The San Francisco call., 1910-08-31
Exactly What Water Properties
Does Mayor Propose to Buy?

a
completeness Put briefly Mayor McCartfys proposition is
that the shall buy the corporation
being $50 share and bonded debt of about
S secured by mortgage the property This would make
total of S30 for the whole property The Call believes that
no payer would quarrel with this proposition which
favorable than that submitted December of last
and only defeated by margin If the proposition in this
shape submitted with the and Of the
ratification by the electoral body.
Assuming that the made his proposition bndly,
Mayor McCarys proposition the city shall buy out the
capital stock of the corporation being
bonded debt of about S9OOO secured by on
1.-THE property This would make total $33OOOOOO
property The Call believes that payer quarrel
this proposition which favorable
December of last and only defeated margin
1t the proposition this shape submitted with the and
approval OF the water there need be much doubt that
will commend itself for ratification by the electoral body
The trouble that the mayors proposition by
showing financial history of the Spring Valley company
which quite incomplete and om important particulars
important they become bargain
That say the Spring Valley company the present
organized three separate distinct corporations
IT'S holdings III segregated form and these companies have total
share capitalization of So2000O00 They Suburban
water capitalized $28o0000 the City
realty capitalized at S4OO0OO and the Water Supply
company capitalized S0OO0 No explanation
ton has been by the corporation Mayor Mccarthy
ignores altogether 1t may be that the has decided
to treat this rather peculiar financial uge
SO informed the mayor but there nmaton this
the message.
The question then the city to get for the pro-
posed price OF S35O0000? Is it the whole part of the Spring
Valley property and if only part what part?
These questions which answered without DELAY
by authorized statement made behalf of the
The Call has always held that the
cisco buy the Spring Valley company still keeps
that position Mayor Mccarthy has get from the
company such terms he in his message he
great thing for the city but if the proposition
part of the Spring Valley holdings different matter as
to which further information will be required
The Call altogether differs from mayors opinion concern
ing the Heh Hey grant The city rights under the
granted by Secretary Garfield abandonment
these rights would forever damage in the
abandonment his matter is in regard involved nego
tons for the purchase of the Spring Valley property it's con-
sderaon determination neither pressing the
present tune 1t TACT question be dealt
generation because need of the c possibly
arise for at least 2 Before the exercise its
rights there under the Garfield grant exhaust the
capacity OF the Lake Eleanor At the
donmen OF the ct vested rights simply of question
be granted without dispute.
But III order to qualify for this the city exhaust
other existing pontlaes OF supply and OF these the Spring
Valley plant important factor If Mccarthy has sc
ceeded IN putting negotiations this end
has done great work for San Francisco.