The Portland daily press., 1898-08-31
ESPECIAL TO THE PREss.I

ESPECIAL TO THE PREsSJ
Bath, August S0.-For week or more
stories have been floating about the City
Of Ships in regard to the financial stand
ing Of the Bath Gas and Electric COM
pany and it's president Galen G. Moses.
These stories gained general circulation
and the public for several days has been
waiting and watching expecting that the
news of financial crash might come at
any moment.
Today the crash came; it was the an
nouncement of the assignment of both
the Bath Gas and Electric company and
of Galen q. Moses. The assignment of
the Electric company was not the only
ono besides his personal one which &C.
CURED today in which Mr.. Moses was in
terested.
The other was that of the Richards
Electric company was brought about by
over-inyestment and improvements, it be-
ing expected that the sale of bonds would
cover the outlay but it failed to do SO.
Mr.. Moses said tonight that about 500. .0oC
had been spent in improvements by the
company within three years.
These improvements were necessitated
by the demand of business Not only has
the company supplied power for the Bath
street cars but for the Bath Iron works,
Hyde Windlass company, Shaw mill. New
England shipyard, Sewall's steel ship
hvxiI1 r,1oD En11 O.
Percy & Smalls, and G. G. Deering ship
yards, for @. A. Hooker's grist mill, the
Bath Times Office and several other estab-
lishments.
II has also supplied all the street and
interior gas and electric lights in Bath.
At the present time|there is being built a
large addition about 80 by 80 feet on. the
north side Of the power house. The fall
ure of the Richards Paper company of
which Mr.. Moses was treasurer was due
to the poor business of the last year. Mr..
Moses's personal assignment was due to
the fact that he had indorsed heavily the
paper of both of the concerns. The assign
ment of the Bath Gas and Electric COM
pany of which G. G. Moses is president
and Fritz H. Twitchell treasurer was
made to Charles H.sMoLellan, D. Howard
Spear and Charles c. Low. That Of the
Richards Paper company was made to
Melvin S. Holway of Augusta and Wes-
ton Lewis of Gardiner.
Mr.. Moses's personal assignment was
of his real estate and personal property to
Symonds, Snow and Cook of Portland,
and is said to amount to about $220, 0,000
The document bore 22 revenue stamps OF
the value of $40 each.
Mr.. Moses Is president of the First
National bank of Bath, of the New Eng
land Shipbuilding company, and treas
urer of the Worumbo Manufacturing COM
pany and several other corporations. He
stated distinctly tonight TO the PRESS
correspondent that his assignment would
in no way affect the interests of any Of
the other concerns with which he Is con-
nected. Mr.. Moses last week sold his An
terest in the new Bath, Brunswick and
Lewiston street railway to Messrs Gerald
and Libby for 5000 He was president
of the local street railway here until
about July 1, when it passed into the
hands of the new syndicate of which AL
bert H. Shaw Of Bath is the president
and Amos f. Gerald the general manager.
MIR. Moses says it will be some time be-
fore he can be in position to know just
how the affairs stand as there is good
deal of work to do to get his papers and
securities in proper shape.
1t was in some ways a surprise to Bath
people, even though they had been look.
ing for such news. They can hardly
realize that Galen G. Moses, so long con.
sidsred one of the ablest fnanciers in
Maine, and who has had SO many in
terests in hand, has at last been compelled
to make an assignment.
A few years ago Mr.. Moses gave Bath
public library costing $4,000 and gave
1886, 200 towards the Y. N. G. A, of
which he Is president.