AT AN ENHANCED VALUATION.

AT AN ENHANCED VALUATION.

FOR SOME time past the people of Fulton, N. Y., have been contemplating owning their own water system, and were divided between buying out the plant of the existing company or building a water works for themselves. Last week they made up their minds on the subject, and took over the water works plant of the Fulton Water Works company. Whether or not they have been any the better pecuniarily through dilly-dallying over the matter is for themselves to decide. For the edification of the public, we give the facts of the case as follows: On January 24, Mr. W. It. Hill, chief engineer of the Croton aqueduct system of New York city, on being requested by a citizen of Fulton, to report as to what it would take to duplicate the existing water works plant, estimated the cost at $115,000. This estimate did not meet with favorin the eyes of the village officials, who, regardless of the fact that Mr. Hill had already named a price in his report, asked him to act as arbitrator between the village and the company in the matter. That gentleman very properly stated his objections to doing so, considering that he had already sent in a report which was almost tantamount to setting a value on the company’s water works plant. The objection having been waived, lie decided that the company should be offered $172,000. The question was put to the vote in the spring of 1899—the arbitrator's report having been made in the December preceding—and was negatived. The company refused to sell for less than $200,000, and on Saturday last, on the question being again put to the vote, the villagers decided that the offer should be accepted—the votes standing 245 for the proposition, and 164 against. Thus, within the space of one year, the value placed upon the system was enhanced over fifteen per cent., and the village had to pay just $27,500 more than if it had bought the water works plant when the first vote was taken, and $85 000 more than if it had duplicated the plant according to Mr. Hill’s valuation in the early part ol 1898! Which may or may not be as satisfactory to the men of Fulton as it probably was to the water works company.

FOR SOME time past the people of Fulton, N. Y., have been contemplating owning their own water system, and were divided between buying out the plant of the existing company or building a water works for themselves. Last week they made up their minds on the subject, and took over the water works plant of the Fulton Water Works company. Whether or not they have been any the better pecuniarily through dilly-dallying over the matter is for themselves to decide. For the edification of the public, we give the facts of the case as follows: On January 24, Mr. W. It. Hill, chief engineer of the Croton aqueduct system of New York city, on being requested by a citizen of Fulton, to report as to what it would take to duplicate the existing water works plant, estimated the cost at $115,000. This estimate did not meet with favorin the eyes of the village officials, who, regardless of the fact that Mr. Hill had already named a price in his report, asked him to act as arbitrator between the village and the company in the matter. That gentleman very properly stated his objections to doing so, considering that he had already sent in a report which was almost tantamount to setting a value on the company’s water works plant. The objection having been waived, lie decided that the company should be offered $172,000. The question was put to the vote in the spring of 1899—the arbitrator's report having been made in the December preceding—and was negatived. The company refused to sell for less than $200,000, and on Saturday last, on the question being again put to the vote, the villagers decided that the offer should be accepted—the votes standing 245 for the proposition, and 164 against. Thus, within the space of one year, the value placed upon the system was enhanced over fifteen per cent., and the village had to pay just $27,500 more than if it had bought the water works plant when the first vote was taken, and $85 000 more than if it had duplicated the plant according to Mr. Hill’s valuation in the early part ol 1898! Which may or may not be as satisfactory to the men of Fulton as it probably was to the water works company.