Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-05-18
Stu alton Of WaterviIle 8 Fairfield Railway 8
Ligh. Company.


There are $4,000 Horse Car Railroad
bonds, per cent, with clause to sell
in 60 days if interest is defaulted; $25,-
900 of Watervile Lighting Plant 6 per
cent. bonds, with same so days clause.
with additional clause that stock
holders shall effect and care for the
81. 900 insurance.
The second mortgage. 5000, 900 of
which $45 900 are held by the American
Loan and Trust Company for eXchang
Loan and Trust Company for exchange.
leaving $4,000 sold. These are 6 per
cent bonds with defaulting clause six
months and trustees may operate the
plant The lame sides are Il lease Of
Mrs. Hadassah Bangs. running 1G years
of a water power at Waterviile. at an
annual rental Of $1,000 per annum,
which is worthless on account of an
ehor ice and lack of water at special
times when most needed. namely, 6
O'Clock in the p. Nj.
"A contract with the city of Water
vile to furnish current for $1,000 per
annum, which should be at least $4,000
10 compare with cost of lighting other
cities. Good counsel declare this city
contract holds good even if the plant
is sold, that the buyer must maintain
the contract.
The present condition of the equip
ment is very bad. Most of the genera
tors, altcrnators and other machinery
were bought second handed and are
repaira ble. The railroad track origin
ally laid with 30-pound rails, is very
poor needs constant attention. 1t has
been necessary to repair roadbed the
last two years by use of 1900 tires each
year. The road is laid across three
grade crossings of the Maine Central
Railroad Courts rule the Electric
Road shall maintain these frogs and
pay half the expense of fiagman: this
expense alone will amount TO $1,000 per
annum.
THE cars are. with one exception,
old horse cars changed over. and there
is only one good equipment on the road.
The taxes in the two towns are $500
annually; the fire insurance 5000 cost
per annum; casualty insurance 5000: in
terest on bonds $l2,G00: annual rentals
$26l5: sinking fund. $3.50; pay roll. 1925
per week; floating debt, including water
coo: due the company for lights, 5000
$500 of which cannot be collected. Ii
will cost so per cent. of the earnings Of
this plant in its present copdition for
operating and repairs.
"A fair valuation of this plant. if all
new with every item named, 500. 000: in
its present condition, 100000 is a good
price.
My proposition to the stockholders
and bondholders is. if the owners of
the $155,00 of bonds will default their
interest for three years from May LIST
and change their 6 per cent. bonds to
4 per cent. and discard the sinking
fund. ] will pay floating; | will add to
the water power at Fairfield three
more water wheels. making six-thus
developing Nye water power: and also
construct and equip 5O0-horse- power
steam plant, SO water power and steam
plant shall be under one roof.
Il will rebuild the road the whole
length. using Girder rails through the
paved streets of Waterville and use new
so pound rails where necessary. | will
extend the road from foot of Plains up
past the cemetery to Silver street. up
Silver street to Elm, up Elm to College
avenue, making two miles more track
using new material where necessary.
| will also equip the road with two new
S-wheel, 12-bench open cars and TWO
new Lox cars of modern patterns, all
four cars to have eight wheels and new
II will agree to extend the lighting
plant by introducing 3000-lighting alter
nator. besides all ordinary repairs to keep
the plant up in first-class order. | agree
to construct and equip the steam plant
before the terms of a certain competing
keep my books open for the inspection
of the bondholders. and expend the
money on the plant as fast as receipts eX-
coed expenditures. | agree to pay the
on the Horse Car Railroad bonds.
$40 600 $1,000 per annum: and on the light
ing plant bonds, s25 900. $500. to protect
second mortgage bonds in their equity
rights.
ESTIMATED COST OF IMPROVE
MENTS
Floating debt. May ................ ST., 600
Steam power plant ................. 10 900
Setting three wheels. purchasing
one OBSERVATION-DISCLOSURES. 5000
railroad .............. 10000
Four new cars Observation-Disclosures. 5000 |
interest on $i5, 900 bonds . 200
Interest on $4,000 bonds .......:.... 200