The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-04-11
inspector Of Gas Metres-Robsrt b,
swim.
SALE OF RAILROAD STOCK PRO-
POSED.


recting the committee on finance to con-
si,ier the advisability Of selling part or
all Of the railroad stock owned by the city
city, and Of issuing bonds for public inn.
provements. Tnis order was pissed with
out debate and sent down for concur
renee.
The city owns something like $l,175,-
600 OF Portland ~ OgdsnsbuTg stock, at
market value, and also !. has outstanding
bonds ISSUED. in mid Of the road TO the
amount of 81, 200, 900. The city pays In In
terest on these bonds wa, 600 annually, or
at the rate of 9 per cent. On the stock
1t receives $4,000 annually. Thus there
is. a net loss Of So. 600. In 1907 there Will
be a chance to refund the bonds at a
lower rate Of interest SO that this loss
may be obviated. and perhaps be changed
into profit. But the sale of the stock
now would bring the city's debt below
the constitutional limit and give an OPP
portunity to the city to issue bonds Tor
public improvements, which it cannot do
now. Mr.. Dow said that he introduced
the order for the purpose of bringing the
from fixed opinion that 1t would be adj
visnble.
When this order reached the council,
Mr. Waldron moved that II be laid up on
the table. He said that the city would
sell all of its property and spend its
money and have nothing to show for 1T.
He believed the city should own this stock
as long as it continued to pay anything
on the investment.
Mr.. Burke said he thought the special
committee should be appointed to look
into the matter He didn't think this
could do any harm, but when the PROPOSE
ton was made to sell the bonds he would
take different. position on the matter.
Mr.. waldron said that he thought the
city had made a mistake when 1t had sold
its gas stock which was paying ten per
cent on the investment. II this railroad
stock were sold 1t would bring very
small price and the money would soon be
squandered. leaving the city poorer than
ever.
Mr.. Wilson remarked that the COMPARE
son between the gas stock which paid ten
per cent and the railroat stock which
paid two per cent was not Il very good
ono He could soc no possible objection
80 h.vira the nattar investigated bv n
,o,,,,;t.,o
Tho or5er finally had "A massage.
,rn,u,o>, rop 1oc.uroN or E,.Ec-
1RIC WIRE LINES.
Alderman Johnson presen'eu Tue p'''-
ton oil the Portland Electric i'sh' CON
pany Tor leave 10 lay anu 'hai"Vaih uhuef
ground conduits ana mannoies WIN "'ies
and cables TO De placed 'herein unoer 'he
surface OF tine following s'ree's' oohsiese
street, from head oil Green s'iee' 70 MON
ument square; also fer permission 10 lay
and maintain Underground conaui's' man
notes. oaoies an" wires ior '"o p"ipoo "
oonhec'ine .'pe main oonuu.s ,,S w. ". 10
pe'''ioner po'es' any io -
for the transmission of electricity through
tho fo,low,po streets. Twenty-one poles
sou,b s,da Gresn street. from opposite
ha.d of Ksnnahac STRAIT tn Congress
strset 1 mole Congress street. east side.
o,,os,te head of Green street: is poles
Fras street east side. beginning at Juno.
t,on Of Cong,ass street: poles Centre
,,r.,ot so,,b sida from Free street tn Fore
s.,oa,. b. rol.s Fore street, east side. Can
,a,. to psa-l stre.t. mole. Pearl street.
so,,h aide Fore street to Commercial
street; 4 poles Commercial street, east
side Pearl street, TO Franklin wharf.
Ihe poies W "o u pi"e' oAe' y.
uar' reaso"hoiy s'rasno on" VI N0.e"'
raneios rom ." W ~ ioo'
inns pe'i',on voc o'snes '
.ne ro'-lAnu -''o So C.is'a
W. H. ~
81, ~ al. na,it,on -.s ordered
for n. M. April rs, at the aldermen's
room.
pvrENDrNG TuE FuNOTIONS OF
~COMMITTEEs
.t.ou an. o,,v ,,,vsrrmen, has a,n;rai
and before the other one has organized
-. A.. 49,. .Lo.o ..o M