the present supply, the C ty
paid but nominal sum. 10 change
that supply involved O new plant, new
and powerful pumping engines, large
mains and expensive reservoirs.
Knowing that we could not incur that
heavy outlay for furnishing clear
water al the pittsnce paid by the city,
we proposed TO sell to the city at aDy
price fixed by disinterested commit
tee. This not being entertained, we
next proposed to construct a plant
and furnish water that would give the
fullest eati, faction, at the present rates
to the people, IL The city would pay
a half average rate for her fire, sewer
and other public service. This also
YVES declined.
Reporter-Thsn you think the city
somewhat to blame for the necessity
OF your ealee
President Latham-No, | don't say
that, nor criticise the cily's refusal to
accept any OF our several propositions,
but am sure that even the President
OF the Taxing District, who has so
often felt II his duty to ''sit down" on
ue, will excuse me for mildly init.
mating that II less parade had been
made eighteen or twelve months ago
about what the city intended doing
until ready TO act the public would
have escaped much annoyance, and
the company much unjust csnsure &c
we'll as pecunary loss. Seeing in
Angus last that there was no pros.
pect for sale to the city, or for a new
contract BIAS d on aClear water supply
We proceeded at once to provide
ample machinery for carrying out al
any cost our present contract, and this
we are now abundant'y able to do.
Roporter-Then you consider your
ability to supply the city better than
during the last one or two yearsH Was
1t, after making this additional outlay,
advisable to SELF
President Lathlm-We think 30
because Memphis is not, aud
ought not to be, satisfied until
she has clear water. She could
have il, and we would gladly have
given IL IL the city government could
get away from the idea that il must
have everything free.
Reporter-Tnep, with a satisfactory
contract, you would prefer TO own the
works2
President Latham-For one reason
only. Not for the money, for we
think, oven with fair city contracr,
there will be little profit for number
OF years on an investment Of about
one quarter TO half q million dollars
But having bought the works as they
stood, Just at the adoption OF the
sewer syetem, which suddenly quad,
yupled the tax on the pumps, we were
at once involved in litigation. Sc
soon as new machinery was provided
suits were instituted alleging for
FIXTURE Of charter for distributing {
nuisance. Not till a recent date were
we relieved Of these hindrances.
Having supplied Memphis during hel
less prosperous days, and to the pres
ent time without pay, when con,
WINGED In August that the city would
not buy our plant, we hoped for an
opportunity to convince the public
OF our readiness TO meet every Just
demand, and so proposed. We were
abundantly able TO do so. Knowing
that the public will, at an early day,
properly estimate our proposal and
fully justify our action, we with great
pleasure give way to our successors
am the happlest man in Memphis
tonight. l appreciate, too, beyond
expression the uniform courle ~ shown
me by the public even under most
provoking conditions, and 1 trust
have not either by discourtesy or un
fair adjustment given offense to any
one"
Reporter--Do 20 think the change
in ownership will give us clear water
President Latham-I am sure Il
will, II the city will act with ever
moderate fairness. do not doubt the
financial backing OF the hrm to whom
we cold. and they are certainly build
ing superior works through the coun
try. That they will construct frs
class plant here l do not doubt. That
II will include clear water under oul
contract l cannot say. II 30, IL proves
they have more faith In the rapid in,
crease OF revenue than VIZ. / am no
Interested 10 the extent OF O penny II
the future Of the company. II thOS
comply with their contract on Decem
Der 10th, and know absolutely moth
| inc of thA intAntiona huk think 4