Documentary History of American Water-works

Introduction Historical Background Chronology Geography Biography Technology Ownership and Financing General Bibliography

Ownership and Financing of American Water Works
American Water Works Company

The American Water Works Company and its predecessors


The origins of the American Water Works Companies was a partnership by brothers James S. Kuhn and William S. Kuhn under the name W.S. Kuhn and Company, which was formed in 1882 and was based in their hometown of McKeesport, Pennsylvania.  William S. Kuhn formed five water companies, including one in Muncie, Indiana, where their father, John S. Kuhn (1813-1883), lived and owned the local gas company.

City
State
Company
Incorporated
Completed
Notes
Connellsville PA Connellsville Water Company March 21, 1883 September, 1883
Wellsville NY Wellsville Water Company September 29, 1883 December 1, 1883 Sold to the Village of Wellsville on September 1, 1915 for $75,000.
Sioux Falls SD Sioux Falls Water Company June 26, 1884 November, 1884 Franchise expired in 1884 and city built new system.
New Haven PA New Haven Water Company July 22, 1884
Supplied by Connellsville Water Company, which bought the system before 1911.
Muncie IN Muncie Water-Works Company March 24, 1885 July 31, 1885

The Kuhn brothers joined with others to form the American Water Works and Guarantee Company (Limited) under the 1874 Pennsylvania partnership law on August 20, 1886. Using a partnership allowed the firm to own stock in the water and gas companies they built and bought, whereas corporations could not own stock in other companies.  $400,000 of the paid up capital came from stock in the above five companies, plus $50,000 of the $125,000 capital stock of the Hornellsville Water Company along with stock from gas light companies in Braddock and Muncie. 


Statistical Tables of American Water Works, 1887, Page 50

The partners built or bought another nineteen water systems between 1886 and 1891.  The following table shows the year the company built or bought the works, along with the year they were sold to local municipalities by successor companies.  Where no date is shown in the "sold" column, the system is still owned by the American Water Works Company.

City
State
Company
Built
Bought
Sold
Wichita KS Wichita Water Co
1886 1957
Mt. Vernon IN Mt. Vernon Water Co. 1886

Huntington WV Huntington Water Co 1887

Guyandotte WV Guyandotte Water Co 1888

Meridian MS Meridian Water Works Co 1887
1906
Kearney NE City Water Co. 1887
1911
Chattanooga TN City Water Co. 1887

North Platte NE North Platte Water Works Co 1888
1912
Kokomo IN Kokomo Water Works Co. 1887

East St. Louis IL City Water Co.
1889
Sheboygan WI City Water Co. 1887
1909
Keokuk IA Keokuk Water-Works Co
1887 1938
Louisiana MO Louisiana Water Co. 1888
1935
Marinette WI City Water Co. 1887
1937
Merrill WI City Water Co. 1887
1947
Wahoo NE Wahoo Water Works Co. 1888
1908
Clinton IA Clinton Water Works Co.
1888
Jamestown NY Jamestown Water Supply Co,
1889 1903
Little Rock AR Home Water Co.
1889 1936

New Jersey greatly liberalized their corporation laws in 1889, allowing incorporated companies to stock stock in other corporations.  The company's investors organized the American Water Works and Guarantee Company in New Jersey on January 26, 1891, which took over and continued to operate the 1886 limited partnership.

The new company built and bought several water systems, but also invested heavily in irrigation systems in the west, which stretched its finances to the breaking point and it was declared bankrupt in 1913.  The reorganized company was incorporated in Virginia as the American Water Works and Electric Company.  The company reincorporated under the same name in Delaware in 1927 to take advantage of that state's more favorable corporation laws and to avoid inheritance tax on Virginia corporation stock.

The company in partnership with Chemical Bank & Trust Company of New York formed the American Communities Company in 1936 to acquire control of the Community Water Service Company's 43 water systems.

The company merged with the Northeastern Water Company on August 17, 1962. 

     
American Water

Although some subsidiaries began operation in the early 19th century, American Water’s origin can be traced to 1886 when American Water Works & Guarantee Company was founded. In 1914, the company changed its name to American Water Works & Electric (AWW&E).

In response to the Public Utility Holding Company Act of 1935, AWW&E’s water properties were reorganized as American Water Works Company, Inc. In 1947, the Northeastern Water company, owned by John H. Ware, Jr. acquired the controlling interest in American Water Works Company. In 1963,
         
Northeastern Water Company was merged with American Water Works. On January 10, 2003 American Water Works Company, Inc. was acquired by RWE and became American Water.

American Water, a part of RWE’s water division, serves 20 million customers in 27 states, 4 Canadian provinces, Puerto Rico, and South America. More than 8,000 employees provide water, wastewater and other related services. RWE’s water division is the third largest water and wastewater services company in the world.


American Water Works Company


References
1886 Articles of Partnership Association, American Water Works and Guarantee Company, April 20, 1886 (Pennsylvania)

1889 Articles of Amendment, March 26, 1889

1889 Facts about Pipe by Edmund Cogswell Converse (1895)
Pages 17-18:  Letter from W. S. Kuhn, General Manager of the American Water Works and Guarantee Co., Limited, April 27, 1889.

1889 "It is a Leviathan," Pittsburgh Dispatch, May 21, 1889, Page 2.
Annual meeting and elections of the American Water works and Guarantee Company.  Owns thirty water works plants.

1889 Articles of Amendment, May 31, 1889

1891 American Water Works and Guarantee Company incorporated in Maine, January 7, 1891.  Capital stock $1 million, stockholders Herbert Paysin and H.M. David, Portland

1891 Certificate of Organization of the American Water Works and Guarantee Company, January 26, 1891 (New Jersey)  Stockholders:  David W. Hitchcock, James S. Kuhn, William S. Kuhn, Edmund C. Converse, and William J. Curtis, J.H. Flagler, William S. Eaton, Charles H. Payson, and George J. Gorman with a capital stock of one million dollars.  Authorized to do business as a foreign corporation in New York on September 2, 1892.
As a part of said business and purposes to take over, acquire and continue the business, property, good-will and effects of the American Water Works and Guarantee Company, Limited, of Pennsylvania.

1891 Statement by Corporation Transacting Business in the State of New Jersey, February 28, 1891

1891 Statement by Corporation Transacting Business in the State of New Jersey, May 6, 1891

1892 Statement by Corporation Transacting Business in the State of New Jersey, June 22, 1892

1894 Statement by Corporation Transacting Business in the State of New Jersey, September 17, 1894

1895 Statement by Corporation Transacting Business in the State of New Jersey, April 30, 1895

1896 Statement by Corporation Transacting Business in the State of New Jersey, May 25, 1896

1897 Statement by Corporation Transacting Business in the State of New Jersey, July 16, 1897

1899 Certificate of increase of capital stock to $2,000,000 - May 15, 1899

1899 Statement by Corporation Transacting Business in the State of New Jersey, July 6, 1899

1899 Notable New Yorkers of 1896-1899: A Companion Volume to King's Handbook of New York City, by Moses King
Page 480:  Edmund Cogswell Converse, Vice-President National Tube Works Co.

1900 Moody's Manual of Industrial and Miscellaneous Securities, November 1, 1900
Page 883:  Water and Water Power Companies.

1901 David White Hitchcock grave, June 19, 1831 - March 25, 1901

1901 "David W. Hitchcock," St. Albans Daily Messenger, March 26, 1901, Page 2.
At the time of his death he was president of the American Water Works Guarantee Company, of Pittsburg.

1901 Silver Lake Record (Silver Lake, Indiana), April 12, 1901, Page 2.
The will of David W- Hitchcock, wealthy Boston merchant, gives $100,000 to Wellesley College with a proviso excluding Roman Catholics and colored persons.

1901 Moody's Manual of Corporation Securities
Page 1063:  Miscellaneous Corporations.

1901 Annual Report by a Domestic Corporation, July 15, 1901.

1902 William Storer Eaton grave, April 2, 1817 - June 1, 1902

1902 "William S Eaton," The Pittsburgh Press, June 3, 1902, Page 2.

1902 Annual Report by a Domestic Corporation, July 27, 1902.

1902 Moody's Manual of Corporation Securities
Page 1211:  Water Supply Companies.

1903 Annual Report by a Domestic Corporation, July 20, 1903.

1903 Moody's Manual of Corporation Securities
Page 1221:  Water Supply Companies.

1904 Moody's Manual of Corporation Securities
Page 1137:  American Water Works & Guarantee Co.

1905 Moody's Manual of Railroads and Corporation Securities
Page 1451:  American Water Works & Guarantee Co.

1906 Moody's Manual of Railroads and Corporation Securities
Page 1513:  American Water Works & Guarantee Co.

1907 Moody's Manual of Railroads and Corporation Securities
Page 1729:  American Water Works & Guarantee Co.

1908 Annual Report by a Domestic Corporation, July 11, 1908.

1908 "An Old and Successful Water Company, Public Service 5(5):154-155 (November, 1908)
Operates forty water works plants, serving some seventy-five municipalities.

1908 Moody's Manual of Railroads and Corporation Securities
Page 1058:  American Water Works & Guarantee Co.

1909 Moody's Manual of Railroads and Corporation Securities
Page 1267:  American Water Works & Guarantee Co.

1910 Poor's Manual of Industrials
Page 33:  American Water Works & Guarantee Co

1910 Certificate of Amendment of Charter - October 28, 1910.  Added irrigation to authorized activities.

1910 George Jackson Gorman grave, March 6, 1847 - June 7, 1910

1910 "George J. Gorman," The Pittsburgh Press, January 9, 1910, Page 32. | part 2 |

1910 Reception to Mr. John H. Flagler : McKeesport, forty years after.

1910 Moody's Manual of Railroads and Corporation Securities, June 15, 1910.
Page 1376:  American Water Works & Guarantee Co.

1911 Poor's Manual of Industrials
Page 2212:  American Water Works & Guarantee Co

1911 Moody's Manual of Railroads and Corporation Securities
Page 1439:  American Water Works & Guarantee Co.

1911 Certificate of increase of the capital Stock to $5 million - June 22, 1911

1912 Certificate of Amendment of Incorporation - Acceptance of Section 27 of Act. Of 1896 - January 23, 1912

1912 Certificate of Extension of Corporate Existence - January 23, 1912.  For fifty years from January 2, 1912.

1912 Certificate of Amendment of Certificate of Incorporation - February 5, 1912

1912 Certificate of Amendment of the Certificate of Incorporation - change of nature of business - February 17, 1912.  Into the land business.

1912 Certificate of Amendment of Certificate of Incorporation - Classification of Directors - February 17, 1912

1912 Certificate of Amendment of the certificate of incorporation - Authorizing an increase of Capital Stock - February 17, 1912  Increased to $20 million

1912 Poor's Manual of Industrials
Page 913:  American Water Works & Guarantee Co.

1912 "American Water Works and Guarantee Company," Commercial and Financial Chronicle 95(2746):1548-1549 (December 7, 1912)
Official statement of the New York Stock Exchange in connection with the listing of the 6% cumulative participating preferred stock.

1913 Moody's Manual of Railroads and Corporation Securities, February 24, 1913
Pages 1741:  American Water Works & Guarantee Company

1913 Annual Report by a Domestic Corporation, March 14, 1913.

1913 Annual Report by a Domestic Corporation, August 19, 1913.

1913 Poor's Manual of Public Utilities; Street, Railway, Gas, Electric, Water, Power, Telephone and Telegraph Companies.  April, 1913
Page 1003:  American Water Works and Guarantee Co.

1913 Annual Report of the American Water Works and Guarantee Company for the year ending April 30, 1913.  June 11, 1913.  | cover letter from J.S. & W.S. Kuhn, Inc. |
Page 5:  The company, which had its inception in 1882, as an individual partnership, was originally incorporated in 1886 as the American Water Works and Guarantee Company, Limited, with a capital of $500,000, and owning and operating six water works and two glass plants. [Should be two gas plants]

1913 "Annual Report American Water Works & Guarantee Company," Electric Railway Journal 41(26):1177 (June 28, 1913)

1913 American Water Works and Guarantee Company in receivership, July 7, 1913.

1913 "Kuhn Brothers Both Known in Muncie," Muncie Evening Press, July 7, 1913, Page 1.  | Part 2 | Part 3 |
Built local water works plant and American Water Works Company was organized and for several years had is offices here - Will S. Kuhn lived in Muncie and has for years kept in touch with city.

1913 "Kuhn Brothers Well Known Here," The Star Press (Muncie, Indiana), July 8, 1913, Page 12.

1913 "Kuhn Irrigation Bond Bubble Bursts," The Commercial West 24:17 (July 12, 1913)

1913 "The American Water Works and Guarantee Company," Fire and Water Engineering 54(3):34 (July 16, 1913)

1913 "Official Statement from Kuhn Company," The Financial World, 21(4):3 (July 26, 1913)

1913 Moody's Manual of Railroads and Corporation Securities
Page 1741:  American Water Works & Guarantee Co.

1914 American Waterworks and Guarantee Company : plan of reorganization and syndicate agreement, January 16, 1914.

1914 Sale of the assets of the American Water Works and Guarantee Company, April 15, 1914

1914 Incorporation of the American Water Works and Electric Corporation, April 27, 1914. (Virginia)  Capital stock $25 million.

1914 "Big Company Transferred," Pittsburgh Daily Post, May 3, 1914, Page 4.
Receivers turn over assets of American Water Works and Electric Company.

1914 Am. Water Works & Electric, The Wall Street Journal, April 29, 1914, Page 6.

1914 Poor's Manual of Public Utilities; Street, Railway, Gas, Electric, Water, Power, Telephone and Telegraph Companies, June, 1914.
Page 559:  American Water Works and Guarantee Co.

1914 Moody's Manual of Railroads and Corporation Securities, Volume 2, Part 2.
Page 3822:  American Water Works & Electric Co.

1914 Prominent men of Pittsburgh and vicinity, members of Pittsburgh press club, 1912-1913
Page 42:  William S. Kuhn picture
Page 43:  James S. Kuhn picture

1915 First Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1915.

1915 "American Water & Electric Report Shows Much Progress," The Wall Street Journal, September 3, 1915, Page 6.
Water works subsidiaries serve a population of 1,242,125, with 181,943 customers in 87 cities and towns.

1915 Moodys Manual of Railroads and Corporation Securities. Volume 2, Part 2
Page 4006:  American Water Works & Electric Co., Inc.

1915 Poor's Manual of Public Utilities; Street, Railway, Gas, Electric, Water, Power, Telephone and Telegraph Companies, July, 1915.
Page 2081:  American Water Works and Electric Company, Inc.

1916 Electric Power Development in the United States.  Letter from the Secretary of Agriculture transmitting A Report, in Response to a Senate resolution of February 13, 1915, as to the ownership and control of the water-power sites in the United States.  Part III.
Page 303:  Page 26.  American Water Works and Electric Co., Inc.

1916 In re W.S. Kuhn & Company, bankrupt, Pittsburgh Legal Journal 64:161-168 (1916)

1916 Second Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1916.

1916 Poor's Manual of Public Utilities.
Page 2110:  American Water Works and Electric Co., Inc.

1917 Poor's Manual of Public Utilities, May, 1917
Page 1700:  American Water Works and Electric Co., Inc.

1917 Third Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1917.

1917 Moody's Manual of Railroads and Corporation Securities
Page 2091:  American Water Works & Electric Co.

1918 A.C. Robinson, Trustees, etc., of James S. Kuhn et al., Bankrupts, Appt, v. Seaboard National Bank of New York et al. Re W.S. Kuhn & Company, 247 Fed. 667, February 2, 1918, United State Court of Appeals, Third Circuit

1918 Fourth Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1918.

1918 Moody's Manual of Railroads and Corporation Securities, July 1, 1918
Page 2118:  American Water Works & Electric Co.

1918 Poor's Manual of Public Utilities, October, 1918
Page 732:  American Water Works and Electric Company, Inc
Page 2458:  American Water Works and Electric Co.

1919 Fifth Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1919.

1920 Sixth Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending June 30, 1920.

1920 Moody's Manual of Investments, Part III Public Utility Investments
Page 300:  American Water Works & Electric Company, Incorporated

1921 Edmund Cogswell Converse grave, November 7, 1849 - April 2, 1921 | Wikipedia page |

1921 Seventh Annual Report of the American Water Works & Electric Company Incorporated for the year ending June 30, 1921

1921 Moody's Manual of Investments, Part III Public Utility Investments
Page 292:  American Water Works & Electric Company, Incorporated

1922 "National Tube Founder, John H. Flagler, Dies," Pittsburgh Post-Gazette, September 9, 1922, Page 8.

1922 John Haldane Flagler grave, September 3, 1836 - September 8, 1922

1922 Moody's Manual of Investments:  American and Foreign
Page 792:  American Water Works & Electric Company, Incorporated.

1922 Ninth Annual Report of the American Water Works & Electric Company (Incorporated) for the year ending December 31, 1922.

1923 Tenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1923.

1924 Eleventh Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1924.

1925 Twelfth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1925.

1926 "Jesse H. Purdy Died February 16, 1926," by H. Hobart Porter, George W. Biggs, Jr. and George W. Fuller, Journal of the American Water Works Association 15(3):298-299 (March, 1926)
Mr. Purdy's connection with the water works business began in 1884, when he was a councilman in the City of Connellsville Pa. At this time a group of business men headed by Mr. W. S. Kuhn, approached the City Council for permission to build a water works plant in that city. Mr. Kuhn was so impressed with Mr. Purdy's abilities that he persuaded him to resign from his position on the Council and take over the active construction of the new water company

1926 Thirteenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1926.

1927 "Charters filed at state house," The Morning News (Wilmington, Delaware), June 17, 1927, Page 12.
Dover, June 16. American Water Works and Electric Company, Incorporated.

1927 William John Curtis grave, August 28, 1854 - October 8, 1927

1927 Fourteenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1927.
Page 4:  The Board of Directors has had under consideration for some time the development of the most economical means of providing the new capital necessary for the rapid growth and profitable extension of the Company's business. Accordingly, in June, 1927, the Board recommended a plan to the stockholders under which the Company would be reincorporated in Delaware, which would permit the issuance of preferred stocks bearing a lower dividend rate than was possible under the old Company’s charter. Further, this step would mean an annual saving in taxes to the Company, and, due to the fact that the stock of a Delaware corporation is not subject to the Delaware inheritance tax when held by non-residents of Delaware, it would be of importance to the vast majority of the Company’s common stockholders, who were subject to a Virginia inheritance tax.
The plan further contemplated the redemption of the Virginia Company’s 7% Preferred Stock and the issuance of a $6 no par value Preferred Stock; changing the common stock to stock of no par value; and the issuance of two shares of the new Company's common stock in lieu of one of the old.
This plan, having been approved by the stockholders, was declared operative on July 23, 1927, and was promptly put into effect.

1928 James Speer Kuhn grave, October 3, 1853 - December 13, 1928

1928 Fifteenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1928.

1930 Seventeenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1930.

1931 Eighteenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1931.

1932 Nineteenth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1932.

1933 Charles Henry Payson grave, April 12, 1853 - April 27, 1933

1933 Twentieth Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1933.

1934 Relation of Holding Companies to Operating Companies in Power and Gas Affecting Control, 73d Congress, 2d Session, H. Rep 827, part 3.  February 20, 1934.
Pages 33-62:  American Water Works and Electric Co., Inc. group
Page 45:  List of water companies

1934 Twenty-First Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1934.

1935 Twenty-Second Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1935.
Pages 36-38:  Subsidiary Companies of American Water Works and Electric Company, Incorporated as of December 31, 1935

1936 The American Communities Company was incorporated in Delaware on August 28, 1936.

1936 "More New Corporations are Chartered at Dover," The Morning News (Wilmington, Delaware), August 29, 1936, Page 14.
American Communities Company.

1936 Earnings Statements for 12 Months Ended June 30, 1936

1936 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1936.
Pages 55-59:  Subsidiary Companies of American Water Works and Electric Company, Incorporated as of December 31, 1936

1937 Securities and Exchange Commission, Decisions and Reports, Volume 2, January 1, 1937 to December 31, 1937 (1939) | also here |
Pages 972-988:  In the matter of American Water Works and Electric Company, Inc., Promulgated December 30, 1937. Voluntary plan of simplification.
Facing Page 988:  Exhibit A - Corporate Chart, in Summary Form, of American Water Works and Electric Company, Incorporated, Present System
Exhibit B - Corporate Chart, in Summary Form, of American Water Works and Electric Company, Incorporated, System After Giving Effect to Proposed Reorganization.

1937 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1937.
Pages 53-57:  Subsidiary Companies of American Water Works and Electric Company, Incorporated as of December 31, 1936

1937 The National Cyclopaedia of American Biography, Volume 26
Page 163:  PAYSON, Charles Henry, banker, was born in Portland, Maine, Apr. 12, 1853, son of Charles and Ann Maria (Robinson) Payson and a descendant of Edward Payson, a native of Nazing, Essex, England, who came to Massachusetts in 1635, the line descending from him and his wife Mary Eliot through Rev. Samuel and Mary (Phillips) Payson; Rev. Phillips and Kezia (Bullen) Payson; Rev. Seth and Grata (Payson) Payson, and Rev. Edward and Louisa (Shipman) Payson, the grandparents of Charles H. Payson. His grandfather (q.v.) was one of the most eminent Congregationalist clergymen of his generation.
Following his graduation at the Portland high school in 1870 Charles H. Payson entered the employ of his uncle Henry Martyn Payson, who in 1854 had founded a brokerage and investment business in Portland under the name of H. M. Payson & Co.  When his uncle withdrew from the firm in 1886 Charles H. Payson succeeded him as president, retaining this position until his retirement in 1929.
Early in his business career he became interested in private water works companies and soon was nationally recognized as an expert in the development, management and financing of such enterprises.  At his suggestion the American Water Works & Guarantee Co. was organized in 1888 for the purpose of building, buying and operating water companies, and he was a director of this company until he resigned in 1908, following the decision of the company to go into irrigation projects.
A public-spirited citizen, he was prominently associated with social, welfare, educational and religious organizations. He was conspicuous for his widespread generosity and for his deep sense of personal responsibility for the success of the various causes in which his interest was enlisted. One of his major interests was the Maine general hospital in Portland. Elected an assistant incorporator in 1874, he afterward became a director and during the latter years of his life devoted much of his time to the raising of funds for the institution.  In religion he was a Congregationalist.  He was a lover of outdoor life and recreation and was widely known as a chess expert. His integrity, friendliness and Christian character commanded general respect and affection.  Bowdoin college awarded him an honorary A.M. degree in 1914, "in recognition of his character, eminent citizenship and beneficence." He was married Dec. l, 1886. to Margaret, daughter of Eliphaet Haskell Merrill, of Portland, and they had three children: Margaret, Phillips Merrill and Elinor Payson, wife of Douglas Rulison Coleman.  He died in Portland, Maine, Apr. 27, 1933.

1938 Fourth Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1938.
Pages 10-11:  American Water Works & Electric Co., Inc.

1938 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1938.
Pages 51-53:  Subsidiary Companies of American Water Works and Electric Company, Incorporated as of December 31, 1938

1939 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1939.

1940 Herbert Payson grave, December 11, 1860 - July 25, 1940

1940 Consolidated Income Account of Company and Subsidiaries, September 30, 1940.

1940 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1940.

1941 Consolidated Income Account of Company and Subsidiaries, June 30, 1941.

1941 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1941.

1942 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1942.

1943 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1943.

1944 Tenth Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1944.
Page 83:  American Water Works & Electric Co., Inc.

1944 William Speer Kuhn grave, November 30, 1856 - August 30, 1944

1944 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1944.

1945 Eleventh Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1945.
Page 55:  American Water Works & Electric Co., Inc.

1945 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1945.

1946 American Communities Company name changed to American Water Works Company Inc, March 19, 1946.

1946 "American Water Works Co., Inc.," Commercial and Financial Chronicle 164:1825 (April 4, 1946)

1946 Twelfth Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1946.
Pages 67:  American Water Works & Electric Co., Inc.

1946 "American Water Works Co., Inc.," Commercial and Financial Chronicle 164:1980 (October 17, 1946)

1946 In the Matter of American Water Works and Electric Company, Incorporated; American Water Works Company, Inc. (formerly American Communities Company); Community Water Service Company; Ohio Cities Water Corporation; West Penn Railways Company; The West Penn Electric Company; American Water Works and Electric Company, Incorporated and Subsidiary Companies, 24 S.E.C. 607, Promulgated December 23, 1946. | Also here |
Pages 650-653:  Exhibit 1 includes data on all subsidiaries.
Facing Page 655:  Exhibit 2: Corporate Organization Chart

1946 "American Water Works & Electric Co., Inc.," Commercial and Financial Chronicle 164:3282 (December 23, 1946)

1946 Annual Report of the American Water Works & Electric Company Incorporated for the year ending December 31, 1946.

1947 In the Matter of American Water Works and Electric Company, Incorporated; American Water Works Company, Inc. (formerly American Communities Company); Community Water Service Company; Ohio Cities Water Corporation; West Penn Railways Company; The West Penn Electric Company (Applicants); American Water Works and Electric Company, Incorporated and Subsidiary Companies (Respondents), 25 S.E.C. 297, Promulgated February 17, 1947. | Also here |

1947 "In the District Court of the United States for the District of Delaware," The News Journal (Wilmington, Delaware), February 21, 1947, Page 18.
A proceeding to enforce plans of the Public Utility Holding Company Act of 1935.

1947 Thirteenth Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1947.
Pages 74-75:  Status of Integration Programs - Major Systems
American Water Works & Electric Co., Inc.
Findings and opinions were issued by the-Commission on December 23,1946 and February 17, 1947 with respect to two plans filed under section 11 (e) by American Water Works & Electric Co., Inc. (American) and certain of its subsidiaries. An order was issued on March 19, 1947 by the district court finding these plans fair and equitable and appropriate to effectuate the provisions of section 11 (b) of the act.
Holding Company Act releases Nos. 7091 and 7208.
Plan I is is concerned primarily with the creation of a new water works holding company to be known as American Water Works Co., Inc. Two subholding companies, Community Water Service Co.and Ohio Cities Water Corp., will be dissolved and the new holding company will then own directly or indirectly substantially all of the waterworks properties in the American system. Ten-year serial debentures of the new company in the amount of $15,000,000 are to be sold to John Hancock Mutual Life Insurance Co. and approximately 2,500,000 shares of common stock are to be sold at competitive bidding.
Plan II, which is to be undertaken after the consummation of plan I, proposes the liquidation of American. Thus, after segregation of the water companies in a new system, the remaining subsidiaries will be controlled by the West Penn Electric Co., now a subholding company in the American system. Under plan II American will payoff in cash its bank loan notes and preferred stock and will distribute its residual assets to its common stockholders. The question as to whether the preferred stock shall be retired at its liquidation price of $100 per share or at some greater amount has not been determined. The plan provides that certificates of contingent interest in any such additional payment shall be distributed to preferred stockholders if final determination of this question has not been made at the time plan II becomes effective.
Community and Ohio Cities have outstanding preferred stocks with substantial dividend arrearages, and the Commission has determined that the equitable equivalent of such shares is $180 per share and $159 per share respectively, plus, in each case, an allowance for accrued dividends from October31,1945 to the effective date of the plan. Holders of the preferred stocks are to be given the option of receiving the amounts due them in cash or in new common stock of American Water Works Co., Inc., on the basis of the initial public offering price.

1947 American Water Works and Electric Company, Inc. was liquidated after the water interests had been transferred to the American Water Works Company.  Community Water Service Company and Ohio Cities Water Corporation were also dissolved.

1947 "American Water Works, Inc.," Commercial and Financial Chronicle 166:1112 & 1138 (September 18, 1947)

1947 "American Water Works Co., Inc.," Commercial and Financial Chronicle 166:1146 (September 22, 1947)

1947 "American Water Works Co., Inc.," Commercial and Financial Chronicle 166:1250 (September 29, 1947)
Common Stock Awarded — W. C. Langley & Co. and The First Boston Corp. and associates won the new issue of common stock put up for sale Sept. 25 by the company.
Their bid, the only one received at the sale, offered a price of $8 a share for 2,687,069 shares, less an underwriting commission of 50 cents a share.
The new stock will first be offered for cash at $8 a share to common stockholders of American Water Works & Electric Co., Inc. and to public holders of preferred stocks of Community Water Service Co. and Ohio Cities Water Corp.
The offering to holders of American Works & Electric Co., Inc. common will be on a share-for-share basis. Any shares not taken by stockholders will be purchased by the underwriters.

1947 "American Water Works Co., Inc.," Commercial and Financial Chronicle 166:1350 (October 6, 1947)

1947 "Unsubscribed Water Works Stock to be Offered," The Baltimore Sun, October 8, 1947, Page 16.

1947 "American Water Works Co., Inc.," Commercial and Financial Chronicle 166:1469-1470 (October 13, 1947).  Includes list of subsidiary water companies transferred on September 1, 1947.

1952 In re American Water Works & Electric Co., 107 F. Supp. 350, September 17, 1952, United States District Court, District of Delaware.
On October 15, 1947, American Water Works and Electric Company, Inc. was liquidated under § 11(b) and (e) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k(b, e), under two plans approved by the Securities and Exchange Commission and enforced and approved by this court. Under these plans a subsidiary of American, American Water Works Company, Inc., through which American had controlled approximately one-half of its water company subsidiaries, acquired American's other interests and water companies. Water Works was reorganized whereby two of its subsidiaries, Community Water Service Company and Ohio Cities Water Corporation, were liquidated and dissolved. Assets of Community and Ohio Cities were transferred to Water Works.

1978 Annual Report to the SEC of the American Water Works Company, Inc., December 31, 1978

1980 Annual Report of the American Water Works Company

1981 Annual Report to the SEC of the American Water Works Company, Inc., December 31, 1981

1984 Wendell, Hub City of Magic Valley: 75 years, 1909-1984, by JaNene Johnson Buckway. Includes extensive information on Kuhn's investments in Idaho irrigation projects and subsequent bankruptcy.
Page 1: William and his brother James Speer Kuhn were Pittsburg, Pennsylvania bankers, often described as "financiers" and "millionaires".
The brothers studied financial affairs and worked their way up in the Pittsburg area banking world.  William also studied construction and contracting and became interested in municipal water works. In 1882, with limited capital, James and William organized The American Water Works and Guarantee Company.  They then competed for and received a contract to build a public water works at Uniontown, Pennsylvania, and their financial empire was begun.

1985 Annual Report to the SEC of the American Water Works Company, Inc., December 31, 1985

1987 "Company Profile The American Water Works Company," Water Voice of the National Association of Water Companies 28(4):36-40 (Winter, 1987)

2008 Initial Public Offering Prospectus of the American Water Works Company, Inc., April 22, 2008.

2008 Restated Certificate of Incorporation, April 24, 2008

2008 Annual Report to the SEC, December 31, 2008

H.M. Payson & Co. - Company Profile, Information, Business Description, History, Background Information
Payson first became involved in water bonds when the Portland Water Company was formed in 1866, the same year that a great fire destroyed more than 200 acres in the heart of Portland, including Payson's own offices. It was a major blow to the local economy, given that an estimated $10 million in property was destroyed and only a third was insured. Payson helped to buoy the city's confidence by immediately making a public declaration that he would rebuild his office on the old site and vowed to be back in business there within six months. In many respects, a reliable water supply available to combat fires was of even greater importance during this period than healthy drinking water. New York City, for example, was in great need of unpolluted water, but it was only due to the threat of large-scale fires that the leading American city saw fit to build a modern water works.
In Portland the idea to tap into nearby Sebago Lake was first suggested in 1854, due to a drought that led to a short supply of water, but it was not until February 1866 that the Portland Water Company was incorporated. The fire that devastated the city on July 4 helped to spur the actual launch of the company. Water from Sebago finally began serving Portland in November 1869. Unfortunately, the company was poorly funded and managed. The main had not been properly laid, significantly hampering the flow of water. After the company twice succumbed to bankruptcy, Payson in the early 1870s was induced to join the board and help place the company on a solid financial footing. He was instrumental in securing the funds necessary to improve the infrastructure and turn Portland Water into a profitable business. It also marked Payson's entry into the water business, which became a main interest of the company for several decades.
As a result of his conservative approach, Paysons' clients were not wiped out like so many investors when the panic of 1873 hit the country, leading to a harsh five-year depression. During this time, in 1874, Payson took on his first partner, George F. Thurston, whom he had groomed since Thurston had graduated from high school and went to work for him as a clerk. A third partner joined the firm in 1879: Payson's nephew, Charles H. Payson, who like Thurston had no more than a high school education and worked his way up, also starting out as his uncle's clerk. Charles Payson's tenure would last more than 50 years and his influence on the firm's growth, both nationally and internationally, was so pronounced that he was considered H.M. Payson & Co.'s second founder.
Seven years after becoming a partner he became president when Payson chose to retire. Under Charles Payson's leadership the firm became even more committed to the water business. In 1888 he traveled to London to sell $1 million worth of bonds in the Portland Water Company to help shore up the utility's finances. Moreover, he represented another $1 million in water for nine other water companies, including ventures in Elmira, New York; East Greenwich, Connecticut; Kokomo, Indiana; Sheboygan, Wisconsin; Wichita, Kansas; Fort Smith, Arkansas; Huntington, West Virginia; Meridian, Mississippi; and Merrill, Wisconsin. On that trip he also sold securities for the Marion (Indiana) Gaslight Company. In addition to selling bonds, Charles Payson became involved in running several water companies that he helped to found or acquired. The firm also underwrote any number of utility bonds during the final decades of the 1800s. The firm's interests spread from coast to coast, touching more than 100 utilities and leading Payson to become known as "The Water Bond House."
Charles Payson and several outside partners in 1886 created the American Water Works and Guarantee Company, which built and developed water companies across the country. Soon joining him would be two Payson partners: George S. Payson, the founder's son, who became a partner in 1883 and Herbert Payson, who became a partner in 1889. The three men acted as American Water Work's financial agents. When the firm formed American Water Supply Co. in 1888, the Payson partners added operational responsibilities as well. Payson now acquired control of water companies as far away as Kansas and ran them out of the Portland office. Even after American Water Supply was liquidated, the investment firm remained involved in the water business. In 1926 two Payson partners--Herbert Payson and Harold C. Payson, who became partner in 1919--and five outside partners formed a utility holding company called Consumer's Water Company, which not only housed some of the partners' water assets but also acquired companies, so that by the early 1930s the venture controlled ten subsidiaries in seven states. Payson maintained a connection to the company until 1999 when Philadelphia Suburban Water Company acquired it. Also of note, was Payson's acquisition of Lewiston Gas Light Co. in 1899. The firm developed the utility, which became a highly successful New England company, now part of Northern Utilities Inc.






© 2019 Morris A. Pierce