The herald., 1897-05-05

used Tor the benefit or service Of the citi-
sens OF Pasadena. and a. far as they are
concerned. Is an attempt to earn interest
lon 90 much water or wind. Taking this
overplus OF Indebtedness at the lowest
| figures stated, It represents $s50,000
never legitimately expended In the prop
erty and for which the patrons Of this
road are expected to pay interest and
also sacrifice forty minutes Of their time
In the round trip between the business
centers OF both cities.
AT Z per cent. which is the rate Of
Interest called for by the bonds of the
Pasadena company. the amount sought
to be covered for nothing by the COM
pany is $24500 per annum. Or II Mr..
Webster's statement as to the indebted
ness of the company Is taken 1t will
reach $SS.500 per annum. In addition to
that advantage the holders Of the bonds
of that road. which cost them from 80
cents down to 50 cents on the dollar will
make an enormous profit by having
these bonds raised to par. regular pay
ment OF interest thereon being secured
by the monopoly which they propose
to get from the city Of Pasadena.
I'm view of these facts, the PROPOSE
siOAA SA sAS SOAAtPohy ~ 6iNC tHc City VI
Pasadena. as consideration for the ex-
elusive franchise monopoly, the electric
lighting which now costs them about
$4,000 year, does not appear as gener-
Gus as the advocates of that project
would have US believe. When we con-
slider that for this benefit each citizen of
Pasadena who takes round trip from
that city to Los Angeles will be required
to sacrifice nearly an hour more time
than is necessary, and often required to
stand up during most of the journey on
account of poor service. which the alb
sence of competition always -engenders
II would appear that Pasadena and her
citizens may be required to pay very
much heavier prices for her electric
lighting than she does now.
There is also another matter which
Will probably make the free lighting of
even less value to that city. The company
which is now developing electricity by
water power near Redlands Is projecting
line up the San Gabriel valley, through
Pasadena. to Los Angeles. The company
now engaged in developing electrical!
power by the waters of the San Gabriel
river expects very soon to be able to
deliver its electricity into Pasadena and
Los Angeles. This electricity developed
by water is naturally much cheaper than
that made by steam power. and can be
delivered to Pasadena for lighting pur-
poses at probably one-half the present
cost of electricity in that town. By
taking this electricity and doing its own
lighting the city Of Pasadena can save
at least one-half of the present expense.
IF the electric franchise monopoly Is
granted by the city of Pasadena to the
one company asking for it, the creditors
of that company will be receiving from
s25. 900 to $4,000 per annum interest on
debts whose proceeds are not represent
ed by any property owned or used by
that company for the benefit of its pat
rons as the securities and evidences of
Indebtedness by the payment Of that
interest will be advanced to par. The city
OF Pasadena will secure electric lighting
which could be purchased from the Red
lands or San Gabriel companies at the
lower rate specified, and which will prob
ably be purchased by the railway COM
pany, furnishing the city for that amount
or less.
1.-The people Of Pasadena will be de-
prived Of the opportunity to patronize
the Terminal company and obtain its
reduced time schedule and other advan-
tages of railway competition which
would undoubtedly encourage hundreds
of people engaged in business in Los
Angeles to make their homes in Pasa-
dena and travel to and from their busi-
ness daily.