Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-05-12
Expresses Ills Views on the Gas
Franchise Proposition.
THE CITY SCORED ron SELLING.
Tho Old Gas Stock was Sncrliiced.-Ihe
Council Now Reminded OF
the Fact.

with his views on the subject, and viii
nlc 1t with the City Council this evet-
ing, providing the franchleu question
comes up as expected. II reads 90
folows;
Referring 10 the resolution now DO
f0ro the City Council ashlng Tor
twenty-five yearn franchise 70 tue
Salt Lake and Ogden Gas & Electric
Light Company, claiming TO be the
successors aud aisignees Of the Salt
Lake CITY Gas Company, and Of ia
Salt Lake Power, Light aud Heating
Company, permit me to give few
roaaons why wo should make haste
elnwly In granting what ia asked.
The capital stock In the old com.
pany was held by resident prop.
erty owners OF this city. and the
dividends paid went TO build up This
city and Territory, where's IA this
new CORPORATION nearly all the stock Ia
owned and held by Foreigners, ami the
uividends az well as the intcfest on
the bonds, viz: .l50,0OD Per annum at
least, will all 30 to London aud Now
York.
Why should we, at the innated
prlcrs they are asking both for vas aud
electric light, but more especially tor
electric light, grant such n magnificent
franchise, anu for twenty-five years
ahead too, aud 10 strangers who 90
not expect TO spend more In several
yeare than $4,000 at the outside
amongst the lRbDrefs and workmen OF
Salt Lake? Because what other monies
they intend to disburse In improve.
mcn,s will all be sent East for
machinery.
What concessions do they offer the
citIkope, and more especially the city
corporation, by way Of return for such
a valuable franchise? They are ask
. ing the city for something that Will
enable them TO make nearly 100 per
} cent per month from all con-
I sumcrs OF gas and electric light;
for gas that can DO nude
ut sl.2s per 1000 S1b.o foot,
and sold Mt more than double il
cost, viz: $3.50, IL money maker OF
tho highest order, and II Is no wonder
that men like T.. II. Rollins IL Sons,
bankers, 30 Wall Street, New York,
, are nnxiously awaiting for this fran.
chiso 10 go through, 10 that the million
dollars OF 25.ycar 0 per cent goldi bonds
and the gold making franchise
will be dated alike; for II IL stated on
"inside" authority that these bonds
are already sold OF IA premium-slO2O
being agreed urOn for each SlOOu
I bond the eelf.same day that the
, Mayor or acting Mayor Of Salt Lake
City attaches his signature to tots ne W
: fra nchise. This matter Will bear con
/, siderable examination ana ought moi
TO be- hastily legislated upon by thG
CITY Council, II It has tho future
welfare OF our citizens ut heart.
Another reason why this high fran
chise should not be given to this new
and foreign company is that there ar,
l other companies Zone Of whom ha
! twenty millions Ht It's bHck) anxiously
, asking flr franchise to furnish us will
gas at 81. 05 per 1000 leet. Now Sl.5(
. X ample, ami then they can make
8 handsome profit, for the present cost .
4 Sl.23 per 1000 feet, anu with thu lates
/, methods which will be adopted her
:. they can make 1t Tor less than 90 cent
per 1000 feet, and surely 90 cents Ia
splendid profit.
This new big company, stocked ant
!, bonded for y millions VI dollars, ha
. all sprung from M original investmen
a In the Gas company OF one hundre
and fity thousand dollars, made Il
: 1872 aud 3, and which has paid fai
e dividends right along Except the lat
33 months pnet), aud also accumulate
a handsome surplus which has enable
: IL TO purchase more than two.thirds Q
u the Salt L0ko Electric Light CON
" o.. NirlnolIts
: both companies; If course the mise
u able Ogden plant had to be thrown 4
10 make bulk. nnd 10 enable somebody /
. make some more money out OF tn
= "green Englishmen," M they ar
!, sometimes termed.
a Now with fuch n record In the pa,
!, as u money maker, don't you think TIA
Y bleeding OF the citizens ought to sto
= right now, and that this new compan
), should not be allowed, or even encou
aged, to carry on its scheme OF takin
= out Of the consumers pockets, on ia
= first day Of each aud every month Il
: the next twenty-five years, So I'm cas-
: for only ono dollars worth OF gus {
electric light.
Let mu say further that tho origin
investment made IN 1872 OF $3.50, 0C
A. In the Gas company lie now a stead
{. Garner OF not less than 500
Ie 600 each aud every year; 5000
Al OF this 100000 IL from Il
r, gas i,eelf, ana tie remaining $500
Di IL its proportion (viz two.thirds) Of u
d Electric Light company's earnings
s75,OU0.
Inc writer OF this communicate
has been intimately conversant wit
the affairs Of the company slmo
n, from tho beginning, ana knows wher
y OF he writes. appeal to the City Coul
D. ell ns taxpl yon themselves not
y hastily grant franchise OF sue
o. magnitude without oalm and caref
10 dellberation, and also ask that tho
y demand from this now and forelg
" corporation tor 1t Ia Incorporated /
l. three different places-London, Me-
,e jersey aud salt Lake. n handson
ID bonus OF at leGst 100000, whiC
ks might help to reimburse tho city 4
nv having sold its stock NO cheap.
e. When the CITY Council sold for OF
II. hundred and five thousand dollars
"a. one.thiru Interest (nearly) In the Gi
company, at flSS.4O per share. tn