Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-06-16


| that. l should be paid for just what
the property is worth, not what the
mortgage may indicate in addition to
| the real value of the house.
There may be, in round numbers,
| $325,000 to 1886, 900 in bonds of this
company outstanding and besides there
are $250,000 in stock which did not cost
the holders a single cent. If there is
not any money over and above the
amount of the bonds to be divided with
the stockholders, they won't lose any
thing. They put nothing in and they
will take nothing out. The stockhold-
ers will get every cent their due"
Mr.. Heath then referred to the Wa
tervile district case, as reported in the
Maine law report. He said Waterville
was going to China lake, although the
Maine Water Company in that city has
no such patronage as has the Augusta
Water Co.
IN the Waterville case" said the
speaker, Judge Savage ruled that the
value of capital stock should not be
taken into consideration. If the APP
praisers say that this plant is worth
100000, the bonds will have to be
scaled and Il proportionate part given
to every holder.
ut has been said that the purchase
of these works means merely change
| in ownership. 1t is said now that the
works are owned by Joseph H. Man
ley and when we buy the works that
they will be owned by Gov. Hill, George
e. Macomber and II. NJ. Heath. This
is not so. They will be owned by the
people of this city.
There wasn't a night last winter,
that 1 did not lie down and worry for
fear some of my four children might
take typhoid fever The fact that Il
person does not drink polluted water
does not save him from typhoid fever.
If he washes his hands, or his teeth in
it, he is in danger of contagion.
| when this bill came before the Leg
islature, last winter, Mr. Marley said
we should not have hearing He also
said that the gross income of the COM
pany was only $4,000 a year. I think
it is greater. | believe it is open to
proof that the gross income is $4,000 Il
year. The appraisers will consider that
the rates here are higher than they
ought to be. This will b" considered.
So will the question Of the amount Of
taxes paid by the company, which has
been illegally assessed for years. The
appraisers will make proper deduction
for this irregularity of valuation. When
this case gets before these three
| referees there will be some interesting
developments. The difference between
the valuation upon which taxes are
paid and the valuation as established
by the company is considerable. There
must then be taken out a sum neces-
sary to cover the loss from depreciation
of plant the wear and tear, and so on
When all these deductions are made the
appraisers will be able to determine
the actual value of the works. Whether
this plant was properly built or not will
be taken into consideration. You know
when these works were built they We're
not carefully constructed. The pipes
! were not properly laid; the reservoir
was not builtin a substantial manner;
in fact. it had to be built over again.
| You remember that. Applause).
| 81 want the people of Augusta to re
member that the court has laid down
the law as to the method of placing a
value upon the Augusta Water Com
| pany's plant. If an expenditure must
be made TO put this plant into perfect
condition the amount necessary there
for will be deducted from the value
placed upon it. If the works must be
improved the money will come from the
value of the companys plant 1t will
be considered in the assessment of it's
value by the appraisers.
THE appraisers will not, in my judg-
ment, assess the valuation at more
] SOI0
terville, Brunswick, Gardiner, cities all
| around us, have voted to take the wa
ter works from the companies in those
| places. Lewiston, before the per cent.
! debt limit was put on, built it's own
works Auburn went through the same
| trouble that we are now going through.
Bangor owns its own water works. All
are satisfying the people with pure wa
ter and low rates. Augusta should do
the same"
Mr.. Heath then spoke of the Auburn
fight, and stated that the rates for wa
ter in that city were much lower than
they were here. He also said that
when the appraisers valued that prop
erty they set it's value at $250,000 and
since that time the city put in 100000 |
more and went out and tapped Lake |
Auburn, instead of getting the supply !
from the Androscoggin as had been |
DONE The rates for faucet, water |
closet and bath tub were reduced from |
SIS a year to $40 a year. That's what |
public ownership has done for Auburn. |
Make your supply of water pure and |
reduce your rates and you will ensure
an increased revenue to the city," said /
Mr.. Heath.
IF no citizen takes water he has nothing |
to worry about from this Water District. |
The district has no power of taxation. |
The water takers will pay the bills We |
who drink water are the only ones inter |
ested in this matter Much laughter). |
That is why it takes in my friend Lynch |
and myself and leaves out the mayor |
(Renewed laughter).
III the plant is worth 900 to this |
company on per cent. basis, it is worth |
lust a scant million on BY per cent ba-