The star. (Reynoldsville, Pa.) 1892-1946, 1900-01-03
READY TO ISSUE BONDS.
Citizens of ReynoIdsvi!Ie will be Civ
en- an Opportunity to Invest.

Golding, of Branford Conn, who will
take entire charge Of the operation OF
the plant. Mr.. Golding is now super
ntendent and general manager Of the
Branford Electric Light und Water Co.
and stands well up in the front In his
profession. We can feel assured that
he will put our lighting plant upon
high plane of efficiency. Mr.. Golding
with his wife will move to our town in
about three weeks, taking entire charge
of the plant from that time.
Mr. Ferrin informs us that the com
pany are now ready to issue the bonds
authorized by their charter and pursu-
ant to his promise he offers the citizens
of our town an opportunity to purchase
limited amount of them. We publish
a circular which the company have pre-
pared which will explain the issue bet
ter than we can. We commend II to
the attention OF our readers, as follows:
The installation OF the plant OF the
Reynoldsville Electric Company is now
come when 1t becomes necessary to is
sue the Bonds for which provision was
made in the charter.
When Mr.. Ferrin appeared before
| the councils OF the two boroughs and
| asked for franchise for furnishing
electric light, heat and power, aud a
contract for lighting the streets OF the
two towns with electricity, the chief
objection made to granting him these
franchises and contracts was, that 1t
was unwise and unnecessary to give this
matter over to company of men living
outside OF Reynoldsvile. Many of the
citizens seemed to think that the busi-
ness might be established and carried
on by local men and home capital
Notwithstanding this evident desire
on the part of your town for local own
ership, however, the franchise and con-
tracts were given to Mr.. Ferrin, and
later were by him transferred to our
Company. 1t has been the intention OF
the gentlemen who are back of this
enterprise to invest their own money
in the bonds Of the Company when is
sued and they are now prepared to do
so; but remembering the feeling of the
people for home ownership, they have
decided to offer portion Of the issue
for sale locally. To the end that all
may understand clearly and fully the
condition under which these bonds are
issued, we will state the following facts,
to-wit:
The Reynoldsville Electric Company
have fifty year franchise for produc.
ing and selling electricity for light
heat and power in the bOroughs OF
Reynoldsvile and West Reynoldsville
They also have contracts with the two
boroughs for lighting the public streets
with arc lamps for the period of ter
years at the rate of $4,000 per year pei
lamp. BY action of the councils Of the
two boroughs the number Of arc lamps
to be used was placed at "a for begin
ming, others to be added as the need for
them developed.
The Company has authority under its
charter to issue bonds to an amount not
to exceed $25, 900. 90 at such rate OF in
terest as may be deemed best by the
Directors. Acting under this author
ity, they haye decided to issue pei
cent 20 year bonds, the Company reserv
ing the right to redeem any Of the bonds
January lst, 1905, or any interest date
thereafter. Interest Is payable on the
first days of January and July in each
year on presentation of the interest
coupons at the Banking House o
Seeley, Alexander & Company, Reyn
oldsville, Pa.
AS will be observed the Company ha.
an assured income from the two Dor
oughs of 100000 per year, payable
quarterly, according to the terms Of the
contract. We will not find 1t necessary
probably, to issue more than $l7,OOO.O'
of these bonds. To pay the interest Oh
this sum and to provide sinking funt
to pay the bonds when due, will require
only 81, ,760 per year, which is fully pro
vided for by the payments due from thu
two boroughs. These bonds are Sc
cured by first mortgage upon the lot
buildings, machinery OF all kinds ant
the franchises and contracts above re
ferred to, and all other properties O
whatsoever kind or character belonging
to the Reynoldsville Electric Co, draw
, payable to HI. Alex Stoke OF Reynolds
vile, Pa, as Trustee, for the holders G
the bonds, and the interest and sinkin
fund payments are paid over to Truste
, quarterly at the time the money on tn
contracts with the two boroughs is pal
, to the Treasurer of the Company.
This course renders these bonds equt
: in security to bonds OF the borough
Being based upon contracts with th
y two hOrOuphs thew become practicall