The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-07-18

priority in payment out OF the as
sets of such company over the
common stock thereof, for the tull
face value, together with all ar
rearages of interest or dividends.
Let also the individuals taking
the common stock, aside from the
city of Plymouth agree that at
any time the Board of Trustees
of said Company as heretofore
provided to be the holding trus-
tees of the stock shall transfer
the same to the city upon pay
ment of the par value and such
interest or dividend as has been
paid the preferred shareholders.
1t is provided by the laws of
this State that such preferred
stockholders have no voice in the
management or affairs of said
company, nor can the preferred
stock be voted, excepting how
ever that such company shall not
have authority to convey its real
estate or mortgage any of its
property without the written con-
sent of the holders of a majority
of the shares of preferred stock /;
nor shall such company without
such consent declare any divi-
dend on the common stock that
will impair its capital. Such pre-
ferred stock shall not entitie the
holders thereof to any interest in
the assets of the company beyond
the part or face value of such pre-
ferred stock together with arrear-
ages of dividends due thereon.
Let such preferred stock be is
sued in small shares so that it
may be owned and purchas Ad
generally by the patriotic citizens
who desire to see ultimate owner
ship, and practical municipal
ownership in the start; and | am
free to say to the council so fa-
as | am concerned that if the citi-
zens having small and even large
sums of money to invest are not
willing to lend a hand and buy
this safe stock, they cannot have
much faith in municipai OWL
ship, and if after a sufficient lapse
of time to thoroughly canvass
the matter and offer it, enough
could not be subscribed to make
it go, then / think the council
would be justified considering
the propriety of awarding to COM
petitive applicants franchise to
the best proposition obtainable
in that way.
If the people are in earnest for
ultimate ownership this kind of a
proposition should appeal to
them, and in the end cheaper
light and the satisfaction that
goes with ownership will prevail
We have made an estimate Of
the probable receipts, expenditur-
es, and costs of operating a planl
as would cost approximately
$25 900, thus counting on a per-
feet plant, and not one that with
out the franchise rights, which
are expected to be donated by us
is in all PROBABILITY not worth
anything like such sum.
We have allowed $4,000 for
preferred stock, if it is all issued
then the interest charge on pre-
ferred stock per year is. s. 5000
The annual cost of coal,
estmt'd conservatively, 15a0 O
Cost'of labor and supt. .2200.0C
Cost of maint, includ re-
pairs, outside of labor
and coal. l............ 10000
Total expenses =. Sel'0.O,
The receipts would be
the city contract on the
price paid to the present
plant =. .S9G' D G.
Estimated income from
incandescent and busi-
ness lighting ...... .$72u0. .0t
Total receipts -. .$10S00.0t
Deduct per cent on
com stock not owned
by city say of an amt
half of stock ..... 270.0(
Leaves net receiptsS105300 0C
Deductug total eApend.. $4,000
Annual net surplus ..$4370.0C
If the business lighting should
be reduced from $1,000 to $4,000
per annum we still would have 4
net surplus over all of $217C
which in ten ears would redeem
all preferred stock and in IL
years absolutely make us the
complete owners of the plant
| believe these figures possible
of accomplishment.
The council perhaps has no,
given the thought of municipal
ownership the consideration that
it merits because they believe oul