The morning call., 1893-03-11

quotations will also show how seriously
their market value has been affected. There
has been OF late large appreciation in the
number OF small stockholders, but this
movement has been sensibly checked by the
interference of the boards. The Investors
rlghtiully argue if the present board leg
lSlate so as TO reduce our dividends to 4
or per cent, what Will prevent q succeed
ing board still further reducing our divi-
dend or 10 establish rates that will make
the payments of diyide ends an impossIbiiity?
The result is that this great corporations
securities cease to be IN demand, stocks are
sold and the proceeds pass into the over
burdened vaults of the savings banks, where
1t is practically dead as far as the good it
does to the community is concerned.
WHAT SPRING VALLEY ASKS.
The inquiry as 10 what the Spring Valley
Company asks of the present Board of SUI
pervlsOrS is obviously pertinent at this time.
1t asks that it snail be judged not by the
actions OF the management of fifteen or
twenty years ago. but by that Of its present
management ana policy.
1t asks that the prejudlces of the past.
whether founded rightly or wrongly, shall
be discarded, aud that broad principle of
Justice shall be considered in establishing
its income for the next two years. 1t has
SHOWN conYlncingly that its present income
is below the actual requirements of its eX-
pendltures alter paying a moderate divi-
dend upon its stock and but United States
interest upon its bonds.
After the drastic measures of four years
ago time ought to be allowed the company
10 recuperate and TO restore the equilibrium
between Its expenditures and its income.
Inc ordinances now in force provide for
such public supervision of the cOmpany's
affairs as will assure management free
from extravaganza or oppressive TO the
public.
Let the progress of the city adjust future
rates. IL population increases the incrme
oil the cOmrany must increase also. The
Liabilities OF tile Spring Valley will remain as
they are. The expenses of tine adminisira-
non, even II every lot on every block IN
the county was built upon. would amount to
only small additional expense, whils the
Income derived would he greatly increased.
Let future reductions of rates be based
upon the added income derived from new
customers and from the general expansion
oil the city, which will be sure TO result
from the wide discrimination which the
Board OF Supervisors may have in the
adoption OF policy enc uraging home in
Vestments and municipal prosperity.
SPLENDID PLANT.
The Spring Valley Water Company GER
talnly deserves some encouragement and
acknowledgment for its efforts TO supply
San francisco with such a magnificent syS-
tenn 81 water works as this city possesses.
reservoirs formed by the construction of
artlhclal dams have been built at available
1000, OOO.OO0 Of gallons Of as pure water as
Is at tie service OF any city in The world.
These reservoirs are connected by pipe
lines which bear to the city supply ade-
quate for its growth to four times its pres
eut population. The Watersheds surround-
ing these reservoirs have been purged of
their occupants, so that the supply of an
absolutely pure fluid should not be polluted
by tile eXcreta Of man or beast. The streams
even which supply these reservoirs have
had n Aa ~
riparian rights absorbed. Now that the
whole system has been PERFECTED aud the
company Is regarding Its work with par
donable eXulsti0n, a proposition is Seri-
ously entertained to cripple it by reduc-
ton Of the necessary income for its maInte.
nance. The time is at least inopportune.
Every other city in the United States
situated as this city is at the gateway of
foreign commerce is looking forward with
horror ana expectancy to the advent of
cholera epidemic IN their midst. Every
other city Of any Importance, instead of
GRIPPING its water supply is adding to Its
expenditures and providing for measures,
regardless of cost, in caring for the health
Of the public by keeping its supply pure
and uneontaminated. Is it at this time that
the income OF the Spring Valley can be
with safety reduced?
FUTURE IMPROVEMENTS
At no time has the general improvements
in the Spring Valley system been Of greater
extent or of such wide cOmpreheusiyeness
as al present The capacity of the county
of san francisco 10 afford ha bitatiOn for
hYe times It's present Opulation il RckDuwl-
edged. Only little more than 300, COO people
now reside here, yet every year witnesses
sensible Increase in the number and
large expansion In the outlying districts
Up TO the present time the Spring Valley
has always been in advance of progress in
new districts. Ii has endeavored to encour-
age the opening of outlying subdivisions,
even II It's expenses were greater Than the
Income from its imDrOYeme would Justify.
This policy OF Advancement will be con
tnued SO long as it is cOunteuanced ana
en- 5ouraged by the people. The future of
the city IS bright. The prospect of regain
ing its old mercantile supremacy Of the
coast from the new spirit manifested by the
merchants is eloquent. There are indica-
tons that industrial activities will show
greater advancement this year than for
long time past Marine adventures promise
greater returns. and all of these features
promise q liberal accession of permanent
residents. Give the Spring Valley chance
20 perfect its system and base its future
rates upon its future earnings.
FROM THE ARGoNAUT OF MARCH s.
During the past few weeks the Super
visors have been examining the reservoirs,
sources OF supply, pipe lines, pumping
works and plant Of the Spring Valley Water
Company, with a view 10 fixing the rates for
the ensuing year. as required by law Dur
ing this period OF suspense the stock fell off
several points, and Is slowly recovering.
Stockholders were timid warned by the at
tempts OF previous boards 10 ''clnch" the
company.
But the present board seems to show a
disposition to be fair There are two sides
to every question. There are wafer stock
holders as well as water consumers There
is no reason why a, who owns wafer stock,
should lose money in order to provide b
with cheap water. The stockholders OF the
Spring Valley Company are entitled to
fair rate of interest mnnn ihaIr inyeslment