The morning times. [volume] (Washington, D.C.) 1895-1897, 1896-03-04


dividend item OF 5000 900 You have been
emapieu 10 pay 10 per cent dividends annu-
any IN additlon TO the % per cent dividend
| permanent investment of the compa nv:
| is that so? ~ >
| Mr.. Oune Yes. That was pa ri ofthe same
| accumulation
Mr.. Mines That was part OF the accumu-
| lation for that year?
Mr.. Ormc-Ycs, sir
Mr.. Milncs-BesidrS the extra dividend
that was paid?
HOW THEY ARE CHARGED.
Mr.. orme-Yes, sir The new holder at
| The east station, etc. did not cost Se5.-
] 'Sb.iO, because included In the east station
I works are new oil tanks costing 50 1907
! mat was brand-new work, part of the
I plant.
The Chairman-Ar there any other items?
MT. orme-The street mains are he mains
IN the streets and avenues in the city.
The Chairman -PleascState whet her those
are new extensions or TO replace old mains
MT. Orme-Thuse are bra nd-new eEten-
Si"nS. which | am careful 20 erase or
charge TO profit and loss, SO as Ia get them
out of capital.
The Chairman Then if you were to re-
pace the old pipes on PennS ylvania avenue
with new ones that charge would he
placed in that account?
Mr.. Orme-lt would 90 10 repairs For
| instance, If We replaced rour-inch pine
with a slX-inch pipe we would charge the
estimated cost or the difference bet ween a
fonr-inch aud a siX-iuch pipe, ard thai
amount would &c into Elephant.
The Chairman Such items as coal wages
and salaries, taxes. inspectors OF plumbing
and inspectors OF gas. all these numerous
items until You get down to dividends. go
into the cost or maintenance and a ST rih,-
ton for 1882
Mr.. Orme-IeS, sir: and in addition 10
mat We also charge as an expense the lay
ing or new mains or the erection OF a new
building at the works, making the cost OF
gas so much for that year. Everything
except that 100000 and S252.T5
MT. MiineS laying of the new ma ms
making permanent improvement, would
! hardly be proper charge in the manufaC-
ture OF gas for that year, would IL?
Mr.. Orme-It should be charged TO the
distribHtlon of gas, because. as Mr.. Win
ship said, pipe laid in the ground is
dead; IT, is only good for gas purposes.
The Chairman-DoeSt this balance of $50
922.3S mean the cash balance?
Mr.. Orme-No; il is not exactly the cash
balance: IT may be represented by cash
or by material valued in cash.
The Chairman-GOu commence the state
ment by showing the amount of cash on
hand January /. S95. This balance must
represent something.
Mr.. OTmC-Wc can either show the cash
or values for il. AT the end of every year
we ma Ike an inventory and part of the bal
ancC that exists a the end of the year may
b" mat erial, and part OF il may be money
hut il is not always a cash balance: some of
1t is cash and some of II material.
Mr.. Milnes-Do you make an inventory
OF Your whole plant, including pipes and all
that?
Mr. Orme-Yes, sir: we know what we
have on hand at the end of every year
Mr.. MilneS-IS there anything in this
statement showing the value of that in
ventoTy?
MIR. OrmeThat is our statement. The
chairman asked me for a statement show
ing Disbursements, receipts, and cash on
hand January l, 1895 One year is ike
another in a large business like this At
the end OF each year we ma Ike an inventory
ard then at the end of the following year
ma he another.
VALUE OF THE PLANT.
Mr.. Mines What am trying to get at
is, II You can tell us, whether there is any
thing in this statement to show to the COM
rnIttee the total value of the plant?
Mr. Orme- Oh, no; there is nothing in that
statement 10 show the total value of the
plant. These are mere items
The Chairman-That would depend large
~ upon the price Of gas?
Mr.. Ormc-lt would very largely, Mr.
Chairman.
The Chairman Whether the price of ga s
was 70 cents or S1.25?
Mr.. Orme-YeS.
Mr.. Curtis understand that since 1882
your cash dividend has been regularly 10
Mr.. Orme-I think | said since 1888
Mr.. Curtis With the exception of 1899
and 1898, when you paid, respectively, %
and 80 per cent?
Mr.. Orme-Yes, sir.
Mr.. Curtis-During this time to what
extent, If any, have you increased the
capital stock of the company, and have
you done so by stock dividends?
Mr.. Orme-Not by one share.
Mr.. CURTIS our capital stock remains the
same?
Mr.. Orme-Just The same
Mr.. RichardSOn-ln that connection I
wish you would give the committee the
average dividends paid during those twelve
years, taking the regular 10 per cent divi-
dend annually, and including the 20 and 30
per cent dividends. or course, anybody
can make the estimate, but | should like
To have 1t stated in this connection.
MIR. Orme-I think had better commence
with the year 1884, because ] am not Ger
tain whether Mr.. McIlhenny came in before
the dividend of 1888.
The Chairman-Would it not be 155 per
cent for the twelve years?
Mr. Orme-l55 per cent including 1884
and 1895.
Mr.. Riehardson-How much is that upon
the market value of the stock?
ranges from $40 to $50
Mr. Abbott-Can you give the committee
an idea OF the amount of money that has
heeD expended for pipes, etc, in your ex-
tension? If So from what source it is
MI. orme-Entirely from the receipts of
the company except
Nj .Abbott-That is in addition to divi-
dends?
M. orme-Except what was received in
capital stock.
SIR Abbott-That was invested, sup
pose?
MI 0rme-Yes, sir.
NJ. Abbott mean what the cost of the
extension was for The last four or five
years.
COST OF EXTENSIONS.
Mr. OrHfe-From superficial exami-
nation and mentally / would saw the cnn-