The Washington times., 1910-04-06
President of Stevens InSti.
tute Of Technology Con-
cludeS Testimony.

tee on the District Of Columbia, on Rep
resentatiVe Coudrcy's bill concerning
the Washington Gaslight Company,
the first portion Of which was made
public yesterday:
Mr.. CoX-What are the actual physical
assets, because that is the only thing
which can be representative Of the out
lay in money.
Mr.. Humphreys-The outlay in money?
Mr.. Gnldsborough-Oh, no.
Mr.. Cox-Exclusive OF working capital.
Mr.. CfoldsboroUgh-Th working capi-
tai is an asset to be included. Of course.
Mr.. Co7l-Is it your judgment, Mr.
Humphreys, that the physical assets
would make 1t about 100000?
Mr.. HUmphreys-I want to correct my
self. OF course, the outlay covers a good
deal OF expenditure for working up OF
business. If you are going TO value the
plant, there are a great many things
that you cannot find for which money
has been spent: in other words. a man
never lived, and no company ever existed
not this cOmpany-that established its
business without loss, and the compa-
MES should be allowed 10 capitalize
such necessary losses under average
quality Of management.
Mr.. COx-That would be a legitimate
expense, Of course. But my inquiry is
directed TO the ascertainment Of the
value Of the actual physical assets
Just give them approximately, if you
please
Working Capital Not Shown.
Mr.. Humphreys-Up 10 July, 1909, I
can give it 70 you pretty accurately
no, I cannot give that with perfect ac-
curaCy, for the reason that I Just gave,
because the way it appears in the
papers at hand does not show the work
ing capital separately. But can state
it IN this way, that upon that date the
physical assets, such as the plant, build
ing, real estate and working capital
(and If you want 10 diTerentiate, as
some Of the witnesses did the other
day, as 10 the meaning of plant"
mean by plant" a manufacturing plant
and distributing plant. including me-
ters), then I would make It at that
date, S9.2Z3,T3O.
Mr.. Cox-Then the only thing in the
100000 which should be excluded in
order 10 get at the actual cost Of the
physical assets would be your work
ing capital.
Mr.. Humphreys-Yes. sir.
Mr.. Cox--And you don't know how
much that is?
Mr.. Hunphreys-No. but II had p
little time I could give II. I must have
that in some Of my papers.
Mr.. Cox-Is It your judgment that the
physical assets would make It about
$4,000?
Mr. Humphreys-About S9,OOo, 100; yes,
7 should say fully so, at this time.
The Chairman-Mr. Aiken asked you
a while ago 70 state the prices OF gas
in some Of the different cities, and as
I remember it you got as far as New
York city, and were then interrupted.
7 would like 20 have you complete the
answer. II you will.
Mr.. neutrality-suspicious. has not been
very much change IN the United States
during the last two years The most
accurate statement, because II takes in
all conditions. is A carefully compiled
statement made by MI Glass, vice
which I have in hand. I can, however,
give you a little more recent statement
from the Browns Gas Directory, but
It does not give you the complete anal
ysis that this statement Of Mr.. Glass
does. I Will give YOU the prices from
Mr. Glass statement, and II I have any
reason to think that there have beer
changes made. / will refer TO Brown s
course in going into the small com
panies. In Brooklyn they are charg-
ing 81 cents under protest, which Is
still in lftigation-not actually in Htga-
ton. but II IL open to litigation, under
The decision OF the Supreme Court OF
the United States that they can reopen
the case, If they can prove, after
years working, that the price Is not
a legitimate one.
Mr.. Rothermel-Are You sure Of that?
Az tho RuHaIo plant
Mr.. Humphreys-Oh yes. I am deeply
concerned in that in connection with the
Buffalo plant.
Mr.. Cox-What Is the rate there?
Mr.. Humphreys-One dollar.
Mr.. Cox-Gross or net?
Mr.. Humphreys-That is net. 1t is s110
with 10 cents of for prompt payment
There has been a great deal OF litigation
in regard TO New York State. For IN
stance. If you are referring 10 a previou,
commission. which was legislated out OF
office on constitutional grounds ther
they did make a number Of specific re
auctions. but they were all wiped out BY
that body being declared unconstitu.
tionaI For instance, at Buffalo they re
duced the rate 20 95 cents Cleveland is
20 cents but. of course, the opportunity
great on account of the low coal rate
but II IS a low candlepower gas. and i
is in competition with natural gas. Gin
cinnau. for instance, IL Is stated. ha.
5O-cent gas. It is 20 cents to 80 cents
according 10 the amount burned, anC
that is in competition with natural gas
The amount Of gas sold there for illum
mating gas now is comparatively small
II is 70 cents 70 30 cents, according I,
what it is used for. and the amount o
sale.
Mr.. Goldsborough-I would like to ask
with the permission OF the committee
with reference TO Milwaukee.
Mr. Humphreys am coming TO tha
in a moment
Mr. GoldsborOUgh-I wanted you TO ex
plain about the prices there.
The Chairman-YOu stated that ther
was a low candlepOwer at Cleveland
What is the candlepower2
Mr. Humphreys think I can stat
that in a moment. It used TO be abou
16 It was always a low-candlepOwe
town 1t is stated here as Is candle
power
The Chairman-What is the candle
power in Washington
Mr. HUmphreys-FOr the last year {
has beer little over 23i5-23.7S.
Mr. A ken-Nhat is the rate in Balti
more? That would be fair comparison
with washington, it seems TO me.
Mr. Humphreys-The Baltimore rat
is 81.
Mr.. Humphreys-For the first 10000