Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-04-02

the past IS years, ana covered cost "a
constructions revenue and EXPENSES
The cross- cx,mina ton by Mr.. Heath
had not concluded when the afternoon
session came to a close, and viii be
continued this morning.
The first witness of the day was ,. C.
ManIcy Of Augusta, who testified as
follows: Am president Of Maine wa
ter CO. and since Nov. l., 1899, have had
practical management Of its SIX plants
Since Nov B. 1903, have been treasurer
Of the Augusta Water 60. Am not an
owner of its stock. Have made careful
fluctuations from the books Of the com
pany for purposes Of this hearing. me
capital stock is now $4,000, OF when
s25 900 was of original issue in $40, ana
$22J, 900 issued by present company III
1883. The outstanding first mortgage
bonds are 100000 issued in 1887 ana
1855 There are also $4,000 i'll secured
mortgage bonds, issued between 1899
and 1907 The floating debt is $ll ,oOo
This and the bonds bear interest at ,
Der cent. The books show that the
original construction cost was S41,2O6
Of this 81, 600 was paid for the john
son property; S250,000 to JOS. WesCott
& Son for building Augusta system
s15O00O being in bonds and $4,000 in
stocks; sz16.0OO to same firm for To-
gus extension, $50. 900 being in bonds
and $l5OdO0 in stocks. and the balance
i'm small items. Since the original con-
structiOn cost in 1SS7-SS new works and
extensions have been made bringing
the construction cost to date So6.ST.
This is as it appears upon tn" books,
and | have no personal knowledge of
the expenditures. The total additions
of the plant since 1858 have cost $3.50
The dividends paid have reached a to-
tai Of $l02, 800 The first dividend WAS
one of , per cent. in 1892. The rate has
been increased to per cent ut the pres
cnt s"mi-annual dividend, Jan. 81, 1903
was $3.50. The total bonded and float
Cd debt is $2960o. of which S2S5,o0o is
in bonds ana 81 GOO in floating debt.
The capital stock of $4,000 and the
bonded and floating debt are now pay
ing :. per cent. There is surplus over
the dividends for each year that divi-
dcnds have been paid. The operating
EXPENSES in 1883 were $23l3 and the in
tercSt was $685.. In 1903. tn" opcr-
ating expenses were $3J,S and the i'll
tcrcst Sli.S31 The expenses Of that
year include fitting up the new Office,
about $1:G5. The net earnings of the
company were ST. sos for the year 1903.
For 1SSS the net earnings We're 81 49,
The books do not always distinguish
between receipts from the Augusta Sys-
TEN ana the Dcyinc system. Tn" totals
Cf expenses given here do not inCluIc
the rent paid for Dcvinc system. The
salaries of the treasurer, Supcrintcn-
dent and this in the Office make an ag
Srcgate Of $210n per year. I'll" cstimat-
cd revenue for the year ending next
June is S2S. AZ? of which all is collect
ed except 1920 and most of this is due
from large takers. The operating cX-
pcnscs for this year are estimated ut
SS;76, leaving the net earnings $29,9I3.
The average gain in rcvenu" per year
for the past five years has been $lO3j.
This does not include the increase Of
$1,000 in the Tocus rate. The cstimat-
cd revenue for the year ending June
80. 1905, is s39.i4O, and the estimated
expenses. $S3l1. leaving net income of
S31 .13I. The estimated expense for that
year is the average of the past five
years. There are $40 takcnr paying less
than S.: ii3 paying IS to $40; 60 paying
so TO so and 22S paying $50 to $50. This
makes 2nl5 takers ut the scheduled
rates. There ar" many large customers
for whom special rates are made. chief
among these are the city of Augusta,
paying s!35i: National Home. $500:
Insane hospital. $1,000: stat" House.
$500: Maine Central X. r.. $500: Ken
ncbec county, $3.50; Augusta house.
500; arsenal $500; Augusta Lumber
co. $50. post office, s2ao.''
At the opening of tn" afternoon Sos
sion Mr. Manlcy resumed the stand to
complete his direct examination:
"Thcrc are about $50 houses along our
pipe lines still unsupplird with water
from our system. and 100 houses ON
streets whCr" our pipes are not laid.
Tho sanitary inspector tells me there
are about $40 vaults in this city where
there should be water closets. The
Augusta sewer system is being stead
lily extended TIL" city spent SS000 in
this work. last year. This extension
means the Introduction of more water
services. The Augusta Water co. has
152S taps On the mains ami the DeNinc
co. about 200. There are more takers
than taps. Tho revenue of the DcViur
system for 1903 was sl723 and the cx-
penSc Slol2. leaving net revenue ni
S'ii. ne expense includes the SlGOJ
rental. Tho net income Of this system
for lS'a. the first year under the lcls"
- was 1888. In 1897. as the result of cx-
tenstvc repairs on the reservoirs. the
net income was only sli5 The OK
penSe since 1890. exclusive of the an
nua' rental Of $1,000. has reached 1
total of Sl1il"
When 1t came to the Cross-cxanira-
ton Of Mr.. Marley. Mr.. Heath tool
the early record hook OF the directors,
which MIR. Mapley had. hrought int,
court. and by CONSENT of the court an,
counsel read many extracts from tn,
minutes OF the meetings in 1885. 1856
1887 and 1855. showing the organiza
tion as il then existed. ana the vote
authorizing issues of stock and bond
and authorizing contracts with Nj
WeScott for the construction of tn
works. The company had three direC
tors at the start in 1855. ]. r. Bodwel
Daniel A. Cony and Oscar Holway
Later the number was Increased to fly,
Mr. Bodwell was the first presiden