The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-03-17
VIRTUALLY IN CONTROL. "a

Citizens aud the Consumers OF this city.
had passed INTO The possession oeSthe
syndicate.
VIRTUALLY IN CONTROL. y"
This virtually places the control of the
water supply in the hands of the new cor
poration. and every city, town and vii
lage between Scranton and NanticOke will
in the course of year, receive their
water from this source.
The intentions of the new company
were outlined yesterday by Hon. ii. ".
Palmer I'm conversation with u Record re-
porter. At the same time he confiymed
the news of the completion of the neYotiA-
t!ons with the several companies In this
territory. The syndicate. he said, had
purchased the rights OF all the companies
on both sides Of the Susquehanna between
among others, the Wilkes Barre Water
company and the Crystal Spring Water
company of this city, and the Sprthg
Brook Water company. which supplies
from Moosic to Nanticoke, Pittston.
Ayoca. Lackawanna, ETC., on the east
side.
MIR. Palmer did not say what price Ms
paid to the other companies, but admitted
that the Wilkes-Barre Water companys
stockholders had received $65 per share
for their stock. the par value being 80.
He was not positive as to the figure re-
ceived by the Crystal Spring company, bht
understood that the stock was bought at
its par value. 1t will take 81. 100000 to buy
JIne WllkeS-1dTTc WdteT company, capital
stock and bonded Indebtedness; about
$4,000 to buy the Crystal Spring. and
about S.sOO0O0 TO buy the Spring Brook.
FIVE MILLIONS OF CAPITAL.
In reply to a question, Mr.. Palmer said:
THE capital stock Of the new company
Is IS, 100000 and 1t has all the money it
needs to begin work as soon as spring
tioDs will be pushed forward as speedily
as possible SO that within the year at
least We shall have what everybody has
been clamOring for. an abundant supply
of good water the whole year round. It
Is the intention to divide the supply into
two parts. Water from the mountain
springs In the vicinity OF Spring Brook
will be used for domestic purposes only.
while the supply from the Huntsville dam
and the Crystal Spring company will he
used only for the collieries and for manu-
featuring purposes. In this way 1t will
be easy to give the people first rate water
for drinking and domestic use the whole
year round, and at the same time supply
the ccllieries and factories with all they
may want
I'm order to insure the purity Of the
Spring Brook water, the company has
purchased iifty-one square miles OF for
est land. including all the streams and
watersheds. This territory will not he
opened for settlement under any consid-
Grafton. and nothing will be allowed upon
the land which might In any way contami-
nate the supply. This water will be piped
w
extending from the storage reservoirs in
the mountains and communicating with
the mains in the city. The reservoirs will
be of the latest improved pattern. and
will keep the water clear and pure no
matter how low II may become"
THEIR RIGHTS NOT WANTED.
"Have you made any overtur to the
new companies-Citizens and COnsum-
ers-lately organized In this city?'
NO. for the simple reason that they
have nothing to sell rhat We wanted to
buy. AS far as the Campbell's Ledge pro-
ject Is concerned, | do not think the peO-
pie would care to drink river water when
they can get mountain water as easily and
you cannot make anything out of the Sus-
quehanna but Il big sewer that receives
all the waste and filth and offal from
every town and village along it's banks,
matter how 1t may be purified by iiltra-
ton. They would rather drink water that
didn't have To be purified, but came direct
from the mountain Businesses as pure as
when II bubbled from the spring. OF
all the projects for supplying ;his valley
with water. the one just conSummatcd is
10 my mind the most feasible. The gen
tlemen directly concerned have the means
and will push ii forward to successful
conclusion, and solve for many years to
come the question which has been perplex-
Ing the people for II decade:
AS for the companies that have dis
posed Of their stock. ] think they will
have no reason to regret their action.
They received Il good price in every in
stance. and will be free from the bother.
the worry ana the criticism which has
been their lOi ever since the water sup
ply began to fail. With the purchase
money received they can make other IN
yestments which will net them quite a.
much as the water stock without the at
tendant trouble
FINANCIAL PART OF SCHEME.
From another source ii was learned that
the new company proposed tC' issue $j.01.-
00D worth of > per cent. bonds. par value
500. TO be sold at 30. taxes paid. This Is
said VIII guarantee per cent. on the
investment and insure Il ready sale for
the bonds. 1t is said that of this sum
companies, $500. 900 for necessary improve
ments, leaving a balance OF 500. 900 in the
sinking fund. Thus. with all debts paid,
and half u million dollars on hand. the
syndicate viii! be in first class shape iinan
cially.
That its earning capacity will constantly
increase goes without saying, for 1t has
the entire Wyoming Valley under its con-
troll. Every year will see material in
crease not only, in population, but in in
dustries of all kinds. These must have
water. and the syndicate is the only con-
cern that can fill the want.
Another important feature of this lat
est enterprise will be q readjlIs tment Of
the water rates on a more equitable basis.
The expenses of the new company will
amount to about 100000 a year. including
sS00.O00 interest on bonds and $1O0.0 900 for
operating expenses and improvements. As
bonds are redeemable this expense will be
lessened and In few years the Officials
hope to make 6 per cent. on their invest