A $650,000 Mortgage Put Walla Walla’s Gas, Electric, and Water Future in Philadelphia Hands

For the purpose of securing the payment of 25-year bonds to the value of $650,000, drawing 5 per cent interest, payable semi-annually, there was filed in the county auditor's office late Thursday afternoon a mortgage executed by the Northwestern Gas and Electric company of Walla Walla in favor of The Real Estate Trust company of Philadelphia, Pennsylvania. The mortgage covers all the gas and electric light plants of the company in Walla Walla county and also all the real estate, franchises and water rights owned by the company in this vicinity. In the instrument that was placed on record is set out the resolution which was adopted by the board of trustees at a meeting held in Walla Walla September 9th, 1903, authorizing the trustees to make the mortgage. The resolution provides that $250,000 of the bonds shall be negotiated immediately for the purpose of making the payments due on the company's property recently purchased from the Walla Walla Gas and Electric Light company of this city and other similar property in Pendleton, Or., and Spokane, Wash. There is to be reserved in the treasury bonds to the value of $100,000 for the purpose of retiring the present bond issue of the Walla Walla Gas and Electric company in the amount of $90,000 at the date of their maturity, or at such time as in the judgment of the board of trustees is deemed feasible or desirable. The remaining $300,000 of the bonds are to be reserved in the treasury for the purpose of acquiring other and additional property of a like nature, and for the purpose of developing power for electrical purposes. The instrument filed comprises 43 closely typewritten pages and the fee paid for recording was $23.55, being the largest recording fee paid into the auditor's office for a single instrument in several years. In addition to the real estate mortgage a chattel mortgage was also filed covering the same property and other personal effects. It is stated on good authority that the new company has completed all arrangements to immediately commence operations on the development of power on the Walla Walla river, which work will be prosecuted as fast as practicable. An engineer has been secured from the east and as soon as he arrives on the ground a large force of men will be put to work.