The Marshall republican., 1913-10-10

the electric light plant and the gas
plant referred to above.
II the Marshall Light. Heat a. fOw-
or Company obtained the proceeds IN
cash OF this Sl5O.OOO mortgage.
what became OF that cash? Have not
we the right TO ask for that informa.
tion, The amount spent for better
ment or maintenance OF the two pro-
rertlos has been 80 very small that
both plants at the present time are
In bad physical condition.
n the Marshall Light, Heat and
Power Company did not receive the
proceeds OF this 100000 mortgage
IN cash, why was the mortgage put on
the properties?
The mortgage does not mature cu-
tirely until the year 1884. or 5. which
date would carry II beyond n twenty
year franchise. N we should grant the
applicant the renewal they ask for.
The process OF buying property
for 100000 aud obtaining a thirty
years loaf on iffor si5O.OOO Is n
process OF high finance" that we
need TO be enlightened upon. as same
OF you gentlemen may have some
sixty thousand dollar farms. upon
which you can borrow under thirty
year mortgage. $4,000. Lets learn
this process now, aud before we ara
permanently locked up In twenty
year franchise.
The Marshall Light, Heat & Pow
er Company would have us believe
that the actual cash value OF these
properties out OF their hands was
100000, but In their hands under II
big mortgage, going value" was
created OF Sl5O.00O.
Gentlemen this 100000 excess OBJ
tGined by that concern under this
mortgage IN excess OF the actual cost
OF the properties Ia water. pure and
simple. and Il bears per cent inter-
est, and the interest would be $4,000
per annum. and the twenty years this
interest would aggregate $4,000.
The Marshall Light. Heat and Pow
er Company has passed over the con-
troll OF these properties to the Mis-
souri, Gas and Electric Service Com
pany. This transfer was made about
ten days before the electric light
franchise expired. The consideration
paid for these properties by the Mis-
souri, Gas and Electric Service Com
pany was s1.00 In cash and other
valuable considerations. This other
valuable consideration was the as
sumption and, agteament to pay the
si50,O00 of mortgages by the Mis-
souri, Gas and Electric Company.
When these people assumed TO pay
that debt they had full knowledge
that the Electric Franchise had but
ten days to run.
The Marshall Light. Heat and Pow
er Company took over the two pro-
perties in May, 1905, aud mortgaged
them for sl5O.O0O at per cent and
II has been more than eight years
since this mortgage was placed on the
property, and II has been drawing g
per cent for the full eight years, or
II has drawn In interest on the bonds
more than 100000 OF actual cash,
and the consumers have paid this
$4,000 through the meters OF the
commodities they consume and there
Is no getting away from this pro-
position. Some of our citizens are
complaining at the high price they are
paying for electricity and for gas,
Others claim that the quantities of
these commodities, which we are pay
ing for are not properly meted out to
us In measurement.
l have not had the occasion to go
into these matters In detail. ! assume
however. that we are dealing with an
honorable concern. and one which
would not maintain defective meters
knowingly.
(continacd on Page 81