The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-06-06
S3O3,Oe9.s5

| Insurance and renewal Iund. s 2O6 S34 3S
| temporary loans on coHateral S40O1,l 10
Cash on hand.,...'. .,............. 12,234.37
| $3o3, oe9. s5
From which deduct:
| Repairs estimated by
| Mr.. Yorke ........$ 65,25o.oo
June dividend 5 per
| CENT. II,4b5.OO
| -$ s2,715.oo
Deduct special As per cent diy-
dend....... ...-...-......... S157, 1880
| Surplus in the hands of the COM
| pdny... .....$ So, 1895
Committees Recommendations.
The committee have urged the direc-
tors to declare special dividend Of so
per cent in lieu of the regular June divi-
dend. We believe this could be done
| without detriment to the financial condi-
ton of the company and still leaves them
| with sufficient working capital and bal
ance enough for an insurance and re-
| newal fund to guard against any acct
| dent that is liable to occur.
We have stated to the directors the
present financial needs of the city and
that we wanted the dividend on our seven
teen hundred (17oO) shares of stock to
| help out the large appropriations for
| this year ON account of increased expen-
| ditures arising from remodeling the High
| school building and other matters that
could not well be delayed. We had
hoped by the receipt of dividend from
| the Gas company to be able to keep the
rate of taxation down to the rate of the
past few years, but without it the rate
will probably have to be increased. We
claim that all money in the hands of the
officers of the company over and above
the actual requirements to prosecute the
business in proper manner should be
divided among the several stockholders
| and that they have no moral right to
| withhold it. Many of the smaller stock
holders have stated that they hoped a
| special dividend might be made, but
when the stockholders meeting was held
| they were not present to urge the mat
ter, but large majority Of the stock
was represented by proxies in the hands
| of the officers. We believe if all the
stockholders could meet and the ques-
| ton of the extra dividend be impartially
discussed itwould be voted by a large
majority. The fact of the city owning
nearly one-quarter interest and demand
ing proper division of the surplus
| should have considerable weight with
the smaller stockholders who evidently
have not looked into the affairs of the
company sufficiently to know whether
| such a dividend would be proper OF not.
There is evidently some feeling with
| the officers of the company against the
| city from the fact that the city is the
largest stockholder and has with
drawn it's patronage altogether
| so that at the present time no gas is con-
sumed by the city. We cannot help feel
ing that the city is somewhat in the
wrong in this matter and would recon-
mend that the city provided there is not
too much difference in the expense) light
with gas the engine houses and other
| public buildings, as well as the lanes and
smaller side streets where it is practical
BILE, in place of the small incandescent
electric lights now in use.
| In regard to the larger series and arc
lights used for lighting the principal
| streets and thoroughfares of the city we
believe public opinion would demand
| their retention.
| The Gas Company has the capacity to
manufacture two OF three times the pres
ent consumption (which is about 81, 0OO,-
! 600 feeD and we have no doubt, pro-
vided they could find a sale for it, with
very little extra expense for labor and
| the cost of coal, could reduce the cost of
| gas to tWo-thirds or three-nuarters of
what it is at present. -
| The charter of the Portland Gasliobt
| Co. does not allow h to 90 outside Of fhe
city limits. but charter has been oh
| tanned for a company to sunnlv the civ
| Of Deering and we hope some arranoe-
ment can be made so that the Portland
Gas Co. can furnish gas to this comnanv
| at rate satisfactory to them and at =
price low as thew could MANUFACTURES
| It themselves in the quantity thew would
be required to make. therehy increasing
/ the output of the Portland Gas Co and
| lowering the cost price SO that the CON
| sumers can obtain lower rates and the
| company at the same time make divi-
dends satisfactory to its stockholders.
| At a meeting OF the directors held On
Nav 8, 1898. it was voted that on and
after july i. 1898. the price of gas he
reduced to (S1.5o) one dollar and fiftv
/ cents net per Thousand feet instead ri
| the present price Al 20 net nor thomsand
feet. We hope, however that the CON
sumption will be- SO increased that we
t ean nope ior s'ii' iurchef reduction IN
/ $1,000