The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-14
LIGHT COMPANY.

WELL, ASSISTANT SECRETARY
OF THE WASHINGTON GAS
LIGHT COMPANY.
Mr.. Whitwell-Mr. Chairman and gen.
tlemen Of the committee. have no pre-
pared statement TO make. l understood
the committee desired to- ask me some
questions Since that information came
TO me ! have prepared a statement OF
figures that l understood would answer
the questions that the committee desired
10 ask. l have no statement to make
To the committee before entering upon
such an examination as they desire 70
make.
Mr. Coudrey-Are you assistant secre-
tary of the company?
Mr. Whitwell-Yes. sir.
Mr. Coudrey-Have you charge Of the
books or the finances?
Mr.. Whltwell-I have charge Of the
books
Mr.. Coudrey-Not Of the finances?
Mr. Whitwell-In what way do you
mean?
Mr.. Coudrey-The money.
Mr.. WhitweI-I do not handle the
money; no.
Mr.. coudroy-what is your name,
please?
Mr.. Whitwell-My name Is Whitwell.
! Mr.. Coudrey-How long have you been
with the company?
] Mr.. NEUTRALITY-SUSPICIOUS. years,
/ Mr., CoudreS-ln what capacity?
/ Mr.. Whitwell-From charge clerk 10
! assistant secretary.
! Mr.. COudrey-Through all those years
4 have YOU been familiar with the profits
OF the gas company?
Mr.. Whitwell-Not through all the
| years Of my own knowledge
Mr.. Coudrey-What years have you
been familiar with?
Mr.. WhitweI-I should say about
/ twelve or thirteen years.
Mr.. Coudrey-How much has the com
pany been earning each year on the ac-
tual money invested?
Mr. Whitwell-I could not tell YOU that
except by reference 10 my statement. ]
have made a statement here for ter
years.
Mr. Coudrey-Have you averaged Il?
Mr. Whitwell-No. sir. II the commit
tee Will permit me. I would Ike 20 sas
that have been engaged upon this work
ever since I received word about 81
late Friday afternoon. and l have com,
here directly from the Office without
having had any dinner. so that the state
ment has been hurriedly made and &
not quite complete.
Mr.. Borland-You can summarize tina
statement. can you not?
Mr.. Coudrey-Read the first year. lie
US see what you have.
Mr.. Whitwell-I have il here for tn
year 1900. Receipts from gas. Sl.20S,74i,S
from other sources. No17226.
Mr.. Coudrey-What are the "othe
sources2"
Mr.. Whitwell-This is interest and rent
making a total Of S.2lS.9l6.4 I then hav
certain expenses here.
Mr. Coudrey-What do they amount 20
Mr.. WhitwelI-The total for that year
Mr.. Coudrey-YeS. sir.
Mr. MISUNDERSTANDING the cost O
making gas, repairs. and misceilaneou
items. gross total. So. 9312l. less "A credi
OF S2Ol5l.46. being money received fror
the sale OF residuals. making the net costC
, the gas S7l9.179S5 The profit for that yea
was S499 1863. The investment that year
exclusive OF the franchise, was $4,669 oo51
, / The securities issued by the company a
that time were $1,000. Therefore IN
percentage OF returns on the invesmer
that year, exclusive Of the value Of th
franchise. was lo.7 per cent. and N
, percentage Of return on the securitis
7. was 1916. The price Of gas that yea
was $40 net
] Mi Coudrey-.I did not hear the las
: What was the l. per cent?
b. Mr. Whitwell-The percentage Of retur
3, on the securities. the S3.2N,ooo not u
j, | percentage upon the value Of the plaI
G and the Intangible properties.
: Mr.. Coudrey-How MITCH does N;
s.. 200. 0C0 consists of-how much bonds ar
o how much stock?
i, Mr. Whitwell-That S3.900.OoO consists
) 100000 worth OF bonds and the remaind
y stock.
. Mr. Coudrey-When were these 5000
n worth of bonds issued?
o Mr.. Whitwell-They were issued in IS
+ and 1857 in two sales Of 10000 each. Til
was before came 10 the company.
" Mr. Coudrey-Were they issued Z
money or out OF the earnings?
e Mr.. Whitwell-For money.
Mr.. Coudrey-This $4,000 Of capt.
.e stock that the gas company has. do "
d know what yer that has been increas
there, and how much it was increased;
Mr. Whitwell-I can only state tn
: since have been there.
I Mr. Coudrey-Do not the books show
Mr.. Whitwell-No. sir. Mr.. Goldsboroul
; states that the books were destroyed
1855. l went there in 1857. The boo
showed two million dollars then.
, Mr.. Coudrey-Do you know how mu
: Of actual money was paid in?
3 Mr.. Whitwell-No. sir.
: Mr.. Coudrey-You do not know what
: represented. and how it came into t
! treasury Of the company?
: Mr.. Whitwell-NO sir.
: Mr. Coudrey-You never learned7
: Mr. Whitwell-No. sir.
9 Mr. Coudrey-YOu have no idea?
2 Mr. Whitwell-No, sir.
b. Mr. Coudrey-YOu do not even guess
: Mr. Whitwell-No, sir. I could not
, have nothing to base n guess on.
: Mr. Coudrey-How was the sale of t
o 5000 worth OF bonds brought about.
: Mr.. Whitwell-The company had $500.
; OF certificates Of indebtedness outstar
I ing. which. by virtue of an act of CO
; gress, were converted into capital sto,
: and that brought the capital stock
: from 100000 to S2,6ooCGo.
L Mr.. COudrey-They had certificates
= Indebtedness?
n Mr.. Whitwell-Yes. sir. We issued the
Mr.. Coudrey-To whom?
Mr.. Whitwell-TO the stockholders.
Mr.. Coudrey-Instead of paying TIT