The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-04-05
THE PRICE OF GAS.
Standing Of the Company as Report
ed Five Years Ago.

"A
Full Investigation at That Time Which
is Interesting Now in View of the Ac-
tion of the Board of Aldermen Monday
Evening.
In 1888, the city council appointed a
committee to investigate the condition of
the Portland Gas Light Company. The
committee consisted of Thomas P. Shaw,
Chas. A. True and James P. Jordan and
on June 4, submitted to the city council
an elaborate report. In view of the ac-
ton of the city council on Monday eve
ming that report is again of interest.
The committee of 1888 said:
The company was incorporated in 1S49
with capital of not less than $4,000
nor more than 100000. Evidently the
latter sum was made the capital because
on the 10th of January, 1858, the city
paid $56, 062. rs for it's half of the capital
stock of the company, which sum repre-
sented one half of the paid capital with
10 per cent added thereto. BY two sub
sequent acts of the legislature Of the
State, the capital stock was increased I'M
til it had an authorized issue Of 500, 000
Nv
been issued. BY section six of the act of
incorporation, after performing certain
conditions, they were to ''have and enjoy
the franchises and privileges granted
them by this act exclusively for the term
of 80 years from the date of their organi-
zation.' By section nine of the same
act, the city had the authority to take
the property of the company at its APP
praised value after 30 years from the
time of the granting of the charter. By
section 10 of the same act if the city did
not take the property, ''then the fran
chises aud privileges hereby granted to
said company shall be continued to them
and shall be held and enjoyed by them
exclusively for the further term of IL
years after the expiration of the 30 years
aforesaid. The city did not avail itself
of it's right under section nine of the
charter. By chapter seven of the private
and special laws of the last legislature,
approved January %, 1887, the charter e.,
rights of the company were extended 80
years before the time fixed in the 10th
section of the charter.
The city now owns 100 shares OF the
par value of $50 each, in this company.
The property of the company at the
present time consists of the plant, in
Guiding buildings, wharf gas making
apparatus, station meter and gas holders.
On this, the engineer reports that one of
the holders is of little value and the other
has been in use nearly two thirds of the
life of the holder. "A portion of the gas
making apparatus is badly worn but the
rest is in fair condition. There are over
2S street mains which are in fairly good
condition The real estate of the COM
pany consists of SO, 1888 feet of land be-
tween the Maine Central tracks and the
old P. S. & P. r. r. location. There is
an additional area of uplands outside of
the P. S. & P. r. r. location of T2,505
feet and there are 81, 1O6 feet of flats
partially filed There is also what is
known as the reservoir lot on Summer
street, containing $3.50 feet of land A
strong retaining wall protects the water
front. The company has about 80 feet of
wharf to maintain to reach the harbor
commissioners line There is a depth
of II feet at the end of the wharf at low
water and along 262 feet of the water
front. The entire length of the water
front, following the harbor commission
ers line, is SOC feet. The committee be-
lieves that it is q conservative view to
estimate the value of the land, plant and
mains, at sum equal to the capital
stock; and this estimate is made with
Jn6 view JilaG Tile COiilpttIly Is W couuHuO
to transact business, in accordance with
it's rights under its charter. The COM
pany had on hand at the time of
its annual statement cash to the amount
of S41, 1866. It had bills receivable to
the amount of $685. 600. This sum repre-
sents money loaned to individuals, firms
and corporations on collateral and in
every case the company has perfect Sc
curity These two items represent the
working capital of the company which
is largest at this period of the year be-
cause the. large receipts of the compa.
ny come in the winter and the
heavy expenditures including the June
dividend are made during the summer
months. The other large item in the
account is the one called renewal and
insurance" The company insures it
self and has placed certain sum of
money to the credit of this account
every year until it has reached its pres
ent figures. Fifty thousand dollars
may be required at any time for new
gasmeter and the officers claim that the
balance of 100000 is required for their
renewals and insurance. A statement
of the renewal and insurance OF invest
ment fund, showing the securities in
which it is invested and the premiums
with interest thereon to April SO, 1888, is
made part of this report as follows:
Prem. s. Int.
Par Value. Due. Added
q 4 600 f7itv Of Portland {, per