Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-03-25
STENOGRAPH|C PROCEEDINGS
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III ENUUnhT Thu TnUUEEUINCO
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item Of value in the appraisal Of said
conpany's property to be made as
herein provided and nothing shall be
allowed or paid for said twenty-five
year extension herein granted.
Section 2. The city Of Portland
shall have the right on January first,
nineteen hundred and twenty-eight, or
At the expiration Of each dve-year Pc
council to that effect, to take possess
sion Of, own and operate the entire
plant, property, franchises, rights and
privileges held and owned by said
Portland Gas Light Company, upon
payment therefor
Mr.. CAKES Of Portland: Mr.. Speak
er, may I ask Of the gentleman from
westbrook (Mr. Gilmour) II the re-
mainder of this corresponds to Section
as printed?
The SPEAKER: Will the gentle
man from Westbrook inform us as to
whether there is any change in Sec
lions and Of the bill?
Mr.. GILMOUR: Mr.. Speaker.
will say that this is a copy Of the bill
and I suppose he has copied the bill
right. All these sections proposed
here are really copy of the bill and
are in the bill. The other sections
tthat I wish to strike out are in the
bill commencing at Section
The SPEAKER: The effect Of the
amendment, then, is to leave Sections
and the same and to strike the re-
naming sections of the bill.
Mr.. CAKES: Mr.. Speaker. move
to dispense with further reading OF
this amendment at this time.
The motion prevailed.
The SPEAKER The question is
on the adoption q the amendment.
Mr.. GLAMOUR: Mr.. Speaker,
have spent a good deal of time in
studying this bill because it interests
Westbrook and South Portland as
well as Portland. Now. the Portland
Gas Company are very good, re-
liable company. 1t Is an old com
pany. I have always had great re-
spect for that company. 1t is good
investment for anybody's money
They are situated so and their prop
erty is SO located that the materia
from which they make the gas can be
handled very readily and easily as
they have a wharf right in their yarC
and can almost shovel the material
right from the vessels that bring it ir
right into their retorts. 1t is hand
led very honestly and 1t is a yer!
honest company. 1t is a very good
company, and some Of the oldest
families in Portland, and some of the
richest families in Portland. contro
it, and the city of Portland owns q
large part of it.
Now, this bill that we talk about
obliterating, in the third section
says, said company is hereby au-
thorized to increase its capital stocl
so that its total authorized capita
stock shall amount to two millior
dollars divided into forty thousand
shares of the par value OF fifty DOL
lars each. Section 4. Whenever the
directors Of said company shall vote
to issue the whole or any part Of the
capital stock of said company be-
yond the amount now issued an'-
outstanding. the then existing stock.
holders shall have the right and be
given the opportunity to subscribe
therefor at par in proportion to theil
respective holdings before said stock
or any part thereof. is sold or Offered
for sale to anyone else"
Now. the last part Of that IS al
right.
Section S. AS to any Of the CAPT.
tai stock of said company which may
hereafter be issued. said city shall
have the right, as at present existing
to take. at the time OF such issue, Its
proportional part thereof as stock
holder. or to sell at the time Of such
issue its rights tQ take its proper
tional part thereof as stakeholder
but shall have no other or further
rights therein"
Section g. Said company is here.
by authorized to issue it's bonds tt
be secured by a mortgage or mort
cages of it's property and franchises
to such an amount as may be ap-
proved by the public utilities COM
, mission OF the State of Maine, pro-
vided, however, that the total amount
OF the bonded Indebtedness Of saio
company shall never exceed twice
the amount of its capital stock ac-
tually paid in at the time"
Section Z. Said company is here
by prohibited from making any con-
solidation or business combination
either direct or indirect, with any
other corporation, firm or individual
engaged in furnishing light or heal
by either gas or electricity within
the city of Portland, and any sucf
attempted consolidation or agree
ment for such purpose shall be
wholly void and of no effect, and the
supreme judicial court shall have
jurisdiction In regard to the same
and shall make such orders and de-
crees as may be necessary to enforce
the provisions Of this section"
That is the material part Of 1t
Now, the Gas Company. for the last
twelve years. has supplied all The
hot ho 81 y nf vNeSfhpnnE anC
the city of South Portland-beside
the city Of Portland-have used.
Now. the stockholders Of the Port
land Gas Company who owned the
greater part of the company-somt
? of the largest of them-formed 6
company-saw their opportunity t.
take in this twenty-five Thousand
population outside of Portland-tha'
is. South Portland and Westbrook-
they saw their opportunity to take
that in and they improved it, and they
formed this company that that arti.
Gle speaks of, and are operating Il
today.
But l will speak of that later.
do not want to keep your attention
any longer than is necessary, bu
you must recognize. gentleman. tha
, there are twenty-five thousand il
population outside of Portland who
use this gas. largely working men
and this gas is far better in my opin.
ion-and in the opinion Of a good
many others-for heating and cook.
ing purposes than is electricity.
have had a great many complaint:
from the residents-and they arc
mostly all working people-of the
price that is being charged for thi.
gas. But will speak of that here.
after. But II this company is allow.
ed to water its stock, as it asks fol
here. to the greater amount that il
asked. and to issue bonds, who 1.
going to pay the interest on the