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

4 II IIdIlCIllSc - 10 DC SId1llcQ
at any time within the next two
and a half, years that being the
time at which the present fran
chise granted to Mr.. Simons, and
now owned by William ]. Vesey
| Trustee, and held under contract
ual arrangements with the said
Vesey Trustee by Mr.. Snoeberg-
er expires, then the only question
is as to the merits of the fran
chise and for the present that is a
matter | do not care to discuss /;
but should the time ever arrive
when the franchise ought to be
seriously considered | believe adj
ditions thereto could we'll be
made, and certain things therein
contained we'll eliminated, if the
council would best subserve the
Interests of the citizens and tax
payers.
But | believe that there is a
more practical way for the city
of Plymouth than to grant any,
one franchise, except such as
may be necessary for the time be-
ing to company to be organized
the object of which will be to
give the city practical ownership
from the start and ultimate actual
ownership in the end.
| understand that our present
city Indebtedness is in the neigh
borhood of $27 800; if that is true
it necessarily prevents us imme-
diately owning plant, or from
buying the old one; yet with a
rigid economy for year or two
with an increased taxable valua-
ton, the city might be able with
in six or eight months prior to
the expiration of the present
frnchise to be in financial condi-
ton, either to purchase and inn
prove the present plant, or to
erect and maintain a new plant in
Plymouth.
| But assuming that we desire to
act say one year before the ex-
piration of the present franchise
what can be done?
| Under the law of 1905 concern
ing public utilities the city has
the right to take stock in electric
light plants or corporations or
ganized to furnish electric light
to the city and its people.
| The plan that could be follow
ed is as follows:
| Organize an electric light and
lpower company; say for example
with capital stock of $4,000, a
sum sufficient to erect first class
plant suitable for the purposes
intended in this city, and more
than would be required to pur-
chase at real value (not counting
franchise) of the present COM
pany their plant and make all
necessary additions and improve
mentS.
Of this capital ler us say $4,000
be common stock and $4,000
preferred stock, the city taking as
much of the common stock as its
then financial condition permit
ted, and in the article of incor-
poration and in the stock sub
scriptions let Sec. 500 r. S. 1894
Burns govern said Section read
ing as follows:
i (Acts of 1889 page 91) THAT
the subscribers to the capital OF
any company, corporation or vol
untary association, organized for
the purpose of furnishing natural
or artificial gas for fuel or for IL
Illuminating purposes, or for fur
nishing electric lights or water to
the citizens of any village, town
or city within the State of Indi-
ana, may, by written stipulation
Iat the time of making subscrip-
tions to the capital of said COM
pany, corporation or voluntary
association, agree with said COM
pany, corporation or voluntary
association, and with one anoth-
er, that the power of voting and
holding said capital stock may be
| irrevocably given to a board OF
trustees, or majority of them,
which said board of trustees may
be selected in such manner as the
: articles of incorporation may pro-
vide"
i Ny idea being that the articles
should provide that this board OF
trustees should be selected and
, appointed by the common council
of the city in order that at all
, times the city's rights should be
thoroughly and we'll safeguarded
Assuming that within say a
year and half the city should be
able to take from $4,000 to $4,000
of this common stock as its fnan-
ces might warrant, the balance
/ of the stock to be given or rather
. sold to the subscribers to and
purchasers of preferred stock in
such proportions as they may
have bought the preferred stock
Let the preferred stock draw
interest at the rate of six per
cent per annum, payable if advis-
able semi-annually, or annually
said stock to be subject to re-
. demption at par at such time or
times and upon such terms and
conditions as shall be expressed