The Portland daily press., 1897-05-20

1
the impression that the question of divi
meeting, that idea was speedily dispellet
when Mayor Randall moved ''that the
directors are hereby instructed to declare
special dividend of $25 share to stock
holders of record on May 49,"
Mr. George W. Verrill promptly OBJ
jected to the word instructed - He
thought the directors should be requested
Mr.. Randall suppose it means the
same thing.
President Daveis settled it by saying
that the directors themselves would rather
have the motion read to instruct rather
than to request as the action proposed was
against their Judgment. So the motion
was not changed.
Mr.. Randall read letter from A. c.
Hamlin, Esq, of Bangor in which a
proxy for twenty two shares had been in
cluded. Mr. Hamlin said emphatically
that the surplus should be divided. An
other gas company to which he referred
had lost $50, 900 in the effort to accumu-
late a surplus.
Alderman Rounds was the next gentle
man who asked questions He asked
about the surplus of $500, 1000 and Mr..
Daveis replied that the directors thought
it would be necessary to draw on the sur
plus until the growth of business had
made up for the loss of revenue due to
the recent reduction in the price of gas.
Mr.. Daveis thought that the course
adopted by theidirectors would in the end
prove of the most benefit both to the con-
sumers and the company. In these times,
anything which reduced the cost of living
was certainly desirable. Besides the
matter of the reduction of the price of
gas, there was the demand upon the re-
newal fund, which must be largely de-
pleted this year President Daveis re-
ferred to q report made by E. HI. Yorke,
the company's acting engineer, enrlmerat-
ing the necessities in the way of renewals.
| This report, which was not read enumer-
ates as the renewals required at the
works, repairs to the wharf to cost about
| 800; new iron roof to the retort house,
$500; a new stack of benches, $11 600;
new coke storage shed, 1880; new con-
|
boiler with a larger one, 500; alterations
in the station meter at cost probably
under $500; repairs on the two old gas
holders, the cost not estimated
Then Mr.. Rounds wanted to know
about the insurance fund.
Mr.. Daveis said that was to cover fires,
explosions and damages of all kinds.
4 IL !.
it for all the plant is worth, do you?
| 'Twouldnt all go at once 'Twouldn't
be worth more than SIS, 600 all told
| Secretary Morse said the holders were
worth more than that.
Mr.. Rounds-Why you've just built
one that cost s29, 900 and you don't want
but two. Your old building ism worth
more than $500.
| Mr.. Rounds attention was called to the
value of the retorts and Mr.. Daveis told
something about the origin of the insur-
ance fund and its investment. At one
time the company made $40, 900 in govern
ment bonds.
Mayor Randall-Don't you think a
smaller amount would do for insurance?
Mr.. Daveis-Yes, but we allowed for
drawing on it to keep up the dividends.
Mr.. Randall referred to the report of
committee of previous city government
that SIS, 0oO was sufficient insurance
fund.
Mr.. John A. Emery, who was mem
Der of this committee, added to this state
ment that he had thought $65, 600 enough,
but it had been the intention to deal
literally with the company and so the
amount had been fixed at SIS, coo.
Mr.. Moore-I would like to get $50, 900
to renew the street mains.
Mr.. Rounds-You would save that in
leakage in few years wouldn't you?
Mr.. Virgin-Haven't you renewal
fund now?
i Mr.. Daveis said that mains must be re-
placed not only to prevent leakage but to
provide larger ones.
Then Mr.. Moulton moved that the vote
be a stock vote and Mr.. Chase that the
credentials committee receive and count
it.
/ It didn't take long for the committee
to get the ballots into the hat, but they
found that counting them was about as
much work as verifying the proxies
Nearly everybody but the, committee went
home. At half past seven, they finished
their labors. They found that 3198 shares
had been voted in favor of the motion
directing the payment of the special d wi
dends and 3095 against it, a total of 6293
shares. The special dividend had been
voted.