The Portland daily press., 1865-05-22
The Portland Consumers Mutual Coal
COMPANY

OOmphuys Or
& This Is 4 corporation chartered by the last
Legislature of Maine, with an authorized cap
ital Of $4,000, divided into shares of $50
each. The company has been organized, and
adopted brief, comprehensive and clearly
defined code Of bylaws, copy, OF which is
before us as we write. The stock is very
largely taken up by our own citizens, the
prime object Of the subscribers being to Sc
cure their own Goa, that used in their own
dwellings and shops, without paying heavy
profit, to a long line Of middIe-men standing
between them and the mine from which it is
extracted. 49ss sn va4ra ~
For each share the holder is entitled to re-
ceive yearly, Jfue tons of coal, of 224O lbs EACH
at its actual cost at the place Of delivery in
this city: or, in lieu thereof, the profit of said
coal in money, when such profit shall be clear
ly ascertained. M
The men who have been the most active in
getting up this new company, have not been
guilty Of trifing with the expectations of the
subscribers; have not held out an idea that a
saving Of from four to tive dollars a ton is to
be realized, for there are no known facts to
Justify such an expectation. When coal shall
come to be retailed in this city, as it has been
within few years, as low as six or six and
a half dollars per ton, 1t is unreasonable to
suppose large profit can accrue to the retail
er on single ton. The Portland Consumers
CompanyEexpect to save to subscribers, at
least one dollar per ton, which, with coal at
$40 would be profit Of ten per cent on the
investment In addition to this they will give
224O pounds of screened coal for a. ton, instead
OF 1000 as is usual 10 the retail trade, and this
will be about twelve per cent. gain, making
net dividend Of twenty-five per cent. on the
money invested in stocks.
The company is to be managed by Presi-
dent, Board OF five Directors, Secretary and
Treasurer. The annual meeting is to be held
on the 1st Monday in May, when the officers
are to be chosen. The Treasurer is placed
under sufficient bonds to secure the company
against any loss through him, and none of the
officers, We believe, are to receive compensa-
tion, unless it be the managing agent, appoint
cd by the Directors, who has to give bonds for
the faithful discharge of his duties. The ex-
penses of the corporation will be very small.
1t is expressly provided in the certificates
of stock. that no assessments shall be made
and it is also provided in the bylaws that no
debts shall be incurred BY the Board of Di-
rectors, for or on account of the corporation,
nor shall they make any executory contract
on behalf thereof, by which any pecuniary la
bility of the company can arise, beyond the
amount of money In the Treasury appropriate
ed to that object 40 ea goa u tas
= We are gratihed to leara that this new COM
pany opens, and win commence business un-
der, very favorable auspices and with the most
aattering prospects. They do not propose to
connne themselves to supplying coalfor stock
holders only, and at cost, but they will keep a
yard, and do legitimate business, selling to
those not stockholders at the ruling market
rates. They also propose to keep on hand
general supply of all kinds and varieties Of
coal, SO that purchasers and stockholders can
select any kind or quality desired. h
The books are still open, and limited num-
Der of shares are yet for sale, butthose who
wish to secure chance In the company will
need to subscribe with as little delay as pos
sible. Books may be found at the stores of
N. L. Purington & Co.. 1877, Fore Street,
Breed d Turkey, Union Street, and M. G..
Palmer's, at the Horse Railroad office.