San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1890-08-26
THE wATERwoRKs DEAL.

any expression OF opinion on the pro-
posal to purchase the waterworks I'M
til it definitely understood what that
proposition was. That proposition
has been placed before the public
The LIGHT had not expected so favor
able proposition, had not, in fact.
been looking for anything nearly so
tangible, and had consequently given
comparatively little thought to
the matter, believing that the
time had not come for enter
Ing seriously upon its consideration.
The proposition made by the Water
works company is so feasible, and the
price so much below what the LIGHT
has understood the plant was actual
ly worth, that 1t changes the whole
aspect of the question. The city has
placed within her reach the finest
water supply in the south, practically
without cost to herself. The works
have been established and developed
to such condition that the reve-
nues derived from them will pay
the interest on the bonds and provide
a sinking fund that will meet the
of those bonds as they ma
ture, provided the administration of
the business by the city shall be as
and wise as has been the
administration by the company.
This is the real contingency. 1t does
seem to the LIGHT, however, that it
would be very short sighted policy
that would refuse to accept of the
offer made by the Waterworks COM
pany, solely through fear of result
which may not follow. Here is
a property worth, with the real es-
tate involved, not less than So 100000.
This property today is =. return
ing an income of about Sl25,000
per annum, with the certainty
of becoming much more remunerative
as the years go by, and the city grows
and the service is extended. This
property is offered for $4,000, 900, the
seller taking the city bonds at five per
cent, with fifty years to run. This
will entail upon the city an annual
interest charge of 100000, leaving
SIS, 900 for sinking fund. This alone
would pay at least three-fourths of
the principal at maturity. This eal-
culation does not take into considera-
ton the annual increase in the
water revenues derived from the in
crease of service, nor the valua BILE real
estate that goes with the mains,
pumps and machinery of the COM
pany. The growth which this city
promises will require SO large an in
crease of water service within the
next ten years that the water rates
can be reduced so per cent. and still
yield sufficient to meet the interest
charge and guarantee an adequate
fund. 1t must not be forgot
ten that the mains already laid and
which will come into the possession
Of the city, should this purchase be
already extend to the remote
sections of the city, far In advance of
any possible returns from the service,
and that year by year the city
will continue to reap the bene-
fit of large outlay which, as
yet, has returned nothing to the water
company. The purchase of these
waterworks will not add one dollar to
the city taxes, or at least need not,
and under wise economy it will he
possible to reduce the water rate be-
fore many seasons have passed. The
purchase of these works will give the
city valuable real estate, open.the
way for a thorough system of sewer
age, and in every conceivable way
the city. The LIGHT is of
opinion, from these and other consid-
eratlons, that the purchase of the
works would be an act of wise econo-
my. Its columns, however, are freely
open to those who think otherwise.
THE Topeka Commonwealth, the
ablest, most widely circulated and