The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-01-07
NATURAL GAS FIGURES.
Some Consideration Of the West
Virginia Company's Report.
THE FINANCIAL QUESTION BEARS
On tho Ability of the Company to
Furnish Free Gas, and tho Outlook
for tho Failure Of the Fuel Is Scrl.
o,is...Thc Company's Position Re.
stated. n

There was good deal Of discussion
about town yesterday OF the situationas
relates to tho franchise OF tho Natural
Gas company OF West Virginia and the
free supply Of gas to tho city for uso in
its various works and public buildings.
The figures printed in the ISrELLlGES.
GER yesterday, taken from the official
statement OF the company, were the
subject OF great deal OF conversation
about town, and there was about as
wido q diversity Of opinion among citi.
zens ms one ever finds on ai,y subject OF
public interest. Many people thought
that on tho showing there made the gas
company could not DO asked to furnish
gas FREQ any longer, whilcothers thought
that the question of the profit or loss to
tho company in furnishing gus to the
city oughtno to be taken into considers.
ton at NIL.
thEf NoNINNi
Something like this proposition WIS
stated by one OF the members OF the
committee ut the Office OF the company
in Pittsburgh on Tuesday, and Captain
Bachelor answered that there were
two horns TO the dilemma. In tho first
place it was really q physical impossi-
pility for the company TO supply the
city with the gas as it has heretofore,
and still supply tho domestic con-
sumers. In the next place il the COM
pany had the gus to give away, it could
Only be furnished free OF cost at a
financial loss, and the captain wanted
to know il the committee desired or ex-
pectcd the company to continue to do
business in Wheeling ut loss every
year.
1t was asked by members OF the COM
mittee ii the company could not agree
TO shut oil the gas from the large city
works during the winter, when the do
nestle consumption was the greatest,
and turn il on in the summer, when
there is less demand. To this it was
answered that the company must have
some source OF revenue in the summer,
and il all the gas was given to the city
it would be impossible for tho company
to operate except ut n heavy loss, and
the company did not see its way
clear to do that.
IS THERE WATER IN TIE STOCK
The much discussed question, Is there
water in the company's stock2 came up
at the conference. Mr.. Jefferson asked
what amount OF money had been paid
in on the capital stock, although the
statement OF receipts and expenditures
showed that million dollars had been
paid in on the capital stock. The an
swer to the question was that ''practi-
cally all OF it was cash. When pressed
for an explanation rs to what was meant
by practically all, the representative OF
the company said that all had been paid
mp in full, except that certain leases OF
gas lands had been sold to the company
Tor stated sums, and the sellers had ac-
cepted stock in the West Virginia COM
pany, in lieu OF cash. This stock was
given for the leases on which oil was
struck instead OF gas. and, the income
from the sale OF oil and OF the oil ,privi-
leges, tho gas rights being retained,
brought in the revenues from which
the only dividends ever paid were real
lied. Later in the conversation some
thing was said by one OF the directors OF
the company which led several OF the
committeeman to understand that the
stockholders OF the company had only
paid in sixty per cent OF the face value
OF their stock.
TIE EXACT SITUATION.
AS nearly as could be arrived at from
the talk OF the representatives OF the
company, the situation seems to be
about this: The company expects that
in the near future the natural gas will
fail. and the company will be lett with
the plant on its hands. While there
certainly could be no cause OF COM
| plant as 10 the profitable character OF
the investment ii the gas supply was
certain to be permanent, it is not prob
able that it will continue to be rcmu-
nerative for any greatlen.th OF time, and
it is reasonably sure that, taking the
sum invested and the running expenses,
the company will when the gas iails
find itself a,hcavy loser. That is state
OF affairs which no company and noin-
dividual is likely to regard with COM
placcncy. 1t has been stated OIL good
authority that the company could sell
its pipes and other property in the city
at Il fair valuation, though what they
would be used for by the purchaser has
not been stated, and there has also been
some talk to the effect that the gas now
sold here could be sold in Pittsburgh at
a higher price. With this statement is
coupled the explanation that the com
| nany would rather sell it hnre. hnvinr