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

IdDY eXpendS. on an average from $40
o"o to 100000 year in all kinds Of ex-
tensions
Nh. Milnes-Dors that include purchases
OF real estate?
Mr.. Orme-If it is for the plant. We do
nos purchase real estate except for the
specific purpose OF being used in the man
ufactlu, OF gas.
Mr.. Milnes-This 500 900 was paid
Mr. Orme-YeS. sir.
Mr.. Abbott-You purchased government
bonds and Metropolitan Railroad bonds?
Mr.. 0rme-We did.
Mr.. Abbott-Was that purchase made
from your Accommodations?
Mr.. Orme-fes. sir; money that we had
In bank that was idle-small amounts of
100000 or S25,000, anything we hap
pened TO have.
Mr.. Abbott-That purchase was made In
the last few years?
Mr.. Oume-Some OF these purchases We're
and some were made many years back.
Mr.. Ahbott-IIow many bonds did you
say you had purchased up to date?
Mr.. Orme-Wc have none now. We
sold all the bonds we had, every dollars
worth.
Mr.. Abbott did not quite understand
that.
Mr. Orme-Every bond was sold when
that extra dividend was paid and that
property was paid for.
The Chairman-K indy state 10 the COM
mittee when IL was that you issued the last
$500 900 bonds, or scrip ypg may call
It, upon which you are paying per cent
interest now. ~
Mr.. Orme-January. 1 SOL.
The Chairman-That was the last?
Mr.. Orme-That was the very last
Mr.. Milnes-I understand that your ex
tensions and permanent improvements 10
plant average about $40 600 year.
Mr.. Orme-Yes. ] should say that: some
years less and some more,
Mr.. Hulick-I 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 ami Metropolitan
Railroad bonds, ana those we sold, ana
distributed the money.
The ChaIrnIan-Fle ease state to the com
mittec whether in January, 1891, these
bonds were sold in TIC open market. or
whether they were divided among he stock
holders as a scrip dividend?
Mr.. Orme-Mr. Chairman, this $500 900
was given pro rata TO the stockholders, in
proportion 10 the amount OF stock they he I'd
at that tine, or on the 18th OF December
previous.
Observation-Disclosures eal lvand praCti-
caiiy in lieu of Il stock dividend, was it
not?
ar. Omc-It was their earnings that
had been invested many years ago in
the plant.
The Chairman-That was to cover plant
extension and increase OF capital stock?
Mr.. Ormc-1eS, sir.
The Chairnan-What was the date OF
that bond transaction?
Mr.. Ormc-August, 1887, 100000 of
Series a bonds, and January, 1853, $500
0Uu EOnuS. InOsc were bought ana rait.
for by the stockholders. They were issued
for the construct ion of the new plant at
the east station.
The Chairnan-Those were sold at par.
were they?
Mr.. Orme-They were sold at par TO
~ StonEbollprS OF record.
Mr. Hulick-TheTe is the item Of interest
on bonds, $4,000; is that paid TO the
stockholders?
Mr.. OrDlc-That is paid every year on
ST 200 900 Of those bonds.
Mr. HuIick-And those are held by the
stockholders?
Mr.. Orme-They are The per cent bonds
held by the stockholders.
Mr.. Hulick-Then the individual stock
holders receive the interest from the com
pany OH that investment in bonds.
Mr.. Orme-That is an expense, you
notice. Is not that in the expense column?
Mr.. Hulick-lt is under the mead or
disbursements.
pany owe.
the individual stockholders?
Mr.. Orme-Yes, and to others, who have
purchased them.
REDUCTION OF 1886.
Mr.. Hulick-On the other side there is
the item of interest, S1S, oS'SS' from
what source does that come?
Mr. Orme-That came from the bonds
which we sold noted right under that item.
Mr.. Huick-That was the interest re-
ceived at the time you sold the bonds
amounting to S36S, G63.75?
Mr.. Orme-Yes, the interest that was
received then and along about that time.
The Chairman-State to the committee
the date of the last reduction in the price
Mr. Orme-october, 1886.
Mr.. Hulick-Why did YOU reduce the
price of gas in October, 1885?
Mr. Orme-The company always has re-
duced the price of gas when it could do
so consistently with the prices of materials
entering into its composition.
Mr. Hulick Since october, 1885, you
have seen no time when you could reduce
the price of gas and make anything for
your company; is that fact?
Mr.. Orme--I believe that is the fact, al
though | could not speak eX cathedral The
directors are the men who determine that
nOjnt and they are the Officers OF the com
pany vested with authority for that pur-
pose 1t would be presumptuouS in me TO
Sa Mr. .'i aGlick 1886 from what price did
you reduce it? SI..
net
Mr.. Hulick- And you reduced it TO what?
Mr.. Orme-$1 90 gross and $1.26 net
Mr.. Hulick-Can you not make another