The Washington times., 1910-04-11

books and papers as are no longer use
They would be Of use 10 US row, If
we had them
The secretary Of the company states
that under this remarkable authority
its president, Mr.. BartoE. then and now
large StOckhOldCr, residing IN Phila-
deiPhia, sold the books showing the
moneys paid 20 the company, and by
whom paid including stockholders, and
the disposition made thereof: in other
words, showing the financial transac-
tons OF the company for eighteen years,
20 wit, from 1873 TO 1866, 10 a Philadel-
phis paper house, Messrs. Allen, Lane
& Scott, for S105, or Whereabouts, 20 be
used In the manufacture OF paper The
only explanation which is offered OF the
sale OF these books is that some Of them
were mOldy and damp. and some of
them had been somewhat irregUlarly
kept
Committees Report
Now. that is not my ipse dixit, but a
report Of a cOmmitte Of the Senate,
headed by one Of the brightest men IN
America
The next $4,000 was authorized un-
der the law Of 1866; that made UP the
first million Now. let US see what
SpOOner's committee says about that.
whether it was paid in or not He says
one thing is certain. the 5000 900
paid for by the stockholders who reCeiV-
ed IL, except perhaps by the investment
Of money received by the company IN
the preceding years from gas consumers
OF the city, including the Government
That IS your first million Now let
US proceed TO find out something about
the second Million which brought the
capitalization UP to 100000 in 1895 I'm
500 co. which made IL $3.50 Qo1. author
ity being given TO convert the $4,000 OF
certificates Of Indebtedness into stock,
which was divided among the stOckhOld-
ers. as a bonus. pro rata That leaves
It now at s, 10000
Law to Preserve Power
Gentlemen. that law OF 1872 was
framed BY men who understood their
business. It was framed TO preserve
gress, and Il says
e. provided, however, that such in
crease Of capital stock shall not Be
made from undivided prohts OF Sald
company which have already accrued.
or may hereafter accrue'-and lnls y
the rule OF Congress right down TO now
but from capital actually paid n
Now, they violated that; they nave
trampled It under their feet senator
Spooner says, as to the remaining
$50. COO
Suspicion Arises
- Tt IS difficult 70 resist the suspicion
arising from an examination OF the
sums s.c-einbefore given as alleged in
crease Of capital from 1872 10 ISIS, ag-
eregating SsO0. 600. that they represent
nothing else than stock dividends. how
ever called, in addition TO the large
money dividends from time TO time de
cIared and paid by the company
That IS the $500. 900 under the law Of
1872, not a dollar from the outside. rep
resentine stock made up from the
money put into the treasury by the con-
sumers. Every pipe, every main, every
extension, everything that built up the
magnificent, gigantic property, seems 70
have come from the pockets OF the con-
sumers- Now, ne says
A." otherwise We would have the re-
narkabIe fact that this company n
creased its capital stock at one time
s., SIS. 81 another S59.14z. at announcer
$3.50, at another S275.15s, at another
S40S al another s1z3505s at another
$3.50. at another S123,0s0. Al another
S22I5. at another sI.40O- What stress
OF financial dif1cuIty could have led this
company in 1877 10 increase its capital
sos. IN 1873 $3.50 IN 1871 SLIl5, IN 4Ss5-
s. 40, Is beyond comprehension
Now that the record I'D 70 ana IN
Guiding the first S20O0 600. This investi-
CATION was IN 1886 Between $50 a-Ilc
FTeaui's investigation. which took place
IN 1894 they issued S510. 90 Of certificates
OF Indebtedness. Those were issued
ultra wires. and Afr- Heard reports that
thew represented earnings so that no
money was ever paid for them no cebt
created. but they were issued and given
pro rata 10 their stockholders as a
bonus. without authority Of law
An Increase
They were the certificates Of in
debtedness that came down IN 1895 for
the consideration Of Congress, and now
the scheme Of the company appeared
that this $4,000 should be converted
into stock and added 10 their capital.
and they asked Congress 10 allow them
to convert this $4,000 into stock Con
sresg did So That made the capital
in 1895 100000. right where IL stands
today
In 1892 the company appears again
with a plan 20 increase their capital by
consent OF Congress They SAID W e
want to buy the Georgetown Gas Com
many and consolidate Il with the Wash
inzton Company. and TO do this we ask
YOU to do il on this basis. Our certh-
Gates OF stock in the Washington Gas
light Company are so each, par value
The certificates OF stock in the George
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