The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-12-25

pany was suspected Of buying from. The |
Osceola company offered 10 sell coal at
dollar a ton at the mine and guarantee
rail- rate to Washington of I.60, MT
McIlhenny said it could not be done. but
the rail rate Of $3.50 could be had. And
then Senator Spooner caught him.
You say 81 for the coal. and $3.50 for
freight. and 10 cents you have paid for
handling That is S375 What becomes
of your price Of $t49?"
Mr. McIlhenny stumbled along for sew
eral minutes trying to make out there
were commissions and extra expenses, but
had finally to admit that the gas company
did not pay any such commissions OF
expenses
Later. Senator Blackburn having Mr.
Winship before him, asked. Il ask you to
answer or decline 20 answer-What do
you pay the railroad company per ton
for the shipment Of coal to Washington?
| want your actual rates.
Il am q coal merchant doing large
business" responded Mr. Winship.
81 beg pardon" said Mr.. Blackburn, Il
want you 70 answer.
L cannot give you the secrets Of my
business" replied MIR. WiDship
And that was the will-o-the-wisp all
through the investigation. Senator SpOOner
directly charged that there was a ring
in there" and the investigation closed
with the feeling that the cost Of coal
could not be discovered, and the gas com
pany officials were conceaIing It in order
to sustain the price Of gas. which at that
time was Sl.I5 per 1900 feet.
Immense Dividends.
Senator spooner. early in the hearing.
took up the subject Of watered stock Mr..
McIlhenny had said that in 1888 the COM
pany paid l7Iz per cent dividend on
100000 capital stock. Mr.. Spooner pro
reeded TO read from a report made by Mr.
Morrill, OF the House District Commit
tee. in 1874 from which it appeared
that the Washington Gaslight Company >
capital stock had been increased as fol
/ lows August ?. 1852 from $4,000. the
original amount authorized, 20 $4,000,
January 8. 1855. 10 10000; May q, 1866, to
/ 81. 10000: May %. 1872. to $1.200.Go0 In
/ response 10 questions Mr.. McIlhenny stat
ed that the first $4,000 and the additions
/ in 1862 of S3o909l and in 1850 OF Sl5o,c9l
were cash paid in by stockholders. The
increase in 1866 and later was gift
stock" Thus the money paid in was bat
550og0
/ Senator Van Wyck here took a hand
/ in che examination. and began to read
from annual reports. showing that up tC
1863 there were no surplus dividends. bu
from that time on there were regular
| semi-annual dividends. In February
1853. 8 per cent, in May, 10 per cent anC
| in August. per cent dividends wer,
paid. In February, 1874. there was
per cent dividend. and IN August 5
per cent dividend Besides the regula
dividends 90 per cent of the surplus Wa
paid in lSlf-5=DJ9JJ in cash In 1910 theT-
was a ~ per cent dividend. In 1876 Their
were dividends amounting 10 o. per cen
$4,000 more in cash. or Sl,090o0 within
TWO years.
The coloquy just then is amusing.
That is correct" asked Gen. Va
Wyck
If it says so there it is" said Mr.. Nc
p Ilhenuy.
1t does say So" affirmed Van wycl
Yes. sir consented McIlhenny.
You paid the regular yearly div
/ donds," recapituIated Gen. Van WycI
and IN 1874 and 1876 $1,000 600 besides an
the stock was increased Sl.000.G00 W.
i not the surplus dividend, then, as niue
! as the increase in your stock2"
Yes, / presume 10 was. aid Mr.. Nc
, Uhenny.
The list of dividends continued. In IS
the dividend was Is per cent. in 1873 agai
Is per cent. In 1850 the compauys report
state the capital stock Is 10000 Divt
dends were paid right along until in 1SS.
one OF 50 per- cent was paid On g.
s 0)0W0 This was a million on two mil
% lions watered stock. and a million on hal
, "a million Of actual money originally in
vested. In 1919 the report states tina
the dividend was paid from "the account
iati0n of years when gas was selling
much higher rates" and yet there wei
p two extra dividends Of 80 per cent eac
Z and one of 80 per cent during thos
years when gas was selling at high,
e rates"
d Could Not Reduce Price.
Now. Mr. McIlhenny." asked &c
y Van Wyck. after reading these dividend
!, in starting with $4,000. supposing
d paid in cash, and making such a shoSin
r do yod mean to insist shat the price
< gas cannot be scaled down somewhat"
II THAT is a point that don't care abo
T answering just now, said Mr. McIiheHn
y las an officer Of the company and
: citizen Of Washington are you not sa
!, isfed this concern has been makiI
e enormous profts?' continued Gen. Y,
n Wyck.
n Yes. sir" said Mr. McIIhenny, 9TH,
.e have been making large profits"
y So firmly convinced were the membe
: Of the investigating committee that ra
ical measures should be taken TO relie
the citizens of Washington from the i
cubus Of the gas monopoly that tn,
n Joined unanimously in urging a bin pla
J. ing the concern in the strong hands of &
Secretary Of War Il was believed tn
,s just as the water supply of the city
vitality necessary TO its well being, shou
be controlled by the War Departmer
the lighting facilities Of Washingt
l. same strong power. An engineer offic
lie Of the army was to be one Of boa
rs 10 take charge Of the gas system. T
"A bill proposed that the company ShOU
:, be permitted to make but per cent
its capital stock The price agreed
was 81 per 1000 feet but an elastic pl
p was advanced by which the Secretary
$ War might allow the company TO char
slightly more i'm case the price of &c
Of should go up. The bill passed the Sena
but failed in the House.
APPLE STRUCK BY CAR.
nousp Awou, VIII u