The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-04-14

that have been engaged upon this
work on er since I received word about
it, late Friday afternoon. and / nave
come here directly from the once WIN
out having had any dinner, so tnat tAe
statement has been hurriediy made and
is not quite complete
Mr. BOrland-You can summarize that
statement, can you notZ
Mr. Coudrey-Read the hFst year Lei
Us see what you have.
Mr.. WhitweIl-I have il here for the
year 1900. Receipts from Sass A'-Ve'-
Is, from other sources SlO,lfZ--o-
Mr.. COudrey-What are the other
soUrces?''
Mr. WhitweIl-This is interest and
rent, making a total Of Slrzis,slo-4A
then have certain expenses here
Mr.. COUdrey-What dc they amount
20?
Mr.. Whitwell-The total for that year?
Mr.. COudrey-Yess sir.
Mr. MISUNDERSTANDING the cost OF
making gas. repairs, and miscellaneous
items, gross total, S439,S5l-5l' less q cIeuIt
OF S20l5l- Is, being money received from
the sale Of residuals, making the net
cost Of the gas SIG. 1875 The prOnt IOI
that year was 1888 l56-b9- Inc NY estillSit
that year. exclusive Of the fFancnise- Nas
81, gs9. COS. II The securities issued By the
company Al that time were $3,z9,gl9
Therefore the percentage Of returns on
the investment that year, exclusive OF
the value OF the franchise was I0.7 per
cent, and the percentage OF return OF
the securities was 156- The price OF gas
that year was S1-10 net.
Mr. COudTey-I did not near tbe last
What was the IS per cent?
Mr. WhltweH-The percentage Of re-
turn on the securities. the S3,80,oJ0, not
the percentage upon the value OF the
plant and the intangible properties
Mr. COudTey-How much does that
S3r3o0.010 consist of-how much bonds
Mr.. WhitWeiI-Thst $4,000 consists
OF S6o9,01G worth Of bonds and the re-
raainder stock.
How Bonds Were Issued
Mr.. Coudrey-When we're these 500, 90
worth Of bonds issued?
MI TVhftrell-They were issued in 1856
and 1857, in two sales OF $4,000 each
That was before came 70 the company
Mr.. Coudrey-Wsre they issued for
money or out OF the earnings
Mr. Whitwell-For money.
AIr Coudrey-This $4,000 OF capital
stock that the gas company has, do you
know what year that has been increased
there. and how much Il was increased \
Mr- WhitueII-I can only state that
since I have been there
Mr. Coudrey-Do not the books show
Mr.. Whitwell-So, sir. Mr. Colds
borough states that the books were de
stroyed in ISIS vent there IN 1851
The books showed Se,0oe,0D9 then
Mr. Coudrey-DO yOu know how much
or actual money vas paid IN?
M WhitwelI-NC. sir
Nr- Coudrey-You do not know what
Il represented. and how % came into the
treasury Of the company
M WbitWell-No. sir
Sir. Coudrey-Eou never learned
Nff EEhitweI-NO. sir
III Coudrey-You have no idea
Nh WhitwelI-No. sir
SIT. Eoudrcy-ToU do not even SueS52
MI WhltWeli-Nu- sir 7 could not Z
have nothing 10 base a guess on.
Mr. COudrvy-Efow was the sale Of the
So. 90 worth o1 bonds brought aboUt2
M WhiJUelI-The company had $500
CO.. OF certificates Of Indebtedness out
standing. which. by virtue Of an act
or Congress were converted into capital
stock. and that brought the capital stock
up from s. Go GO 10 s. 600 COO
Mr.. Coudrey-They had certificates Of
Mr. WhirweII-Yes. sir. We igsrsd
them
Mr. Coudrey-To whom
MT- WhitTeIl-TO the stakeholder
Mr.. Coudrey-Instesd Of paying them
that money, they paid the STOCK ~.
AIr. vhitweII-Tes. sir.
Nr. Coudrey-Whst IS the stock woe h
today2
Afr. WhitEeI!-Seventy and a fraction.
II was that YESTERDAY
Rate of Dividend
Nr. Coudrey-Uas the stock quoted at
that on the stock exchange or the mar
ket value OF il At the tine they pair,
these stockholders $4,000 in lieu OF tEelr
Indebtedness
Nj WhitweU-I could not teI YOU.
Mr. CoUdrey-You do not know ON
what basis they took IT.
Mr. HszIeton-The par value Of the
stock was 50.
Mr. Coudrey-You figured that in 1900
that IS your stock and bouds2
Mr. Wnitweil-No- sir We made 1U.7
per cent on the investment exclusive.
as 7 have said, Of the value Of the fran
chises-
NJ Coudrey-yVe will call Il $4,000.
and your capital is S2.6lo,UG92
Mr. WhitWeil-Yes sir
Sfr. COudrey-Whst per cent is that7
Mr. WhitweIl-Not quite y per cent
Mr. CoUdrey-AbOut - per cent?
Mr.. WhitweiI-Yes. sir II capital stock I
only is figured.
Mr. Coudrey-How much did vou make
only information upon which I think I
we can act intelISeutly on this resolj I
toicn- The doctor over there kept me
away from the text
Dr. Alexander g. Humphreys-Let me 1
answer that absolutely. uuqUalinedly IN I
air statement
M Coudrey-Yes. sir We are de- I
lighted TO have YOU do II, doctor
from the discussion Of my subject by ]
the questions of Mr. Coudrey and By /
permission granted 20 outsiders TO in
terTUpt me I had no chance 10 follow
my own line of discussion Il was
only in the last night for a few min 7
utes that I was able to address myself 4
TO the question. ] was trying 10 refer {
- the difference between return or 7
the capital, a return upon the physical I
values, and upon the investment, the I
latter being the only true test accord /
ing 10 law, but il seems there were
members Of the committee who did not /,
appreciate what the difference was
about. AS TO my being responsible for /
not sticking to the text, 1 decline 60 I
accept that responsibility, and / say !
TO every man in this room that I was I
not responsible then. because the same /
thing has been done and is being /
done now. The questions have departed 4
from the matter at issue
Mr.. COudrey-WhaI We want, doctor, {
is Information on the earnings Of the [
company.
DIT. Humphrey had TO answer the 7
Questions addressed 70 me- even though I
they were not 90 the point
Relating to Earnings.
Mr. COudrey-YOu have twenty per /