The San Francisco call., 1898-02-12
VIEWS OF THE BOARD.
Some Members Are Decided,
 Some Are Waitind.

Some Members Are Decided,
 Some Are Waiting.
 Mayor Phelan-There are two ques- tions which should be carefully con- sidered
 Is not per cent a fair rate of inter- est on stock? Are operating expenses and cost of permanent Improvements wisely and economically made for the purpose of supplying the city with water? These answered, rate should be fixed that would yield not more than 5 per cent. on the stock actually issued for legitimate and necessary purposes.
 Five per cent is rate of interest considered to-day full and fair for this class of securities, and no one can seriously dispute it.
 Supervisor Morton-Under no circum- stance will I vote for an increase of the rate. The question of a scarcity of rain or a limited supply of water in the company's reservoirs cuts no figure in this case. That is matter effecting the company itself, and not one that the people of this city should be made to make good for the benefit of either the company or its stockholders. Under existing circumstances, and until have something more to guide me, I am disposed to let last years rate stand. 1 consider the stockholders en- titled to at least per cent interest on the stock.
 Supervisor Dodge-I intend to live up to the pledge taken when I accepted the nomination for the office which now have the honor of occupying. I stand now as 1 did one year ago when this same question was before us. I will, however, hear what the company has to say on the matter before I de- eide on my vote in the committee and in the board.
 Supervisor Rivers-I will be entirely guided by the testimony and the facts adduced before the board during this investigation, and will vote accord ingly. Corporations have rights as we'll as the people, and it is our duty to deal fairly between the two in fix ing the rates.
 Supervisor Sheehan-I intend to live up to the pledge taken, and I will be governed a good deal by the represen- tations offered before us during this in- quiry. l consider last years rates fair in the then existing conditions. Whether there is any change since that time that would cause me to think other wise now remains to be developed dur ing this investigation.
 Supervisor Delany-I will deal fairly with all parties concerned and will be In better condition to judge of the matter when the inquiry Is concluded and when the company has had an op- portunity to be heard
 Supervisor Haskins-I decline to ex- press an opinion on this question now In other words, l prefer not to be in terviewed.
 Supervisor Lackmann-Last years rates fixed per cent rate. I am in favor of reduction. The rates are too high, more particularly one the small householders. consequently will favor a greater reduction, and so vote.
 Supervisor Devany-I will he entirely guided by the testimony and the con- dftions as they are presented before us It would be too soon to ask me how I should act on this matter until I hear the question fully.
 Supervisor Britt-I will be governed by the circumstances and condition of affairs as they are presented before me. I am inclined to favor last years rates as being fair and equitable to the people and to the water company.
 Supervisor Rottanzi-I will favor the same rates as I did last year. These I considered then. and do still, as being the only ones that this board should have adopted Had it done so greater satisfaction would have resulted all round. 1 see no reason to change my mind on this subject
 Supervisor Smith-Being absent his views could not be obtained.
 Supervisor Clinton-I have no reason to change my mind from the position l took last year on this question To me the people come first and the cor porations next. I agree with those that favor giving the stockholders a fair percentage on the capital invested I think it would be unjust to crowd them, so to speak, to the wall, simply be- cause they are stockholders. If the water company makes such a showing as will justify me in voting for a reduc- ton from the present rates, why will only too cheerfully vote in that way. But, I will certainly not vote to in- crease the rates they are, to my mind, too high as it is. In the meantime the company will be given an opportunity to represent its side of the question be- fore the rates are fixed.
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