The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1888-05-17
PORTLAND GAS COMPANY.
Annual Meeting of the Corporation
Yesterday.

Light Company was neld al tne OHce Ol thc
company on Exchange street yesterday af-
ternoon at 8 o'clock. President Daveis
called the meeting to order, and after read
ing the call submitted the following report,
which was accepted;
PRESIDENT DAvEIs's REPORT.
The consumption Of gas for the past year
was 40, 467, 900 feet against As, $4,000 feet the
preceding year, gain Of $4,000 feet. The
number of consumers is 1854, a gain of 50.
There have been used 4745 tons of coal and
115 tons of oil. yielding little over "a, ,OOO 900
feet of gas. being 4.95 feet per pound of coal
and oil. The average Illuminating power at
the works is 1872 candles. At the Office of
the inspector. Mr.. Swift, 513 Congress street,
it is somewhat over 1S5 candles. This is a
high quality when we consider the effect OF
our cold weather upon the gas in the main
pipes and services after it leaves the works.
There have been sold 81, ass bushels Of coke,
1924 bushels Of breeze, and 274 barrels Of
coal tar There have been laid 53S feet of
three-inch street mains in Gray. Spring and
Charles streets.
The roof of the retort house showed signs
of weakening last fall. Mr.. Yorke, with his
the whole covering of the roof, which is of
iron, was renewed, costing about $500. The
fumes from the benches, and the sea air are
destructive to iron work. Although appar-
emily whole, the covering and fastenings
were found to be so eaten by rust that the
roof must otherwise have gone in the storms
of last winter. The careful foresight of our
engineer saved us from serious loss in this
instance as in many Others.
Two benches Of retorts were built last fall
- lsA..A hat faD IN TNU In 81
report, we expected TO rebuild the whole
westerly section Of eight benches, but the
new retorts came along rather late, the old
ones held out well, and this work was post
poned to the coming summer when 1t can be
done to better advantage. The expense will
be about $500.
A new exhauster will have to be purchased
this year. 1t will cost set up, abont 81 200
The present one has been running night and
day for eighteen years, and requires so mucn
speed to do its work that It is economy to
get new one A new building for ''revivi-
tying" the iron used in publication is also
needed. 1t will cost about 5000.
At the last meeting Of the directors 1t was
voted to reduce the price of gas consumed
after July 1st, next, twenty cents thousand,
making the net price $1;SO per thousand
which keeps the price below the average.
For the purpose OF comparing, Mr. Yorke, at
the request Of the directors, has ascertained
the prices in the following New England
companies, whose average output exceeds
ours. for the past fifteen years from 1873 to
1887, Inclusive:
Brookline, Cambridge, Charlestown, Chelsea
Dorchester, East Boston, Jamaica Plains Provl-
dence. Lynn. Newton and Watertown, South bos-
ton, Salem, Springfield and Worcester.
The full statement is before you. Itwould
take up too much space in this report to give
the figures in detail. 1t shows that the aver
age quantity of gas made annually by these
fourteen companies is seventy-tw0 million
feet each; and the average price for the fif-
teen years S2.75 per thousand. The average
quantity made by this company for the same
time is fifty-five million feet. The average
price S2.53 per thousand.
Our taxes amount to sixteen cents ON each
thousand feet of gas sold. The average as
reported paid by other gas companies is ten
cents. For the past two years we have earn
ed four thousand dollars, annually, beyond
the amount of dividends. The reduction to
81. so per thousand will reduce our profits
about ten thousand dollars year, IL the con-
sumption continues the same; but it is hoped
there will be an increase, and as our insur-
ance and renewal funds are considered suffi-
cient the interest hereafter accruing can be
applied towards dividends. in case no extra
ordinary renewals shall be needed. Our
working capital, outside Of these two funds
is thought sufficient for all ordinary repairs,
renewals, and expenses. 1t is mostly in cash
at this season, the winter consumption hay-
ing been paid for.
The consumption for the coming seven
months will be small, while our payments
will be large, including the purchase of coal
and oGher materials, and the repairs and re-
newals for the year, besides the June and
December dividends. The treasurer's re-
port will show more particularly the receipts
and expenditures for the year.
The treasurer. Samuel Rolfe, then present
ed his report, which was accepted and or
dered ON file. The company declined to have
this report published.
Mr.. John Rand said that he would like to
know if the corporation owned any of its
own stock.
President Daveis replied that the corpora
tion owned III shares Of capital stock.
sits good 10 per cent investment" said
Mr.. Rand. But are you quite certain that
that is legal? Asan individual wish we
owned more, and would be willing to risk the
legal part of it."
President Daveis replied: That's what
the directors thought"
Alderman Shaw, the city gas agent,
moved that the number of directors be in
creased from six to seven, and the city have
a representative.
Alderman Shaw was informed that his mo-
tion was not in order, because the bylaws
stated that the number of directors should be
six, and if the bylaws were to have been
changed it should have been so stated in the
call.
Upon receiving this information Mr.. Shaw
withdrew his motion.
Mr.. Rand said that it seemed to
him that the city was entitled to and
ought to have a representative in the
board of directors. "He need not be mem
Der of the city government, for perhaps that
might be Objectionable. We have one direc-
tor who lives out of the city and who comes
to the city about once year. IL the city
should substitute some one for him 1t might
be of interest to the corporation"
Mr.. Shaw said that he would not ask to
have anybody displaced, but 1t was we'll
kno 6n to the board that the city wanted to
be represented in the company.
President Davies said that he supposed it
was Mr.. Thomas Cummings whom Mr. Rand
referred to, and said that Mr.. Cummings had
always been director, ana was now an aged
man and to remove him would hurt his feel
ings. Mayor Chapman had mentioned a
name to him that would be very satisfactory.
Mr.. Rand said that If 1t was going to hurt
hurt Mr.. Cummings feelings very much he
did not know as he would be in favor of hav-
ing him removed. However" said he, II
don't know as the matter is worth discus
sing for understand you have sgot proxies
enough to elect whoever you please.
Alderman Shaw, w. r. Wood, and Samu-
ell Rolfe were appointed committee To re-
ceive, sort and count votes for a new board
of directors. They reported as follows
No. of shares represented 5420.
fara oh