The Portland daily press., 1869-07-22
Portland Gas-liEhs Csmpany.

E0FsAhMu @HAbsH&mt U0mYamys
The annual meeting of the stockholders Of
the Portland Gas-light Company was held
yesterday afternoon at the office of e. II. Da-
vies, Esq, President.
From the report Of the President we learn
that it was decided. to build new Telescope
Gas-h0lder (at the last annual meeting) of two
sections, each twenty feet high and the upper
section of eighty feet diameter. The building
of this gas-holder has progressed very salts
faotorily. The excavation for the tank was
difficult on account of the character of the
soil, and the necessity of filing the bottom
thoroughly in order TO get good foundation.
The walls of the tank were built up to within
four feet of the top, and then boarded over
during last fall, and in the spring the well was
emptied and the bottom built. The work has
been most thoroughly done and the tank ap-
pears to be right every way.
Jesse w. Starr and Sons of Camden N. Y.
contracted to build the Gas Holder and they
have put the girders and columns in place,
have nearly completed the lower section, and
have got all their iron work here ready to be
put together. 1t is expected the holder will be
completed and in working order by October
next. The whole cost will be about $4,000.
The Directors propose to issue new stock to
that amount to be offered to the stockholders
at the rate of one new share for every six now
held Due notice of this will be given.
A new Exhauster and Steam Engine have
been purchased at a cost of $4,000, to take
the place of the old ones which had be-
come worn. Many other repairs ami improve
ments have been made and it is believed that
the works will be in thorough order next Au-
tumn.
The Directors consider the improvement in
the manufacture of gas introduced into the
Works by the Engineer, Mr.. William Yorlke,
of great value to the Company. 1t is McIlhen-
ney's patent which we described in the col
umns of this paper some time ago, when the
Superintendent of the gas-companies in other
cities were on a visit here. This improved
process was set in operation in March last and
the yield of the gas was at once increased from
less than four feet and three tenths per pound
of coal, to upwards of four and seven tennis
per pound and of improved quality. The in
creased yield has been maintain ed ever since
and no deposit of carbon left in the Retorts.
There has been an increase in the consump-
tion of gas of upwards of 900 900 feet the past
year. being 38 1902 900 feet against "a $50 900 for
the year ending June 30th, 1868.
The loss of gas by condesation and leakage is
nearly ten per cent. Mention of breakages of
the street mains is made, caused by settling of
the earth after excavations. Independent of
these extraordinary accidents the percentage
of loss would be very moderate
The number of consumers is 2325 against 2201
last year, an increase of 124. Number Of street
lanterns in use 342, an increase this year Of 50.
There have been 1859 feet Of main pipe laid
during the year making the whole extent of
our mains about % miles.
The directors have been able from the in
creased business of the company to add one
dollar per share to the usu al semi-annual div
idend of four per cent, in part compensation
to stockholders for the diyi dend lost by the
great fire in July 1866 and unless something
unforeseen occurs, they feel assured the earn
ings of the company will be sufficient in future
to pay the usual dividend Notwithstanding
the proposed increase of the capital stock.
The total receipts for the past year, inelud-
ing cash balance of $12 ,66O.O7 on hand on the
first of July 1866, have been $2O7, ,6S2,6 go and
the total expenditures $197, ,sO6,15 leaving a
cash balance on hand of $10,377,45
The following officers were elected for the
current year: Edward 81. Davies, President;
James 7. McCobb, Treasurer; e. 81. Davies,
Thomas Cummings, Charles Holden, Rufus
E. Wood, Ezra Carter and Charles B. Merrill,
Directors. The whole number of votes cast
was 4593, and all for the above-named gentle