The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-02-21
GIGANTIC Deal IS MADE
Scranton Capitalists Have Formed q
Big Water Company Syndicate.
ABOUT $2.OOO,OOO INVOLVED
J.. \. Natrcs. Lcmuci Amcrman, c. d.
Simpson. 7. II. Watkins. William Con-
nell and T.. l.. Fuller in tho Deal.
Pure Water for Wilkes. barre.

"A gigantic water company deal in
NolVing nearly $4,000. 600. in which we'll
Known Scranton capitalists are inter-
ested, was given publicity yesterday In
disratch from Wilkes Barre to the
Philadelphia Press. The main facts in
the matter were confirmed by Tribune
reporter yesterday. The Wilkes Barre
dispatch saws:
The water situation has taken a
new turn and bids fair to now reach
speedy termination. Today the fact
was made known that a party of
Scranton capitalists composed of eN-
Lieutenant Governor Louis Watres,
eX-COnEressman Lemue AmermaN,
Clarence ID. Simpson, Thomas II. Wat
kins, Edward l.. Fuller and William
Connell have bought the plant of the
crystal Spring Water company from
the Lehish and Wilkes-Barr Coal
company and the Spring Brook Water
company. which was owned by Abram
Nesbitt, the heirs of l.. ID. Shoemaker
and Messrs. WGtres, Amerman. and the
first payment has been made upon this
deal The nrice paid is not disclosed.
az only Il few parties are concerned and
the deal has been kept very quiet The
Scranton syndicate also have all op-
tion OF "a majority of the stock OF the
Wilkes Barre Water company.
Requires TWO Million Dollars.
The large amount of money neces-
sOry to carry out this deal may be-
gathered from II statement of the capi-
tali2ation of these several companies.
The Spring Brook company Is capital
lied at S60G, 0C0. with bonded iuuebt-
edness OI $500. 900. or Il total of $500, 900.
The Wilkes Barre Water company has
"a capital stock of $I40, 900. which at $65
ii share would amount to $572.O0O. TO
this add $50. 900 bonded indebtedness
n I. slAn
making a total valua>ion of sS62, 900 for
the latter company. While the sale
price of the Crystal Spring company is
not disclosed It Is probably not less
than $25O,0OO. which would make total
purchase price for the three companies
In round numbers of s2,00O,O0O
'rhe plans OF the new consolida ton
are not fully disclosed; il Is doubtful
II they themselves have fully deter
mined them. They are said upon good
authority to involve new and large res
ervOirs in the Spring Brook water shed
which will furnish IA bountiful supply
of pure, soft water. which 1t is believed
will prove sufficient for the growth OF
the valley for many years to cuTne.
1t is said that the water rates will not
be advanced
P!nUs OF the Company.
In only one particular is the forcgo-
ing incOrrect--neither Mr. Fuller nor
Mr.. Connell are yet directly Interested
In the venture. although it is probable
that they will be.
The plans of the syndicate have not
yet been outlined in detail, but it has
been learned that the success TO be de-
rived from the venture is based on the
present impure supply Of water fur
nished Wilkes Barre and suburbs by
the Crystal and Wilkes Barre cOmpan-
les. 1t is intended to build large stor-
age reservoirs along the waterways of
the Spring Brook company and from
these reservoirs to run large main to
connect with the pipes OF the other two
companies In and around Wilkes Barre
AT present the Crystal company fur
nishes water to the elevated territory
and the Wilkes Barre company supplies
the localities of less altitude. The
three companies now cover the entire
valley from Moosic to Kingston.