Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-14

MT. WhitWell-l 90 not nanoio Tue
money: no.
Mr.. Coudrey-What is your name.
please?
Mr.. whitweu-My name is whitwell.
Mr.. Coudrey-How long have you been
with the company?
Mr. Whitwell-Twenty- three years.
Mr.. Coudrey-In what capacity?
Mr.. Whitwell-From charge clerk to as
| slstant secretary.
Mr.. Coudrey-Through all those years
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. Whitwell-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 to my statement. I
have made a statement here for ten
years.
Mr.. Coudrey-Have YOU averaged it?
Mr.. Whitwell-No. sir. If the commit
| tee will permit me, would like to say
| that l have been engaged upon this work
| ever since I received word about 1t. late
| directly from the Office without having
| had any dinner, so that the statement
has been hurriedly made and Is not quite
| complete.
MT BOfidn6b-1 on can summarize Indt
statement, can you not?
! Mr., Coudrey-Read the first year. Let
us see what you have.
Mr.. Whitwell-I have 1t here for the
year 1900. Receipts from gas. 81 ,2OS,-
IA IS; from other sources, So 1925.
Mr.. Coudrey-What are the 'other
sources?
| Mr.. Whitwef-This is interest and rent.
making a total of $1.21S,916.44. 1 then
| have certain expenses here.
| Mr. Condrov-JNhof do hoy IN
Mr.. Whitwell-The total for that year?
Mr.. Coudrey-Yes, sir.
Mr.. MISUNDERSTANDING the cost of maxi
Ing gas, repairs, and miscellaneous items,
gross total. $739, 931.31; less a credit of
500 Isl .46 being money received from the
| sale of residuals, making the net cost Of
| the gas $40. 1885 The profit for that
year was $493, 1869. The investment that
year, exclusive of the franchise. was S4,-
e69, 005.11. The securities issued by the
company at that time were S3.2OO.O 600.
Therefore the percentage of returns on the
| investment that year, exclusive of the
value of the franchise. was 1917 per cent.
and the percentage turn on the Sc
curities was 1876. T. :. ice of gas that
| year was $1.10 net
! Mr.. Coudrey-I did not hear the last.
| What was the IL per cent?
Mr.. Whitwell-The percentage of return
on the securities, the So, 100000. not the
| percentage upon, the value of the plant
and the intangible properties.
Mr.. Coudrey-How much does that
81, 100000 consist Of-how much bonds
and how much stock?
| Mr.. Whitwell-That s., 200 600 consists of
six hundred thousand dollars worth of
bonds and the remainder stock.
Mr.. Coudrey-When were these six hun
| bred thousand dollars worth of bonds is
sued?
Mr. Whitwell-They were issued in 1886
and 1887 in two sales of $3OOcOO each.
That was before came to the company.
money or out of the earnings?
Mr.. Whitwell-For money.
Mr.. Coudrey-This 100000 of capital
stock that the gas company has, do you
know what year that has been increased
there, and how much 1T was increased?
Mr.. Whitwell-I can only state that
since have been there.
Mr.. Coudrey-Do not the books show?
Mr.. Whitwell-No, sir. Mr.. GodSbOr-
| ough states that the books were de-
stroyed in 1855 1 went there in 1887. The
| books showed two million dollars then.
Mr. Coudrey-Do you know how much
of actual money was paid in?
| Mr.. Whitwell-No, sir.
| Mr.. Coudrey-You do not know what it
represented and how it came into the
| treasury of the company?
! Mr.. WhitweIl-No, sir.
Mr. Coudrey-You never learned?
Mr.. WhitweIl-No, sir.
Mr. Coudrey-You have no idea?
| Mr.. Whitwell-No, sir.
Mr.. Coudrey-You do not even guess?
| Mr.. Whitwell-No. sir; I could not. L
| have nothing to base guess on.
| Mr.. Coudrey-How was the sale of the
| 100000 worth of bonds brought about?
Mr.. Whitwell-The company had S6O0,OO0
| of certificates of Indebtedness outstand-
| ing, which. by virtue of an act Of Con-
gress, were converted into capital stock.
and that brought the capital stock up
from 100000 to S2.600,OO0
| Mr.. Coudrey-They had certificates of
| Indebtedness?
| Mr. WhitwelI-Yes, sir. We issued them
| Mr. Coudrey-To whom?
| Mr. Whitwell-To the stockholders.
| Mr. Coudrey-Instead of paying them
/ value?
Mr.. whitwell-Yes. sir.
| Mr. Coudrey-What is the stock worth
| today?
| Mr. Whitwell-seventy and fraction.
| 1t was that yesterday.
| Mr.. Coudrey-Was the stock quoted at
/ that on the stock exchange, or the mar
ket value of it at the time they paid
these stockholders S60O,0G0 in lieu of
! their Indebtedness?
Mr. Whitwell-I could not tell you.
| Mr.. Coudrey-You do not know what
basis they took it?
| Mr. Hazleton-The par value of the
| stock was 500
Mr.. Coudrey-You figured that in 1900
| you made 10 per cent on the securities
/ that is. your stock and bonds?
! Mr. Whitwell--No, sir; We made 1917
| GER cent on the investment, exclusive, as
| have said, of the value of the fran
| chiSeS.
Mr.. Coudrey-We will call it 500, OOO,
| and your capital is $2600,00O?
| Mr. Whitwell-Yes. sir.
Mr.. Coudrey-What per cent is that!
| Mr. Whitwell-Not quite p per cent.
Mr. Coudrey-About 20 per cent?
Mr.. Whitwell-Yes, sir, if 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 intelIigently this resolution.
The doctor over there kept me away from
! the text.
| DR.. Alexander c. Humphreys-Let me
| answer that absolutely unqualif1edly I'M
| fair statement.
Mr. Coudrey-Yes, sir We are delighted
! to have you do it, doctor.
Dr. Humphreys-I was kept away from
| the discussion of my subject by the ques-
| lions of Mr.. Coudrey and by permission
granted to outsiders to interrupt me. ]