Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-09-14

"
Taylorstown, Pa. ....... zoe. 1Sc.
Claysville Pa. .......... zoe. 1Sc.
Louisville, KY, Csc. in winter, Csc. in
summer.
Z Here we are getting 15c., and giving
some free gas besides. There has been
no money in the business for us in the
past, and we will have no dividends
in the future at that rate. | want TO
say something further about the sum
of S515, 1904 which appears as addl-
tions to plant That does not, by any
means, indicate that our plant is worth
that much more. We have written it
off, to the account of profit and loss,
from time to time, until now the in
vestment account amounts to only ST.
066 900. and even that is too high. The
plant is not worth $500, 900 to-day, and
the stock won't sell for $40, although
the par value is 500, and that much
money was put into it. We have al
ways sold gas at a lower price than is
obtained anywhere else, and in addi'
tion have given to the city of Wheeling
gas worth $50
Mr.. Heard then took up the detailed
statement of the operations of the Com
pany since it's organization, and ex-
planned the various items deliberately
and infinitely. This statement showed
that the total revenues from domestic
consumption from March 81, 1885, TO
April 80, 1895, was 1888, 177.6S; the reve-
nues from mills, for the same time,
were $446, 1879; the revenue from gas
drillers SS,329.51, and the miscellaneous
gas revenues $1,62S.3O total gross
revenue from gas of 81 ,239 ,273.48. The
operating expenses of the gas plant
from the organization Of the Company
to April 30 Of the present year were
1927. 43117, leaving the net earnings
from gas $611,S2431. Oil sales amounts
ed to 1892, 1925, oil we'll expenses $751;
630.72. and the net gain from oil to
2S.S62.03. Sales of oil property footed
up S224,000, and miscellaneous re-
ceipts were $1,333.75, making the total
net receipts $S66,03S,09. The cost OF
additions to plant were S515 1904, the
dividends paid were 1915, 900, and the
present debt of the Company was S24,-
1925 March 1st last, and was now estl-
mated by Mr.. Heard at $4,000.
In referring to the S375,000 which rep
resents the aggregate OF the dividends
declared to the stockholders OF the
Company during eight years Of bust
ness. Mr.. Heard begged the Committee
to remember that $2S0000 of that
amount has come from sales of oil and
oil property, and that the gain from
the gas business which could be ap-
piled to dividends was extremely small.
He also dwelt upon the extra hazard
Gus nature of the business, and the fact
that the original capital of the Com
pany would never be returned. He
said if the business was such a one that
the original capital could be withdrawn
if the investment was found to be unre-
munerative, the Company would be
content with two and one-half or three
per cent. in the shape of dividends. 1t
was really of a very different nature.
and yet dividends from all sources had
averaged less than five per cent. on
the investment there had been no divi-
dend at all for over year, and none
could be seen in the future, from the
gas business. For these reasons and
many others. which he elaborated at
great length, he said the Company
ton of the original contract as would
permit of an increase to 2215c per !. 900
feet, with 212c off within ten days,
making a 2Oc rate. Going back. he
took up the item of S515, 1904 expend-
ed for additions TO the plant during the
past eight years, and showed that where
a new we'll was drilled or a new pipe
line laid down, the money was vlrtu-
ally gone forever, and the expenses
should be charged up to expenses of
operation. A casing in well or a pipe
line in the ground was only worth a
fraction of its original cost. and to take
it up was not a paying matter. He
illustrated the great expense of keep
ing up the supply of gas by narrating
operations in the Pennsylvania fields.
in Ohio and Marshall counties, and over
at Colerain, and in illustrating said
that even If gas was found in good
quantities as close as Colerain. it
would cost $4,000 Of hard cash to pipe
it TO Wheeling. Hundreds of thousands
of dollars had thus been spent in the
ceaseless quest after gas, and that
drain must go on right along in the
future as in the past.
Mr.. Heard's remarks, which were of
very extended nature, filled with
data and circumstances, were listened
to by the members of the Committee
with the greatest interest. From time
to time a member of the Committee
would PROFOUND a question which would
open up a new direction to his state
ment, and it was nearly ten o'clock
when the Committee adjourned 10 meet
again at the call of the Chair, Mr.. PAUL.
The Committee will probably hold sew
eral sessions before its report will be
ready for Council