The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-09
CHARGES FOR ELECTRICITY
SLIDING SCALE or RETAIL R.kTEII
ACCORDING TO THE TIME.

Senator Grady Knows Now WhaS ktSo-
watt Is-stOolS Books Of the standhFd
Gas Go. called For After . Question
How Much stock Consolidated Hol a.
Kilowatts and cubic feet 70 the numi Or
Of innumsrabe millions collded before
the bewildered gaze Of the GLASS in Has
and electricity at the City Hall yesterday.
Finally Senator Grady took Oh the huge
black trimmed spectacles he wears when
reading and leaned far over the dettk-
"wlll you please tell me just what this
thing you call a howatt is9' he asiSed
Arthur Williams, the chief inspector Of. tho
New York Edison Company, who was
on the stand. The witness compiled HIS
answers sounded like q chapter from
work on technical electricity. When Ire
had finished Senator Grady put on his
glasses meoky again and vent back to
cipheTing on a pad OF paper.
Mr.. Williams testified that tho company
had six rate schedules and explained the
various grades OF charges. The retail
rate, which covered ~ per cent, Of the bust
ness, was 10 cents per kilowatt hour for
the first two hours, 10 cents for the next
two hours, ~ cents for the next two hours,
and cents for all IN excess Of six hours.
The rate for motors Is s.2S a klowatt hour,
for city street lighting, SO for city build
ings, ii.ss andfor storage batteries cents
W. Greeley Hoyt vioe-president and
secretary Of the Standard Gas Light Com
psny, was put through oOurse Of sprouts
by SchoolmOster Iiughes concerning the
amount Of stock and bonds issued by the
company and me actual value Of the
property they represented. On the balance
sheets there was an item Of $4,000 marked
leases and contracts,' which seemed TO
arouse Mr. Hughes's curiosity. Mr.. Hoyt
explained that some time prior 20 1891 the
Standard issued S., 900 900 u stock 10 W, q.
Andrews and others for leases and con-
tracts. Subsequently a new board Of
directors came in and sued Andrews and
his associates for the return OF this stock.
The result was that 100000 OF II was
surrendered to the directors, and they
disposed Of Il for gross total OF 81 10000
This money was distributed In the form
Of an extra dividend Of ~ per cent and
the it@n Of contract and leases was re-
duced by that much.
HAS the Standard any leases or CON-
traots'' asked Mr.. Hughes.
1T has not
What does this item Of tS,7OS .oooreprO-
sent thenf'
Il cannot give you any definite answer,
but suppose II represents the original
investment
Mr.. Hoyt testified that the capital stock
Of the company was $40 0O0O and It's
funded debt 81 .5sS 900.
How is the stock held and by whom
IL It owned by the Consolidated Gas Com
panyE' asked Mr.. Hughes,
mo, the books show that tue Consoli-
dated Ia the owner Of but IS ,O00, 900 worth.
Mr.. Hughes read the testimony OF DR..
Bennett, the treasurer OF the Consolidated
who swore that his company owned eN4
shAres of the preferred stock and 20 SOC
shares Of the common stock OF the Standard.
How do you account for that?' the wit
ness was asked.
II was amazed myself when l heard It
the first day OF the Investigation
Don't your stock books show who the
owners arei" asked Senator Stevens.
"Nes. but in those books the Consolidated
Is credited with only 5000 shares.
Ito whom do you pay diyidends1'
"Io the stockholders Of record or their
order"
do you mean 20 cay that some Of the
stock is carried in the names Of dummies2'
At this point Lawyer Mathewson came
to the rescue OF the witness. he said i
was true that only 80 600 shares OF the stock
were carried IN the name Of the Consolidated
company. The rest owned by that corpora
ton was credited 70 James A. Bennett,
treasurer, and the dividends we're paid 70
him as such Senator Stevens demanded
the production Of the stock books; Mr..
Mathewson objected on the ground that
Il would he unfair TO a great many persons
not concerned in the investigation. Senator
Stevens insisted. however,, and the books
will be produced when the investigation Is
resunpd tomorrow morning