The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-05
-NoKEoLKsVIR WEDGEsDA ~ 81 TJAI, w.
LIT TIE c REEK WINS.
Concluded from second page, 3.

4
Third, we are to receive oil extensions
OF the original w orks Mt cost. In other
words, after using our new and mod.
| ern plant until they have worn out, the
engines before the expiration Of the
10 years, and have. placed pipes in the
ground In extension Of those already
there. and used them for years, fol
the purpose of deriving revenue there.
from, the city will have to pay them
the lesses, the cost OF all new work
| they have putiin to replace that worn
out by them, and take of their hands
foul and rusted pipe at original cost.
uhe hydraulic company, however
maintains that all bonds can be re-
funded at per cent. end that all sur
Plus revenue available at any time
should bear 4 per cent interest. or In
other words, the city could 30 into
| the lending business. Let us examine
| critically what this contention will, lea
| to If granted
Statement A, above referred to, shows
the result Of the application OF the
hydraulic company's method under
| the supposition that they have leased
the water works for $4,000 per annum,
whiie statement 3 shows the result OF
| the same method should the city still
continue to perform her own business,
fhey are offered In detail so that they
| can be examined by any competent
| hnancler or bookkeeper. rs TO their cor
RICHNESS. but are not embodied in this
report in order not to Unnecessarily
cucumber It, .rF M - -
statement a. representing the Fly
draulic company's proposition show tina
at:the end Of 1901 our bonded debt would
| ne S6bl, 200. our interest account Is, O60
dollars, and the annual surplus s6,94o.
| ADVANTAGES OF CITY OWNER
SHIP.
Statement 3. representing city owner
ship. shows that including the issue Of
S250,000 for Little Creek, at The same
date our bonded debt would b., s7S3 500.
our interest account $33,52O and our
annual surplus 100000.
At the end Of 1915, statement A shows
that our, bonded debt would be S536 O0o
interest account $4,000, and our annual
surplus sl3.940.
Q9l5) bonded debt OF S623, 600, Interest
account s35,52o, and annual surplus OF
VIZ, zao besides a balance in, the hands
or the Water board Of $953, OS6 40
AT the end of 1921 statement a shows
bonded debt amounting to $40, 24S. %,
'"lth interest account OF S17,96923, and
annual surplus OF $17,o32O7.
AT same date shows debt wiped out.
no interest account. and a balance In
''-N'ihS VI liS amounting to
81 ,927, $3.50.
At end Of 1881 statement shows
bonded debt s244, $685. interest account
S9.i94.54. annual surplus S35, 2O5. 46.
Sthtement b shows no debt, no inter
est, and balance in hands Of board of
sS:4oS.s6S'92. and annual surplus of
al END OF 1871 statement a shows
"ohos wiped out; annual surplus S35 900
Of
Ter works in the hands of an alien cor
pofation. out of whose grasp IL would
oe impossible to recover them without
issuing from eight to ten hundred
thousand dollars in new bonds.
NiAtie sthnement B shows at same
aate the water works, with no debt
uus Win S6sSl ,572.29 in the treasury
ana an annual income of SlS2, 500.
This would enable us to wipe out oil
our municipal indebtendess nav n
handsome dividend to all previous tax
payers, We do not claim that the
apoVe method is correct, or THAT tho
result IN either instance Is what II
aotuaiSy would be. but have simply
worked It ont TO show the fallacy OF the
method Of This proposition.
nhe Hydraulic Company, through
l's president, Informs us that II would
use our present works as far as they
n
ply temporarily from driven wells
knowing. as we do the honalcssness
or obtaining supply from the driven
wei system. together with the fact tha',
the president of this Hydraulic Con
strucsion Company, when requested
by your commission, refused to dis
close to them the source from which
ms company intended to secure an adj
dihional and permanent supply of wa
ter, and when asked further If they
would not dam and use Little Creek.
answered that his COMPANY would re-.
serve that privilege. and for reasons
1uily set forth and shown in papers a
and Is. hereto attached and made n
part or this report we do not think
the proposition of the Hydraulic Com
phny worthy Of further consideration.
DISMAL SWAMP SCHEME.
The next offer is that of Messrs. San
ford &; Brooks, who made three pro
posals. First, to supply the city with
water from the Gmerton level Of the
Dismal Swamp canal, the level to be
1upplied from Deep Creek. and the
partial waA:e from the Deep Creek
lock Of the new canal
Waving any discussion as 10 the de-
fiEapnfty OF such water supply, their
OFFER means that after getting wa ter
Tor $4,000 Per annum for years, we
WIFI have to pay $4,000 for another
years, and 100000 per annum there
after the city having the privilege OF
oap!talizinE the annual payment and
acquiring the RICH: to use the water
for cash payment OF 100000, If 4
per cent. is adopted as the basis, or
S50O,O00 II per cent. Is the basis.
rms, on the lower basis, IL $I50, 900
more shan we can acquire Little Creek
for. besides putting in n complete filter
plant Again, to use the water we
would have TO lay 4 &c inch main