Evening star., 1896-02-12

Mr.. McIlhenny-Yes, sirt X
The Chairman-When was that paid?.
Mr. McIlnenny-Mr. Leetch can tell you
that exactly ea. 70. - ~ Il
Tie Chairman-How much, was that livi-
dend? t-,, sd ii -
Mr.. McIlhenny-I have forgotten exactly.
What was 1t, Mr.. Leetch?
Mr.. Leetcn--It was three or four dollars
share.
The Chairman-Three or four dollars a
share, you say?
Mr. Leetch-Yes, sir. I am not sure
whether it was s. or 81.
Mr. McIlhenny-I will state 20 the COM
mittee that the stockholders living in this
city are far larger constituency than the
associations represented by these gentle
men who come here to address you.
The Chairman certainly think that If
I had received a dividend on my stock in
company Of this kind 1 should be able to
remember what it was.
Mr.. Mc1lhenny-I have forgotten exactly
what it was, Mr.. Chairman.
Mr.. Sands-If you will permit me-Mr
Mc1lhenny having stated that last year
about sl,1OOOo0 was paid to the company
for gas consumed, If he can tell what pro-
portion OF that amount was consumed in
expenses of producing the gas, etc, we can
get at the amount of the dividend
Mr.. Mc1lhenny-Mr. Leetch is prepared to
answer all those questions. 1t is unfortun-
ate sometimes for people to have property
In this condition. The money of tine people
who hold the stock of the Washington Gas
Light Company is just as important to them
as If they had it in house or lot A great
many of them look forward to 1t from wear
to year, and If you reduce the price of gas or
introduce a new company you will be sure
to destroy the value Of this stock The price
of gas has reached the point now consider
ing the cost of producing it, which necessi-
tates reduced dividends
Value of Stock.
Mr.. Hulick-What is the market value of
your stock today7
Mr.. McIlhennyI think it Is about 4b to-
day, according to the newspapers
Mr.. Richardson-$45 for a $50 share?
Mr.. Mc1lhenny-For $40 share; yes sir
Mr.. Hulick-To what extent has the orig
1nal stock been increased, If at all?
Mr.. McIlhenny-I think the original stock
was about $5O0OOO and it has been in
| creased to 100000.
Mr. Sands-The original stock was 1000.
started.
Mr.. Hulick-Why was 1t increased?
Mr. Mcllhenny-1t was increased to keep
pace with the growth of the city. In fact
you will find that 1t takes great deal OF
| the earnings of any corporation like this
who have to borrow money, to keep pace
with growing city.
Mr.. Hulick-Was that increase actually in
| money invested in the plant?
| Mr.. McIlhenny-Yes, sir; all of that stock
| Mr. Huhck-Then I am to understand
that there was no watered stock put in it:
"A, Mr. Mcilhenny-No, sir; not a dollar
| That has been stated here very often, bu,
/ it is not true. There was no watered stock
in this gas company. It has been stated
| here also that the method Of making gas
was by putting oil into It, and that that
could be done very cheaply.4 The fact is
! that the oil gas costs as much as the coal
| gas to make, and the reason oil was used
| was that the residuals could not be sold
| here In Washington. That was the first
| motive that induced the company to go in.
| to making coal gas. Coke was not salable
| here. Tar could not be disposed of, and the
| ammoniacal liquor could not be disposed of
| These residuals, and the ability to dispose
| Of them, affects the price OF coal gas in Eu
rope and in other places; but as there Is
very little manufacturing done in Washing
| ton, there is slight demafid fdf these prod
ucts II these products wou1d bring a:
much here as they do in Detroit or Pitts
burg, or even in Philadelphia, you woult
not hear any complaints from the gas com
| would be glad to do it. It would be to ou
| advantage, because everything that salts
mes the consumer and makes him feel com
Portable Is great advantage to the com
| pany in dealing with him.
The Illuminating Quality.
The Illuminating quality of the gas IL
the city Of Washington is as high as 1
can be made. That state from m.
knowledge Of the gas business.
The chairman-Let me understand that
The current illuminating power of the ga
is as high, or, in other words, the qualit,
is as good. as can be made2
Mr.. McIlhenEy-Yes, sir
The chairman-It cannot be improved?
Mr. Mcllhenny-No, sir; whenever 1t l
made richer, when more hydro-carbon Il
the shape of oil or camel coal is put int
i 1t, the gas smokes, and when you see tn