The Portland daily press., 1879-02-24
PEAKS ISLAND STEAMBOAT COM
PANV.


The Leader, in It's issue of fortnight ago,
published a state ment rejecting upon the pres
ent aft airs of the Peaks Island Steamboat
Company. An indigu alton meeting of the
stockholders of the company opposed to the
present management was held at Peaks Is-
land Friday, at which it was stated that quite
number of the stockholders had lost all the
money they invested, by reason of the directors
purposely running the steamers In debt and
then putting mortgage on them with the in-
tention Of forcing sale, which intention was
carried cut A committee was appointed to
see what course should be taken under the cit-
cumsances.
The Treasurer of the company has placed the
following statement in our hands for publica-
ton;
Mr.. EDIToR,-Iu reply to the gentleman
from Peaks Island, would say to the public,
and to the stockholders in general. that the
islands have had two of The three directors of
the company up to the year 1873, making a
two-thrds vote 10 their favor during all the
mlsmanagement that has occasioned so much
talk. l can truly say that everything of i'm
por' ance that was done during the two years of
1867 was done b7 unanimous vote OF the
directors. This statement am sure the other
TWO directors will endorse. R-specting oDDo-
sltion, the first opposition that can remember
anything about, originated at Peaks Island in
the shape OF petition protesting against the
manLer in which the ooats We're being run
in 1874 BY the three island directors. in 1875
the first Portland president was chosen Ia we'll
known gentleman on COmme cial streeU with
two directors from the islands. Then came op-
position number two 10 the steamer Charles
Houghton. l say opposition from the very fact
that. as L understand IL, a birth was hired at
Custom House wharf to keep the III Jugbton
away, for VIII ch Mr. Cnas A. Dyer claims
that 5alaoce is due of S100. Jan. l, 1875,
the treasuret's account showed assets on hand
to the amount of $2,198 20, as follows: Cash,
$126S7; Geo. Trefetnrn & Co.'S note, $1,000;
interest ou same. $l617; city of Portland ab-
nu,tv, $6250; mails, 43.75; bills for towsge.
S324.00; candy stand, $50 90; making 81, 1920
as ue he comoany Jau 1, 1875. which was left
IN the hands of the treasurer oy he old direc-
tors, who were turned Out If offic- by m. 4. Or
ity of the stockholders on Peaks Island. Jan.
l, 1876, there were assets over liabilities as
foows: Cash, $239.21; due from towing
$7O2 (there is now due OF that amouat 5000;
c'tV annuity, S62 50; mails, $4375 candy stand,
$50; advertising on Gazelle, $13; making a 10
tai Of $l, ,O90 46, less fees payable, S55.2; max-
log tho fOtal assets on hand Ja1. /, 1876, of
81 ,035 %, from which a digideod of $500 was
declared Ior the year 1876 to be paid from the
cash oE hand Of $239 81 and the bills receiv-
able, showing loss to the company during
1875 of Sl098, piesumDg tne towing bills all
good, VIII c., was not the fact This was the
State of IF airs when l was elected director
in the Peaks Island Stca amboat Co H H,d /
been aware of the fioanc,al aft airs of the COM
peny at that time, would have advocated
laying an assessment on the stock TO pay that
div dend. Feb 1, 1876, as per cash book, the
treasurer borrowed of Csc. Trefe hen & Co.
$3.50 tow ards paving said dividend, and Juue
1, 1876 paid to Geo. rrefethen & &c. said
Or .h.,rf tr,tAr f.Il -
former tressurer), out of the earnings of the
year 1876 The gross receipts for the year 1875
were $12,547 73. Tue total receipts for 1876
were $40 394.03 leaving a net g ain ,afler paying
the dividend of 1876, of $445 a.
f. H. MORSE,
Troocnror paaL, I M, a. ~