Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-14
the earnings Of the company out in divi-

Oen09
Mr.. Coudrey-In 1906, what per cent?
Let US stick to this one thing.
Mr.. Whitwell-About Is per cent.
Mr.. Coudrey--10N?
Mr.. Whitwell-The same.
Mr.. Coudrey-10O6?
Mr.. Whitwell-The same.
Mr.. Coudrey-19O92
Mr.. Whitwell-A little less.
Mr.. CONGRATULATIONS per cent?
Mr.. .Whitwell-Between % and "a per
cent.
Mr.. Coudrey-Let us take the ten years.
add that up. and average It. 1t is an
average of II per cent, is II not?
Mr.. Whitwell-I have not kept the fig
ures. but that is about what it is upon
the stock alone
Mr.. Coudrey-We have got the figures
since 1900. How about the previous ten
years? Were they not exceptionally
profitable?
Mr.. whitwell-That was before 1 had
anything to do with it.
Mr.. Coudrey-Could you not begin in
1856 and give us the percentages?
Mr.. Whitwell-Yes. sir. We could sup
ply that.
Mr. Goldsboroueh-He could supply it
from the time the books were destroyed
l think it was in 1884.
Mr.. Coudrey-In this statement that
you prepared and submitted to Congress.
voluntarily. OF course, your earnings
have averaged 81 per cent, for the last
ten years?
Mr.. Whitwell-So far as 1 know, they
did; but the first issue Of the bonds was
The second issue Of $780, 900 know were
all taken by the stockholders at the pro
rata allowance
Mr.. Coudrey-At what price did they
take them?
Mr.. Whitwell--At par.
money for them?
Mr.. Coudrey-Yes, sir. A great deal of
it ] handled myself. They were paid
over out of the stockholders money. dol
money. out of their own pockets.
Mr.. Coudrey-What interest do The
bonds pay?
Mr.. Whitwell-They bear now per
cent They bore originally per cent.
Mr.. Coudrey-What other transactions
have you had in the stock in similar
way?
Mr.. Whitwell-The only one 1 know of
was the taking up of the $500. 900 certifi-
Gates of indebtedness when the Congress
granted the company authority to ex-
change them into the capital stock.
Mr.. Coudrey-That was the only other
transaction you had with the stockhold-
ers?
Mr.. Whitwell-That was in 1895, ac-
cording to my recollection.
Mr.. Coudrey-1 think the only way we
can get at this intelligently is to 30 back
to 1856. SO that we can know what your
cci Hlu6S WcTe SdCI year upon the CaDlIdl
stock-the net earnings, the percentage.
Now. let me ask you another question:
For instance, what dividends have you
paid in these different years? What divi-
dends have you declared?
Mr.. Whitwell-In dollars?
Mr. Coudrey-In per cent For in
stance. in 1900 what dividend did you
pay?
Mr.. Whitwell--In 1900 we paid 10 per
cent on the capital stock.
DR. in, ,bnt J;.-;
aend did you pay?
Mr.. Whitwell-I take that answer back
about those dividends. Just one moment;
l was looking in the wrong column. In
1900 We paid 10 per cent
Mr.. Coudrey-Fifteen per cent?
Mr.. Whitwell-Yes, sir
Mr.. Coudrey-What did you pay in 1901 ?
Mr.. Whitwell-Ten per cent
Mr.. Coudrey-In 1902?
Mr.. Whitwell-We paid Is per cent
The Chairman-Have we not been over
those figures once?
Mr.. Coudrey-Not this. What did you
pay In 1903?
Mr.. Whitwell-We paid 10 per cent
Mr.. Coudrey-In 1904?
Mr.: Whitwell-I have not this figured
out here. I will have to make deduc-
tons. 1t was the same.
Mr.. Coudrey-1905?
Mr.. Whitwell-Ten per cent
Mr.. Coudrey-19O6?
Mr.. Whitwell-Ten per cent.
Mr.. Coudrey-19O7?
Mr.. Whitwell-The same
Mr.. Coudrey-19OS?
Mr.. Whitwell-The same
Mr.. Coudrey-19R?
Mr.. Whitwell-I haven't it here. sir. 1
left the Office before 1 reached that.
Mr.. Coudrey-Before 1909?
Mr.. Whitwell-Yes. sir; 1 had not time
to prepare that before 1 left tonight.
Mr.. Coudrey-You do not remember
what dividends you paid last year?
Mr.: Whitwell-Yes. sir; we paid regu-
lar dividend of 10 per cent and an extra
dividend Of 10 per cent: 20 per cent alto
gether on the capital stock.
Mr.. Coudrey-That $150.OOO dividend
that was spoken Of little while ago,
what year was that declared in?
Mr.. Whitwell-I do not know of any
$50, 600 dividend at all. sir.
Mr.. Goldsborough-That was the extra
dividend this year that you were speak
ing about.
Mr. Whitwell-I know of one Of $500 600
in 1909. We paid 20 per cent. I imagine
that includes the extra one.
Mr.. Coudrey-Have you paid any divi-
dends SO far this season?
Mr.. Whitwell-Yes, sir. One in Feb
ruary.
Mr.. Coudrey-What was it?
Mr.. Whitwell-Two and one-haf per
cent.
Mr.. Coudrey-Now, take. for instance,
the year 1905; you made %. Your divi-
dend was 10. In other words. you put
Il per cent back into your business. Did
that go into betterments?
Mr.. Whitwell-No. We had to pay
fixed charges besides that. In 1906 the
figure you have there is the basis
of the earnings of the capital stock. but
i'm addition to that we had to pay the
interest on our other securities. Is that
the percentage of returns on our securi-
ties in 1906 you were speaking Of?
Mr.. Coudrey-Yes, sir.
Mr.. Whitwell-In 1906 the percentage of
return on our securities issued was II. IS
per cent.
Mr.. Coudrey-You paid 100 per cent in
ten years. You have declared dividends
ate the rate of II per cent.