Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-28
INVESTIGATING THE LOCAL COMPANY
Mr.. Outhwaite's FruitIess ATTEMPTS
to Read by the Light.
THE COMPANY'S FINANCES


| 1t impossible to read and write by the light
| in his house and upon more than one &C.
| casion two burners did not remedy mat
tiers. The gas company sent men to the
house They blew out the pipes, claiming
| that the pipes were bad. The light i'm
proved for one or two evenings. but soon
fell down again. He called attention once
more and the man who was sent there said
there was general complaint throughout
that section.
After l introduced this resolution" said
Mr.. Outnwaite, the light in the neighbor-
hood seemed TO improve and several people
commented upon the fact that they were
getting better light since Congress had
started to investigate the gas company.
Il have only this suggestion to make. +"
he continued, that the gas company be
required to furnish a higher quality of gas,
more candle power If necessary, and 1 also
want to add that the gas became better
after Congress met than before"
DO you think the trouble arises because
of inferior gas or distractions in the flow pc
asked Mr.. Coesweli.
Il don't believe IL comes from obstruc-
tons; there may be lack Of pressure" an
swered Mr.. Cultivate. But that does not
account for the fact that at certain seasons
the light is insufficient and at other times
satisfactory" he added. He said the COM
pany had expressed willingness TO put In
| a new supply pipe.
SOmpUuy'S FRONTS.
Mr.. Tucker Of the Northeast Washington
Citizens Association then presented to the
committee the memorial to Congress
adopted by the association last November
urging the erection of a municipal gas
plant, and the manufacture of gas by the
city This petition has been published in
The Star heretofore.
Mr.. Tucker then read a short statement,
charging that the gas company is using Its
charter for the benefit of its stockholders
without regard 10 the public The stock
dividends are paid and recently the COM
pany divided $5a0OO0 among the stock
holders outside Of the dividends The CON-
pany pays large salaries TO officers, he
said, and 1t would seem that the city should
take hold.
This concluded the testimony, and Mr.
fuckers statements Were accepted as a
portion Of the record.
Mr.. Bailey's Statement.
In the meantime Mr.. Cooper of Florida
had been looking over a financial stateinen,
which had been submitted by the gas COM
pany at the request of the committee il
win be recalled that Mr. Bailey of the gas
company appeared before a regular meet.
ing of the committee last week and made
some statements as TO the financial status
OF the company. which he was requested "a
submit in writing and in official form. II
was this statement which Mr.. Cooper had
been reading.
1T Is a pity. Mr.. Chairman" he said
that Mr.. Bailey's remarks to the commit
tee were not reported by stenographe-.
find that this document omits some import.
ant statements which he made"
Probably We had better discuss tina,
after the testimony is concluded" said MIR
Richardson.
This suggestion was adopted and the com.
mfttee Immediately went into executive ses.
sion.
After remaining in executive session 10,
| some time the committee adjourned and I,
was announced that Mr.. Bailey will be re.
called next Saturday morning to supply the
facts which the committee wants and
which his written statement does not fur.
nish
The COmpany's Prosperity
The financial statement showed that O,
the capital stock, amounting to 5000 600
the sum Of 81, 492 500 has been paid in cash
The statement further says:
This company was chartered by act q,
Congress dated July s, 1s4S with an an.
thorized capital of $4,000. In ls4s. s. ie
per share, amounting to $4,000, was paid
in cash, and in 1870, s. per share was maid
In In cash, or 1880. making s42 500 in all
when certificates for SO per share were
issued. the 81. 500 being doubtless given as
q bonus to induce persons to take this stock
In 1852 Congress authorized an increas Sc
| OF the capital. amounting to 100000. and
In that year and In the following one this
amount was issued and paid for in cash
In January, 1855, Congress authorized ar
increase in capital of $780, 600 and from thai
time to 1853 that amount was offered 70
stockholders and paid for I'm cash by them
May "a. 1868. Congress granted a further
increase of 100000, which amount was is.
| sued TO shareholders share for share. m,
capital stock being at that time 500 90
and the works having cost TO January i
1867. s9ss. OSs. May ~. 1872, Congress again
increased the capital 500 COO with the privi
lege of increasing 1t to a million, the said
increase Of capital stock not TO be made
from undivided profits which had or mipht
thereafter accrue.
In 1872 there was paid in cash sooo 600 n,
this amount. 100000 was issued and paid
for In cash in the years 1873 to 1876 In.
elusive of the amount having been called
and paid for IN installments. The REMAINING
S5OO.VoO was issued and paid for in FASH
| in the same manner in the years 1876 Il
| 1852, inclusive, which completed the fssu,
| OF $2.oo00oo Of stock.
In addition to the bonds issued by this
company there have been issued SGeaUo of
certificates of Indebtedness. These certifi.
Gates were issued to represent money actu.
| ally expended In the enlargement and ex.
which certificates are declared to be con.
yertible into the stock of the COMPANY
/ should Congress ever give the right TO in.
| crease the capital for that purpose In IN,
| year 1000 IL was lOuilu necessary to build
| an additional plant to supply the demand
| for gas In the eastern section of the CITY
This was done at a cost TO date of 81 10l Gus
| To build these works two series of bonds
were issued, the first I'm 1887, amounting
| to 100000, and the second in 1889, amount.
| ing to $300,000 more"
The statement of the business of the com.
pany for the year 1892 is also transmitted
| The gross earnings for the year were 81 ;.
| .3S. The gross expense was 81 oOI
/ 9S1.35, leaving a balance of SOC, 902 %. This
sum OF gross expenses also includes diyf.
| dends paid. amounting to 500 600 extension
| of works Sll2,525, and interest amounting
! to $4,000. The other items of the exnensS
| account were as follows: Repairs SD
1S6.Gac local and oil, 1924, 6S4. IS: wages and sal
! cries, Sl26, 6l.25; taxes, water rent and n.
| cense, $39,3I69I; street lamps distribution
Office and general expense account, sl3l.
325. I3. purifying materials, $5,157.66: L. $
| inspector. $691.50; insurance, Ss1G; rents
81, 1885 In 1892 S41, 476, l6s cubic feet OF
gas sold. The gross expense per 1000 feet
| for the manufacture of this gas, by the
| statement above given, including the divf.
dends and extension Of plant and interest
is s1.l9
Mr.. w. c. Dodge has submitted to the
committee a statement from the Secretary
| Of the Interior showing that the gas COM
pany has filed with the department, &C.
cording to law, a copy Of its coal account
The company purchased. May IL, 1893, IS.
| 500 tons of coal at an average cost Of
1897 53-1O0 per ton.