The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-11-05
FRANK Z. HOWE. Editor and Publisher
Should Bennington Buy the Gas Plant

Should Remington Buy the Gas Plant
When the bond holders compelled
the appointment of receiver for the
Bennington Gas Co., the people of
this town did not know exactly what
would become of the property. 1t
now appears that the mortgage is to
be foreclosed, and the property sold
at auction to the highest bidder.
1t is reported and apparently with
good deal OF truth that the bond
holders take no interest in the proper
ty further than to get their money
out, and that the bidder most likely
to get the property will be Il. X.
Dunbar and his associates This will
put the property back to where 1t
was a year ago, except that the Dun
bar crowd will have it at great deal
less than its value, the Bennington
stockholders will have lost their
money, and Mr.. Colgate and others
who, purely through public spirit,
loaned money to the company, will be
out just that much.
The question arises and comes for.
ward for consideration, whether il
will not be wise for the village of
Bennington to itself buy the property
If 1t Is sold for less than value OF
course the average citizen knows
practically nothing about what the
value Of this business may be. 1t
cost to erect and install trihe more
than eighty thousand dollars, and in
the present condition of the property
under the management of Mr.. Richie,
as receiver, it is paying interest on
sixty-five thousand dollars and
promises to do steadily better year
by year. This income the receiver
has spent in improving the property.
The amount of the bonds outstand-
ing is forty thousand dollars and to
this must be added interest for one
year and the cost of the receivership
making the total of the mortgage.
claims probably in the neighborhood
OF forty-five thousand dollars. I'm.
less the village or some outside parties
bid on the property it is likely to be
sold for not much more than this
forty-five thousand dollars of pre-
ferred claims. What little it may
bring more than that will go to ]. c.
Colgate, who loaned the concern
fifteen thousand dollars. The Ben.
nington stockholders who put in
thirteen thousand FIVE hundred dollars
have long ago given up hope of gett-
ing anything back from their invest
ment.
The Banner does not advise the
village to buy the property at the
present point in the proceedings, but
it does urge that the question be
looked up thoroughly by the citizens
and by specially appointed village
committee that the municipality may
decide for itself, when the property
| Is sold, whether or not to buy it for
the benefit of the village of Benning-
| ton.
In the first place we want to know
the exact value and condition of the
property itself at the present time.
We should want it examined by one
or more men who can be trusted and
who are competent to speak advised
ly concerning it. Then again we
want to be assured that If the village
should buy the property 1t will not
be made bone of contention in local
politics. A municipality can never
run a business quite as economically
as private operation and in figuring
on a thing of this kind good margin
OF allowance should be made for this
reason.
In order to keep 1t out of politics
should the village purchase the pro
perty 1t could be arranged to put ii
into the hands of commission com
posed of trusted citizens to manage il
for the benefit of the village.
Let us talk the matter over and be
prepared not to jump headlong into
something we know nothing about
and on the other hand not let some
body have for song paying prop
erty that we might just as well have
for ourselves.
Coun,,ssnry GENERAL carpenter Den,