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

haps 40 inspectors, could bride an in
spector bookkeeper to make false
charge involving So or 81
Now, In all fairness is not that I'M
thinkable? OF course, the company's in
spectors make mistakes; they may read
things wrong occasionally. The COM
pany Is not infalible. the inspectors are
not infallible, and errors will creep into
every business; accidents happen in all
families but ours. Accidental cases will
occur where you have $1,000 consumers.
mere are $1,000 consumers here. How
! many OF them have been to you? These
hearings are published in all the papers
| In the town, and there is not a man or
woman who can read who does not know
chat this investigation is going on, that
| this class of testimony has been offered
! here. How many of the $4,000 consum-
ers have come forward to complain of
their bills, and say that they believe
that they are unjust. and that they have
been improperly charged?
Mr.. Cary-A good many have come TO
me.
Mr.. Goldsborough-How many?
! Mr.. Cary-I do not know how many
but l know that people stop me in the
| street every day.
Mr.. Goldsborough-I have not any doubt
| of that, and l have not any doubt but
| that You are offering this testimony in
good faith and in the interest of the peo-
pie. put I do not believe. Mr.. Cary. that
! when you come to look into those cases,
you will find. as / have done in those
I cases that have come personally under
my observation, that there was nothing
| to them.
| Mr.. Cary-I have looked into them and
| that is why I am here.
Mr.. CoudreyI want to have this letter
| read by the secretary, and think it will
| answer your question.
! Mr.. Cary-I will give you the names if
you want them. I will give you 600 9th
i street northwest, widow lived there and
| moved out the first of the month and
| notified the gas company and entered a
| fiat building.
She paid So meter guarantee in this
! house. When she entered the fiat build
I ing she had to put UP $40. I do not know
why, but that Is the fact. She received
| a bill from the LIST to the 18th of the
month for the house she had moved out
OF. and also received bill from the LIST
| until the next day in the house she lived
| IN She never used any gas at 600 9th
| street northwest. the list to the 18th of
the month, and yet the gas company said
| that they would turn off the gas unless
the bill was paid
! That is only one instance. There are
many that 1 could cite here. I also want
to call your attention to something which
l discovered. When the new depot was
being built. you took up the street mains;
and branches. did you not?
Mr. Goldsborough-The District or the
government did.
! Mr.. Cary-The gas company's mains,
| were torn up?
/ Mr. GoldsborougI,-Yes, sir.
Mr. Cary-Now. would like to ask you
light company is capitalized for twice as
much as the gas company?
Mr.. Goldsborough-Yes. sir
Mr. Cary-How much water do you fig
ure In that capitalization?
| Mr.. Goldsborough--I do not know any,
| thing about that I never had any pro-
prietary interest in it, and / could not
answer that question at all.
| Mr.. Cary-What does your gas company
| think its franchise is worth?
| Mr.. Goldsborough-T thnt it's franchise
has been valued at $3,OOO,0OO
! Mr.. Cary-You issued stock to that ex-
| tent. to the limit of the franchise?
| Mr.. Goldsborough-No, sir: we have not.
Mr.. Cary-How much stock have you
| issued?
Mr.. Goldsborough-None on the cost of
the franchise; not a dollar.
| Mr.. Cary-DO you figure your franchise
the same as your coke. and by-products,
ard tar. and everything else?
Mr.. electromagnetic, sir
Mr.. Cary-It is all figured on the dvi-
| dend, is it not?
| Mr.. ELECTROMAGNETIC. sir. This state
ment that we have submitted to you for
| the physical valuation of the properties
runs up to between nine and ten million
dollars. But do say this, that it is I'M
doubleday the law of the land that the
company is entitled to make earnings on
the value of its franchise.
| MI Cary-Not 10 issue Watered stock,
though?
| Mr.. Goldsborough-I do not believe anv
company is entitled to issue watered
stock.
Mr.. Cary-In regard to your stockhold-
ers, do you make each stockholders
name known in that report that YOU
print?
Mr. Goldsborough-We endeavor to do
SO honestly.
Mr. Cary-Do you mean to tell us, to
foil hic mi Hoo hot how
dummy on that list?
Mr.. GOldsborough-Not one.
Mr.. Cary-You know now you are talk
ing to intelligent men?
Mr.. Goldsborough-Yes; highly intelli-
Mr.. Cary-At least we think we are.
Gaughter)
Mr.. Goldsborough-I know you are
Mr.. Cary-Do you mean you have not
one dummy on that list OF stockholders
Mr. Goldsborough-That list is made
out in this way: Every three months the
books are closed when dividend is to
be paid. 1t so happens that on the LIST
of February a regular dividend is due
Therefore, on the 10Th day of January
We make up q stock list, and the books
are closed on that list, when the report
is made from the stock book. OF course.
a man might own 500 shares of stock
and not have it recorded. He could go
and get the dividend from the man in
whose name the stock stands. He might
have a loan upon it, He may have 1t
hypothecated with some bank trust
company which would stipulate that the
title to that stock should be in the COM
pany. / have a pretty fair knowledge
OF the affairs of the company, and / can
truthfully say that do not know of any
, dummies on the books.
Mr.. Cary-You do not know of any
, congressman or senators owning stock
in the gas company?
IL Mr.. ELECTROMAGNETIC: do not know
one, and I am free to say that do not
, believe there is any member Of Congress
or any senator who owns a share of
stock. directly or indirectly. in the gas
company.
, Mr.. Aiken--Who is the principal owner
: Mr.. Goldsborough-A lady by the name
} owns 5000 shares. She was a grand
, Pacificus Ord. The Letter estate owns
} large owners Of stock, believe, and
there are number Of others who own
considerable amounts I do not know
of anybody who has individually as much
stock as Mrs Preston There are about
, / 100 stockholders. and the STOCK list
! shows that the average Is well under 1o6
shares; about fifty or sixty shares each
Mr.. Aiken--Is Mr.. Mclean interested in
. II at all?
l. Mr. Goldsborough-Mr. Mclean has q
: small interest. ] do not believe his in
terest exceeds 400 or 500 shares.
/ Mr. Aiken-Does he own any Indirectly
~ Mr. Goldsborough-I do not believe he