Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1912-01-11
FROM MANAGER HAGARTY'S VIEWPOINT

| THUM WHNAuLN HAuhnl IILWEU UiN
General Manager ] H. Hagarty, OF
the Americus Gas and Electric Com
pany, was asked for a statement as
to the position of the company rela-
tive to the proposed issue of bonds =
the extent of $4,000.
Il have understood" said Mr.. Hag-
| erty, that statements have been
made, in opposition to our petition tC
the Georgia Railroad Commission, that
the actual investment of our company
here is only approximately 100000
Such a statement is without basis in
fact. AS a matter of proveable fig
ures our investment here runs be-
yond twice that amount.
"The new building and the new
electric plant, now nearing compile
ton, represent an outlay alone of ap-
proximately $4,000. This is one #
the finest electric plants, for lighting
and power, in any small city in Geo--
gia or the South. It would satisfy
the needs of a city of 10000 or NOR,
and was designed to give Americus a
perfect service and to promote it as
an industrial point, enabling MANI
featuring industries to secure electric
noWpr at reasonable rotnc
"The outside part of the electric
equipment, and the gas plant with its
nine miles or more of mains and it's
service connections, etc, run the in
vestment of the companv we'll toward
the quarter million mark, if not be-
yond it. These are demonstrable facts
to an expert who knows the expense
involved in such plants.
at is not the purpose of the COM
pany to issue the entire $34O,O00 II
bonds at this time. The intention
is to issue sufficient to retire the
securities of the old Americus Rail-
way and Light Company, which IN
their place had retired the securities
of the old original Americus Illumin-
ating and Power Company, and to al
so pay for the improvements that
have recently been made When this
has been done, the plants cleared Of
anv indebtedness and the old secur-
tiles taken up, there would still re-
main, I understand, some $S0.0o0 or
more of the bonds, to be carried n
the treasury of the comnanv and sold
as the occasion arises for future i'm
DrOvements and extensions of the SER
vice.
with the city expanding. and the
desire for gas and electricity arising
in ali parts of it, it will be neces-
sary to extend its gas mains and to
nut in larger mains in some sections.
The electric service must also be ex-
tended into new narts of the city. This
demand for an extended service must
he met either by the contracting CT
OBLIGATIONS or out of the proceeds Of
the business. 1t is manifestly better
for the consumers that it should be
done with money obtained from the
sale of bonds than from the money
obtained from the service rendered to
them. All corporations now make
their improvements largelyo by the
proceeds of the sale of securities, just
as proposed in this instance.
"The Americus Gas and Electric
Company is absolutely a new corpo-
ration" continued Mr.. Hagarty. at
comprises New York CAPITALISTS who
have put their money here in good
faith. They will hold largely of the
bonds as representing their own cash
investments, and others of the bonds
will he sold by them to Northern par
ties, bringing them into touch with
Americus life They are clean cut
business men and are not asking any
thing that is unfair or improper.
so far as rates are concerned, and
the fact that the bond issue would
he made the medium for excessive
charges on consumers. everybody
knows that the Georgia Railroad Com
mission now has the power to reg1
late rates, and on Investigation car
order them advanced or reduced as i
NAV deem proper. No company car
make excessive charges without beins
hailed into court. The commission has
eXpevt rate men in its service and tht
nublic interests are pr0tected bv u
I can also say. too that the capital
lists interested in the Americus Gas
and Electric COmpanv desire to stan'
well in the esteem of the people .
Americus, to build nm the plant AM
make it factor in the developnent o
the citv, regarding it as a legitimat
industry. one that meets a Dubli
need. and one that is worthy Of pub