The Streetcar That Would Wake Olympia: A $250,000 Bet on Electric Rails to Tumwater Falls

The recent sale of the Olympia Light & Power Company's bonds will, should the company meet with the expected support of the people, insure for Olympia one of the best equipped lines of electric railway in the Northwest. George Gelbach and Walter Scott are interesting themselves at Tumwater, and are meeting with encouraging results. In addition to this the plant itself has excited more than ordinary attention, because of the costly and improved machinery and its advantageous location at Tumwater Falls.

The consolidation of the Olympia Gas Electric Light Company and the Olympia Light Power Company was effected on the basis of the actual costs of the property contributed by the old companies to the new one, and the capital stock of the latter was fixed on the same basis at $250,000, in shares of $100 each, which was less than half the amount of stock of the old companies and is fully paid up and unassessable.

Since then the company has purchased the upper falls of the Deschutes at Tumwater, more than doubling its water power. It now owns both the upper and middle falls, capable of developing 1,000 horse-power.

The directors of the company, by a conservative and verified statement, show that its property and works have actually cost $225,000. This does not include its valuable franchises for gas and electric lighting and the operation of a street railway. The company, however, needs funds to build and extend its electric street railway, which is an absolute necessity and which, up to this time, no other company has shown tangible signs of building. The company estimates that four miles of electric railway between Olympia and Tumwater will suffice for the present, and at the outset four electric cars, with one in reserve, will be operated. The grades are remarkably easy, with but few curves. To provide for the needs in this direction the company has given a first mortgage on all its property, assets and franchises, including future acquisitions, to secure $250,000 in 6 per cent. gold bonds, in two issues of $150,000 and $100,000 respectively. The latter will not be issued at present but will be held in reserve until needed for the construction of new works, and can be issued only with the approval of the trustees named in the mortgage, and representing the stockholders. W. H. Turner, of the Thompson-Houston Company, recently made a thorough examination of the property and plant of the company, and his estimate of its value was $242,000. W. H. Geode, of the Northwestern Thompson-Houston Electric Company, made even a higher estimate.