Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-03-28
MAYOR RECEIVES PRosPoslTIoN
ON UTILITIES PLANT. WITH
OUT STREET CAR LINE.
WITH $4,000 FROM TAXES
CITY COULD PAY FOR II
Mayor Submit, Plan to Buy the
Plant In Seven Years Provided Earn
inss Would Increase to $4,000 Per
Annum-Jonss Asks $4,000 For His
Good Will.

Mayor o. L. 1ngledue has been fur
nished with a written PROPOSE
ton from c.. D. Jones, president Of the
Marshalltown Light. Power and Rail-
way Company, to sell Its electric and
gas plants, exclusive OF the street rail-
way lines, to the city upon the install
ment plan The price asked for the
property Without the street car lines
is s245,000, plus the betterments re-
Gently made which are estimated at
$4,000, making the total figure $685.
900. and Jones & Hoyey keep the
street car lines which the city may
take over at any time at 100000 more.
The mayor interviewed each of the
councilmen today setting. before them
his plan to pay for the property out OF
it's earnings in seven years. He re-
ceiyed encouragement for the general
plan with some objection to the size
Of the price named. ~
Mr.. Jones asks $325,00o for his prop
erty without the street railway. He
bases his price on $2S5,O00 for the
whole property as offered to Darling
last fall, plus $4,000 for betterments
since, and less $4,000 for the street
railways lines which he does not in
clude in his offer to the city. This
makes s325,O00 for the purchase price
and is based on $245,0 900 for all Of the
property except the street car line as
1t stood when offered to Darling The
engineers who have appraised 1t have
valued this much Of the property at
$15O00O actual investment. The diff
ference, or $4,000, is the bonus which
Mr.. Jones asks Of the city. All he asked
of Darling and others was $4,000 bon
us and that price up to date has proved
prohibitive.
The mayor has prepared an estimate
as to how the purchase could be hand
led. He states at the start that the
net earnings are $4,000 per annum
and assumes that they will grow to
S56 900 per annum in the seventh year.
BY levying 5-mill tax each year, real
izing $4,000 in the seven years, he
can come within $4,000 of paying out
at the end of that time on within $685.
900 Of it out Of the earnings provided
the earnings increase to s56,0OO per
annum as he estimates.
Councilmen Hull, Mccarte1. Herman
and Gregory delivered today to M. W.
Jones, of the company, stating in writ
ing that they would vote to adopt all
of the Hull ordinances tonight unless
Mr. Jones should offer IN writing to
permit the council to put expert ac-
countants of it's own choosing on the
books Of his company to ascertain full
information as to his earnings. They
argue that their ordinaA0es will, hasten
more favorable negotiations in the
mayors deal and in that way help the
mayor rather than interfere with his
plan, and that in the event that moth
ing comes of his pain the rate reduc-
lions will have been adopted to take
effect May 1.
Mayor Says Up to Council.
Mayor Ingledue, when seen this af-
ternoon. said that he did not care to
say anything as yet as to the general
plan for the purchase excepting what
is already known. He declined to say
what the offer Of Jones & Hovey was.
saying that he thought best not to
make the deal public as yet.
The mayor said that while he had
carried on the negotiations thus far the
matter was now up to the council, and
that any further deal, in the event of
purchase, would be in the hands of the
council. IL was also up 70 Clle CouuCll
to get the best rate out Of Jones &
Hovey that it could.
Says Price is Too High.
The mayor says that the price asked
by Jones & Hovey is too large, and he
is in hope that they will come down
to such figure that the city can af-
ford to buy it. He considers the plan
he has worked out, with Jones &
Hovey's price as a basis for the figures,
is perfectly feasible. In this, he said.
the members Of the council he had seen
up to that time, agreed with him.
Action on Ordinances. Withheld.
The mayor has requested the council
that It withhold any further action on