Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1897-07-30
TUMWATER FALLS.
REPORT OF THE CITIZENS COM.
MITTEE ON THEFT UTILITY

tories and shops Requiring
| steady and Cheap Power
Suggestion of the Means by
| Which This End Can be Ac-
| complained.
To THE PRESIDENT AND MEMBERS OF
| THE BOARD OF TRADE OF OLYMPIA,
WASH:
Your committee appointed at
joint meeting of the Board of Trade
and City Council, held at Council
Chambers July II, '97, to confer with
the representatives of Tacoma Wooden
Mill Co. relative to locating a wooden
mill at Tumwater, Wash, and
present for their consideration the
claim of the Tumwater falls as being
the proper location for such an in
dustry, beg leave to report that they
accompanied the gentlemen to Turn
water, where it was demonstrated to
their satisfaction that the power of
the falls ut the Des Chuttes was more
than ample for all their requirements,
and that the location was an ideal one
from business standpoint and for the
possibility of acquiring cheap homes
for their operatives which would num-
Der at the least $50 people.
In reference to the power now avail
able at Tumwater your committee find
that the lower falls are so tied up with
conflicting interests and probable liti-
CATION it would be useless at present
time to make any overtures for power
from that source.
Your committee find that the key
to the situation is in the hands of
the Olympia Light e. Power Co. which
control the upper and middle falls.
From. assurances given us by Gen.
Stevens, receiver for the company,
and chairman of the bondholders' COM
mittee, satisfactory arrangements can
be made with them for supplying
power to any manufacturing industry
at such figures as will commend them
selves to anyone desiring the use of
water power.
From what data your committee
had at hand from conversation with
the representatives of the Tacoma
Wooden Mills Company we find that
the cost of operating plant of that
kind by steam would be approximately
81 per month per horse power, ex-
elusive of water used, whereas power
can be furnished, We believed, from
the falls at Tumwater at $l.5O per
month per horsepower for 100 horse
power plant, which would be the
probable amount required by the
Wooden Mills company, a saving on a
plant of that magnitude of $3.50 per
month.
We find to secure this amount of
power the upper falls will have to be
utilized at an estimated expense of ST.
500 to $4,000. This sum will have to
be raised here as the bondholders of
the Olympia Light e. Power Company,
into whose hands this property has
been transferred, decline to advance
any more money. The manner in
which this sum is proposed to be
raised will come up in an additional
section under head of "Reorganiza-
ton of the Olympia Light and Power
Company"
Unfortunately the Wooden Mills
people at this time are not prepared
to submit proposition setting forth
requirements. They only came to see
what we had in power and location,
which seemed to be perfectly satisfac-
tory to them. They have three other
propositions to investigate, North
Yakima, Spokane and Great Falls,
Montana, before making any terms;
but will be in position to do so by the
LIST of September.
It is all impor ant that the improve
ment of the wal power be made, or
provided for, so that it may be possible
to make tangible proposition to them
by that time or to any other manu-
facturers whose attention may be d.
rected to this point.
Therefore we submit the following
plan, for the reorganization of the
light and power plant and the i'm
provement of the Des Chuttes water
power, which has been adopted by the
bondholders. We have carefully ex-
amined the plan and earnestly recon-
mend it as fair, reasonable and
practicable, and, in fact, the only
practicable means of developing the
water power and attracting manu-
featuring industries at this time:
First-A new local company to take
and operate the plant.
Second-$147,O 900 in new bonds to
be issued to the bondholders in place
of the old six per cent. bonds of equal
amount, at very reduced rate of in
terest, being per cent. the first year,
2 per cent. the second year, per
cent. the third year, per cent. the
fourth year and 5 per cent. thereafter.
Third-For defaulted interest due
the bondholders they will accept stock
in the new company at par, 500
share.
Fourth - For the $l4,7O0 of new
money they have just contributed to
clear off all liens against the plant,
they will accept stock in the company
at $25 share.
Fifth-The people of Olympia and
Tumwater are invited to take stock on
the same terms, viz: $25 share, and
contribute enough to make the neces-
sary improvement of the Des Cnuttes
water power, by which additional bust
ness can be secured, and $50 surplus
horsepower developed, and the best
means for attracting new industries
provided; $4,000 will be sufficient,
the estimated cost of the improve.
ment being ST. 500.
BY this plan every dollar raised here
will be expended in improving the
plant.
1t will be managed by a board of
Olympia citizens.
1t will be a truly popular company,
each one having an interest and no
one the lions share