The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1906-10-16

tn system they we're not satisfied to
ge, bonds for the actual value =
money invested. but they went abroad
and issued something Ike $lg9.o0o II
bonds which represented no invest
mcnt Of money or material. anu
all these ,ear- consumers OF water in
Raleigh have paid extortionate prIcr-
for water - that interest could b.
paid OH watcrcd stock.
To issue 100000 Of ~atered
bonds ought 10 have satisfied r
moderate greed of franchise getters,
but the men who got the water fran
ch.se from the city Of Raleigh Were
NOT satisfied with 100000 Of watere1
bonds. They then proceeded to issue
100000 Of watered stock, and that
stock was virtually given away to
men who were favored by the COM
,,any. n 50. while dividends nave
been paid on that stock except
for q few years. the original holders
have been able TO sell ii at from TWEEN
" to forty cents in the dollar-Csom@
may have changed hands for fifty
cents i'm the dollar) and if the com
pany could get a new franchise that
stock representing nothing whatever
would have soon been worth one hin-
drcd cents in the dollar.
What gave value 10 the Watered
bonds and stock? Nothing that the
water company has don The value
IS due to the increase in the popula-
ton Of Raleigh and the increased use
Of water. And we have had the
spectacle Of the Wake Water Com
pany imposing a heavy tax upon the
necessities and industries and thrift
Of the people Of Raleigh.
The fight to end this imposition be-
gan last year. When candidates for
mayor and aldermen began to an
nounce themselves, The News and
Observer sent reporters to all the can
didates and asked them how they
stood on the city ownership Of the
water works in Raleigh. The success
full candidate for mayor declared him
self in favor of city ownership, and
that declaration was an important
actor i'm his victory. \ majority OF
the present Board Of Aldermen
also pledged themselves to
city ownership if elected. After
coming INTO office, the new city admin
istration requested an interview witt
the officers of the Wake Water Com
pany VITA a view to buying the pres
ent plant at a fair price. The waite.
refused to permit city
.~l., A. 40 -, Tho ,ln,,+ nr1 r,aIr 1
public their report. ana said the low
est price they would consider Wouic
be $4,000. which would represe1i
par for the bonds and fifty cents in tn
dollar for the stock, or they would toke
q renewal of their franchise and maxi
an insignificant reduction in the price
for water to The Board OF
Aldermen refused to negotiate upOr
any such absurd conditions, and ap-
pointed a committee composed o
Mayor Johnson, and Aldermen Herber
w. jackson, VIM. 3. Grimes and w. A
Cooper ito take all necessary step.
and action to ascertain the cost of the
establishment and erection of a waite
works plant by the city of Raleigh
to be owned and operated by sale
city. and further to employ competen
and skilled experts to ascertain suci
cost That action of the Board wa.
wise and received the commentators
of the people of the city. h commit
tee did its work Well and employed
two capable and expert gentlemen
who enjoy the full confidence OF tht
people. to ascertain the cost of puttins
in a new system hat would duplicat.
the plant of the Wake Water Com
lace Riddick and Charles Parks-die
their work thoroughly. Their repor
printed yesterday showed that tn,
present system can be duplicated 70
$143,95e. And the Wake Water Com
pany demanded that the city pa,
$4,000 if they bought the presen
plant.
If Raleigh grows. the time is not ia
distant when the supply from Walnu
Creek will not be adequate. The ex.
in to bring abundant, pure ate
from the Neuse River eve must g,
there, Soone or late.) for $229.45G-
or nearly 100000 less than the Walk
Water Company charge for it's small
plant. Why not go TO Neuse river
now instead of waiting tey years Whe1
We must go?
= Gentlemen of the Jury: Take tht
case.