The Daily Alaska empire., 1946-03-13

Juneau papers that statements were being made, published and broadcast over the radio that the stockholders of the Alaska Electric Light and Power Company were rather contemptuously referred to as absentee owners who spent none of their income in Alaska" he said today. Notwithstanding my en- forced residence elsewhere, I have l always felt that Juneau was home, and that I qualified as an Alaskan.
 Practically every dollar of my familys income from the Alaska Electric Light and Power Com pany, and other interests, over act ual living expenses, has been spent in Alaska, and has contributed i largely toward the development Of Juneau and the Territory as a whole. We were among the or ganizers of the Juneau Cold Stcr- age Company and are largely in- terested financially in that enter prise. We have always been the owners of considerable real prop erty in Juneau and have for many years owned a block of houses upon which we pay the City very sub stantial taxes. Only a few years ago, we spent over $76,000 to mod ernize these houses, a portion of which we were obliged to borrow and on which we have paid consid- erable interest at one of the local banks.
 Aiaslcd IrDeStntentS
 We have invested considerable portion of our income and savings in fisheries in southeast Alaska, and more in mining ventures; and with in the past few years have induced { $70,Ooo of additional outside capital to be invested in the Territory.
 Just at this time I have had : to make a considerable sacrifice in coming to Juneau for the reason that I am engaged in getting to- gether supplies and crew for the Middle Fork Mining Co.,, at Chesta- china, Alaska, of which we are the principal owners.
 T had always thought until now that this was the type of develop ment the Territory needed and de- sired Juneau needs houses. The Cold Storage Company would seem to me to be an asset of great value to the city. The Territory needs venture capital, and indeed is adver- tising for it, in mines and fish cries. I cannot understand why my family, which has for more than sixty years been among the fore most of those who are willing to risk everything they have possess cd in the development of Alaska, should he assailed as offenders
 In the first Is years of the ex- istence of the Alaska Electric Light and Power Company, my father and MT. J. P. Corbus, the other prin- cipal stockholder, made no profit. Trey had invested everything they had in the company, and my fathe: advanced money to the company at times when it was in need of addi- tional capital, and at the time he was stricken in 1914 he had just advanced to the company about $20,00o in addition to his original investment, to increase the facilit- ies of the company.
 Re- -inpested In Jtlnedu
 Tn later years we have made a profit from the operation of the Light Company and the major part of our has been re-invested in Alaska, and most of it in Juneau.
 Tn addition to that we think that the Alaska Electric Light ani Pow CT Company has given the peorle of Juneau, Douglas and the vicinity good service. It has expanded it's facilities and kept pace with the growth of the communities on Gastineau Channel. MT J. P. Cor bus, my fathers chief associate in founding the Alaska Electric Light and Power Company, worked for years as a hard rock miner at Treadwell and finally rose to be the superintendent of the company. His health became impaired and the ---