The San Francisco call., 1908-04-09
THE ASTONISHING PROPOSITION MADE BY SPRING
VALLEY

II ELATIONS between the city Spring Valley
company appear have reached the OF deadlock
plainly the company does not way
mitigation of the absurd and impossible
propositions that the corporation has been making for year past
and anything the demands for concessions become exact
ing and unreasonable
The company says city, Either you
shall buy property greatly inflated price you
the paid by such figure will enable
recoup OF earnings losses by fire and earthquake
That fair statement of the propositions made by the
pany valuation OF S32OOOOOO assigned by Mr. Payson
nearly 100000 greater than that arrived by City Engineer
rns OF national reputation IN his profession deduc
ton OF some So Tor the Meced property made by the
corporation leaving S28O00OO0 the upset price plant which,
the declare quite inadequate its present condition
that by the time the supply brought up to at hand require
100000
significant bearing Payson's >upset
price, that the market value OF the whole property including the
Lake Mercd lands present quotations somewhere the neigh
100000 estimate prop
ey by Payon at $50 O00O00 The process by which
Mr. Paysons figures obtained The total
ply an average Of half dozen or more estimates made by hydraulic
engineers most Of whom paid large fees by the company
initiate the valuation The proposition made by the company
insult the intelligence OF the people of Francisco
only reasonable inference be drawn from that the corpora
ton does sell
The company makes alternative proposition which although
disguised extravagant
sale We incline believe that this proposal
pany really desires accepted brief they
OF which already twice high
average OF twenty-five American cities They ask for an increase
IS per the Of 1902 which the city always
taned high The companyas collected
o SIX in defiance OF the city ordinances For of the
intervening years obey covered by tenn
nuncons obtained from the federal but for least
year the series Injunction company
continued to collect the high just the
Now the company asks for per 1902
and promises that if this is granted the will pay
only per dividends and will put large part earnings
Improvements In word the Spring Valley
pany asks the find the capital required
installation Of plant and then pay their money
the stock holders of the corporation 1t
mpudent proposition made last the corporation that
should 100000 be applied capital expenditures for
the benefit OF the Spring Valley waterecompany.
The Call does know what may lie the bottom
he
satisfactory the company, but scarcely conceivable
that majority OF the supervisors be persuaded influenced
to vote for in addition the intrinsic injustice of scheme
pointed out the proposition shows the symptoms
well seered bunko 1t is significant instance the
FIRE insurance situation being worked for great
is worth The impression sought be conveyed that
ton peculiar San Francisco and due wholly water
supply AS matter OF fact the underwriters imposed
derenta all California risks whole state
without regard to local conditions This proposition asking
the property of San Francisco water plant
and interest their the stock holders Spring
Naley-ths proposition with game environment car
ries all the symptoms OF a crooked scheme.