Peculiar Situation in Racine

Peculiar Situation in Racine

With the American Water Works and Electric Company seeking to retain the ownership of the Racine Water Company, and Chicago financiers ready to dispose of bonds which the city may issue for the municipal ownership of the plant, the city of Racine is facing a peculiar situation, which will be remedied by a decision of the railroad rate commission, as to the valuation of the waterworks system as of May, 1911. C. W. McNear, bond broker of Chicago, has been in Racine in conference with city officials on the matter of issuing bonds for the payment of the water works system, when taken over. At the same time C. A. Miller, representing the American Water Works and Electric Company, was engaged on plans by which the company would continue ownership of the plant. Thus far nothing has been accomplished. Mr. McNear has returned to Chicago and Mr. Miller is in Milwaukee. The bond broker is ready to assist the city in the disposal of bonds, covered by mortgage on the water works system. The corporation, owning the water works system, is ready to install a filtering system, make all extensions and probably grant a reduction on rates, provided that the city will drop further litigation, but this will not be done. The voters of Racine elected to take over the water works system and that plan is to be carried through, they assert.

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