The Portland daily press., 1897-05-20

l
company related largely to the surplus
This surplus is represented by the insur-
ance fund, the renewal fund, temporary
loans and cash. All told it amounts IL
1896, 900. The directors say it would be
wise policy not to deplete it by special
dividend at this time. Other gentlemen
took the ground that there is no necessity
of so large reserve. The dividend will
amount to over $4,000.
The report of President Daveis is as fol-
lows:
The consumption of gas for the year
ending on the 1st instant was II, 762, 600
feet, gain of 4 ,210, 900 feet over last year.
d Seven thousand two hundred and
twenty tons of coal and 1874 and a
half tons of oil have been used, yielding
81 759, 900 feet of gas of 1872 candle power
averaging 4.96 feet per pound of coal and
oil.
The net income from sales of gas was
$44. 9S7. 25 against s43, rs last year
from sales of coke and tar SIG, 1884 against
$13, 534 last year.
n The number of consumers is 3, 464, a
gain of 1874. Two hundred and forty-five
gas stoves have been sold, making the
number now in use S53; and 1,139 Wells
bach lights have been sold making 1891
in all.
Eight new branches of six retorts each,
with separate hydraulic mains, have been
bu1lt in the eastern section of the retort
The new benches and retorts are larger
and give a better yield of gas with less
expense. The cost was about $11 900.
A new scrubber has been put in, having
a capacity of 100000 feet of gas per day,
costing about $1,000. The old tower
scrubber was Anticipated and too small.
The new one is Woods Hot Scrubber,
1t is very efficient in clearing the gas
from tar and ammonia, and relieves the
purifiers.
A great saving in coke has been made
by putting steam blower into our boiler
furnace, enabling US to use breeze instead.
This breeze Tor fine coke) was Of almost
no value before, but with the strong draft
and jet of steam proves to be better
| fuel than coke.
Fourteen thousand five hundred and
seventy-six feet of new street mains have
been laid, including 1885 feet in renewal
of old mains
For the coming year the largest expedi-
capacity of 250,0~0 feet. 1t is in progress
OF building by the Davis & Farnum COM
pany. The foundation was prepared by
MIR. Eugene Yorke, acting as our engineer
during his fathers illness, and the tank
IS partly completed. 1t is to be of steel.
foreground tank of brick, like our Others
The holder is also to be of steel. 1t will
be ready for use by September 1st. The
whole cost will be about 500, 100000 The.
old holders have been in use over thirty
years. 1t has been great saving to the
company that they have been kept run.
ming for so long by the skill and watchful
care OF our late able engineer, until this
new method of construction has been in
vented and proved.
The new holder is to be upon a con-
venient lot of land conveyed to this COM
pany by the Maine Central Railroad com
pany, in exchange for piece of our land
OF equal value. The old holders require
large repairs and may last several years
longer, but it is not safe to depend upon
them for another winter. Numerous other
repairs and renewals are needed, includ-
ing new condenser, twelve new retorts,
a new roof for the retort house, and a
new coal shed.
The ten benches of flves in the western
section may be used longer, but their con-
dition is such that it would be profitable
to replace them with eight benches of
skies like those built in 1896. The cost
would be about the same, $11 ono. The
increase in the yield of gas Der retort, and
the saving in expense and in coke from
the proposed change would pay a large
percentage on the cost.
The price of our gas has always been
low for city of the size of Portland, and
so far from the source of supply of coal
and materials for construction. It has
been reduced for the current year to 81 25
net, per thousand with the usual rebates
to large consumers. AT this price the
directors estimate that with the present
consumption no more than five per cent a
year can be earned for dividends, but as
hay tlcnr i1,o1
other accidents, the income from secu-
rites has increased the insurance fund to |
about $115,000. The directors thought that
with the aid of this fund and from in
creased consumption, the usual dividends |
could be declared, and the reduction was
made in accordance with their plan for
lowering the price of gas. This they
think will be the best policy in the end |
for the stockholders, and certainly will be |
for consumers, while everything that con-
tributes to cheaper living expenses is of |
advantage to all citizens.
. The renewal fund is of the same amount |
as the insurance. 1t will he drawn upon
heavily for the coming six months for re-
newals and repairs at the works and in |
the streets, if our plant is to be kept in
condition to carry on our business to ad-
vantage.
The account OF the treasurer will show
our quick assets to be as follows:
insurance fund, S115, 500. 92
Renewal fund, lis, SO. 90
temporary loans, Sc, 300 90
Cash, 9.241.7
Making total of, $500, 1928. Sc
And the directors are unanimously of |
opinion that the maintenance of adeq uate
insurance and renewal funds, together
with a sufficient working capital, are nee
essary for the protection of the interests of |
stockholders and for furnishing gas at a
low price.
When Mr.. Daveis finished the reading
of the report, Mr.. Thaxter asked his
questions. Mr.. Thaxter based hts ques-
tions largely on the annual report for
1896 He said that this report showed that
after the dividends of that year had been
paid there was a surplus of $1,000. mi
addition to this ST, 900 was received in
terest making total surplus for that
year of nearly $4,000.
Mr. Daveic c11ooectad that tha ,.a,l;,,. |