Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-09-08
| am willing to extend the time for the
pay of the cash price to February 1,

| 1904 :
second'-With regard to the payment by
| us Oh reduction of $4,000, / do not fee
| t,iat should give any answer at this time
oh June IL. last. l received Telegram
signed by the mayor and solicitor for the
eltS' saving: ''1'he city will pay S2To,0oC
lor waterworks property. Will the com
panS accept?" to which replied in the
aihfmative. Nothing has been done since
tpat time, so far as complying with that
proposition is concerned, except the sug
eestion contained in the letters above re-
ierred to from yourself and Mr. Hutchison
that we should take less No ordinance
mas been passed: no official action has been
taken by the council. We have the as
snrancc of the mayor and the city solicitor
| mat the city will pay S2T0,O00. / suppose
that was official. and now we are asked
to take $4,000 less. If we say we will
how much less will we be asked to take
by and by.
desire in every way to facilitate this
transaction, hut it certainly seems to me
That something besides talk is needed Mt
the Ott,lmwa end The matter seems to
me perfectly plain. The interests of tho
city and ourselves should not be antagon.
istic. we nave eithe" to lie down together
IN the same bed or we have to separate.
Our people very much prefer to separate
Mt reasonable price. They have no de.
sire TO invest any more money unless 1t be.
comes necessary to do so. but if It is nee
essary. they want to be raising their funds
TO Know where they stand and to do the
best work to put the works in even n bet.
ter condition than we have ever talked of
This Is the proposition which / have laid
before our people: $4,000. and there is
no use of my talking to them about taking
So,ooo less until the matter is closed up.
In our board of directors and on our
committee. tho ma tn, ~,
OF handling municipal bonds and are well
aDle TO Judge of the values of such bonds
IN market such as has prevailed during
the last three or four months and still pre-.
walls and they fully realize that if it were
not for the decision of the circuit couxt of
appeals in the case which our company
brought against the city, the city's five Nor
cent bonds would be worth in this market
"a premium, but that with the decision as
It is, cloud is thrown upon the bonds so
that many houses would not handle them
at all.
| can, therefore. answer the second prom
ositlon only by saying llat when the city
does something definite and passes this or
dinance. we will facilitate the raising of
the money in any reasonable way. But MS
/ have said we do not feel like accepting
the proposition, having nothing done, and
then being asked to accept something diff
ferent.
If somebody came to us and offered us
the full cash, a different question would
be presented.
If 1t will facilitate the transaction in any
way, should suggest that some of your
responsible citizens should purchase the
property from us, paying certain amount
IN cash and the balance in good bankable
paper secured by mortgage upon the
property. We should be willing to take
for portion, paper running long enough
TO cover such time as is reasonable even
although 1t is beyond February /. Your
citizens residing in Ottumwa are in much
better shape to deal with the city than
we are at distance. You are naturally
not so distrustful and would be likely to
fare better than we would
at the expense of writing a somewhat
long letter. / deem it best to state fully
and frankly our reasons for urgency in
coming to some conclusion and in fixing a
time for final payment at the date you
mention, February 1, 1904 Our people re-
allied two or three years ago that it was
necessary at an early date to make quite
extensive improvements and we had, in
general terms, scheme of the same in
mind Among other things, was the install
lation of new pumping station as soon
as it could be put in and the enlargement
and improvement of the filtration plant
The installation of the pumping engine we
L
October /. last, there did not seem to be
any immediate necessity therefor and even
then the necessity was at some distance,
and in view of certain things which the
city desired to have done and made sine qua
non. we did not mention in the ordinance
the installation of this engine. but inserted
clause that permitted other improve
ments than those mentioned to be made
by the consent of the council at cash
cost thereof We had the figures, however,
for four million gallon engine of the best
improved type by e. p. Allis & Company,
so as to run by either water or steam, or
partly by each. The steam ends would
have been compound condensing, so as to
run at the smallest possible expenditure of
coal. The engine was an expensive one,
aside from the foundations and setting,
costing about $4,000. In the condition,
however, in which we were two years ago,
with the franchise soon expiring, with III
offer on the part of the city to give us
$4,000 for our total property or build new
works, we did not feel justified in putting
any more money into the property.
/ went to Ottumwa last August feeling
that the people ought certainly to be alive
to the necessities of the situation. 1t was
impossible to get any action except post
ponement and delay. ! returned again in
September and again in November and in
December, without any results whatso-
ever. We knew the crying necessities of
the case better probably than anybody
else and had we been able to get action
last December, we probably should have
expended upwards of 100000 by this time
in improvements to the works. We do not
feel like continuing this state of things
We desire, If we are to keep the works, to
90 ahead and improve them. If we are
not to keep them, we desire to close it ur
and not let them run down on our hands
and it is with this in view that I have
said that the interests of the city and the
interests of the company are the same in
requiring speedy action If the city does
not desire to buy now, we are still open tc
have the city pass franchise in the form
agreed upon. and with q clause allowing 8
cash purchase on or before February 1
We cannot make that time longer to the
city because we must, by February ]
begin to engage our material, if the city
does not buy. Whereas, we can sell to citi
zens and take their paper and turn the
property over Immediately.
The sale, under the mortgage foreclosure
of the income mortgage. takes place OF
September u. / have to be at Springfield
ILL.,. on September Is, and shall probably
be there two days and i can arrange to e,
to Ottumwa Immediately from Springfield
If l am 50 advised by you, and / think w,
can deal better face to face than we car
by letters. ] shall. in the meantime. an,
some time this week, have a meeting of on
committee and board of directors, so tina
| in case | go there, / shall be prepared t.