New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-03
ENORMOUS PROFITS IN GAS.
MAGIC GROWTH OF CAPITAL INTO STOCK.
WHAT WAS FOUND IN TIE MCNICIrALs DOOR
ME- SiCKLNs SAECASTIC.


ME-. slCKLEs SARCASTIC.
The members and hangers-on Of WI is famll-
iorly known as the Gas Committee 0iIangci thciu-
selves in their easy chars at the fi!th ANcil !
Hotel Yesterday and read tnelr0TnIhg papers WIG
General 1Temaln crcss-eXa'ulncd J0hp ni'AiC7,
former secretary Of the knickcroocAcT O43l@, I
Company. The witness testified that the hli. ,
erbocher company had bonds worth Y|oooOo
nrinted ard taat whenever they wanted money
the Cuttings. representing the estate OF L'lIabetl
Bayard. took the bonds ana ADVANCED money lor
thcm Various questions about the books OF the com
many were asa Ell and Mr.. SlckicS was tod tlat ne
might 90, Before dong SO, however he smiled saF-
eastially at Senator Gilbert through his glasses
and said:
May ask question Why are these periodic raids
made gas companies and not on the er3ph or
tie Now-YOrk Central. for instance -.
senator Gilbert Is erly)-ltis lot an attack IL Is
merely effort to find out under NE Jaws WIZ n H
been done by these mOnopOes touching the people As
to what is being done and lett undone' We can Chy
handle thing at time. At present we arc pa! lns
our respects TO the gas companies.
VIII Stephens formerly president and treasurer
of the KnickcTbocker Company, was ctIct "i. IL.
testified to the transfer OF books ana stocks 10
Ravord Brown representing the Elizabeth B2yard
estate. and to PIerpont Morgan. The TRANSACTION
with the latter was q simple saio Vi 'Vo SH'i'' i
Mf. Young at one time bookkeeper for the Mui
nicipal Company, was next caifu. ne IMIHniUip"i
Conibany absorbed the knickeIbOc Ills eNalh-
ination was postponed and Mr.. ladcn, the com
mttees expert, was put on tine stand ne teStiIlcu
that he had carefully examined the leGeeE oI t4o
Municipal Company and the BOOKS .suoSlaHuS 10
it, After recess OF five minutes, during Which me
committee and the stenOgrapher wiestIed With INC
MOld Subsidiary, MI, 1aiuen WcnU Ou WIFI AiiH
ale of discovery
find that the stock of this company in 1870 was
$500 600 In 1877 1t grew - ~ 100000 In ls19 pc
came -, 100000 and IN leS0 1t was S1ouUUVU; w
original $500 600 $275, 900 in cash was actually palu
In $4,000 va IN & s:onts on stock
issued below par OF the $1,000 added IN me hf't
fIe 500 600 added in 1879 all in cash. as was also
the final Sl.0OOOO0 Inc toi9i amount rG'Gnvu nv
from 1875 to ISL and OF the KnckerDocker Company
from 1880 to 1854. was So 9O6i93 o, ,;d t,o, 20.
senator Gibert-What amount OF stock uld tncy re-
ceivo when they went INTO the Consolidated COM
M. 'Yaden-six million and six hundred thousand
Q.-What amount in money A;-SeNeh hunHIeA anu anu
nncty-ve thousand dollars, 1t being portion OF thc
assets not transferred In round numbers the stock
holders OF the Municipal Company pnt N f,'oVV,oI
They have taken ont in hard cash S3,0OO'oOo. Ihry
Veremaning stock in the Consolidated Company 10 te
amount of SO, 00O par value In POM OF Iae' INC
s2.Si5. 800. The rest of the s3Gooooo put in was
represented by patents. etc.
The fact was also brOaght out that the company,
besides pavinC the enormous dividends previously
shown in SIX years. had expended IN the purchase
of plant and property 1902 $50, Il large portion
dividends could be paid At The time OF COhSOllda-
tion this plant and property mad appIccm!cd III
value. and was Ia ken bv the consolidated Com-
panV at an appraisal of SO, lOOOOO.
In the afternoon Thomas hutter, formerly pI'S-
dent of tn" Harlem Gas Company, ana now a
director of the Consolidated Company, was cdieG'
General Iremaln tried TO get ut the facts
OF appraisement of property belonging. TO tie
Har en- Company at tie time of consolidation.
The testimony finally showed tnat the VARIATION
was 81. so .9l7 while the company was allowed
S3,O0O,O0O stock IN the Consolidated Iompahy.
The witness said that he was ignorant OF how that
was occomplirhed although ut the meeting of the
Harlem Company, ratlfying the agreement, two
thirds of the stock was voted by himself and Mr.
Rodman. In answer TO Il question from Sehalor
Gilbert the witness said that he knew nothing Of
the attempted lcgs alton last year III regard 70 gas
companies other than what be had read IN me p3-
nd ItoI naII Al.
ronld see no reason why the dividends OF Gas COM
panies should be limited and thus the rrlce OF gas
Tie committee will meet again at 10 a. IN. to-
Gay.