The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-03-27
WASHINGTON NOTES.
DEMOCRATIC CAUCUS.

WASHINGTON, March s6.-A caucus
of Democratic Senator's was called for
II o'clock this morning to decide up
on a course of action in regard TO the
amendments already proposed to
! the resolutions Of the Judiciary Com
mittee, and chiefly with regard to that
of Senator Van WycS looking to the
consideration of nominations to places
made vacant by suspensions or re-
moval in open session. No quorum
was present and therefore no action
was taken.
rHE wAsHINGTON Gas MONOPOLY.
The affairs of the Washington Gas
Company were ventilated in the SEN
ate Thursday. Mr. Van Wyck called
up his resolution to reduce the price.
In speaking TO the motion, he said
that when the company was chartered,
in 1913, the capital stock was fixed at
$50O,000 The capital stock was in
creased to S1,0W,600, and then to s ;
0,000-all out of the earnings. The
stockholders only invested $780, 90,
and the stock had been increased to
100000, and there was s500,000,
making in all S2,500,f 90. The com
pany had added TO the plant, not from
the pockets of the stoc holders, but
rom the pockets OF the people. Two
millions had been taken from the peo-
pie over and above large annual divi-
dends, and the stock is worth s4,C0J,-
O0J to-day. Yet, he said, these peo-
pie are under the protection of Con-
gress and this corporation is under
the regulation of Congress. The
company, not content with plunder-
ing and stealing from the pockets of
the peop here S., ,000, ,0tn, had to have
large dividends on what they had
stolen. In ls4S, when the oct was
passed, a provision was inserted to the
effect that nothing it contained should
be construed to prevent others from
engaging in the manufacture of gas
here; but freq emily applications
had been made for charters for other
companies, but Congress had always
turned deaf ear to such appe lis. In
the course of an investigation some
years ago, the president of the com
pany admitted, under oath, that he
had employed alobbyist and paid him
$4,000 year to protect the company.
Mr.. Van Wyck believed an investiga-
ton would show that gas can be made
here profitably at 81 per 90 cubic
feet. It is furnished at that price in
Baltimore and other cities. He be-
lieved it could be shown that such
gas as is furnished here can be sold at |
0 cents per thousand. 1t is thought |
by some here that they get coal gas.
but Mr.. Van Wyck said that car
loa Is of naphtha are rolled into the
works of the Washington company,
Mr.. Van Wyck produced official re-
ports of the company, and showed |
that in 500 dividend OF l3 per cent. |
was paid on 100000, equivalent to
80 per cent. on the original invest |
ment. In 1870, 1871 and 1872 divi-
dends of Is per cent. were paid. In |
1873, in addition to 20 per cent. divi-
dend, one of 81 per cent. was paid.
The following year 20 per cent. divi- |
dends were paid. The capital stock |
was increased to 100000 out of the |
earnings, and with pretty regular Is |
per cent. dividends. In 1883 one of 40 |
per cent. was paid. The result of the
debate was resolution directing the
committee to investigate the expedi-
ency of a bill reducing gas to ST. a
thousand feet.