The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-03-15

duced to cast their fortunes with us.
In conclusion [ wish to state that
whatever change may have taken place
in the political character of this body,
nevertheless we are now in common the
representatives of the people and the
question of politics should find no voice
within this council chamber. Gentle
men [ thank you again and ask your CO.
operation as presiding officer, for it shall
be my aim at all times to conduct the
business of this board fairly and impair
tally"
At the close of the address, which was
warmly applauded, the election of clerk
was in order.
Mr.. Simpson presented the name of E..
S. Osgood, and Mr.. Little that of L. Cliff
ford Wade. Mr.. Wade withdrew his
name and Mr.. Howe cast the ballot of the
council for Mr.. Osgood. When the latter
was escorted to the clerk s desk, he was
greeted with hearty applause.
The council then adjourned until 7.50
o'clock
IN JOINT CONVENTION.
After the usual messages had been ex-
changed, the two boards went into joint
convention. City Clerk Burgess read the
official returns declaring Mr.. D. FL. Ingra-
ham elected mayor. A committee con-
sisting of Alderman Josselyn, Council
men Knowles and Hicks, was appointed
to wait on the mayor-elect and request
his attendance.
The committee escorted Mayor-elect
Ingraham to the council room, attended
by Mayor True and Rev. S. F. Pearson.
The oath of office was administered to
the mayor-elect by City Clerk Burgess,
and then to the aldermen and council
men.
Rev. S. F. Pearson offered prayer, after
which Mayor Ingraham delivered his in
augural address, as follows:
Gentlemen of the City Connect:
The municipal campaign which has
Just ended, as well as that,of the pre-
ceding year, was free from aggravating
personal features and was conducted on
discussion of principles and policies,
and fair consideration of the merits of
candidates.
1t must be gratifying to our citizens
and is a mark of their culture that these
contests have been above personal attack,
and have left no sting behind.
To our honored fellow citizen, who
has during the past year SO worthily dis
charged the duties of the Office to which
l succeed, I tender the assurance of the
respect of allparties.
Some Of you, having already served in
this council, are returned with the ap-
provaI Of your fellow citizens; all are
identified with our substantial interests
and enjoy the public confidence. That
the responsible duties of your position
will be discharged with fidelity, patience
and good Judgment have not shad-
ow of doubt.
The City Debt.
The first and most important matter
claiming your attention is the financial
condition of the city, and I have the hon.
or to submit the following statement
from the office of the city treasurer.
Statement of City Debt.
The municipal debt March 81, 1891, was;
Coupon and registered bonds, IS, $483, 800
As, 807, 900
Trust funds, 1900
Total, $1,303,5O
Less paid and cancelled since
ROOscOO
1925, 900
Bonds in aid of Portland and Roch-
ester railroad. original issue
$1,150O00, due July 1, 1897, $416,0OO
Bonds in aid of Portland and og-
densburg railroad, original issue
$1,350000 due September l,
1907, 100000
Total bonded debt March II, 1892, $2,839, 900
AUdildbJe ASSETS.
100 shares gas stock at par, notes
receivable and trust funds on
which the city pays interest only, $1O1, 330.75
conn commissioners, 52,19e 20
s15s527 o4
Net debt March IL, 1892, $2,6s5,472 96
The city has 23,561 ITO shares of Port
land and Ogdensburg railway stock on
which the city receives per cent per an
mum in dividends from the Maine Central
railroad payable quarterly. 1t is credited
to interest and estimated as income.
The gross debt of the city has been re-
duced the past year $S0,500 and the net
debt about $4,000.
There will be further reduction of the
net debt before April 1, 1892, by addi-
ton to the sinking fund from surplus in
come, &c.
The gross city debt April /, 1877, $6,65o,200
The gross city debt March IL, 1892, 2,S39,0o0
Reduction in Is years, $3,211, 200
The Liquor Agency.
I have also been furnished by the trea-
surer with statement of the sale at the
city liquor agency for the past municipal
year, amounting to $50, 551.50.
AS the legitimate object of the agency
is to supply liquors to citizens for ''medi-
cinal, mechanical and manufacturing pur-
pose only the increasing sales, doub-
ling from the previous year. seem to
suggest an inquiry whether the priv
leges of the agency are not abused [ ask
the attention of the Board of Mayor and
Aldermen to the following figures:
Balance to the credit of the agency
April /, 1891, 81 400 40
Received Of f. S. Trickey, agent
since, to March IL, 1892, 1881 so
$54, 800 80
Payments for stock, salaries and
expenses, 1929 %
Balance to credit of the agency, $9,682 81
The Back Bay Flats.
A contract has recently been made
between the city and the Portland and
Rochester railroad for building con-
duit and filling in the fats in the valley
of the creek, between Grove and Green