The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-27
WATER WORKS PLAN T
To CHANGE OWN
ERSH|P
Wake Water Company Incor-
porated to Garry Out
Change.
OWNERS ARE THE SAME
The New Company Acquires Plant to
Give Stock a Fixed Market
Value.
OWNERS ARE THE SAME
THE CAPITAL SFocK FIXED AT slOo, 900
Stock Holders in Old Company Were Liable to
Assessment. The Deed For the Sale
Of the Property viii Probably
be Filed Today.
be Filed Today.

The Raleigh Water Company is to
change ownership.
, The Wake Water Company was granted
articles of incorporation yesterday and
will acquire the water works plant.
The owners of the Raleigh Water Com
pany own the stock of the Wake Water
Company. The change in ownership is
all on paper and is made for the pur-
pose of giving the stock of the water
works plant better market value.
The new company, the Wake Water
Corporation, assumes all obligations and
contracts of the Raleigh Water Company.
1t also assumes the responsibility of the
bonded debt of the company. The deed
for the transfer will probably be filed
today.
The Raleigh Water Company paid
four per cent dividend last year and is
now considered a very valuable property.
The new charter removes personal liza
bility of stockholders, and will give the
stock fixed market value. The principal
owners of the Raleigh Water Company
are Col. A. 3. Andrews, Mrs. Tucker,
Mr.. Herbert Jackson, Capt. N. w. West,
MIR. julius Lewis and Mr.. Ivan Proctor.
The articles of Incorporation of the
Wake Water Company were filed yester-
day in the office of the Secretary of
State. The incorporators are Ernest
Haywood, Moses w. Woodard, L. A. NAH
Ter, John w. Cross, T. B. Crowder, E. b.
Balm, j. A. Jones, j. F. Ferrall w. J.
Andrews, Sherwood Higgs.
The authorized capital stock is $101 900,
Of 500 each. The company can organize
and commence business when $1,000 of
its capital has been subscribed for.
The objects of the company as set forth
are to conduct, transact and carry on in
all its branches the business of obtain
ing and supplying water for public, CO.
mestic. manufacturing, private and other
purposes.
The company may construct, erect and
establish or purchase or lease and main
tain in Raleigh system of water work
for supplying the inhabitants with water
for any and all public and private uses.
The company may build, establish and
nai~.- '~~'s, canals, water courses,
sand pits, distractions in and across
streams, wells, ponds and reservoirs of
sufficient area and capacity to furnish an
adequate supply of water 1t may build
and construct and maintain all necessary
pipes, mains, hydrants, conduits, etc. 1t
shall have power and authority to ac-
quire and take by lease. purchase, ex-
change or otherwise, and to own, hold
use and operate the water-works plants
of other corporations and the property,
things, powers. easements, franchise,
privileges and rights of any other person
or corporation, and especially of the
Raleigh Water Company, and may con-
tinue to maintain and operate any sys-
TEN of water works heretofore constructed
and now maintained and operated
The stockholders of the new company
met Yesterday and elected W. j. Andrews
president, preliminary to reorganization.