Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-02

stated III senate report lfUO, urSC session,
! F'orty-ninth Congress, the company did not,
and could not, show that it had ever in
vested over $5OO,UOO capital and yet was
paying these enormous dividends-in 1874,
| IS per cent on s., 600 900 stock. Does the COM
mittee think it right and proper that the
company should use the profits of the busi-
| ress-the money taken from the public-to
Increase its plant, issue stock to represent
that increase, and then charge the public
for this necessity enough to enable them to
pay these enormous dividends on the stock
thus created? Is that fair and just to the
public?
that the cost of making gas has decreased
materially of late years. and yet they
present You figures which make it cost
more now than they claimed that 1T cost In
1886. Then. as they said they made two
thirds coal gas and one-third water gas.
whereas, now they say it is two-thirds wa
| ter gas and but one-third coal gas, and
that they make water gas because it is
cheaper to make than coal gas.
Clearly, they misrepresented the facts
then or now. My opinion is that they mis-
represented the facts both then and now,
and that an investigation by disinterested
parties will show it beyond a question. 1t
Is utterly absurd for them to PRETEND as
they do in the figures presented, that gas
here costs from $lW to $1.S9 per 1000 feet
when, as I have shown YOU from official
sources in Philadelphia private company
has built its plant laid it's mains, bought
Its materials paid its salaries and wages.
IN TACT, has done everything this company
does, except in the length of mains laid
and taking state Of the meters and yet
makes the gas and sells it to the city for
81 cents per 1000 feet. 1t has done this
FOR years, and it is SO profitable that
others have offered to do it for less 1t is
ridiculous in the light of such facts to pre-
tend that gas costs any such sum.
Inc pretense that gas costs so much
price of coal and of the residuals is equally
ABSURD. The difference in the price of coal
Is mere trifte. and in many places it is
much higher than here, while the residuals
command substantially the same price all
ever the country. When, as I have shown,
no less than three large companies in
england distill coal simply for the resid-
residuals in whole or in part TO this coun-
try, 1t Is idle to pretend that there is no
sale for the residuals. How is it that gas
is furnished at SO small a place as West
Point at 70 cents per 1000 If it costs so
much here? Every one knows, and the
company admits, that 1t can be furnished
titles and the. amount made here is many
times that at West Point, and most Of the
eighteen cities where it is sold for dollar
and twelve other cities where it Is sold
Tor still less, as shown on page A Of the
report.
I'm 1886 the company, as now, asserted
that they could not reduce the price with
out ruin, and yet when Congress adjourn
ed, to prevent further action by Congress,
Trey reduced the price 25 cents, and have
gone right on paying 10 per cent net cash
dividends"
In conclusion. he says: 'If this commit
tee Is not willing to take the conclusions
Of the Senate committee of 1856 and the
House committee of last session, both of
which investigated the subject far more
fully than this committee has. especially
the former Senate committee, then l beg
to suggest that the proper thing to do
plete investigation by disinterested ex-
perts. to the end that Congress may have
the actual facts and be prepared to leeis-
will be just to the company and the pub
lfc''