The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-03-27
MAMMOTH WATER COMPANY
Organized With a Capital Stock
Of $5,000,000. -
WILL SUPPLY ENTIRE VALLEY
Is Called tho Spring Brook Water supply
Company and Comprises Scranton and
New York Capitalists Principally.
Twenty.Six Companies In II.

At meeting in Wyoming National
, bank in Wilkes-B Barre yesterday morn
ing all the business bearing upon the
consolidation of twenty-siX water COM
panies distributing between Minooka
and NanticOke inclusive, was transact
ed and these various corporations We're
merged and one mammoth company
with a capital stock of s., ,O0O, 900 was
formed
The new company Is the Spring
Brook Water Supply company. and the
officers who We're elected yesterday are:
President, Hon. l.. a. Watres, of Scran-
ton, ex-lieutenant governor: secretary.
Thomas II. Watkins, of Scranton; treas
urer, Robert G. Adams; the directors
are. j. ii. Maxwell. president of the
Central Railroad of New Jersey; George
i. Baker. president of the First Ma
tional bank. of New York: w. f. Hal
stead. general manager of the Della
ware. l.ackawanna and Western rail-
road; Samuel Il. Peters. who IL u broth
er-m-law of II. o. Havemeyer. the New
York sugar king; l.. A. Waters. Hon.
l.emuel Amerinan and C. ID. Simpson.
of Scranton; and in view of the fact
that many Of the people of Wilkes
Barre are interested I'm the new enter
prise. two representatives from that
city will be added to the directorate.
President Bourne Of the Singer Manu-
featuring company, Is also interested
in the company.
Although the negotiations have been
going on for some time. yet the meet
ing yesterday was a brief one for SO
much business to be transacted
WILL GET PURE WATER.
The city of Wilkes Barre will derive
tp.r ....It. n
people will get Il supply of pure spring
water and the water now furnished
there will be utilized solely for steam
and hydraulic purposes. The three
principal companies affected by the
transfer are the Spring Brook Water
company. supplying all the towns and
villages between Minooka and Ply
mouth; the Crystal Spring Water COM
pany, of Wilkes Barre; and the Han
over Water company. supplying the
towns below Ashley. The Spring
Brook Water company has incorporat-
ed within it smaller companies supply
ing the various villages along it's mains,
and the other companies have in like
manner certain number of smaller
concerns within them; that is how there
are twentysix companies represented
In this enterprise.
The price paid for the entire property
is $3,2OO,OOO. The stockholders of the
crystal Spring company. of Wilkes
Barre, received $65 a share for their
stock. and there being $500 shares the
amount was $572,0O0. The floating debt
or the company amounting to $2l3OOO
was paid and the bonded debt of $780,
600 was provided for. This was a sale
outright. and the money and securities
relating to this transfer were ex-
changed through the Second National
and Wyoming National banks of
Wilkes Barre.
Negotiations were opened up with
the various companies now supplying
Wilkes Barre anr surrounding places
some time ago. They will receive their
water as soon as the change can be In
trOduced from the Spring Brook for do
mestic purposes and the supply now
furnished to Wilkes Barre will be util-
lzed for steam purposes. This will not
involve the consumption of any more
water. There Is enough of supply dis
tributing to Wilkes Barre to supply |
the entire region with water for steam;
the Spring Brook will be used exclu- |
sively for domestic purposes.
The price paid for the entire property |
Is $3,26O.0OO. that Is. the interest In the |
old companies was turned over to the |
HcN anu SldTeS OI STOCK issued there- |
for. Bonds to the amount OF $5, OOO, 900 |
have been fioated. and 81. .O0O, 900 of this |
will be kept in the treasury to make |
improvements. build additional reser- |
voirs, new pipe lines. and they intend |
putting in at once an immense pump |
ing plant on the Susquehanna river |
above where the Lackawanna river
empties into 1t at CoXtOn. This is to |
be relied upon in case of an emergency.
Larger storage reservoirs will also be
built. The work on the improvements
will begin as soon as the weather per-
mits.
GREAT CONFIDENCE IN 1T.
So great is the confidence of men of |
capital in the stability of the enter
prise that i'm Wilkes Barre alone there
were applications made for $500. 900
more stock than was placed on the
market and offers for over $500, 900
worth of bonds at the syndicate price
We're also refused.
The new company will not make any
changes In the present management
of the companies consolidated other
than to devote their energies to sup
plying the demand for purer water.
PIERCE HAS A FRIEND.