The labor world., 1897-12-04

control. l do not represent Mr.. Gay, bu
am willing to give any information tina
should answer that question in this wa!
that have always had great faith in tn
opinion of City Attorney Richards
Q.-Mr. Gay. why do you not furnis
Any proposition covers everything
that L think any reasonable person couIt
ask or that your attorney would ask.
! Q.-Don't you think we are entitled t.
dollar?
Q.-How do you expect us to assure 70,
so you can cable over to England unit
you give us a schedule?
| A.-The proposition covers all rights
franchises. privileges and real estate O.
the company and all material on hand.
Alderman Jefferson: You have not
given us an abstract of title to the real es
Mr.. Harrison: That is not done until
the city agrees to buy; everything will
Mr.: Simpson: Do you think there is g
member, OF this council knows what rea
estate the gas and water company owns:
A. (Mr. Gay)-I do not know.
Q.-How do you think we are prepared
! to act upon it until we do know?
A.-You don't want more than all the
gas and water company own do you?
paying 900 for?
Al! the property of the company.
Q:-Will you make any written represent
tations as to the condition and quality OF
the gas as and water plants?
Q-Wiil you?
A.-No, I will not.
Own the bondholders?
Al don't think the bondholders know
or are in position to state.
Q:-Will you warrant that the water
mains lying along the street car lines
are not partially or completely destroyed
by. electrolysis?
A.-No, I am not. I do not pretend to
be an expert in those matters
Q.-Is it not a fact that the machinery
at the gas works is worthless or practi-
AL do not see how that can be; it is
supplying the necessary gas to the city of
Q.-You are pretty well posted on gas,
Q.--;Will, it not take s15oooo to $500, 600 to
put the plant in position to manufacture
Al could not answer that Question. 1
and that is the last have known of its
actual condition.
Q:-HoW can the city be informed on
.A.-They are open to make any inves-
legations they choose.
Q.-You would not care to make any
representa- tiOns?
A.-No, I should not.
Q.-When you purchased the bonds OF
the 100000 issue was part of the consid-
Grafton for so doing part of the Prindle
gas franchise?
Al had nothing to do with the Prindle
franchise one way or the other 1 bought
the bonds on their merits:
cb}:e? 3:IYou never heard of the Prindle fran
Al have heard of it Since
,Q.-Can you secure the return to the
city of the Prindle franchise in part CON
sideratiOn of this purchase?
AT know nOthipr abo,1t g
.Q.-,Do you still hold the $1,1O6,0OO of the
city's bonds?
Al hold a portion of them.
Q.-What portion?
=, Al hold round block of them myself,
in addition to which. there are held one
half of the issue, five or six hundred thou
sand, by others.
Off this purchase is consummated at
this price will it. not tend to enhance the
value of the bonds you already hold?
Al hope SO.
Q.-Will it not?
A.-That remains to be Proved it is
impossible to say.
Q:-You have no opinion that you care
A:-No.
Q.-After the consumma ton of the deal
can you not sell the bonds on per cent
A.-No, it is impossible.
puTchase hl 'at at Z? i?'y sofa 'ne 'onoS on 'n's
Alt is out of the question. That has
already been corroborated by Independent
Off we sold a lower rate bond, what
then?
At would not be possible:
Q.-But if we did you would make
profit, would you not?
A.-No, should make a loss.
Q.-On those you hold?
A:-Oh, 1 hope I should make a profit.
certainly.
Q.-You hold about half of them, you
say?
A;-With others who have more than
Ozone per cent for thirty years would
make about $50 600 profit you would make?
A.-They couldn't be sold at that price
Q.-Would not this contemplated issue
of bonds be more valuable in your hands
to combine with the former issue than it
held by other parties?
in my hands than in competing houses
hands
Odd you not on June II last make
statement that $1,695,OOO was the lowest
for both the gas and water plants?
Al did.
Q.-Have you changed your mind? :,
A.-Not at all. That was corroborated
by my taking into my own hands the risk
of offering the plant at $3.50, 900 less, and by
Mr.. Truelsen, at Chicago. that that was
Mr. aso
that. That was the lowest price and is
the lowest price.
Q.-Are they going to get that now?
Q.-You were mistaken at that time?
A.-No. not at all. They do not offer
it at any less price now.
Q.-You do?
.A-Begging your pardon, I have not
offered it.
Q.-What are you here for?
Al have made no offer to you yet.
We have been very fair with you, Mr..
Simpson, you undertand what we intend to
do. (The last remark by Mr.. Harrson.)
Q.-I am Informed that the gas and
water company sell meters at $17.10 each
which can be had at about $500 each. Is it
on such profit as this that you base your
figures on the earning capacity of the
plant?
Al know nothing about the rates.
Q.-You are acquainted with the remain
der of the bondholders, are you, any of
them?
A.-some of them with some Of them.
only those in this country and my friends
from the other side whom I have met in
connection with these negotiations.
Q.-DO you or any of the bondholderz
feel any remorse for neglect in allowing
the careless management of the water
plant SO that hundreds of our people have
become poisoned by the impure water and
have had the fever and died?
Alderman Sang: Do you Want that
printed?
Alderman Simpson: Yes. sir.
Alderman Sang: I object to this kind of
work altogether. We are here to discuss
the purchase of the plant and not what
rntof1 1Cr nro'C oip7Sn Sr