The Portland daily press., 1888-04-07
the CITY GAS STOCK.
What Some of our Merchants Say
About 1t.

Areporter for the PRESS called upon many
of the merchants yesterday afternoon to see
what they thought of the suggestions in
yesterdays edition that the City Council APP
point an investigating committee to examine
the books of the Gas Company and see
what the stock was worth.
George S. Hunt & Co. thought 1t would be
a business-like proceeding. If the city owns
any property whose value it is doubtful
about, the best thing it can do is to ascer-
tain that value at once. As Mr.. True had
said, our stock of railroads was about out
Now that we have got stock let us keep it.
f. A. Smith, of F. A. Smith & Co., always
thought there were three things the city
should have controlling corporate rights In;
| light, water and heat. These are vital ne
cessites. To city's interest In other corpo-
rations he was opposed. Let us then know
what our rights in the gas company are
worth.
Burgess. Forbes & Co. believed that com
mittee OF investigation should be appointed
and that it should 80 to the very bottom OF
the matter. They didn't believe it business
like 10 sell ten per cent stock in order to
hire money at four per cent.
w. S. Jordan & Co. thought it a good plan
to know just what the gas stock was worth.
Mr. Randall, of Randall Il McAllistersaid
he had been very busy and he had not paid
much attention to the subject, buthe thought
if the city owned any ten per cent stock they
had better hold on to it.
H. S. Melcher & Co. agreed with the PRESS
that stock that had panned out as we'll as
the gas stock should be held onto by the city,
and that everything relating to the company's
concerns should be well understood by the
City Council. and that a committee should
get full knowledge of the exact value of its
stock.
Several prominent merchants, who de-
clined to allow their names to be used, said
that if syndicate intended to control the
electric light companies, and the gas plant,
so that when the electric light company
should come, another year, before the City
Council for a renewal of its contract, tn is
syndicate should prove a monopoly and die
tate its terms to the city, having the terms at
its mercy, that syndicate should be baked
1t would prove trust company that would
not work. Then think Of the valuable plant
ON the front harbor which now belongs to
the Gas Company. 1t is paid for and is
worth hundreds Of thousands of dollars for
its water facilities to any railroad corpora
ton securing control of the Ogdensburg.
Further, said the merchants. why don't peo-
pie examine the published assets of the Port
land Savings Bank and see what the bank
officials estimate their gas stock at, and
draw some opinion from that OF course a
committee should be appointed, or the city
gas agent ordered, to make thorough inves-
tigaton and ascertain the value of the stock.
What is more the city should have
director in the company to look after
matters. Last year the city tried
to elect one but failed One thing, however,
is sure said the merchants, any stakeholder
has right to know the value of that stock,
and ii the City Council has got any blood in
it, it will have an expert go through those
books and tell them what it is worth to a
cent. Why, said one of the gentlemen, if |
had some of that gas stock and had note to
pay I'd march up to pay my six per cent
note and put the remaining four per cent. in
my pocket.
Mr. Corey, Of Eben Corey & Co., believed
that the city most assuredly should find out
what the stock was worth before any talk
is made OF parting with it,