The evening times., 1896-03-04

out of capital.
The Chairman-Tben II you were 10 re.
rInee the Old pipes on Pennsylvania avenue
n,nna, M,.m pew ~ ones That charge would be
MT. Orme-lt would go to repairs. For
instance, if We replaced a four-inch pine
Win sN-inch pipe We would charge the
estimated cost or the difference bet ween a
iour-inch and siX-inch pipe, and that
amountwould go into he plant.
me eChairinan-Such items as coal. wages
dnu sdIarirS' taxes. inspectors of plumbing
ana inspectors OF gas. all these hume no MS
items until you get down 10 dividends go
IN, mo me me G.st or maintenance and distribu-
Mr. Orme-Yes sir: and in addition TO
mat We also charge as an expense the la V
ibg OF new mains OF the erection or a new
cniuine cns AID au the works, making the cost OF
EaN SO much Tor that year. Everything
except lhat 100000 and S252.T5.
NE. Mhnts-The laying Of the new mains.
nakunR permanent improvement. would
haruiy De proper charge IN the manufac-
ture OF gas for that year would il?
ar; Orm"-lt should be charged to the
Distribution or gas. because. as Mr.. Vim
SHIP sand, pipe laid In the ground is
dead; II is only good for gas purposes.
The Chairman-Does this balance OF Ss9-
9223s mean the cash balance?
| Mr.. Orme-No: II is not exactly the ca sh
balance. II may be represented by cash
or by material valued In cash.
The Chairman-fou commence the state
m"nt ny showing the amount of cash on
| represent something.
Mr.. orine-We can either show the ca ash
or values Tor II. AT the end OF every year
| We make an inventory and part OF the bal
ance that exists at the end Of the wear NAV
bc material. and part OF il may be money.
put IL Is not always cash balance: some of
| IL is cash and some OF II material
| MIR. Mllnes-Do YOU make an inventory
| o' your whole plant, including pipes and all
that?
Mr.. Orme-Yes, sir: we know what we
fn N n h..x "a q
| Mr.. Mines-Is there anything in this
statement showing the value OF that in
| ventory?
MIR. OrmcThat is cur statement Tho
chairman asked me for a statement show
ing disbursements, receipts and cash on
| hand January / 1895. One year is like
another IN large business like this. At
TIE END of each year we rnii kc an inventory
ard then AT the end of The following year
make another. e
VALUE OF THE PLANT.
Mr.. Ailnes-what. am trying 10 get a
Is, II you can tell us. whether there is any
| thing In this statement 10 show to the com
| mittee the total value Of the plant?
Mr.. Orme- Oh. no; there is nothing in that
| statement to show the total value OF the
| plant. These are mere items
The Chairman-That would depend large
| ly upon the price of gas?
Mr.. Orme-lt would very largely, Mr..
| Chairman.
The Chairman Whether the price Of ga
| was 10 cents or 80?
| Mr.. Orme-Yes.
MIR. Curtis-I understand that since 1882
your cash dividend has been regularly 10
Mr.. orme-I think said since 1888.
Mr.. Curtis With the, e1 ception OF 1893
and 80 per cent?
Mr.. Orme-Yes, sir.
| Mr.. Curtis-During this tine to what
extent, II 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-1 y 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 divf-
dend annually, and including the 20 and 80
per cent dividends or course. ANYBODY
can make the estimate, but / should like
To have II stated in this connection
Mr.. Orme-I think had better commence
witt, the year 1854, because ] am not GER
tain whether Mr.. McIlhenny came iu before
the dividend of 1883.
The Chairnan-Would it not be l55 Der
| cent for the twelve years?
Mr. 0rme-l55 per cent including 1884
and 1895.
Mr.. Richardson-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
hccn expended for pipes, ETC.. in your ex-
tension: IL so, from what source it is
Mr.. Orme-Entirely from the receipts of
the company except
Nj Abbott-That is in addition to divi-
deDds?
Nj. Orme-Except what was received in
capital stock.
Mf Abbott-That was invested, / sup
pose?
Mr. Orme-Yes. sir.
NJ. ADbntt-I mean what the cOsf of be
| extension was for the last four or five
COST OF EXTENSIONS.
Mr. Orme-From superficial exami-
nation and mentally would say the com
pany expends, on an average. from S7O.-
600 To 100000 year in all kinds of ex-
tensions
Mr. Milnes-Does that include purchases
OF real estate?
Mr.. Orme-If it is for the plant. We do
no: purchase real estate except for the
Mr.. Miines-Ths 500. 900 was paid
for the purchase OF real estate?
Mr.. Orme-Yes, sir.
Mr.. AbbOtt-You purchased government
bonds and Metropolitan Railroad bonds?
Mr.. Orme-We did.
Mr.. AbbOtt-Was that purchase made
from your accumulations?
Mr.. Orme-Yes. sir: money that we had
in bank that was 1dle-small amounts of
100000 or $4,000, anything we hap
pened to have.
Mr.. Abbott-That purchase was made in
the last few years?
Mr.. Orme-some of these purchases We're.
and some were made many years back.
Mr.. Abbott-How many bonds did you
say you had purchased up to date?
Mr.. Orme-We have none now. We
sold all the bonds We had, every dollars
worth.
Mr. Abbott did not quite understand
that.
that extra dividend was paid and that
property was paid for.I
The Chairman-Kindly state to the COM
mittee when it was that you issued helast
$500 900 bonds, or scrip as you may call
1t. upon which you are paying 6 per cent
interest now. f.u
Mr.. Orme-January. 1891.
The Chairman-That was the last?
Mr.. Orme-That was the very last.
Mr.. Nilnes-l understand that your ex-
plant average about $4,000 year.
Mr.. Orme-Yes. SHOULD say that; some
years less and some more.
Mr.. Hulick-1 understand that you have
distributed all your undivided earnings in
dividends.
DISTRIBUTION OF EARNINGS.
Mr.. Orme-I believe everything has been
distributed; we had the money invested
in United States bonds and Metropolitan
Railroad bonds, ana thOse we sold, ana
distributed the money
The trairHfan-fease state TO the COM
n,i,tee whether in January, 1891, these
bonds were sold in the open market, or
whether they were divided among the stock
holders as scrip dividend:
MFR. Orne-Mr. Chairman, this $780, coo
was given pio rata TO the stockholders, in
proportion to the amount Of stock they nc fd
ut that time, or on tie 10th OF December
n,an-That WIS r",'' md, rnct'-
cailv in lieu OF a stock dividend, was it
not?