The semi-weekly messenger., 1907-09-06

thought they had no right TO decline
to make the report public.
Alderman O'Brien suggested that as
the board had already voted to refer
the matter back to the committee
that no action could be taken tonigh-
and hence he thought the discussion
useless.
Mr. BelAmy asked Chairman Wood
TO read the letter he had received from
the Clarendon company in regard to
the proposition made to them by the
committee. The letter was as fol-
lows:
"Mr. T. w. Wood, chairman Water
works Negotiating Committee, city:
Dear Sir-We beg leave to acknowl-
edge receipt of your letter of the 9th
from your committee making the prop
osition on the part of the city to us
to sell Our plant. In reply We will
say that we will be present at the
tomorrow night as agreed upon with
your committee with a counter propo-
sitiOn, as outlined to you at our re-
cent meeting, which we will respectful
ly submit through you to the board.
and which we hope will be acceptable.
I'm the meantime We remain
Yours very truly,
clarendon Waterworks Co.,
"W. F. Robertson. supt.'.
Mr.. Bellamy said that SO 1-2 per cenc
Of all the stock Of the company is
owned by ladies and that he was here
representing their interests. He said
it would be impossible to accept $125,~
600 for the plant as that sum was en-
tirely inadequate. More than $500, 900
he continued had been expended by tho
company since it started in the bus-
ness.
He recited briefly the organization
of the company at time of great finan-
cial depression when four patriotic cit
izens got together, ran their hands
down in their pockets and established
anc built this plant, al time when no
one would put any money in any enter
prize. For years not a cent was re
ceived on the investment, every do
lar of the earnings having gone right
into the plant to increase or improve
1 it and it was only within the last four
or five years that any return whatever
has been made the net earnings hav
ing varied between $4,000 and $4,000
during the past five years. Mr.. Bella
nay argued that there were also some
contractual relations with the city
which should prevent the establishment
Of a rival plant by the municipal gov
ernment. He asked only that the CON-
pany be treated right and fair. He
referred to the contract which exists
between the city and the company
and that under section 10, the value
of the plant, if the city ever desired
to buy the plant, should be determined
by two appraisers both of whom should
come from out the state, and if these
two could not agree a third could be
appointed to act as umpire. The COM
pany, he agreed, was willing to that,
to get only fair treatment He said
the company was willing to take the
reports of Mr.. Ludlow and Mr.. Hazen
and reach an agreement Of value bas-
ed on their findings or to have the
terms of the contract adhered to. He
admitted that the city could establish
an Independent plant, when the con-
tract had expired, but two plants could
not be run at profit in this city and
| it would be unfair to those citizens
| who had come to the rescue of the
| city when it was in distress, and the
| sensible and proper thing to do would
| be to get together as business men
and agree on fair valuation. Mr..
Clarendon company gave the valuation
of the plant after allowing for depre-
citation at s19S,27O.
Additional value is given by the fact
that the company is a going con-
Germ and is earning money every
year. The lowest estimate put by Mr.
Hazen as to the value of the plant is
$3.50, 600. while Mr.. Bellamy said he
| had been informed that the citys eX-
| pert himself had valued the plant at
| S202 900 and yet the city only offered
SIZE, 900. The company is putting it's
net earnings back into improvements
and betterments.
The city has the right, continued the
attorney, by the exercise of eminent
domain to condemn the plant and take
it from the company, but even then a
fair value has to be put on the plant
and the company would willingly sub
mittothe values agreed On by experts,
but the offer of s125, 900 is refused
Alderman Bolles referred to figures
used in the argument and then spoke
of the inadonuata condition of rho Mo n