The Portland daily press., 1899-04-26

stMkt1 oltt@Ens 4uCLt nEo Oihlx1n1 1tAo
whom have heard have expressed views
on this msster and I would Hike 10 call
upon them.
Mr.. Kelley, the treasurer of the COM
pany was asked to state the financial con-
dillon Of the company. He said he re-
sided IN Saco and was treasurer Of the
Oldest saving bank In this state. Not .
share of stock has been issued lsss than
one hundred cents on a dollar. Thirty
three thousand dollars has been paid for
stock. Dsbenture notes OF ~, 200 have
been issued at 100 cents on the dollar.
Mr.. Kelley's figures given to the board
were as follows: Stock paid Of s3s, 900;
debenture notes issued, 90, 900. bills pay
able which are outstanding, $Sf ,404.
Assets Of the company are ss follows:
Buildings at Great Falls, 90, $50; ma
chinery. ga, 40c; poles and wires, si6,0ol;
cost Of the charter go, 900.
Mr.. Kelley said that the capital stock
of the company Is 100000 Of which
amount sas. 600 has been paid in.
Alderman Lamson-How do you pro-
pose to get enough money to advance this
project?
Mr.. Kellsy--we have enough money
promised to US the moment we get the
rights we now ask for to complete our
lines.
Alderman Lamson-Then you are
conn ting on the city to furnish your
capital;
ton which We have made and we ask the
city for nothing but a right to do bust
ness here.
Alderman Lsmson--H We grant you the
rights you will get the money from the
city,
Mr.. Kslley-No we win get the money
from persons who have guaranteed to
take stock at par II We get our rights.
Aldermans Smith-May ask II your
bank at Saco Is interested in this scheme.
Mr.. Kelley-"No, they are not. 1 never
borro wed cent of money from the bank.
/ am interested In this thing for all am
worth.
Alderman Smith-We want to learn
something about the financial condition
Of this company. Can they give a salts
factory bond to idemn nifty the city in case
of damage.
Mr.. KelIey-"I think we are ready to
give u satisfactory bond which will in
demnify the city against all losses.
Alderman Lamson-How much stock
has been subscribed fors
Mr.. Kelley-About ss7. 900 worth,
Alderman Lamson-That wouldn't buy
many poles or much wire, would it9
Mr. kelley-We are prepared to do busi-
ness squarely and are only making bosi
ness proposition.
Alderman Smith-f you could give
such satisfactory bond as You are will
ing to give why didn't you give one to
the city of westbrook without so much
trouble and delay.
Mr.. Kelley--I know nothing about that
matter. 1t was before l came into the
company.
MIR. Hale, who represented the Consoli-
dated Electric Light company then asked
II 1000 had been paid for the charter OF
the old electric light company. Mr.. KEEL
ley said he knew nothing about that as 1t
had been done before he became treasurer
of the company. Some questions were
asked by Mr.. Hale regarding the officers
and directors of the company who were
given by Mr.. Kelley to be III. II. Kelley,
Charles e. Deering, Roscoe 5. Davis and
George W. Brown.
Il. b. Dennison being called on said he
thought there was a great demand for
new electrical development. 1t was
needed for multiplicity of manu-
features. The citizens nearly all demand
it. 1 have no stock in the Portland
Electric Light company. There is strong
demand for cheaper lights and power. No
city is as well situated to obtain cheap
power as Is Portland, and cheap power
would bring here hundreds of dollars.
The power. at Great Falls is sufficient.
1t would bs q constant power. The Pre-
sumpscot river furnishes more uniform
power throughout the year than any
stream in Maine.s There is NO possibility
of any corporation or individual shutting
of this power. Any contract the Portland
Electric company may make will be full
filled by the Sebago Power company.
Mr. Sullivan said he thought it would
be beneficial to the city to have this new
company come into Portland. 1t is the
general opinion that this company should
come here among real estate owners and
others. The people want the company
to come into Portland.
Alderman Smith-Among what class
of people do you find this sentiment in
favor OF the entrance of this company.
MIR. Sullivan-Among q good class of
people. Those who use electric lights and
realize how much more they are paying
now than they should pay.
Prof. Lewis Bell. an expert electrician
who had examined the water power, was
called upon. He said he could not answer
fully because he had not personally in
spected the hydraulic power. 1t Is very
steady power with very little to cause
foods or slackness in time Of drouth. "In
perfect confidence can say that the plant
is amply capable of supplying sterling