Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-12-19

ted TO make large profits; is that the
case9 .
Mr.. secretary-A great popular faIla-
cy. We make very hand some returns
upon our capital, but siiothing like
what people imagine. II has gotten
abroad that barrel and a quarter Of
coal will make thousand feet OF gas,
and as people know that barrel and a
quarter of coal does not cost much, they
think there must be an imme use margin
of profit. They forget that We have an
investment gilmore than 800, 600, which
must be remunerated. In other words,
we stand exactly in the position OF a
merchant carrying stock eff 500, 000,I
Of which he sells less thao 100000
worth in year. II this merchant sells
at profit Of ten or fifteen per cent
be would make money, but would he
make money ia proportion tothe amount
invested2 Merchants will readily see
the point, inasmuch as numbers OF
them sell goods annually to an
extent equal b 10 four or i've
times their capital; therefore ten per
cent. profit on merchandise is equal 70
forty or fifty per cent. profit on capital
There is not bankin the city or an in
surance office which does not pay better
dividends than we do; hence see no
reason why we should be assailed on that
score. The works of Q gas company are
in continual jeopardy from explosion,
and / doubt whether an insurance could
be effected on them at any rate what
ever. We have referred to English prac-
tice several times in connection with gas
already. and another illustration will
not be out Of place. In the act which
districted the cityof London-parcelled
it out among the various companies
and regulated the gas business, it is pro-
vided that no more than ten per cent.
dividends shall be declared. Now thea
you must know that money in that city,
on such security as gas stock IS gene
rally considered, could be readily OBJ
tanned at four per cent, probably at
three; and inasmnch as money here, un-
der as good guarantees, is worth three
or four times that percentage, argue
that our stockholders are fairly
entitled to more than they get. Be it
understood that address myself TO the
man Of reason and common sense, not
to Communists, who believe in the sup
preston OF religion, marriage and prop
erty, who believes it fair and legitimate
argument to say to jury, This plaintiff
is poor and this defendant is rich; there.
fore, setting aside your oaths to render !
justice, do you squeeze the rich and give
to the poor one And, by the way, Mr..
Reporter, do you know that this same
spirit of the Commune, this total disre-
gard of guaranteed rights, this desire to
pull down others TO a lower plane, be-
cause those desiring 1t cannot ascend,
gathered strength year by year through |
Importation from Europe, until IL at
tackled the aristocrats of the South-the |
slaveholders-and annihilated them? 1t
is now attacking the aristocrats, every
where, until it will become a crime to |
own decent coat or know how to read.
1t is the second onslaught of the Goths
and Vandals on civilization, Excuse
me- we will go back to the subject if you
have any more questions. $50 az
Reporter-Do you know anything of
the prices charged by other companies
in the United States? sel ~
Mr.. Secretary-I have before me a
public document, issued under authority
Of Congress, entitled Prices of Illumi
mating Gas. From this see that in
Maine, the average price is 81 so per
thousand; in New Hampshire, the
average is "a Isl in Vermont, Sc so; in
Massac husetts, 81 So; in Rhode Island,
"a so; in Connecticut, 81 60; Delaware.
81; North Carolina, Sc so; Georgia,
Sc 40; Florida, ST. Alabama, S. 30;
Mississippi, s. So; Arkansas, 81; Ken
lucky, 81 40; Tennessee, 81 81; St. Louis
city. 81 5Oi Kansas IS; Wisconsin,
81 60; California, IS 65, (coin) In the
following Southern cities the price is
Wilmington, N. c., IS; Augusta, Ga,
s.; Mobile, Ala, IS Vicksburg, Miss,
S. New Orleans, 81 so, the same price