The Portland daily press., 1879-02-26
PEAKES' ISLAND STEAMBOAT
COMPANY.
AnOpen Letter to MIR. z. III. Morse.

Mr.. EDIToR:-I notice iu Mondays PRESS
an "open letter" from Mr.. E. Ell. Morse, "In
reply to the gentleman from Peakes' Island"
which is very Satisfactory ia its array of facts
and figures concerning Mr.. Morss's connection
with the Peakes' Island Steamboat Company
that is, satisfactory as far as it goes. 1t will
not fail to be noticed by the reading public,
however, that Mr.. Morse carefully avoids any
allusiOn to the second year of his presidency,
1877, or to his subsequent connection with the
ring which has deprived US outside stockholders
of our interests ia the company.
But there are few points in this "open
letter. to which wish to call attention, while
waiting for second instalment of explain
atons; to begin with the figures L quote:
"Jauuary1 1875, the Tressurer's account showed
assets on hand to the amount of $2,198 20,
which amount was left in the
hands of the treasurer by the old directors,
who were turped out of Office by majority of
the stockholders on Peakes Island. January
1, 1876, there were assets over liabilities as
follows: Cash $239 81; due from towing S702,
(there is now due of that amount $30000);
City annuity S62 so; mails $43 IS; candy stand
$50; advertising on Gszelle, $13, making
total of ST. 1000 46, less fees payable. $55.23;
making the total assets on hand, January /,
1876. of $1,O35 %, from which a dividend of
$500 was declared for the wear 1875, to be paid
from The cash on hand of $239 1 aud tn lis
receivable, showing loss 81 the company
during 1875 of 81 ,098,* presu Mug the towing
bulls 10 be all good, winch was not the fact.
elected a director in the Peakes' Island Steam
boat Com pany. Had l b en- aware of the
financial affairs of the Company, would have
advocated laying an assessment vn the stock to
paw that dividend. February l. 1876, as GER
cash book, the treasurer borrowed of Geo.
Trtfethen g. Co., $3.50 towards paying said
dividend, aud Juoe l., 1876, paid to Geo.
Trefethen & Co., said amount without interest,"
TALL known TO the former treasurer) out of the
earnings of 1876.
remarkable mistakes, and all TIE more remark
able since they are made by gentleman who
signs himself Treasurer of the Peakes'
Island Steamboat Company" presumably
working from the treasurer's books, white at
the same time those books will show very
different account. What is meant by the
sentence L have italicized above? By what
possible combination of figures does.
Mr.. Morse fud loss to the Company of
ST. O98 in 1876 during the term of "the first
Por land president, gentleman well known on
Commercial street.? The facts are easily as
certainable, especially to one who holds the
treasurer's books, that from the 81 1893 20
which was reported on hand January 1, 1875,
there was paid to the stockholders dividend
of per Cent, amounting TO $1,000; also paid out
on approved bills of 1874, about S475, leaving
sin the hands of the treasurer" $523.20 in bills
receivable of which Mr.. Morse admits that
$500 have never been collected.
Again, he says that $3.50 was borrowed of
Geo. Trefethen & Co., towards paying that
dividend 1876, which is entirely mistake;
it is surprising that Mr.. Morse should not have
known, since he was president OF the Company
at the time, that said dividend was paid from
the treasury, leaving it empty; so that when
the expenses (about $3.50, ink) of the run
ming the Express 10 January. 1876, came up to
be provided for, the treasurer borrowed 5 250 as
was stated, and paid the bills. This borrowed
money was repaid from the earnings of 1875,
as was proper enough, since the bulls had been
Contracted 10 that year, aud under Mr. Morse's
admins tratiOn.
But it wasn't on account of these difficulties
that the stock was dsprecated 10 fifty per
cent, nor yet on account of the first OPPOSE
tion" that occurred on Peakes' Island 10 the
form of petition against the steamers run
ming on Sunday; the first cause of the ruin OF
the Peakes' Island Steamboat Company, I'm
The opinion of the stockholders) was during
Mr. Morse's presidency, when the directors
compelled Mr. Gushing to place an opposition
steamer on the route Mr.. Morse tries to
make strong point by saying that the two
directors who were associated with him were
lfUu tuo 1oiauu1 uub eau uo pUiub W Guy
measure they originated which worked to the
injury of the Company? Lst him tell US who
was the originator of that brilliant scheme, OF
charging the proprietor of Cushing's Island an
exorbtan price for running steamer to that
popular resort. Did they Imagine the owner
OF that Island, with its large and costly hotel
could allow it to remain unvsited because the
Peakes' Island Steamboat Company wouidn'G
run boat there short of 5000. There IS an
assured conviction among the best Informed
stockholders that If the directors had paid Mr..
Gushing 5000 or $1,000 for the privilege of
running boat there 10 1S76-when there was
no possible chance of a competition-they
could have paid at least 30 cents on every
dollar of stock in the Company, as any one can
see by Mr.. Morse's figures, the gross receipts for
the year 1876 were $40, 1894 03 but he does not
say that the steamers were run for less than
half the usual fare, as was the case. AT the
regular Rates there would have been q surplus,
after paying the bills, equal to that amount at
least, TO be Divided among the stockholders
Of matt RS In 1877, Mr.. Morse says not
word; a like reticence covers his record in 1878.
We on the Island regret that he has not seen
nj TO enlighten US on some points which are
obscure in the latter part of that "strange
eventful history" we feel desire and a long
ing, as 1t were, to know how our property came
to evaporate so suddenly after il was encircled
by that fatal ring; IN the classic language OF
the Arabian Nights, Eve and the other slaves
of the ring snail look with painful anxiety
for further Developments
"THE GENTLEMAN FROM PFAKEs' ISLAND
February %, 1879.
The italics are mine.