The evening times., 1896-02-13
matter OF reference to the books. II is
very small proportion of them.
MR.. DODGE ANswERED

| uo uoI 3hSit Ii
nothing that they buy in this District al
cheaply as they buy gas; $4,000 of thest
consumers out of $4,000 do not pay ovel
s cents a night for gas the year around
about $32 a year.
| The stockholders of this company, too
| are nearly all in this District. There art
about 7JO stockholders in the company
| The large majority of them are in the Dis
| trict or in the city of Washington, aud they
| are small holders. 1t is true they have re
| ceived their returns for their money, zig
| ured upon the face value OF the stock; bu'
| when you come to consider that nearly al
| those holders of stock have bought the
| stock at between 40 and 20, tLey are no,
| getting over 1-2 or Fer cent. i Fought
| the stock that hold at go, and realize
| out of a 10 Fer cent dividend on it PEI
| cent.
AS TO DIVIDENDS.
The Chairnan-What was the entire divi
l,.d uai,! IN 1895 cut OF the earnings OF
that year?
Mr.. Mclhenny-I cannot tell l tbInH
ihere WAS an extra dividend PAID, Dut
ven at the price at which bought my
stock / would only he getting 10 per cent
On 1t, and il may be many years before
there is another extra dividend.
The Chairrnan--You say there was an
Extra dividend paid?
Mr.. McIlhenny-Yes, sir.
The Chairman-When was that paid?
Mr. Mciihenny-Mr Lcctch can tell you
that exactly.
The Chairman-How much was that divi-
dend?
Mr.. McIihenny-I have forgotten exactly.
What was ii. Mr.. Leetch?
Mr.. Leetch-It was three or four dollars
a share.
Tie Chairnan-Three or four dollars Il
share, you say?
Mr.. Leetch-Yes. sir. 1 am not sure
whether ii was 81 or 81.
Mr.. McIlhenny-I Will state TO the com
mittee that the stockholders living Iii this
city are a far larger constituency than the
associations represented by these gentle
men who come here to address you.
The Chair,nan-I certainly think that If
had received a dividend on my stock in
company of this kind / should be able 10
remember what il was.
Mr.. McIlhenny-I have forgotten exactly
what it was. Mr.. Chairman.
Mr.. Sands-If you will permit me-Mr.
McIlhenny having stated that last year
about S1,1OO.O0O was paid TO the com
pany for gas consumed, If he can tell what
proportion of that amount was consumed
in expenses of producing gas. etc, we
can get at the amount OF the dividend.
Mr.. McIlhenny-Mr Leetch is prepared
70 answer all those questions. Ii is uR-
fortunate sometimes for people to have
.h., Of
the people who hold the stock of the Wash
ington Gas Light Company is Just as im-
portant 10 them as If they had II in
house or lot. A great many of them look
forward to 1t from year to year, and If
you reduce the price Of gas or introduce
new company you will he sure to destroy
the value of this stock. The price of gas
has reached the point now, considering the
cost of producing it, which necessitates re-
iuced dividends.
VALUE OF STOCK.
Mr.. Hulick-what is the market value of
your stock today?
Mr.. Mcllhenny-I think 1t is about 40
today. according to the newspapers.
Mr. Richartson-Si5 . for $50 share?
Mr.. McIlhenny-For $50 share; yes. sir.
nal stock been increased, il at all?
Mr.. McIlhenny-I think the original stock
was about $500 600. and 1t has been in
,reased to 100000.
Mr.. Sands-The original stock was S5O,-
700.
Mr.. McIli. was when they first
started.
Mr. Hulick-Why was il increased?
l....
,ace with the growth of the city. In fact,
;ou will find that it takes a great deal OF
he earnings OF any corporation like this,
who have 10 borrow money, 10 keep pace
With a growing city.
Mr.. Huiick-Was that increase actually |
n money invested in the plant?
Mr.. McIlhcnny-Yes. sir: all OF that stock. |
Mr.. Hulick-Then am to understand that |
here was no watered stock put in it?
Mr.. Mcilhenny-No. sir; not a dollar. |
That has been stated here very often, but |
t is not true. There was no watered stock /
IN this gas company. II has been stated |
Iere also that the method of making gas |
vas by putting oil into it, and that that |
ould be done very cheaply. The fact is |
hat the oil gas costs as much as the coal gas
o make. and The reason Oil was used was
hat the residuals could not be sold here
4 Washington. That was the first mo-
i've that induced the company to go into
making coal gas. Coke was not salable
ere. Tar could not be disposed OF.
'hese residuals, and the ability to dispose
( them. affects the price of coal gas in Eu
ope and in other places; but as there is
cry little manufacturing done in Washing
IN, there is slight demand for these
If these products would bring as
luch here as they do in Detroit or Pitts
urg, or even in Philadelphia, you would
OF hear any complaints from the gas COM
any about reducing the price to 81. We
'ould be glad to do IL. 1t would be to our
because everything that satis-
es the consumer and makes him feel COM
,rtable is great advantage to the COM
any in dealing with him.
THE ILLUMINATING QUALITY.
The Illuminating quality of the gas in
le city OF Washington is as high as it
IN be made. That 1 state from my
of the gas business.
The Chairman-Let me understand that
he current Illuminating power of the gas
as high, or. in other words, the quality
as good as can he made?
Mr.. McIlhenny-Yes, sir.
The Chairman-It cannot be improved?
Mr.. McIlhenny-No, sir; whenever it is
lade richer, when more hydro-carbou i'm
ie shape of oil or camel coal is put into
, the gas smokes, and when you see the
as smoking you will always understand
,at it is too rich; that there is too much
power. In the city of New
ork, where they rate the gas at 2S candles,
ley use flat-flame burner. 1t has been
ated here and repeated that the candle
over in New York is &c or 20. When Mr..