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

per cent on the investment exclusive as ]
have said. of the value OF the fran
chises
Mr.. Coudrey-We will call it $4,000.
and your capital is 100000?
Mr. Whitwell-Yes. sir.
Mr.. Coudrey-What per cent is that2
Mr.. WhitweI-Not quite q per cent.
Mr. Coudrey-About 20 per cent?
Mr.. whitwell-Yes, sir, II capital stock
only is figured.
Mr. Coudrey-How much did you make
in 1901 on the same basis? That is the
only Information upon which, l think we
can act intelllgently on this resolution.
The doctor over there kept me away from
the text
DR.. Alexander c. Humphreys-Let me
answer that absolutely unqualfedly I'M
fair statement.
Mr. Coudrey-Yes, sir. We are delighted
10 have you do il, doctor.
DR.. Humphreys was kept away from
the discussion OF my Subject by the
questions OF Mr.. Coudrey and by per-
mission granted 10 outsiders 20 inter
rupt me- I had no chance TO follow my
own line of discussion. II was only in
the last night FOR a few minutes that
was able TO address myself TO the ques-
ton I was trying 20 refer to the DIFF
ference between return on the capital,
return upon the physical values. and
upon the investment. the latter being
the only true test according 10 law. but
il seems there were members of the COM
mittee who did not appreciate what the
difference was about. As 10 my being
responsible for not sticking 10 the text,
l decline To accept that responsibility,
| and ] say to every man in this room that
| was not responsible then, because the
same thing has been done and is being
done now. The questions have departed
| from the matter al issue
| Mr. Coudrey-What we want. doctor, IS
information on the earnings OF the com
pany.
Dr. Humphreys had 70 answer the
/ questions addressed 20 me. even though
/ they were not 20 the point.
| Mr.. Coudrey-YOu have % per cent
In 1900 on the capital stock?
Mr. Whitwell-Yes. sir.
Mr.. Coudrey-Hov much in 1901?
Mr.. Whitwell-lLI7 per cent
Mr.. Coudrey-That is 1892?
| Mr.. Whltwell-That was 1901.
| Mr.. Coudrcy-How about 1872?
| Mr.. Whitwell-The earnings were so
nearly what they were in 1901 that the
same calculation would go. Il is little
over - per cent
Mr. Coudrey-ls03?
MIR. WhitwelI-It would be little less
than that. The earnings or profits were
$1,000.
Mr.. Goldsborough-Of course. you under
stand that you are leaving out Of consid-
Grafton the interest due on the bonds
entirely?
Mr. WhitweIl-Yes, that is what they
asked me TO do-to figure only on the
capital stock. irrespective Of the bonds
: and the investment
Mr.. Coudrey-Now. 1904?
Mr.. WhitweI-Eighteen per cent.
AR Coudrey-1s05?
Nj. WhitwelI-S551. profit. II was
more YOU understand This is on th'
s.. co 600 stock. BY that time I would lk'
? TO state In here. that IN 1913 the tota
. amuont OF the securities had advance,
from $4,000 10 t5.S0o.c,o
{ Mr.. Coudrey-The capital remained tn
S same?
I AR Whitwell-C Certainly.
d Mr.. Coudrey-How did It happen to ad
Z ivanceg That IS. YOU mean YOU left III
2 earnings in the company. instead OF pay
d, ing them out in dividends?
Mr. Whitwell-Yes; we did not pay al
t the earnings OF the company out IN dlvi
2 bends.
[ llr. Coudrey-In 1906. what per cent
o Let US stick 70 this one thing.
Q Mr.. Whitwell-About . per cent
g Mr.. Coudrey-l2C7?
r Mr.. WhitweI-The same
Mr.. Coudrey-19gS2
NIr. Whitwell-The same
Mr.. Coudrey-ls9?
n Mr.. Whitwell-A little less.
e Mr.. y-TwentyyfoUr per cent?
It NIr. Whitwell-Between % and q pc
cent
Il Mr.. Coudrey-Let us take the ten year,
d add that up. and average t. It Is a
average of y per cent, is it not?
,fl Mr.. Whitwell-I have not kept the fe
n ures hut that is about what II IS upo
the stock alone.
N Mr.. Coudrey-We have got the figure
since 1900 How about the previous te
Sc years? Were they not EXCEPTIONAL
It profitable?
Mr.. Whitwell-That was before ha
,r anything TO do with it.
Mr. Coudrey-COuld you not begin
1856 and give us the percentages?
al Mr. Whitwell-Yes, sir. We could SUI
u ply that.
NJ CoI5rho-o,,~L LIa oo,.1d .,,--,--
from the time the books were destroye,
At I think ii was I'm lSSi
Mr. Coudrey-In this statement tn;
you prepared and submitted to Congress
IN voluntarily, OF course, your earninl
in have averag ed q per cent for the la
Ks ten years?
Mr. Whitwell-So far as I know the
n did: but the first issue OF the bonds W,
made before l came with the compan
The second issue Of $4,000 I know WEI
It all taken by the stockholders at the pl
ne rata allowance.
Mr.. Coudrey-At what price die the
take them?
Mr.. Whitwell-At par.
Mr.. Coudrey-Did they pay actu
money for them?
Mr.. NhltWel-fes, sir. n great de
OF it I handled myself. They were pa
I over out Of the stockholders money, dc
lar for dollar. 1t was their person
he money, out of their own pockets.
Mr. Coudrey-What interest do Il
200 bonds pay?
d. Mr.. Whitwell-They bear now p
n cent. They bore originally per cent
h, Mr. Coudrey-What other transaction
up have you had in the stock in simil
way?
of Mr. WhitweII-The only one I know