The New York herald., 1869-03-05
THE GAS MONOPOLIES.

nv fhe President Of One Company-The
state Meier Inspector On the Stand-Testi-
mony of Victim of the Monopolists.
the investigating committee on the gas question
resumed operations yesterday morning. All the
members were fpresent except Vim. Weed. The
inquest, as may be seen from the following testi-
mony, was sharp and severe and succeeded in elicit
ing several interesting and instructive points,
James NJ. Halstead, one OF the directors Of the
Harlem Gas Light Company, was the first witness
called lie was examined by Mr.. La Bau and testi-
fed as folows:-I have been a director about three
or four years; am thoroughly conversant with the
finances OF the company, as l am a member
OF the Finance Committee and the accounts
pass through my hands once every six months;
the last accounting was in January the profits
were about eleven twelve per cent; we have
but 5000 consumers, but expenses are, think,
much less than those OF other companies; cannot
state positively the cost OF manufacturing gas but
think 1t is about 81 so per thousand feet; not
able TO state the average price OF coal; have
pleted processes for cheapening the manufacture Of
gas but / cannot describe the processes or how
much the saving was; have declared dividends
during the last year twice, i've per cent each time;
/ think it about the same the year previ-
Gus; l think the first year the dividend
was about seven per cent; we have
purchased some few additional lots to extend our
works; the purchase was made out OF the earnings
OF the company the district OF our company is ali
the island norlh OF Seventyninth street; the price
OF gas reduced on January from four dollars
to three dollars and half per 600; the stock Of the
company at the last sales 1o5: the par value Of
the shares is fifty dollars each the increased value
of the stock, think, arises from the increased
value OF the property belonging to the company;
think the value OF the additional lots purchased last
year was between $4,000 and $4,000.
Charles Roome, President or the Manhattan Gas
Company, being sworn and examined ey the chair
man, testified follows:-Have been president since
1854; have been connected with the company some
thirty years. we arc working under the general law;
had charter but gave it up two years ago because
belefe that gas company is really public SER
want aad the management under the general law is
more honest tnan under any charter; do not know
OF any clause In the law to protect the consumer;
tnere is nothing in the law that know OF
which regulates the price to be asked or
our pleasure; our @ capital is now wv saoSSoOS
It was originally S5c000o; It was increased
from tire TO time By acts OF the Legislature; really
do not KNOW what the stock sells Tor; we have no
rule declaring dividends; We paid five per cent
la january, butI 10 not know when dividend was
paid before that; dividend during the past
years was twelve and hall per cent; previous TO
tha I was eleven per cent; no sockholders receive
anything tnan the dividends out Of the profits;
we have purchased no real estate except what was
absolutely necessary; the buildings are paid Tor out
of the capital; do not know when the last install
nent OF our stock was paid in; DO not think that
any works have been PAID for or the earn
lngs 0i the company; our supply OF coal is from
various companes the price OF the cheapest coal
use about nine dollars per ton or 2,2.0 pounds
the yard: VIC have photometrcal tests every other
day. average is fourteen 10 1iteen candles; in
extreme cold weather, it win, or course, be some
thing less: the tests made at about mile from
the works; we have 50 00J consumers; there is
an act which gives every gas company power TO
exact deposit IRON every applicant Tor cas- as secu-
rty for the payment OF Dls. at the rate OF twice
the amount OF months blll for which inter-
est is paid at the rate OF seven per cent per
State Inspectors seal; We are not obliged to
trust people the amount o. bill; we do not cut OF
the gas from any body without giving notice OF our
intention TO do so; the dividends declared by the
Board OF Directors; their names are Henry Young,
John ]. Phelps John j. Cisco Samuel sloane. Moses
TAYLOR, Jonn Alstine Jonn Il. Ludlow, Percy II.
Pyne and myself; the stockholders cali at the ONCE
from such coal use make 10000 feet
from ton Of coal we are charging three dollars per
thousand we are satisfied tnat three dollars gives
good, fair profit; am not connected with any other
company; we charge the city fitytnree dollars per
year for each OF the street lamps do not charge the
consumer the United States tax other charge;
when the Legislature passed the law forbiddlng
us 10 charge rent for meter we raised the price OF
the gas the government tax Is included in the price
OF the gas; the minute book VIII show all the div
dends and PROFITS OF the company; when we gave up
our charter certificates OF Indebtedness were given
TO the stockholders at the rate OF about onehaf OF
Mr.. Mitchell the chairman put the question in
regard to any extra dividends or extra profits having
been paid to stockholders several times and In seve-
raj dinereut ways, but the witness persisted in
stating that there were no other methods, directly
or indirectly, OF income 60 the stockholders, until
the counsel for the company who was present,
whispered TO the witness when he suddenly remem-
bered there mad been this issue OF certificates OF
Indebtedness 10 stockholders. on which seven per
Examined by Dir. La Bau-our stock Is $50 per
share; the amount paid to stockholders last year
was about $500 600 paid out OF the profits, and In
addition paid seven per cent the s2,0oo00o OF
certificates OF Indebtedness; there has been no
startling improvement in gas manufacturing In my
time; when we first commenced we made SO, coo or
feet per month";
Examined by Mr. Bergen-we have no privilege
which viii bar any other company from organizing
and furnishing gas In district; gas making has
increased In cost since the war, consequent on the
increased price Of material and labor before the
we charged 81 so per thousand.
O. VIII you be pleased TO state how 1t IL your COM
pany can furnish gas at i've cents on the hundred
feet less than tue other companies2 A. do not
wish to interfere with any other company, but our
company is satisfied with the returns know that
the power OF our gas Is fourteen candles; there IL
clause in the law obligng TO furnish gas TO every
applicant, but 1t does not state that shall trust
and we, 10 secure ourselves, demand the deposit;
have sometimes hundreds Of changes In a day; our
deposits amount perhaps to s2oo0Oo
~ 9dr. Mtchell-lf person refuses to give de-
post we refuse to give the gas.
BY Mr. Bergen-We have such thing as bad debts
occasionally have heard the story Tor thirty years
that gas bills are higher when a small amount OF gas
Is used tlan when larger amount Is used, but defy
any person to demonstrate that fact II Il be fact:
never yet saw qas bill that was not too hlgn we
only know what the meters state our inspectors are
not permitted to make an estimate OF the amount
co sume1; the bookkeeper sometimes estimates
where the meter ceases 10 register; have bad
several cases wnere holes have been punched in the
meters and the gas stolen.
by the Chairman-Where we find the value OF the
amount Of gas consumed Is greater than the deposit
we require larger deposit; II will require poor
Ras tnan good gus to give good hght cannot state
whether the poor gas would go through the meter
and Index faster than good gas.
Joseph A. sabbaton, sworn and examined by Mr..
Bergen, testi1ed:-I am engineer OF the Manhattan
Gas Company; have been IN the business twenty
years.
The examination went into the merits OF the
photometer used by the company and the photome-
than nad been previously learned from the eXamlna-
tlon OF the other engineers and the chemists who
nave been examined by the committee. In regard
70 the matters connected with the Manhattan I.as.
ngnt company nothing OF Importance was learned
further than given by the President OF the company
the preceding witness. s'
william kDavldsod, inspector OF gas meters for the
sac or New YORK. sworn and examined by the
Charinan-l am dealer IN gas fixtures az well as
being inspector OF meters; am at my place OF busl.
xa..a tra..I E.-f. .tn..-L A..