Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-10-23


red stock subscribed for. one share
of common stock would be issued at
the option of the purchaser. This
would give the people an unparal-
leled opportunity to get in Ion the
ground floor. He proposed that the
directors of the new corporation be
nine in number, one from each of the
communities served by the two lines
tKennebec River and Boothbay).
Here he said is true opportunity for
cooperation by the cities of this re-
gion. AS an example of what coop
erative effort can do, he cited the in
stance of the Kennebec Towboat
Company which had been highly sue
cessful. AS final argument he
pointed out that the Crosbys had put
$4,000 oftheir own money into the
company and had asked neither
commissions or the promise of
special rewards. Such faith is in
o;cative of the worth of the invest
ment as seen from the viewpoint of
these men. who abe not posing as
philanthropists but are coming be-
fore the people as hard headed bust
ness men.
To arrive at a true valuation of
the property and it's possibilities as
a paying proposition young Mr..
Crosby as holder of the option on
the boats was granted permission to
go over the books of the Eastern
Steamship Company covering the
last seven years of operation. Bas-
ing his estimates on the actual fig
ures of those days and using modern
prices of fuel labor, insurance, etc.,
and using former daily tonnage in
estimating revenues, he prepared a
report which showed a probable an
nual profit of $S1,114.
Mr.. Weber, q newspaper man, was
asked to go over the boats and get
an idea of their condition. The City
of Bangor was found in perfect con-
dition, ready to take to sea on a
twelve hour notice, fully equipped,
boilers. inspected and approved, and
in first class order. The City of
Rockland was also in good condition,
but would need probably two weeks
work before being ready for service.
Marshal Haradon of Bath was able
to show wherein the possibilities of
profit lie in a matter of this kind and
told how the Boothbay line had been
able to pay well in spite of an excess
i've overhead charge imposed by the
company. With a one-man line
comparatively low administrative ex-
pense, and right labor conditions such
as would obtain in a line of boats
manned by residents of the COM
munity, this Kennebec line could be
made to pay and pay well. He urged
the men not to simply appeal to the
prospective purchasers of stock on
the basis of community service, but to
approach them in full confidence with
a bona f1de business proposition
which has excellent prospects of
good dividends.
Mr.. Willis e. Swift, representing
the Augusta Chamber Of Commerce,
was then called upon and gave his
hearty endorsement of the propo-
sition. In accordance with the sug-
gestion of the Bath men, he prcmis-
ed that the matter would come be-
fore the Augusta men at an early
date and, he felt sure, would receive
their support. E. A. Grey, chairman
Of the Committee on Transportation
Of the Augusta Chamber Of Com
merce, discussed at some length and
most Interestingly the work Of his
committee. 1t appears that indie
pendently of the Bath Chamber plans
have been in the process of forma-
ton to bring about the very result
proposed at this meeting. From his
careful study of the proposition in
committee he was able to raise many
objections and considerations that
opened the discussion along many
new avenues. The Bath men were
able to answer every objection salts
factorily and were ready to appear
before the Forum of the Augusta
Chamber Of Commerce and go over
the ground exhaustively. Such o
meeting will undoubtedly be arrang-
ed in the near future. The option ex-
pires Dec. 22nd.
The matter of wharf properties was
taken up and fully discussed. A
landing at Richmond that would be
satisfactory to all parties and adapt
ed to the. traffic would probably have
to be built about one mile from the
present wharf site. Freight from
Gardiner to Augusta would either be
conveyed by electric freight, automo-
bile truck or by powerful gasoline
boat.
Those present at this meeting were:
]. l.. p. Burke, e. s. Crosby, c. H.
Crosby, Harry c. Weber of Bath,
e. A. Grey, John c. Clarke Of Angus
ia, p. "A. Olints. M. A. Harden of
Bath, E. c. Wardwell, F.. w. Mansen
Of Waterville,<L. T. Williams Of Au-
gusta. M. Shapiro Of Gardiner. J. w.
Randlette Of Richmond. L. D. Fuller
Of Bath, w. e. Brown. 8. d. Soul, r.
r. Littleheld. C. A. Knight, D.. H.
- y - - -