The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-17

huSiTy ike the United states Steel NoI-
porstion can be made a most successful
and benefcent feature for employees.
TO SECURE NEW MANUFACTURERS.
In these days Of strenuous endeavor and
competition among cities TO secure CONNER
cial advantages and trade, every sugges-
ton in that direction deserves considera-
ton. The competition in this regard is
such that no city can afford 10 rely i'm
plicitly on its natural advantages of loca-
ton, railroad connections. distribution, etc.
These count for much. but they may be
partially overcome by enterprise. energy
and combined effort I'm other quarters. The
situation i'm Indiana at present is such as to
invite competitive effort in securing the To-
cation of new manufacturing establish
ments. The location of the State in the
central West is itself an invitation to man.
ufactories which wish to get as near as
possible TO markets. Some OF these which
have been attracted by natural gas are now
looking out for new locations on account Of
the prospective failure of that fuel. Other
cities i'm Indiana, outside of the gas belt,
are bidding for these factories in a very
effective way, and it behooves this city to
bestir itself. Great as are the natural adj
vantages of the city from a commercial
point OF view, it cannot afford to rely on
these alone to attract new manufacturing
industries while other cities in this and
adjoining States are holding out substan-
tial inducements to secure them. 1t will
not do to depend on the power of gravita-
ton alone. The power of attraction must
be added, and the time seems to have ar
rived for doing it. The center of manu-
featuring industries has been moving west
ward for many years, just as the center OF
population has. The latter is now i'm In
diana, and the former may be at no dis
tant day. All the conditions are such as to
suggest the Importance of combined and
persistent effort on the part of the enter
prising citizens and business organizations
Of the city TO secure the location of new
manufactures. How to do it is a question
the solution Of which ought not to be rele-
gated to individual intelligence or private
enterprise. 1t should be considered as a
question of public and municipal import in
volving the permanent prosperity of the
city. and therefore more important than
any question OF transient conventions or
annual celebrations.
Discussion OF methods may bring out
many suggestions. but as a starting point
that Of State Factory Inspector McAbee is
worth considering. AS stated in the Jour-
ma! yesterday, he would have the citizens
of Indianapolis form a stock company with
a working capital of reasonable amount to
build plants for manufacturers who would
agree to operate them and buy them on
the installment plan, thus insuring a fair
return TO the stockholders and the ultimate
ownership of the plants by the manufac-
turers. Another plan successfully operated
in some cities is an incorporated electric
light and power plant, which, though in
form a private corporation. is in fact a
public one with all the advantages and none
OF the disadvantages of municipal owner
ship. The city of Grand Rapids, Wis, has
an electric light and power company or
ganized on this plan under a franchise
which contains the following provisions:
First-The company is obligated to regu-
late it's capital stock so that II can and will
sell the same at par to any citizen of Grand
Rapids who rents service from 1t. selling
to him one share, and only one share, for
each $3.50 annual rental paid or agreed to
be paid by such citizens.
Second-The company shall so regulate it's
rental charges, which shall be of a uniform
rate TO all patrons for equal services, that
it can and will declare a monthly dividend
to its stockholders OF / per cent. and no
more. TO be credited upon the rental serv-
ice, and the par value of the outstanding
stock OF the company shall never exceed
the actual value or Its plant exclusive OF
| dnX Valup that might attach on account of
| its franchise.
Third-When the earnings Of the company
are more than enough to pay its running
expenses, it's extensions and the dividend
above provided for. il shall reduce it's rental
charges so that its earnings will be just
sufficient to meet the above requirements
and no more, unless il be permitted by the
Common Council of the city 10 establish a
sinking fund for future reconstruction or
extensions.
a company like this could be utilized to
furnish cheap power to small manufac-
turers and is much preferable to the bonus
plan. a recent article relative to the op-
Grafton of the Grand Rapids company says:
Our company has been in existence three
years. We removed. or rather displaced,
an Objectionable private corporation that
had been running here for many years. rem
dering poor service and declaring an annual
dividend TO its stockholders of 10 per cent.
upon stock that was more than one-half
water. Our rates now, on the whole, are
lower and our service much better than
that of any city in Wisconsin that / know
of. Our monthly surplus earnings. after
paying the running expenses and L per cent.
per month dividend, are about $500. This
surplus Is applied TO extending the service
and paying that part of the original cost OF
the construction that was not covered by
the sale of stock. When the balance due
for the cost of construction is paid up, and
our extension expenses grow less, we will
have to reduce our rental charges or get
permission from the City Council TO estab-
lish a sinking fund. We have already con-
tracted to give day power, and We stand
ready 10 give power to any manufacture
at n cost OF less than 1 cent an hour pei
horse power. ana if the renter of this power
will take stock to the limit of his rental
service the cost of his power will be ma.
terially lessened.
This plan. like the other. is merely sug-
gestive. The point is that the time has
come for a combined. systematic and per.
sistent effort to secure new manufacturing
industries for the city.
A SCANDAL THAT
Recent developments I'm regard to the &C